x
Info
x
Warning
x
Danger

Accounting Expert Answers & Study Resources : Page 127

The vast field of accounting contributes to one of the largest subjects in our study resources. Accounting flashcards, homework answers for textbooks & other learning aids can increase your competency in this domain instantly. Become a top student with our support. Search Now…

Expert Answers

Ask an Expert

Our Experts can answer your tough homework and study questions.

Answers in as fast as 15 minutes
Post a Question
150245 Resources
0 Students Benefited

21) What is the journal entry used to write-off the difference between allocated and actual overhead using the proration approach? A) Work-in-Process Control 4,750 Finished Goods Control 6,250 Cost of Goods Sold 14,000 Manufacturing Overhead Control 25,000 B) Manufacturing Overhead Allocated 25,000 Work-in-Process Control 4,750 Finished Goods Control 6,250                Cost of Goods Sold 14,000 C) Manufacturing Overhead Control 25,000 Work-in-Process Control 1,250 Finished Goods Control 2,500                Cost of Goods Sold 21,250 D).

Homework Answers
26 Views
  • 21) What the journal entry used to write-off the difference
  • Accounting
Homework Answers
View Answer

11) Planning the performance of the organization, providing a frame of reference, and investigating variances are part of the A) budgetary cycle. B) cash budget. C) financing budget. D) master budget. E) production budget. 12) The master budget embraces the impact of A) operating and managerial decisions. B) operating and financing decisions. C) financing and managerial decisions. D) operating, managerial,.

Homework Answers
27 Views
  • 11) Planning the performance of the organization, providing a frame
  • Accounting
Homework Answers
View Answer

10) Northern Manufacturing uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs. At the beginning of the year, the company expected to incur the following: Manufacturing overhead costs $320,000 Direct labour cost 640,000 Machine hours 20,000 At the end of the year, the company had actually incurred the following: Direct labour cost $920,000 Depreciation.

Homework Answers
28 Views
  • 10) Northern Manufacturing uses a predetermined manufacturing overhead rate to
  • Accounting
Homework Answers
View Answer

31) What will be the Fair Score Company budgeted amount of cost of goods sold? A) $8,160,000 B) $6,800,000 C) $6,460,000 D) $6,120,000 E) $5,975,000 Use the information below to answer the following question(s). Layne Cedar manufactures cedar chests. The estimated number of chests for the first three months of 2012 is as follows: Month Sales January 10,000 February 14,000 March 13,000 Finished goods inventory at.

Homework Answers
24 Views
  • 31) What will be the Fair Score Company budgeted amount
  • Accounting
Homework Answers
View Answer

74) Listed below are elements of the master budget. Determine whether each budget is an operating budget or a financial budget. Place an O for operating budget or F for a financial budget. 1.Capital expenditures budget 2.Cost of goods sold budget 3.Revenues budget 4.Budgeted statement of cash flows 5.Distribution costs budget 6.Marketing costs budget 7.Cash budget 8.Direct materials.

Homework Answers
31 Views
  • 74) Listed below elements of the master budget. Determine whether
  • Accounting
Homework Answers
View Answer

17) If the cost of an activity increases with the number of purchase orders placed, rather than to the quantity of items purchased, it is which of the following? A) market-sustaining cost B) output unit-level cost C) facility-sustaining cost D) product-sustaining (service-sustaining) costs E) batch-level cost 18) If the cost of an activity increases with the.

Homework Answers
29 Views
  • 17) If the cost of an activity increases with the
  • Accounting
Homework Answers
View Answer

65) The Doran Company prepared the following revenue budget: MonthBudgeted Sales March $250,000 April 265,000 May 255,000 June272,500 July 262,500 In addition, the gross profit rate is 40 percent and the desired inventory level is 30 percent of next month's cost of goods sold. Required: Prepare a purchases budget for April through June. 66) Favata Company has the following information:.

Homework Answers
28 Views
  • 65) The Doran Company prepared the following revenue budget: MonthBudgeted Sales March
  • Accounting
Homework Answers
View Answer

  5.1   Identify the basic elements of activity-based costing systems as distinguished from traditional systems, and explain how preventable undercosting and overcosting of products and services affects profitability. 1) Cost smoothing involves assigning costs in a non uniform manner to reflect the different utilization of resources by different products or services. 2) Using.

