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FE - 1 Final Exam PART VIII — STATEMENT OF CASH FLOWS (30 points) Presented below is information for 2014 and 2013 related to the operations of Zyr Electronics. December 31 2014 2013 2014 Cash $  32,400 $  26,500 Sales $298,000 Accounts receivable 26,800 23,200 Cost of goods sold 145,000 Inventory 23,500 34,000 Gross profit 153,000 Prepaid expenses 2,100 2,900 Depreciation expense 8,600 Land 45,000 45,000 Other operating expenses 114,000 Equipment 124,000 98,100 Income from operations 30,400 Accumulated depreciation    15,800    19,900 Loss on equipment disposal     1,400 Total $238,000 $209,800 Income before income taxes 29,000 Income.
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FE - 1 Final Exam PART VI — INVENTORY (12 points) Hanover Lighting had a beginning inventory of 15 units at a cost of $7 per unit on August 1. During the month, the following purchases and sales were made.     Purchases            Sales       August5              20 units at $8August2              10 units August11              30 units at $9August10                15 units August23             .
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FE - 1 Final Exam PART VII — RATIO ANALYSIS (21 points) The condensed financial statements of Source Electronics for 2014 are presented below. Source ElectronicsSource Electronics Balance SheetIncome Statement December 31, 2014For the Year Ended December 31, 2014      AssetsRevenues$650,000 Current assetsExpenses Cash and short-termCost of goods sold360,000   investments$   25,000Selling and admin expenses150,000 Accounts receivable32,000Interest expense 30,000 Inventories   43,000Total expenses     .
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FE - 1 Final Exam PART III — DEPRECIATION (8 points) Anslaw Electronics purchased packaging equipment for $600,000 cash on July 1, 2014. Management estimates the equipment can package 800,000 inventory units and will be productive for 5 years. Its salvage value is estimated at $50,000. During 2014, the equipment packaged 130,000 units,.
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1 - 1 Accounting in Action 21.A partnership must have more than one owner. 22.The economic entity assumption requires that the activities of an entity be kept separate and distinct from the activities of its owner and all other economic entities. 23.The monetary unit assumption states that transactions that can be measured in terms.
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FE - 1 Final Exam _              11.At what value are inventory items reported on the balance sheet?               a.At the lower of selling price or replacement cost               b.At the lower of selling price or original cost c.At the original cost to acquire               d.At the lower of original cost or replacement cost               12.What occurs.
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1 - 1 Accounting in Action 81.Which of the following is true regarding the corporate form of business organization? a.Corporations are the most prevalent form of business organization. b.Corporate businesses are generally smaller in size than partnerships and proprietor-ships. c.The revenues of corporations are greater than the combined revenues of partnerships and proprietorships. d.Corporations are separate.
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FE - 1 Final Exam               21.Haxen Company's records show the following for the month of January:               Total retained earnings at January 1 ...................$432,000               Total retained earnings at January 31 ..................450,000               Total revenues ..................................2,160,000               Total dividends declared ...........................140,000               How much are total expenses for January?               a.$2,002,000               b.$2,318,000               c.$1,984,000               d.None of the.
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G - 1 Comprehensive Examination C Problem F - III — Budgeting (18 points) Ratario Company has budgeted the following unit sales for the first quarter of 2014:   Units January12,000 February17,000 March15,000 It takes 3 pounds of direct materials, which cost $6 per pound, to manufacture one unit of product. It is the company’s policy to have.
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FE - 1 Final Exam               31.Which one of the following is an advantage of the corporate form of entity? Limited life Government regulation Ownership rights are restricted to the same shareholders Ability to acquire capital               32.Which of the following pairs of terms in the area of financial statement analysis both express each item in a.
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FE - 1 Final Exam PART I — MULTIPLE CHOICE (76 points) Instructions: Designate the best answer for each of the following questions.               1.Randace Enterprises incurred several costs related to the acquisition of plant assets.               Purchase price of land and dilapidated building              $260,000               Real estate broker's commission17,000               Demolition costs of dilapidated building22,000              .
