BSA346 Midterm Exam

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Question 1:
At an activity level of 8,800 units, Pember Corporation’s total variable cost is $146,520 and its total fixed cost is $219,296. For the activity level of 8,900 units, compute the following values.

Required:

The total variable cost
The total cost
The average variable cost per unit
The average fixed cost per unit
The average total cost per unit

Note: Assume that the activity level is within the relevant range.

Question 2:
Job 397 was recently completed. The following data have been recorded on its job cost sheet.

Direct materials	$59,400
Direct labor-hours	1,254 DLHs
Direct labor wage rate	$11 per DLH
Number of units completed	3,300 units

The company applies manufacturing overhead on the basis of direct labor-hours. The predetermined overhead rate is $37 per direct labor-hour.

Required:

What’s the unit product cost that would appear on the job cost sheet for this job?

Mcgraw-hill Connect Week 6 Assignment

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Problem-1

Acme Company’s production budget for August is 17,900 units and includes the following component unit costs: direct materials, $8.00; direct labor. $10.40; variable overhead, $6.00. Budgeted fixed overhead is $36,000. Actual production in August was 18,135 units

Required:

Prepare a flexible budget that would be used to compare against actual production costs for August

Problem-2

Acme Company’s production budget for August is 23,000 units and includes the following component unit costs: direct materials. $9.00; direct labor, $11.00; variable overhead, $5.80 Budgeted fixed overhead is $49,000 Actual production in August was 24,075 units

Actual unit component costs incurred during August include direct materials, $10.00; direct labor, $10.00; variable overhead, $6.80 Actual fixed overhead was $52,200

Required:

Prepare a performance report, including each cost component

Problem-3

Acme Company’s production budget for August is 18,500 units and includes the following component unit costs: direct materials, $9.00; direct labor, $11.00; variable overhead, $5.00. Budgeted fixed overhead is $42,000. Actual production in August was 20,250 units. Actual unit component costs incurred during August include direct materials, $9.20; direct labor, $10.40; variable overhead, $5.50. Actual fixed overhead was $44,500. The standard direct material cost per unit consists of 9 pounds of raw material at $1 per pound. During August, 207,000 pounds of raw material were used that were purchased at $0.90 per pound.

Required:

Calculate the materials price variance and materials usage variance for August.

Problem-4

Acme Company’s production budget for August is 19,400 units and includes the following component unit costs: direct materials, $10.00; direct labor, $12.50; variable overhead, $600 Budgeted fixed overhead is $51,000Actual production in August was 20,928 units Actual unit component costs incurred during August include direct materials, $10.50; direct labor. $12.00; variable overhead, $6.50 Actual fixed overhead was $54,400_ The standard direct labor cost per unit consists of 0.5 hour of labor time at $25 per hour During August, $251,136 of actual labor cost was incurred for 9,810 direct labor hours

Required:

Calculate the labor rate variance and labor efficiency variance for August.

Problem-5

Acme Company’s production budget for August is 17,900 units and includes the following component unit costs: direct materials. $8.0; direct labor, $10.4; variable overhead, $6.0. Budgeted fixed overhead is $36,000. Actual production In August was 18,135 units. Actual unit component costs incurred during August include direct materials, $8.60; direct labor. $9.80: variable overhead, $7.20. Actual fixed overhead was $37,900. The standard variable overhead rate per unit consists of $6.0 per machine hour and each unit is allowed a standard of 1 hour of machine time. During August, $130,572 of actual variable overhead cost was Incurred for 10,088 machine hours.

Required:

Calculate the variable overhead spending variance and the variable overhead efficiency variance

Mcgraw-hill Connect Week 5 Assignment

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Problem-1

ABC Company’s actual unit sales in the current year for January, February, and March was 16,700, 13,700, and 19,700 units, . Current year selling price is $60. An analysis of general economic trends and specific initiatives at ABC forecasts increases for the coming budget year: sales volume by 10% and sales price by 5%.

Required:

Prepare ABC Company’s budgeted unit sales and total sales volume for the first quarter of the coming year.

Problem-2

ABC Company’s budgeted sales for June, July, and August are 13,200, 17,200, and 15 ,200 units, respectively. ABC requires 25% of the months budgeted unit sales as finished goods inventory each month. Budgeted ending finished goods inventory for May is 3 300 units.

Required:

Calculate the number of units to be produced in June and July.