Homework Answers
39 Views
  •   5.1   Identify the basic elements of activity-based costing systems as
  • Accounting
Homework Answers
View Answer

29) At Deutschland Electronics, product lines are charged for call centre support costs based on sales revenue. Last year's summary of call centre operations revealed the following: Surveillance ProductsSpecialty Products Number of calls for information1,0004,000 Average call length for information3 minutes8 minutes Number of calls for warranties3001,200 Average call length for warranties7 minutes15 minutes Sales.

Homework Answers
34 Views
  • 29) At Deutschland Electronics, product lines charged for call centre
  • Accounting
Homework Answers
View Answer

17) What is the ending cash balance for March after borrowing, if required? A) $4,000 B) $3,800 C) $3,200 D) $2,800 E) $3,000 Answer the following question(s) using the information below. Fiscal Company has the following sales budget for the last six months of 2013: July $100,000 October $90,000 August 80,000 November 100,000 September 110,000 December 94,000 Historically, the cash collection of sales has been.

Homework Answers
35 Views
  • 17) What the ending cash balance for March after borrowing,
  • Accounting
Homework Answers
View Answer

41) Boone Hobbies gross margin for next month is expected to be A) $280,000. B) $336,000. C) $356,000. D) $360,000. E) $240,000. 42) Boone Hobbies budgeted purchases for next month is expected to be A) $240,000. B) $264,000. C) $225,000. D) $360,000. E) $244,000. 43) A rolling budget is a budget or plan that A) rolls several budgets together for forecasting purposes. B).

Homework Answers
34 Views
  • 41) Boone Hobbies gross margin for next month expected to
  • Accounting
Homework Answers
View Answer

59) Spirit Company sells three products with the following seasonal sales pattern: Products Quarter A       B       C 140%30%10% 230%20%40% 320%20%40% 410%30%10% The annual sales budget shows forecasts for the different products and their expected selling price per unit as follows: ProductUnitsSelling Price A50,000$4 B125,00010 C62,5006 Required: Prepare a sales budget, in units and dollars, by quarters for the company for the.

Homework Answers
23 Views
  • 59) Spirit Company sells three products with the following seasonal
  • Accounting
Homework Answers
View Answer

6.4   Distinguish among sensitivity analysis, Kaizen budgeting, and activity-based budgeting. 1) Sensitivity analysis helps to evaluate outcomes from changes in data or assumptions. 2) Kaizen budgeting is a budgetary approach that explicitly incorporates continuous improvement during the budget period into the resultant budget numbers. 3) The objective of activity-based budgeting is to refine.

Homework Answers
26 Views
  • 6.4   Distinguish among sensitivity analysis, Kaizen budgeting, and activity-based budgeting. 1)
  • Accounting
Homework Answers
View Answer

68) Russell Company has the following projected account balances for June 30, 2012: Accounts payable$40,000Sales$800,000 Accounts receivable100,000Capital stock400,000 Depreciation, factory24,000Retained earnings? Inventories (5/31 & 6/30)180,000Cash56,000 Direct materials used200,000Equipment, net240,000 Office salaries80,000Buildings, net400,000 Insurance, factory4,000Utilities, factory16,000 Plant wages140,000Selling expenses60,000 Bonds payable160,000Maintenance, factory28,000 Required: a.Prepare a budgeted income statement for June 2012. b.Prepare a budgeted balance sheet as of June 30, 2012. 69) Barrieland.

Homework Answers
28 Views
  • 68) Russell Company has the following projected account balances for
  • Accounting
Homework Answers
View Answer

62) Budget Corporation has the following budgeted sales for the next six-month period: MonthUnit Sales September60,000 October 80,000 November140,000 December100,000 January120,000 February 80,000 There were 30,000 units of finished goods in inventory at the beginning of September. Plans are to have an inventory of finished products that equal 20 percent of the unit sales for the next month. Five.

