x
Info
x
Warning
x
Danger

Accounting Expert Answers & Study Resources : Page 362

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

24.3   Learning Objective 24-3 1) When preparing an income statement showing departmental contribution margin: A) indirect expenses are combined with direct expenses. B) indirect departmental expenses are added to contribution margin. C) direct expenses are subtracted from contribution margin on sales. D) None of these answers are correct. 2) Compute the contribution margin for the video.

Homework Answers
18 Views
  • 24.3   Learning Objective 24-3 1) When preparing an income statement showing
  • Accounting
Homework Answers
View Answer

11) Calculate the cost of goods sold when beginning finished goods inventory equals $70,000, ending finished goods inventory $85,000, and cost of goods manufactured $600,000. A) $615,000 B) $445,000 C) $685,000 D) $585,000 12) What inventories are included in determining the cost of goods sold? A) Beginning and ending finished goods B) Beginning and ending raw materials C).

Homework Answers
30 Views
  • 11) Calculate the cost of goods sold when beginning finished
  • Accounting
Homework Answers
View Answer

41) Column 1 Column 2 Column 3 Column 4 Discounts lost 42) Column 1 Column 2 Column 3 Column 4 Repairs expense 43) Column 1 Column 2 Column 3 Column 4 Interest expense 44) Column 1 Column 2 Column 3 Column 4 Delivery expense 45) If an account is not paid on time using the net method, the account ________ must be recorded. .

Homework Answers
29 Views
  • 41) Column 1 Column 2 Column 3 Column 4
  • Accounting
Homework Answers
View Answer

21) Which of the following business documents would not originate with the purchasing company? A) Purchase requisition B) Check for payment C) Sales invoice D) Receiving report 22) The company receiving a purchase order prepares a: A) purchase requisition. B) voucher. C) bill of lading. D) sales invoice. 23) On the balance sheet, Vouchers Payable would be: A) a special liability.

Homework Answers
15 Views
  • 21) Which of the following business documents would not originate
  • Accounting
Homework Answers
View Answer

24.2   Learning Objective 24-2 1) The difference between a department's gross profit and its operating expenses is known as the: A) departmental operating margin. B) departmental operating cost. C) departmental operating income. D) departmental gross profit. 2) Indirect expenses are allocated to departments based on: A) decisions of the stockholders. B) directives from the board of directors. C) some.

Homework Answers
18 Views
  • 24.2   Learning Objective 24-2 1) The difference between a department's gross
  • Accounting
Homework Answers
View Answer

21) Why would it be advisable for a company to keep separate accounting records for various departments? 22) Prepare an income statement showing departmental contribution margin based on the following: Dept. XDept. YRent Expense Space (square feet)17,50035,000 Net Sales$60,000$ 40,000 Cost of Goods Sold18,00016,000 Rent Expense (allocated based on square feet)$2,700 23) Hawkeye Golf is considering dropping.

Homework Answers
27 Views
  • 21) Why would it be advisable for a company to
  • Accounting
Homework Answers
View Answer

48) From the following, calculate income by departments. Dept. 1Dept. 2 Net Sales$8,000$6,500 Cost of Goods Sold5,0003,200 Delivery Expense570420 Advertising Expense390310 Depreciation Expense620530 49) From the following partial data, prepare a departmental income statement showing income before tax along with net income for Mason Corporation for the month ended December 31. Net Sales-Sporting Goods$3,000 Net Sales-Shoes1,500 Cost of Goods Sold-Sporting.

Homework Answers
21 Views
  • 48) From the following, calculate income by departments. Dept. 1Dept. 2 Net
  • Accounting
Homework Answers
View Answer

78) Selected data for Stick's Design are given as of December 31, Year 1 and Year 2 (rounded to the nearest hundredth). Year 2Year 1 Net Credit Sales$25,000$30,000 Cost of Goods Sold 16,00018,000 Net Income2,0002,800 Cash5,000900 Accounts Receivable3,0002,000 Inventory2,0003,600 Current Liabilities6,0005,000 Required: Compute the following: a. ________ Current ratio for Year 2. b. ________ Acid-test ratio for Year 2. c. ________ Accounts.

Homework Answers
13 Views
  • 78) Selected data for Stick's Design given as of December
  • Accounting
Homework Answers
View Answer

  25.1   Learning Objective 25-1 1) Nails, depreciation, and foreman salaries are examples of: A) raw materials. B) direct labor. C) manufacturing overhead. D) none of the above. 2) Lumber used in construction of a building is part of: A) raw material costs. B) labor costs. C) manufacturing overhead. D) None of these answers are correct. 3) Direct labor includes the wages.