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C-1 Comprehensive Examination C Problem C - II — Ratios (18 points) The following information is available for Zanatech Enterprises:  2014 2013 Current liabilities$   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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G - 1 Comprehensive Examination C Problem F - IV — Contribution Margin (14 points) Rudine Company makes two products, wallets and belts. Additional information follows: WalletsBelts Units 1,500 2,500 Sales$33,000$75,000 Variable costs19,80030,000 Fixed costs    7,000  15,000 Net income$  6,200$30,000 Profit per unit$4.13$12.00 If Rudine has unlimited demand for both products, which product should the company emphasize? Explain why. Support with computations. .
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D - 1 Comprehensive Examination D Problem D - II — Statement of Cash Flows (36 points) The comparative balance sheets and the income statement for Ringer Equipment appear below: Ringer Equipment Comparative Balance Sheet Dec. 31, 2014Dec. 31, 2013 Assets Cash ..........................................              $43,000              $39,400 Accounts receivable ................................              7,300              12,000 Inventory ........................................              12,000              11,300 Prepaid expenses .................................              1,200              3,500 Equipment .......................................              54,500             .
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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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D - 1 Comprehensive Examination D Problem D - IV — Calculation of Ratios (30 points) The financial information below was taken from the annual financial statements of Whitlow Videos: 20142013 Current assets              $118,800              $115,000 Current liabilities              44,000              58,000 Total liabilities              188,000              192,000 Total assets              525,000              540,000 Net sales              564,000              580,000 Net credit sales              555,000              570,000 Cost of goods sold              312,000             .
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1 - 1 Accounting in Action 71.Financial information that is capable of making a difference in a decision is a.faithfully representative. b.relevant. c.convergent. d.generally accepted. 72.The Duce Company has five plants nationwide that cost a total of $100 million. The current fair value of the plants is $500 million. The plants will be recorded and reported as.
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FE- 1 Final Exam PART III — VARIANCE ANALYSIS (19 points) Medex Pharmaceutical developed the following standard costs for its product in 2014:  Standard Cost Card  Unit Standard Cost Direct materials1.2 pounds @ $2 per pound$ 2.40 Direct labor0.25 hour @ $12 per hour3.00 Manufacturing overhead Variable0.4 hours @ $3 per hour1.20 Fixed0.5 hours @ $4 per hour 2.00 $8.60 The company.
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1 - 1 Accounting in Action 31.The primary purpose of the statement of cash flows is to provide information about the cash receipts and cash payments of a company during a period. 32.Net income for the period is determined by subtracting total expenses and drawings from total revenues. 33.Identifying is the process of keeping.
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G - 1 Comprehensive Examination G Problem G - IV — Flexible Overhead Budget (15 points) Lawrence Company budgeted a level of activity of 8,000 machine hours to be worked each month in the Machining Department. At this level of activity, manufacturing overhead costs were budgeted as follows: Variable manufacturing overhead Indirect materials$  12,000 Indirect labor18,000 Repairs6,400 Utilities9,600 Fixed.
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FE- 1 Final Exam PART IV — MISCELLANEOUS MANAGERIAL MINI-PROBLEMS (14 points) Handley Documents manufactures paper shredding equipment. You are requested to "audit" a sampling of computations made by Handley’s internal accountants via your independent recalculation of the information. Instructions: Compute the requested information for each of the following independent situations (present supporting calculations). .
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G - 1 Comprehensive Examination G Problem G - I — Multiple Choice (16 points) Circle the one best answer.               1.The standard number of hours that should have been worked for output attained is 5,100 direct labor hours, and the actual number of hours worked was 5,200. If the direct labor price variance.
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G - 1 Comprehensive Examination C Problem E - IV — Process Cost Accounting (25 points) Choco Nibbles produces low calorie chocolate snacks. The Baking Department has the following production and manufacturing cost data for January. Production: Beginning inventory has 2,200 boxes of Nibbles that are 100% complete as to materials and 30% complete.
