Info
Warning
Danger

Study Resources (Accounting)

AT2- 1 Achievement Test 2 PART V—BALANCE SHEET CLASSIFICATIONS (17 points) Instructions: Match the account titles given below with the appropriate balance sheet classification. An individual classification may be used more than once, or not at all. An account may also not appear in the balance sheet. Classifications CACurrent AssetsCLCurrent Liabilities PPEProperty, Plant and EquipmentLTLLong-term Liabilities LTILong-term.
8 Views
View Answer
AT3- 1 Achievement Test 3 PART III — JOURNAL ENTRIES (26 points) The ledger accounts given below, with an identification number for each, are used by Tune Toys, which uses a perpetual inventory system. Instructions: Prepare appropriate entries for the month of August by placing the appropriate identification number(s) in the debit and credit.
3 Views
View Answer
Ex. 184 Multi-Cities Inc. has three divisions: Buck, Leonard, and Hickory. The results of August, 2016 are presented below.   Buck    LeonardHickory    Total Units sold3,0005,0002,00010,000 Revenue$70,000$50,000$40,000$160,000 Less variable costs32,00026,00016,00074,000 Less direct fixed costs14,00019,00012,00045,000 Less allocated fixed costs    6,000  10,000    4,000    20,000 Net income$18,000$ (5,000)$  8,000$  21,000 All of the allocated costs will continue even if a division is discontinued..
4 Views
View Answer
Ex. 183 Moon City Enterprises relies heavily on a copier machine to process its paperwork. Recently the copy clerk has not been able to process all the necessary copies within the regular work week. Management is considering updating the copier machine with a faster model. Current CopierNew Model Original purchase cost$15,000$21,000 Accumulated depreciation12,000— Estimated operating.
4 Views
View Answer
Ex. 185 Mississippi Forest Corporation operates two divisions, the Commercial Division and the Consumer Division. The Commercial Division manufactures and sells logs to paper manufacturers. The Consumer Division operates retail lumber mills which sell a variety of products in the do-it-yourself homeowner market. The company is considering disposing of the Consumer.
5 Views
View Answer
Ex. 179 Bay States Chemical Corporation produces an oil-based chemical product which it sells to paint manufacturers. In 2016, the company incurred $344,000 of costs to produce 40,000 gallons of the chemical. The selling price of the chemical is $11.00 per gallon. The costs per unit to manufacture a gallon of.
6 Views
View Answer
Ex. 178 Downtown Unicycle Company has been manufacturing its own seats for its unicycles. The company is currently operating at 100% capacity, and variable manufacturing overhead is charged to production at the rate of 70% of direct labor cost. The direct materials and direct labor cost per unit to make the.
5 Views
View Answer
Ex. 189 Wayton Medical Center is considering purchasing an ultrasound machine for $1,135,000. The machine has a 10-year life and an estimated salvage value of $40,000. Installation costs and freight charges will be $24,300 and $700, respectively. The Center uses straight-line depreciation. The medical center estimates that the machine will be used.
3 Views
View Answer
AT3- 1 Achievement Test 3 PART IV — CLOSING ENTRIES (10 points) Below is a partial listing of accounts in the general ledger of Warton Batteries Co. Instructions: Place an X in the appropriate column to designate whether the account should be closed at year end and, if so, whether the appropriate closing entry.
3 Views
View Answer
AT2- 1 Achievement Test 2 PART IV—CLOSING ENTRIES (8 points) Instructions: Place a "D" (Debit) or "C" (Credit) in the space provided to indicate whether the account would be debited or credited to close the account at yearend. Insert an X in the space provided if the account is not closed. _____              1.Cash              8.Interest.
3 Views
View Answer
Ex. 176 Winston Company manufactured 5,000 units of a component part that is used in its product and incurred the following costs: Direct materials$35,000 Direct labor25,000 Variable manufacturing overhead20,000 Fixed manufacturing overhead  18,000 $98,000 Another company has offered to sell the same component part to the company for $17.50 per unit. The fixed manufacturing overhead consists mainly.
7 Views
View Answer
AT2- 1 Achievement Test 2 PART II — WORKSHEET COMPLETION (25 points) Instructions: Complete the partial worksheet presented below, inserting additional labels as needed. LAWN BUTLER Partial Worksheet For the Month Ended April 30, 2017 Adjusted Trial Balance Income Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Cash 6,500 Accounts Receivable 2,000 Supplies 3,075 Prepaid Insurance 2,000 Prepaid Rent 500 Equipment 35,000 Accum. Depreciation—Equip. 4,000 Notes Payable 14,000 Accounts Payable 12,000 Unearned Service Revenue 2,000 Salaries and Wages Payable 1,300 Interest Payable 50 Owner’s Capital 9,825 Owner’s Drawing 2,000 Service Revenue 20,300 Interest Expense 400 Salaries.
6 Views
View Answer
AT1- 1 Achievement Test 1 PART II — JOURNAL ENTRIES (39 points) The ledger accounts given below, with an identification number for each, are used by Young Company. Instructions: Indicate the appropriate entries for the month of May by placing the appropriate identification number(s) in the debit and credit columns provided. Item 0 is.
5 Views
View Answer
31.The amount you must deposit now in your savings account, paying 5% interest, in order to accumulate $10,000 for your first tuition payment when you start college in 3 years is a.$8,500. b.$7,830. c.$8,638. d.$8,860. 32.The present value of $10,000 to be received in 5 years will be smaller if the discount rate is a.increased. b.decreased. c.not changed. d.equal.
3 Views
View Answer
Ex. 188 Siesta Company estimates the following cash flows and depreciation on a project that will cost $200,000 and will last 10 years with no salvage value: Revenues Sales revenue$80,000 Operating expenses Salary expense$32,000 Depreciation expense20,000 Miscellaneous expenses    8,000  60,000 Net Income$20,000 Instructions (a)Calculate the expected annual rate of return on this project showing calculations to support your answer. (b)Calculate the.