Homework Answers
34 Views
  •   25.1   Learning Objective 25-1 1) Nails, depreciation, and foreman salaries examples
  • Accounting
Homework Answers
View Answer

28) From the following, complete the common-size income statement for Isaiah's Sporting Goods using net sales as the base. (Round to nearest tenth of a percent.) Amount Percent Net Sales$750,000________ Cost of Goods Sold650,000________ Gross Profit on Sales100,000________ Operating Expenses60,000________ Net Income40,000________ 29) From the following balance sheet for Bricks Corporation, compute the common-size balance sheet amounts..

Homework Answers
12 Views
  • 28) From the following, complete the common-size income statement for
  • Accounting
Homework Answers
View Answer

31) Departmental accounting requires: A) measuring departmental gross profit. B) allocating direct costs to departments. C) allocating indirect costs to departments. D) None of these answers is correct. 32) Which of the following expenses is the most difficult to allocate to departments? A) Cost of goods sold B) Use of general supplies by everyone C) Salaries and wages D).

Homework Answers
18 Views
  • 31) Departmental accounting requires: A) measuring departmental gross profit. B) allocating direct
  • Accounting
Homework Answers
View Answer

82) Liquidity Asset Management Debt Profitability Acid test ratio 83) Liquidity Asset Management Debt Profitability Times interest earned 84) Liquidity Asset Management Debt Profitability Accounts receivable turnover 85) Liquidity Asset Management Debt Profitability Gross profit rate 86) Liquidity Asset Management Debt Profitability Asset turnover .

Homework Answers
13 Views
  • 82) Liquidity Asset Management Debt Profitabili
  • Accounting
Homework Answers
View Answer

22.3   Learning Objective 22-3 1) Liquidity ratios measure: A) how effectively a company is using its equity. B) how effectively a company is using its liabilities. C) a company's ability to pay shareholders. D) a company's ability to pay off short-term debts. 2) Debt management ratios measure: A) how effectively a company is using its cash. B) how.

Homework Answers
11 Views
  • 22.3   Learning Objective 22-3 1) Liquidity ratios measure: A) how effectively a
  • Accounting
Homework Answers
View Answer

43) The following information is given for Nevada Times: Net income$20,000 Depreciation expense4,000 Decrease in accounts receivable2,000 Increase in supplies on hand3,000 Sale of common stock10,000 Purchase of equipment5,000 Loan money to a customer4,000 Decrease in accounts payable1,000 The indirect method is used. Required: 44) The following information is given for Sunny Corporation: Net income$45,000 Depreciation expense8,000 Decrease in accounts receivable3,000 Increase in supplies on.

Homework Answers
20 Views
  • 43) The following information given for Nevada Times: Net income$20,000 Depreciation expense4,000 Decrease
  • Accounting
Homework Answers
View Answer

51) Electricity for the stove in a restaurant.________ 52) Paint for the restaurant dining room.________ 53) Rent paid for the building.________ 54) Wages paid to the restaurant wait staff.________ 55) Electricity for the general lighting in a store._______ 56) Paint sold by the hobby department.________ 57) General employee insurance.________ 58) Rent paid for the freezers in the.

Homework Answers
20 Views
  • 51) Electricity for the stove in a restaurant.________ 52) Paint for
  • Accounting
Homework Answers
View Answer

  23.1   Learning Objective 23-1 1) A voucher system is designed to control a company's: A) cash receipts. B) cash payments. C) stock sales. D) internal finances. 2) A voucher is made for every: A) cash receipt. B) cash payment. C) accounts payable transaction. D) accounts receivable transaction. 3) A voucher register is: A) a replacement for the purchases journal. B) a special journal.

Homework Answers
26 Views
  •   23.1   Learning Objective 23-1 1) A voucher system designed to control
  • Accounting
Homework Answers
View Answer

71) Emerald Corporation uses a voucher system and completed the following transactions: Dec. 31 Prepared voucher #422 to replenish the petty cash fund based on the following receipts:                             supplies $47, postage $48, and cash short $2. 31Issued check #1003 in payment of voucher #422. Required: Prepare general journal entries to record.

Homework Answers
19 Views
  • 71) Emerald Corporation uses a voucher system and completed the
  • 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*