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1 - 1 Accounting in Action 11.Private accountants are accountants who are not employees of business enterprises. 12.The study of accounting is not useful for a business career unless your career objective is to become an accountant. 13.A working knowledge of accounting is not relevant to a lawyer or an architect. 14.Expressing an opinion as.
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C-1 Comprehensive Examination C Problem C - V — Long-Lived Asset Entries (28 points) Instructions: Prepare the necessary journal entries to record the following transactions in 2014 for the Dynacore Pharmaceuticals. Jan. 11Discarded old store equipment that originally cost $25,000 and had a book value of $5,200 on the date of disposal. Depreciation on.
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FE - 1 Final Exam .PART IV — ADJUSTING ENTRIES (18 points) The trial balance of Active Fitness shows the following balances for selected accounts on November 30, 2014: Prepaid Insurance$10,000Unearned Fitness Revenue$  22,800 Equipment68,400Note Payable32,000 Accumulated Depreciation11,700Rent Receivable500 Instructions: Using the additional information given below, prepare the appropriate monthly adjusting entries at November 30. Show computations. 1.Revenue.
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FE- 1 Final Exam PART I — MULTIPLE CHOICE (54 points) Instructions:  Designate the best answer for each of the following questions.               1.Which of the following is a responsibility center that incurs expenses, generates revenues, and is responsible for generating a return on assets?                             a.Cost center                             b.Revenue center                             c.Profit.
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FE- 1 Final Exam               11.The most useful measure for evaluating the performance of the manager of an investment center is                             a.contribution margin.                             b.controllable margin.                             c.return on investment.                             d.income from operations.               12.Which of the following capital budgeting techniques takes the time value of money into consideration?                             a.Annual.
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G - 1 Comprehensive Examination C Problem E - II — Cost of Goods Manufactured and Sold (20 points) Selected account balances of Santana Manufacturing Company appear below for 2014: Beginning of YearEnd of Year Finished Goods Inventory$15,000$  17,000 Work In Process Inventory22,00021,000 Raw Materials Inventory13,00019,000 Sales380,000 Direct Labor43,000 Factory Supervisory Salaries17,000 Income Tax Expense32,000 Factory Insurance18,000 Raw Material Purchases93,000 Administrative Expenses12,000 Sales Returns and.
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1 - 1 Accounting in Action 51.Which of the following would not be considered internal users of accounting data for a company? a.The president of a company. b.The controller of a company. c.Creditors of a company. d.Salesmen of the company. 52.Which of the following is an external user of accounting information? a.Labor unions. b.Finance directors. c.Company officers. d.Managers. 53.Which one of the.
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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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1 - 1 Accounting in Action TRUE-FALSE STATEMENTS 1.Owners of business firms are the only people who need accounting information. 2.Transactions that can be measured in dollars and cents are recorded in the financial information system. 3.The hiring of a new company president is an economic event recorded by the financial information system. 4.Management of a.
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G - 1 Comprehensive Examination C Problem F - II — Cost-Volume-Profit (24 points) Temp Range Company prepared the following income statement for 2014: TEMP RANGE COMPANY Income Statement For the Year Ended December 31, 2014 ——————————————————————————————————————————— Sales (5,000 units)..............................................$200,000 Variable expenses..............................................  75,000 Contribution margin.............................................125,000 Fixed expenses................................................  83,200 Net income....................................................$  41,800 Instructions Answer the following independent questions and show computations to support your answers. 1.What.
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1 - 1 Accounting in Action 91.Liabilities a.are future economic benefits. b.are existing debts and obligations. c.possess service potential. d.are things of value used by the business in its operation. 92.Liabilities of a company would not include a.notes payable. b.accounts payable. c.salaries and wages payable. d.cash. 93.Liabilities of a company are owed to a.debtors. b.benefactors. c.creditors. d.underwriters. 94.Owner's equity can be described as a.creditorship claim on total assets. b.ownership.