5 Views
View Answer
AT2- 1 Achievement Test 2 Achievement Test 2: Chapters 3 and 4 Part I II III IV V Total Points 26 25 24 8 17 100 Score PART I — MULTIPLE CHOICE (26 points) Instructions: Designate the best answer for each of the following questions. ____              1.The Accumulated Depreciation account is a(n)               a.operating expense.               b.contra asset.               c.asset.               d.liability. ____              2.A post-closing trial balance contains               a.balance sheet or permanent accounts.               b.balance sheet.
13 Views
View Answer
Ex. 52 Flower Company is considering an investment which will return a lump sum of $2,500,000 six years from now. What amount should Flower Company pay for this investment to earn an 11% return? Ex. 53 Chang Company earns 12% on an investment that will return $400,000 eleven years from now. What is.
5 Views
View Answer
S-A E  215 Sandra Everhart is trying to understand the term "cost of capital." Define the term, and indicate its relevance to the decision rule under the annual rate of return technique. S-A E  216(Ethics) Selma Bosco is on the capital budgeting committee for her company, Magnificent Tile. Bill Baumhauer is an engineer.
6 Views
View Answer
Exercises Ex. 41 Jose Reynolds deposited $10,000 in an account paying interest of 4% compounded annually. What amount will be in the account at the end of 4 years? Ex. 42 Wingate Company borrowed $90,000 on January 2, 2017. This amount plus accrued interest of 6% compounded annually will be repaid at the.
5 Views
View Answer
AT1- 1 Achievement Test 1 PART IV — TYPES OF ACCOUNTS (10 points) Instructions: Place a check in the appropriate columns to designate whether each of the following accounts: (1) has a debit or credit normal balance; and (2) is an asset, liability, or owner's equity account. ———————————————————————————————————————————     (1)               (2)           Owner's AccountDebitCreditAssetLiabilityEquity ———————————————————————————————————————————               1.Notes Payable ———————————————————————————————————————————               2.Rent Expense ———————————————————————————————————————————               3.Owner’s.
7 Views
View Answer
AT3- 1 Achievement Test 3 Achievement Test 3: Chapters 5 and 6 Part I II III IV V Total Points 36 18 26 10 10 100 Score PART I — MULTIPLE CHOICE (36 points) Instructions: Designate the best answer for each of the following questions. ____              1.When a customer returns merchandise purchased on credit, the               a.customer should credit Accounts Payable.               b.seller should credit Sales Returns and Allowances.               c.customer should credit.
18 Views
View Answer
Ex. 194 Grayson Company is considering two new projects, each requiring an equipment investment of $72,000. Each project will last for three years and produce the following annual net income. Year      TIP       TOP  1$  8,000$  9,000 29,0009,000 3  14,000    9,000 $31,000$27,000 The equipment will have no salvage value at the end of its three-year life..
3 Views
View Answer
21.In present value calculations, the process of determining the present value is called a.allocating. b.pricing. c.negotiating. d.discounting. 22.Present value is based on a.the dollar amount to be received. b.the length of time until the amount is received. c.the interest rate. d.All of these answers are correct. 23.Which of the following accounting problems does not involve a present value calculation? a.The determination.
3 Views
View Answer
Ex. 182 Mountain Lumber Corporation uses a machine that removes the bark from cut timber. The machine is unreliable, resulting in significant downtime and wasted labor costs. Management is considering replacing the machine with a more efficient one which will minimize downtime and excessive labor costs. Data are presented below for.
4 Views
View Answer
AT2- 1 Achievement Test 2 PART III—ADJUSTING ENTRIES (24 points) The ledger accounts given below, with an identification number for each, are used by Sun Cleaning. Instructions: Prepare appropriate adjusting entries for the year ended December 31, 2017, by replacing the appropriate identification number(s) in the debit and credit columns provided and the dollar.
4 Views
View Answer
Ex. 192 Messina Company is considering a capital investment of $300,000 in additional productive facilities. The new machinery is expected to have a useful life of 5 years with no salvage value. Depreciation is by the straight-line method. During the life of the investment, annual net income and cash inflows are.
4 Views
View Answer
AT4- 1 Achievement Test 4 Achievement Test 4: Chapters 7 and 8 Part I II III IV V VI VII Total Points 30 10 20 10 8 12 10 100 Score PART I — MULTIPLE CHOICE (30 points) Instructions: Designate the best answer for each of the following questions. ____              1.The use of a cash register for cash receipts is an example of the internal control principle of segregation of duties. documentation procedures.               c.physical controls.               d.independent.
15 Views
View Answer
AT3- 1 Achievement Test 3 PART II — BASIC INVENTORY COMPUTATIONS (18 points) Joe Poultry uses a periodic inventory system. Its beginning inventory on May 1 consisted of 300 units of Product A at a cost of $6.25 per unit. During May, the following purchases and sales were made:         Purchases              Sales        May6300units at $7.20May4275units 14400units at $9.108300units 21100units.
9 Views
View Answer
Ex. 186 Brown Bear Merchandising Inc. has three product lines in its retail stores: books, videos, and music. Results of the fourth quarter are presented below:   Books  Music Videos   Total Revenue$25,000$40,000$28,000$93,000 Variable departmental costs17,00021,00012,00050,000 Direct fixed costs4,0006,0003,00013,000 Allocated fixed costs    5,000    5,000    5,000  15,000 Net income (loss)$ (1,000)$  8,000$  8,000$  15,000 The allocated fixed costs are unavoidable..
5 Views
View Answer
