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Study Resources (Accounting)

AT6-1 Achievement Test 6 PART IV — STOCK  ENTRIES (16 points) Malibu Company uses the chart of accounts shown below. Account Titles               1.Cash               7.Paid-in Capital in Excess of Par Value—Preferred Stock               2.Accounts Receivable               8.Paid-in Capital in Excess of Par Value—Common Stock               3.Sales Revenue               9.Treasury Stock               4.Dividends Payable               10.Cash Dividends               5.Preferred Stock               11.Stock.
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C-1 Comprehensive Examination C Problem C - III — Corporation Entries (20 points) Travel Expectations’ paid no dividends during 2013. It records common and preferred dividends in separate liability accounts. Its stockholders' equity consists of the following on January 1, 2014: Stockholders' Equity Paid-in capital Capital stock Preferred stock, 4%, $50 par value, cumulative, 80,000 shares authorized,.
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C-1 Comprehensive Examination C Problem C - IV — Bonds and Notes Payable (16 points) Instructions: Prepare the appropriate journal entries for each of the following transactions in 2014. You may omit journal entry explanations. Show computations. 1.On January 1, 2014, Satterfield Fuel Cells issued bonds with a face value of $800,000. The bonds.
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A-1 Comprehensive Examination A Problem A - III — Adjusting Entries (15 points) The following information for Station Products is available on June 30, 2014, the end of a monthly accounting period. Prepare the necessary adjusting journal entries for Station Products for the month of June for each situation given. Adjusting entries are.
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AT9- 1 Achievement Test 9 PART I — MULTIPLE CHOICE (28 points) Instructions:  Designate the best answer for each of the following questions. ____              1.Given the following costs for Abay Liquidators, select the answer choice that correctly classifies each cost’s behavior.                             Total Cost at                             1,500 Units1,800 Units                             Cost A$4,650$5,580                             Cost.
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AT9- 1 Achievement Test 9 PART IV — HIGH-LOW METHOD (14 points) Nugent Enterprise incurred the following high and low maintenance costs totals during 2014: $208,000 at 12,000 units of activity during March and $164,000 at 7,000 units during August. Instructions: Answer parts (a) through (c) below, presenting carefully labeled supporting calculations in all.
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AT7- 1 Achievement Test 7 PART IV — JOB ORDER COST ACCOUNTING ENTRIES (28 points) The ledger accounts of CynaWood Cabinet Company are presented below, with an identification number for each. Instructions: Prepare appropriate job order cost system entries to record the data/events given below. Place the appropriate identification number(s) in the debit and.
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AT10- 1 Achievement Test 10 PART II — TRUE/FALSE (10 points) Instructions: Designate whether each of the following statements is true or false by circling the T or F. TF              1.A sunk cost is the potential benefit that may be obtained by following an alternative course of action. TF              2.A company should process further as.
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AT6-1 Achievement Test 6 PART V — RATIO ANALYSIS (12 points) Selected financial information for Raynor Corporation as of December are presented below. 2014 2013 Current assets......................................              $100,800              $ 77,000 Current liabilities ....................................              42,000              35,000 Stockholders’ equity..................................              120,000              106,000 Total assets .......................................              300,000              270,000 Additional Information: Net sales and net income for 2014 were $450,000 and $36,000 respectively. Dividends.
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AT10- 1 Achievement Test 10 PART III — INCREMENTAL ANALYSIS (26 points) This problem consists of two independent mini-problems. A.Zane Wheels produces lawn mower tires in batches of 1,200 at a cost of $2.40 each. The tires can be sold without further processing for $5.00 per tire, or can be processed further by injecting.
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AT9- 1 Achievement Test 9 PART V — COST-VOLUME-PROFIT (24 points) Walton Widgets manufactures a product that sells for $40 per unit. Walton incurs a variable cost per unit of $24 and $1,400,000 in total fixed costs to produce this product. It is currently selling 92,000 units. Instructions: Complete each of the following requirements,.
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AT9- 1 Achievement Test 9 PART III — SCARCE RESOURCE ALLOCATION (12 points) Genavine manufactures and sells two products. Relevant per unit data concerning each product are given below:        Product        X21R45 Selling price$55$88 Variable costs$30$48 Machine hours2.54.2 Instructions (a)Compute the contribution margin per unit of limited resource for each product. (b)Which product should be manufactured if 1,200 additional machine hours.