Problem-3

ABC Company’s budgeted sales for June, July, and August are 14,200, 18,200, and 16,200 units respectively. The following cost behavior patterns are budgeted for ABC Company’s operating expenses each month:

Fixed costs: salaries, $3,100; rent, $6,100; depreciation, $3,500; advertising, $4,300

Mixed costs: utilities, $4,100 + $0.60 per unit

Variable costs per unit sold: sales commissions. $3.10; marketing promotions, $2.10; supplies. $0.75: bad debt expense, $0.50

Required:

Prepare ABC Company’s operating expense budget for June, July, and August

Problem-4

ABC Company’s budgeted sales for June, July, and August are 13,800, 17,800, and 15,400 units respectively. The selling price for each unit is $12. Based on past experience, ABC expects that 25% of a month’s sales will be collected in the month of sale, 70% in the following month, and 2% in the second month following the sale.

Required:

Prepare an analysis of cash receipts from sales for ABC Company for August.

Mcgraw-hill Connect Week 4 Assignment

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Problem-1

Clay Co. produces ceramic coffee mugs and pencil holders. Manufacturing overhead is assigned to production using an application rate based on direct labor hours.

Required:

a. For 2019, the company’s cost accountant estimated that total overhead costs incurred would be $518,700 and that a total of 57,000 direct labor hours would be worked. Calculate the amount of overhead to be applied for each direct labor hour worked on a production run. (Round your answer to 2 decimal places.)

b. A production run of 200 coffee mugs used raw materials that cost $490 and used 40 direct labor hours at a cost of $10.70 per hour. Calculate the cost of each coffee mug produced. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

c. At the end of October 2019, 150 coffee mugs made in the production run in part b had been sold and the rest were in ending inventory. Calculate (1) the cost of the coffee mugs sold that would have been reported in the income statement and (2) the cost included in the October 31, 20 19, finished goods inventory. (Do not round intermediate calculations. Round your answers to 2 decimal pieces.)

Problem-2

Nautical Footware Inc. manufactures women’s boating shoes. Manufacturing overhead is assigned to production on a machine-hour basis. For 2019, it was estimated that manufacturing overhead would total $365,930 and that 24,410 machine hours would be used.

Required:

a. Calculate the predetermined overhead application rate that will be used for absorption costing purposes during 2019. (Round your answer to 2 decimal places.)

b. During May, 3,9 00 pairs of shoes were made. Raw materials costing $6,830 were used, and direct labor costs totaled $9,010. A total of 730 machine hours were worked during the month of May. Calculate the cost per pair of shoes made during May. (Do not round intermediate calculations. Round your answer to 2 decimal places)

Problem-3

Checker Inc. produces automobile bumpers_ Overhead is applied on the basis of machine hours required for cutting and fabricating _ A predetermined overhead application rate of $9-40 per machine hour was established for 2019_

Required:

a. If 9,100 machine hours were expected to be used during 2019, how much overhead was expected to be incurred?

b. Actual overhead incurred during 2019 totaled $122,700, and 9,200 machine hours w ere used during 2019 Calculate the amount of over- or underapplied overhead for 2019 (Input the amount positive value.)

c. Whether the overapplied or underapplied overhead for the year is normally transferred to cost of goods sold in the income statement?

Problem-4

Fredrick Paulson Tie Co. manufactures neckties and scarves. Two overhead application bases are used; some overhead is applied on the basis of raw material cost at a rate of 145% of material cost. and the balance of the overhead is applied at the rate of $7.65 per direct labor hour.

Required:

Calculate the cost per unit of a production run of 535 neckties that required raw materials costing $1,720 and 69 direct labor hours at a total cost of $845. (Round your answer to 2 decimal places.)

Mcgraw-hill Connect Week 3 Assignment

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Problem-1

The balance sheet caption for common stock is the following:

Common stock, $2 par value, 2,800,000 shares authorized, 1,400,000 shares issued, 1,010,000 shares outstanding

Required:

a. Calculate the dollar amount that will be presented opposite this caption.

b. Calculate the total amount of a cash dividend of $0.28 per share.

c. What accounts for the difference between issued shares and outstanding shares?

Problem-2

At the beginning of the current fiscal year. the balance sheet of Hughey Inc. showed stockholders’ equity of $525,000. During the year. liabilities increased by $23,000 to $231,000; paid-in capital increased by $30,000 to $173,000; and assets increased by $252,000. Dividends declared and paid during the year were $49,000

Required:

Calculate net income or loss for the year. (Amounts to be deducted should be indicated with a minus sign.)