Homework Answers
27 Views
  • 62) Budget Corporation has the following budgeted sales for the
  • Accounting
Homework Answers
View Answer

35) Come-On-In Manufacturing produces two types of entry doors: Deluxe and Standard. The assignment basis for support costs has been direct labour dollars. For 2012, Come-On-In compiled the following data for the two products: DeluxeStandard Sales units50,000400,000 Sales price per unit$650.00$475.00 Direct material and labour costs per unit$180.00$130.00 Manufacturing support costs per unit$80.00$120.00 Last year,.

Homework Answers
35 Views
  • 35) Come-On-In Manufacturing produces two types of entry doors: Deluxe
  • Accounting
Homework Answers
View Answer

10) Allscott Company is developing its budgets for 2013 and for the first time will use the Kaizen approach. The initial 2013 income statement, based on static data from 2012, is as follows: Sales (140,000 units)$420,000 Less: Cost of goods sold280,000 Gross margin140,000 Operating expenses (includes $28,000 of depreciation)112,000 Net income$28,000 Selling prices for 2013 are.

Homework Answers
28 Views
  • 10) Allscott Company developing its budgets for 2013 and for
  • Accounting
Homework Answers
View Answer

  Use the information below to answer the following question(s). Bill Cobb Corporation had the following activities, pooled costs, and physical flow of driver units. The company uses activity-based costing. Activities Pooled Costs Physical Flow of Driver Units Account inquiry (hours) $400,000 5,000 Account billing (lines) $280,000 2,000,000 Account verification (accounts) $150,000 20,000 Correspondence (letters) $50,000 2,000 The above activities are used by departments X and Y as follows: X Y Account inquiry.

Homework Answers
40 Views
  •   Use the information below to answer the following question(s). Bill Cobb
  • Accounting
Homework Answers
View Answer

32) JamJee Enterprises uses a job costing system. Record the following transactions in JamJee Enterprise's general journal for the current month: a.Purchased raw materials on account, $49,000. b.Requisitioned $25,200 of direct materials and $3,400 of indirect materials for use in production. c.Factory payroll incurred, $54,000; 70% direct labour, 30% indirect labour. d.Recorded depreciation expense.

Homework Answers
30 Views
  • 32) JamJee Enterprises uses a job costing system. Record the
  • Accounting
Homework Answers
View Answer

19) Analyze the two costing systems below and determine which one is an ABC system, stating the reasons for your choice. System A Total indirect costs $3,250,000 Costs per unit $64.21 Total direct costs $4,565,000 # of Indirect cost pools 10 Direct cost categories 4 System B Total indirect costs $2,750,000 Costs per unit $47.25 Total direct costs $5,065,000 # of Indirect cost pools 1 Direct cost categories 2 20) Hans Sorensen, controller.

Homework Answers
35 Views
  • 19) Analyze the two costing systems below and determine which
  • Accounting
Homework Answers
View Answer

  Use the information below to answer the following question(s). Copper Corporation has the following sales budget for the last six months of 2012: July $200,000 October $180,000 August 160,000 November 200,000 September 220,000 December 188,000 Historically, the cash collection of sales has been as follows: 65 percent of sales collected in month of sale, 25 percent of sales collected in month following sale, 8 percent of sales.

Homework Answers
28 Views
  •   Use the information below to answer the following question(s). Copper Corporation
  • Accounting
Homework Answers
View Answer

33) Brilliant Accents Company manufactures and sells three styles of kitchen faucets: Brass, Chrome, and White. Production takes 25, 25, and 10 machine hours to manufacture 1,000-unit batches of brass, chrome and white faucets, respectively. The following additional data apply: BRASSCHROMEWHITE Projected sales in units30,00050,00040,000 Per Unit data: Selling price$40$20$30 Direct materials$8$4$8 Direct labour$15$3$9 Overhead cost based.

Homework Answers
36 Views
  • 33) Brilliant Accents Company manufactures and sells three styles of
  • Accounting
Homework Answers
View Answer

Can't find what you're looking for ?

Ask our exprts a study questions, on us.
Get free Homework Help*