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FE- 1 Final Exam PART II — MATCHING (18 points) Instructions: Designate the terminology that best represents the definition or statement given below by placing the identifying letter(s) in the space provided. No term should be used more than once.               A.Activity-based costing              N.              Job cost sheet               B.Annual rate of return              O.              Noncontrollable costs              .
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D - 1 Comprehensive Examination D Problem D - III — Comparative Analysis  (10 points) Instructions: Using the following selected items from the comparative balance sheet of Spa Products, illustrate horizontal and vertical analysis. December 31, 2014December 31, 2013 Current assets              $   122,400              $   139,500 Long-term assets              180,000              130,200 Total assets              3,600,000              3,100,000 .
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1 - 1 Accounting in Action MULTIPLE CHOICE QUESTIONS 41.Accountants refer to an economic event as a a.purchase. b.sale. c.transaction. d.change in ownership. 42.The process of recording transactions has become more efficient because a.fewer events can be quantified in financial terms. b.computers are used in processing business events. c.more people have been hired to record business transactions. d.business events are recorded only.
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G - 1 Comprehensive Examination G Problem G - III — Capital Budgeting (16 points) Weston Company is considering a capital investment of $145,000 in new equipment. The equipment is expected to have a useful life of 10 years with no salvage value. Depreciation is computed by the straight-line method. During the life.
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G - 1 Comprehensive Examination C Problem E - V — Activity-Based Costing (15 points) Cenatrac produces two products: hand soap and sanitizer. During June, 8,000 containers of hand soap and 6,000 containers of sanitizer were produced. Total overhead costs of $34,000 were incurred. The following information related to overhead costs was available:     Activity   Cost.
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G - 1 Comprehensive Examination C Problem E - I — Multiple Choice (20 points) Circle the one best answer.               1.Which one of the following is not a benefit of activity-based costing? a.More accurate product costing b.Fewer cost pools used to assign overhead costs to products c.Enhanced control over overhead costs d.Better management decisions               2.An example of.
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FE - 1 Final Exam PART II — MATCHING (20 points) Instructions Designate the terminology that best represents the definition or statement given below by placing the identifying letter(s) in the space provided. No letter should be used more than once. A Allowance method W Historical cost method B Amortization X Impairment C Average cost method Y Internal control D Book value Z Last-in, first-out method E Capital expenditure AA LIFO reserve F Cash debt coverage.
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D - 1 Comprehensive Examination D Problem D - I — Multiple Choice (24 points) Circle the one best answer. What does inventory turnover measure? a.The number of times average inventory was sold during the year b.The profitability of selling inventory items c.The amount of cash tied up in inventory d.The number of days of inventory on hand.
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FE- 1 Final Exam 21.Wrangler Inc. sells towels with a contribution margin rate of 35% and a unit contribution margin of $7 per unit. Which statement is true? a. Each dollar of sales revenue generates 35 cents to go towards covering operating costs and towards profit. b. Each towel sold generates 35 cents.
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FE - 1 Final Exam PART II — MATCHING (cont.) ___              10.The party in a promissory note who is making the promise to pay ___              11.An expenditure charged as an expense when incurred ___              12.The inventory costing method that assumes that the costs of the earliest goods purchased are the first to be recognized as.
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1 - 1 Accounting in Action 61.The final step in solving an ethical dilemma is to a.identify and analyze the principal elements in the situation. b.recognize an ethical situation. c.identify the alternatives and weigh the impact of each alternative on stakeholders. d.recognize the ethical issues involved. 62.The first step in solving an ethical dilemma is to a.identify and.
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G - 1 Comprehensive Examination C Problem F - I — Multiple Choice (22 points) Circle the one best answer.               1.Halladorn, Inc. sells a single product with a contribution margin of $9 per unit, fixed costs of $54,000, and sales for the current year of $82,800. How much is Halladorn’s break-even point? a.15,200 units b.$6,000 c.6,000.
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