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AT11- 1 Achievement Test 11 PART II — BUDGETARY PLANNING (32 points) This problem consists of four independent mini-problems. Omit headings other than those already given. A.Kriter Kitchen Tools produces and sells insulated ice buckets. The sales budget for 2014 is as follows: 1st quarter — 8,000 units3rd quarter — 13,000 units 2nd quarter — 11,000.
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A-1 Comprehensive Examination A Problem A - I — Multiple Choice (20 points) Circle the one best answer.               1.Which statement is false concerning accounting principles in the United States? a.The Securities and Exchange Commission oversees U.S. financial markets and accounting standard-setting bodies. b.The International Accounting Standards Board issues accounting standards that must be followed by.
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AT8- 1 Achievement Test 8 PART III — PROCESS COSTING (25 points) Instructions: Using the following data, complete the requirements given below. When you are given amounts to assume the answers to previous requirements, be careful to use such assumed amounts rather than your answers (in order to minimize carry-through errors). The Finishing Department.
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AT12- 1 Achievement Test 12 PART IV — CAPITAL BUDGETING (20 points) Shangria Company is considering a capital investment of $140,000 in new equipment, which is expected to have a useful life of 4 years with no salvage value. Depreciation is computed by the straight-line method. During the life of the investment, annual.
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AT12- 1 Achievement Test 12 PART I — MULTIPLE CHOICE (30 points) Instructions:  Designate the best answer for each of the following questions. ____              1.Wilson Company determined that its standard number of hours that should have been worked for the output attained is 6,000 direct labor hours and the actual number of direct labor.
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A-1 Comprehensive Examination A Problem A - II — Matching (12 points) Match the items below by entering the appropriate letter in the space. _____1.Income summary A.An amount paid in advance of when the work will be performed     2.Trial balance B.The price received to sell an asset or settle a liability _____3.              Liabilities C.Company will remain in business long.
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AT7- 1 Achievement Test 7 PART II — CLASSIFICATION OF COSTS AND EXPENSES (20 points) Instructions: Classify the following manufacturing costs and expenses by using the following code letters:               A.              Direct materials cost               B.              Direct labor cost               C.              Manufacturing overhead cost               D.              Period cost Wood You Manufacturing Company incurs the following costs and expenses.
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AT7- 1 Achievement Test 7 PART I — MULTIPLE CHOICE (30 points) Instructions:  Designate the best answer for each of the following questions. ____              1.A debit balance in the Manufacturing Overhead account at the end of an interim month means that               a.the balance should be reported as an asset in the monthly balance sheet.              .
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AT8- 1 Achievement Test 8 PART V — ABC COST DRIVERS (15 points) Scoot Motors manufactures motor scooters in its Jacksonville, Florida plant. Instructions Identify an appropriate cost driver that may be used to assign each of the following costs to each line of motor scooters. Cost drivers may be used more than once. Cost.
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AT10- 1 Achievement Test 10 PART I — MULTIPLE CHOICE (20 points) Instructions:  Designate the best answer for each of the following questions. ____              1.What is a relevant cost?                             a.It is a sunk cost.                             b.It is a past cost.                             c.It is a cost that differ across alternatives.                             d.It is an.
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AT11- 1 Achievement Test 11 PART III — FLEXIBLE BUDGETS (22 points) Handover Company uses a flexible budget for overhead based on direct labor hours (DLH). Annual master budget figures, based on 400,000 direct labor hours, and actual overhead for March, when 30,000 labor hours were worked, are as follows: Master BudgetMarch Actual Variable: Indirect labor$  .
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B-1 Comprehensive Examination B Problem B - VII — Notes Receivable (12 points) Instructions: Prepare journal entries to record the following events: July 1Hala Catering accepted a 5%, 3-month, $8,400 note dated July 1 from VIP Productions for the balance due on account. July 31Hala Catering accrued interest on the July 1 note form VIP.
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AT7- 1 Achievement Test 7 PART III—DETERMINE WORK IN PROCESS AND FINISHED GOODS BALANCES (22 points) Hanover Manufacturing begins operations on April 1. Information from job cost sheets shows the following: Manufacturing Costs Assigned (non-cumulative) Job  April    May June 15$10,200 16  5,100$6,400 18  3,6005,900$4,000 197,3007,400 203,100 Job 15 was completed in April. Job 16 was completed in May. Job 18.