AT3- 1 Achievement Test 3 PART V — INVENTORY: SHORT PROBLEMS (10 points) Instructions: Complete the requirements specified for each of the following independent situations. 1.Fill in the missing labels by printing in the answer spaces provided. ______________________________ +  Purchases  –  Purchases discounts  –  Purchases returns and allowances +  Freight-in  =  ____________________________ B.Net purchases  + .
7 Views
View Answer
Ex. 60 Frye Company is considering investing in an annuity contract that will return $50,000 annually at the end of each year for 20 years. What amount should Frye Company pay for this investment if it earns an 8% return? Ex. 61 Sarah Denny purchased an investment for $40,260.48. From this investment, she.
3 Views
View Answer
AT1- 1 Achievement Test 1 PART III — SHORT PROBLEMS (10 points) Instructions: Present the solutions, with appropriate supporting calculations, for each of the following independent problems. 1.Given the following information, compute the balance in the Owner’s Capital account at January 1, 2017 for Handley Lawn Service. Owner’s Capital—December 31, 2017$170,000 Owner’s investments during 201730,000 Owner’s withdrawals.
4 Views
View Answer
MATCHING 211.Match the items below by entering the appropriate code letter in the space provided.               A.              Incremental analysis              F.              Cash payback technique               B.              Opportunity cost              G.              Hurdle or cutoff rate               C.              Discounted cash flow technique              H.Net present value method               D.              Capital budgeting              I.              Sunk cost               E.              Annual rate of return technique             .
2 Views
View Answer
Ex. 191 Rosco Manufacturing Company is considering three new projects, each requiring an equipment investment of $20,000. Each project will last for 3 years and produce the following cash inflows. Year     AA       BB        CC    1$  7,000$  9,600$11,000 29,0009,600  10,000    3     15,000    9,600    9,000 Total$31,000$28,800$30,000 The equipment's salvage value is zero. Rosco uses.
4 Views
View Answer
TRUE-FALSE STATEMENTS 1.Interest is the difference between the amount borrowed and the principal. 2.Compound interest is computed on the principal and any interest earned that has not been paid or received. 3.The future value of a single amount is the value at a future date of a given amount invested now, assuming compound.
20 Views
View Answer
AT1- 1 Achievement Test 1 Achievement Test 1: Chapters 1 and 2 Part I II III IV Total Points 36 39 10 15 100 Score PART I — MULTIPLE CHOICE (36 points) Instructions: Designate the best answer for each of the following questions. ____              1."GAAP" refers to General Association of Accounting Practitioners. General Accounting and Auditing Principles.               c.Generally Accepted Accounting Principles.               d.Guidelines for American Accounting Procedures. ____              2.The requirement that only.
10 Views
View Answer
SHORT-ANSWER ESSAY QUESTIONS S-A E  212 Management is often faced with the alternative of continuing to make a product or component internally, or going to an external source and purchasing the product or component. In gathering relevant information for these two alternatives, briefly identify the quantitative factors that should be considered. Are.
5 Views
View Answer
COMPLETION STATEMENTS               197.An important purpose of management accounting is to provide _____________________ for decision making.               198.The process used to identify the financial data that change under alternative courses of action is called __________________ analysis.               199.In a decision on whether an order should be accepted at a special price when there.
3 Views
View Answer
AT4- 1 Achievement Test 4 PART II — INTERNAL CONTROL OVER CASH RECEIPTS AND DISBURSEMENTS (10 points) Six internal control principles related to cash transactions are discussed in the textbook. These principles, with code letters, are: CodeInternal Control Principle AEstablishment of responsibility BSegregation of duties CDocumentation procedures DPhysical controls EIndependent internal verification FHuman resource controls Instructions: Match the above principles.
8 Views
View Answer
MATCHING               71.Match the items below by entering the appropriate code letter in the space provided.               A.Compound interestD.Present value of a single amount               B.Future value of a single amountE.Present value of an annuity               C.Future value of an annuity _____1.The value today of a future amount to be received or paid. _____2.The value at.
6 Views
View Answer
COMPLETION STATEMENTS               67.Payments or receipts of equal dollar amounts are referred to as __________________.               68.The _____________________ of an annuity is the sum of all the payments plus the accumulated compound interest on them.               69.The process of determining the present value is referred to as _________________ the future amount.               70.If the.
3 Views
View Answer
Ex. 174 Springfield Company produces golf discs which it normally sells to retailers for $6 each. The cost of manufacturing 25,000 golf discs is: Materials$  10,000 Labor30,000 Variable overhead20,000 Fixed overhead    40,000 Total$100,000 Springfield also incurs 5% sales commission ($0.30) on each disc sold. Lundy Corporation offers Springfield $5.25 per disc for 5,000 discs. Lundy would sell the.
4 Views
View Answer
MULTIPLE CHOICE QUESTIONS Note: Students will need future value and present value tables for some questions. 11.Compound interest is the return on principal a.only. b.for one or more periods. c.plus interest for two or more periods. d.for one period. 12.The factor 1.0609 is taken from the 3% column and 2 periods row in a certain table. From.
5 Views
View Answer
Ex. 190 Hooverville Service Center just purchased an automobile hoist for $16,900. The hoist has a 5-year life and an estimated salvage value of $1,250. Installation costs were $3,770, and freight charges were $960. Hooverville uses straight-line depreciation. The new hoist will be used to replace mufflers and tires on automobiles. Hooverville.
4 Views
View Answer

Welcome Back!

ScholarOn has more then 20 Million answers, flashcards & more being added everyday!

or
Forgot?
Login
Don't have an account? Signup

Join ScholarOn

ScholarOn has more then 20 Million answers, flashcards & more being added everyday!

or
Signup
By registering, I agree to the Terms and Privacy Policies
Already have an account? Log in

Verify Your Email

Check your inbox & click on the link to activate your account.

Resend Email
Verification Mail Send Successfully. Please Check Your Email.

Forgot Password

Please enter your registered email to recieve the password reset link.

Send reset link
Already have an account? Log in
Did you know?

ScholarOn has more than 2 Million+ answers, textbook solutions & flashcards. Explore Now!

d
Let us boost your grade together!

Get 24/7 homework help from Experts

Let our knowledge be your backup

1

Submit your homework question or assignment

2

Receive a quote & Make the Payment

3

Sit Back & Relax to Earn Better Grades!

Drag files here or Browse your Device

Maximum file size 10MB
17,475 Accounting Questions Answered! Get Answer

We are The Best Because

  • On Time Delivery
  • Plagiarism ReportFree
  • Unlimited RevisionsFree
  • 100% Privacy & Confidential
  • 24/7 Live Chat Support
4.9 (16184 Ratings)
You can communicate directly with your expert until the solution quality is delivered to your complete satisfaction.
Looking for writing help?
Did you know?

ScholarOn has more than 2 Million+ answers, textbook solutions & flashcards. Explore Now!