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B-1 Comprehensive Examination B Problem B - III — Bank Reconciliation (16 points) Heavenrook Candies received a bank statement for the month of August 2014, which showed a balance per bank of $6,450. The company's cash account in the general ledger showed a balance of $5,780 at August 31. Other information that may.
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AT12- 1 Achievement Test 12 PART II — TRUE/FALSE (10 points) Instructions: Designate whether each of the following statements is true or false by circling the T or F. TF              1.If actual costs are less than standard costs, the variance is favorable. TF              2.On an income statement prepared under a standard cost accounting system, cost.
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AT8- 1 Achievement Test 8 PART I — MULTIPLE CHOICE (30 points) Instructions:  Designate the best answer for each of the following questions. ____              *1.In a JIT cost accounting system,                             a.no inventories are kept on hand.                             b.no manufacturing overhead costs are incurred.                             c.a company strives to have the right amount of.
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A-1 Comprehensive Examination A Problem A - VII — Assumptions and Principles (9 points) Instructions: Each of the situations below may illustrate a violation of an accounting assumption or principle. Indicate the assumption or principle that is most clearly violated using the following codes: Codes A.Economic entity assumptionG.Materiality B.Monetary unit assumptionH.Full disclosure principle C.Periodicity assumptionI.Cost principle D.Going concern.
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A-1 Comprehensive Examination A Problem A - VI — Multiple-Step Income Statement (14 points) Below is a partial listing of the adjusted account balances of Barnett Cabinets at year-end on December 31, 2014: Accounts receivable$  24,000 Cost of goods sold256,000 Selling expenses (includes depreciation)48,000 Interest expense3,000 Accumulated depreciation—Building15,000 Sales discounts5,000 Inventory52,000 Administrative expenses (includes depreciation)65,000 Sales revenue418,000 Accounts payable34,000 Interest revenue500 Instructions: Using whatever data.
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AT11- 1 Achievement Test 11 PART IV — COMPUTATION OF RETURN ON INVESTMENT (ROI) (20 points) For the year ended December 31, 2014, SanaDune Tools reports the following: Sales$4,000,000 Variable costs2,700,000 Controllable fixed costs600,000 Average operating assets3,400,000 Instructions: Compute ROI for each of the following situations. Show all computations. 1.The year ended December 31, 2014. _________________ ÷ _________________ = ________% 2.For.
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B-1 Comprehensive Examination B Problem B - IV — Periodic Inventories (16 points) Tondo Trucks uses the periodic inventory method and had the following purchases of toy trucks during the month of December. Tondo sold 84 trucks during the month. DateTransactionUnitsUnit Cost 12/1Beginning inventory              10              $40 12/8Purchase No. 1              45              $45 12/15Purchase No. 2              30              $50 12/26Purchase No..
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A-1 Comprehensive Examination A Problem A - IV — Financial Analysis (12 points) The following data are taken from the financial statements of JB Edwards, Inc. The average number of shares of common stock outstanding for the year was 4,000. The following data are in are provided: Accounts payable$ 16,000Net sales$294,000 Accounts receivable21,000Other current.
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AT8- 1 Achievement Test 8 PART II — TRUE/FALSE (10 points) Instructions: Designate whether each of the following statements is true or false by circling the T or F. TF              1.The flow of costs is essentially the same in a job order and a process cost system. TF              2.The method of assigning costs is essentially.
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AT9- 1 Achievement Test 9 PART VI — OPERATING LEVERAGE (12 points) The following CVP income statements are available for Liu Company and Sadji Company. Lui CompanySadji Company Sales revenue$800,000$800,000 Variable costs 325,000 195,000 Contribution margin475,000605,000 Fixed costs 375,000  505,000 Net income$100,000$100,000 Instructions (a)Compute the degree of operating leverage for each company. (b)Prepare a CVP income statement for each company, assuming.
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B-1 Comprehensive Examination B Problem B - I — Multiple Choice (20 points) 1.Which one of the following is not a key principle of cash management?                a.Plan the timing of major expenditures               b.Invest idle cash               c.Keep inventory levels low               d.Maintain as much cash as possible in order to pay obligations when due              .
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C-1 Comprehensive Examination C Problem C - I — Multiple Choice (18 points) Instructions: Designate the best answer for each of the following questions.               1.Mack Pharmaceutical issued bonds at a premium. Which of the statements below is true of the premium?               a.It will increase bond interest expense throughout the bond term.               b.It.
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AT6-1 Achievement Test 6 PART VII — STATEMENT OF CASH FLOWS — Indirect Method* (20 Points) Traynham Company runs a retail company and recently completed its third year of operations. The balance sheet and income statement follow: Assets 2014 2013 Income Statement for 2014 Cash $  53,000 $  58,100 Sales revenue $337,400 Accounts receivable 21,000 24,300 Cost of goods sold 204,000 Inventory 30,800 29,200 Depreciation expense.
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AT9- 1 Achievement Test 9 PART II — TRUE/FALSE (10 points) Instructions: Designate whether each of the following statements is true or false by circling the T or F. TF              1.Contribution margin is the amount of revenue left over to cover selling and administrative costs after manufacturing costs have been deducted. TF              2.The margin of.
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B-1 Comprehensive Examination B Problem B - II — Ratios (12 points) The following information is available for Hanover Products:       20142013 Accounts receivable$60,000$74,000 Cost of goods sold528,000580,000 Inventory (ending)52,00068,000 Net cash provided by operating activities220,000170,000 Net sales904,500940,000 Capital expenditures40,00038,000 Dividends24,30032,000 Instructions: Compute the following for 2014: 1.Inventory turnover 2.Days in inventory 3.Accounts receivable turnover 4.Average collection period .
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AT6-1 Achievement Test 6 PART VII — STATEMENT OF CASH FLOWS — Direct Method* (20 Points) Traynham Company runs a retail company and recently completed its third year of operations. The balance sheet and income statement follow: Assets 2014 2013 Income Statement for 2014 Cash $  53,000 $  58,100 Sales revenue $337,400 Accounts receivable 21,000 24,300 Cost of goods sold 204,000 Inventory 30,800 29,200 Depreciation expense.
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C-1 Comprehensive Examination C Problem C - II — Ratios (18 points) The following information is available for Zanatech Enterprises:  2014 2013 Current liabilities$   210,000$245,000 Long-term liabilities340,000420,000 Common stockholders' equity915,0001,100,000 Preferred stockholders’ equity135,000135,000 Dividends paid to common stockholders50,40042,000 Dividends paid to preferred stockholders39,40012,000 Interest expense25,00021,000 Net income120,000200,000 Income tax expense42,50054,000 Net sales5,950,0006,200,000 Common shares outstanding80,00074,000 Instructions: Calculate each of the following for 2014: 1.Payout ratio 2.Return on common stockholders’.
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AT8- 1 Achievement Test 8 PART IV — ACTIVITY-BASED COSTING (20 points) Bella Clear Windows designs and builds custom windows for luxury homes. Most of the windows are custom made but occasionally the company does mass production on order.  Its budgeted manufacturing overhead costs for the year 2014 are as follows:     Overhead Cost Pools       .
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B-1 Comprehensive Examination B Problem B - VI — Cash Budget (15 points) Pansetta Bakery has budgeted sales revenues as follows:    April     May Credit sales$45,000$48,000 Cash sales 12,000  16,000 Total sales$57,000$64,000 Past experience indicates that 40% of the credit sales will be collected in the month of sale, and the remaining 60% will be collected in the.
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AT11- 1 Achievement Test 11 PART I — MULTIPLE CHOICE (26 points) Instructions:  Designate the best answer for each of the following questions. ____              1.Office Stuff produced 15,000 file cabinets at a cost of $80,000. Production for the period was estimated at 14,000 file cabinets at a cost of $75,000. On which of the.
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B-1 Comprehensive Examination B Problem B - V — Journal Entries (9 points) Amazing Tools uses the allowance method to account for uncollectible accounts. Instructions: Prepare the appropriate journal entries to record the following transactions during 2014. You may omit journal entry explanations. May20The account of Barack Obama for $1,240 was deemed to be uncollectible.
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AT12- 1 Achievement Test 12 PART III — VARIANCE ANALYSIS (30 points) Gulf Production manufactures recycle bins using recycled plastic that it sells to municipal governments. It has developed the following per unit standard costs for 2014 for each bine: Direct MaterialsDirect LaborManufacturing Overhead Standard quantity3 pounds½ hour½ hour Standard price$0.80$12.00$4.50 Unit standard cost$2.40$6.00$2.25 In 2014, the company.
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A-1 Comprehensive Examination A Problem A - V — Journal Entries (18 points) Instructions: Prepare the necessary general journal entries for the month of October for DynaCore Retail for each situation given below. DynaCore uses a perpetual inventory system. Oct.5Paid cash of $12,600 for operating expenses that were incurred and properly recorded in the.
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