Problem-3

Assume that you own 100 shares of $10 par value common stock of a company and the company has a 2-for-1 stock split when the market price per share is $56.

Required:

a. How many shares of common stock will you own after the stock split?

b. What w ill probably happen to the market price per share of the stock?

c. What w ill probably happen to the par value per share of the stock?

2108AFE Financial Accounting Assessable Homework Workshop Questions

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Question 1

Journalise the following transactions for FGH Financial Services in the General Journal.

Explanations/Narrations are NOT required.

July 1 FGH Financial Services received $11,000 from the owner Frank Hood to start the business
July 2 Signed a lease agreement on premises and paid first month’s rent of $2,800.
July 4 Purchased office furniture on credit for $600.
July 7 Prepared financial advice for a client and received payment of $300 Cash.
July 8 Purchased office supplies for cash of $200. These supplies will be used in the future.
July 10 Completed insurance application for Client on credit for $150.
July 13 Frank Hood took cash drawings of $600.

Question 2 – Reflection

Why is it important for a professional accountant to understand double entry accounting and the ‘debit and credit rules’? Explain your answer.

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2108AFE Financial Accounting Assessable Practical Work and Reflection

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Question 1

Journalise any necessary adjusting entries for ABC Accounting in the General Journal at 30^thJune 2018. Explanations/Narrations are NOT required.

On the first of April paid rent in advance for 12 months, $15,000.
Received $4,000 Fees in Advance on 1^st March 2018. At the 30^th 25% of the work has been completed.
Employee Salaries owed for Monday to Wednesday of a five-day working week; the weekly payroll is $12,500.
Depreciation for one month on Office Equipment costing $5,000 with a salvage value of zero and a useful life of 10 years.
Interest expense accrued $1,300.

Question 2

Explain why accrual accounting provides more complete information than cash basis accounting.

Question 3

Spanners Accounting Practice reported the following account balances (all these accounts have normal balances) at 30 November 2017:

Sales and Marketing expense	$2,100	Cash	$1,100
Other assets	$700	Service Revenue	$5,500
Depreciation expense	$800	Accounts Payable	$500
Non-current liabilities	$600	Accounts Receivable	$900
Capital – Spanners	$3,500	Drawings -Spanners	$500

Required: Journalise Spanner’s closing entries, as needed for these accounts.

Question 4

Why are closing entries necessary?

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ACCT8130 Flex MPA Take Home Section of Exam

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On January 1, 2016, Pichai Corporation acquired 80 percent of the outstanding voting stock of Sundar Company in exchange for $1,200,000 cash. At that time, although Sundar’s book value was $925,000, Pichai assessed Sundar’s total fair value at $1,500,000.Continue reading

ACC 620 Milestone Three Guidelines and Rubric

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Prompt: In the second milestone, you addressed income taxes and pensions for your portfolio. In the third and final milestone, you will add leases and the statement of changes to your portfolio.

IV. Leases

A. What are the differences between operating and capital leases?
B. Describe the particular leases of your company based on the liability section of your company’s balance sheet.
C. What impact have the leases had on the company’s financial statements for the most recent year?
D. Discuss the advantages and disadvantages of leasing a building versus purchasing one.Continue reading

BUS-FP4063 Assessment Help

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Exercise 1 Worksheet: Journal Entries

On January 1, 2015, the Parker Corporation acquired 10% of Simon Inc. for $420,000, even though Simon’s book value on January 1 was $3,400,000. Simon held land on its books that was undervalued by $200,000. In 2015, Simon earned $480,000 in net income and paid cash dividends of $180,000. Parker acquired an additional 30% of Simon January 1, 2016, for $1,200,000. Simon’s land remained undervalued as of that date by $240,000. Any excess cost was ascribed to a trademark with a life of 10 years for the first acquisition and a life of nine years for the second acquisition. Because fair values were not readily available, Parker maintained the initial investment of 10% at cost. The equity method will now be applied. In 2016, Simon reported $600,000 in income and $220,000 of distributed dividends.

Complete steps 1 and 2 below.

Step 1: Restate the 2015 purchase to the equity method in Tables 1, 2, and 3.

Step 2: Record the 2016 journal entries for Parker, using Tables 4–8 below.Continue reading

Managerial Accounting ACC650 Chapter 4 Quiz

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Brooklyn sells a single product to wholesalers. The company’s budget for the upcoming year revealed anticipated units sales of 31,600, a selling price of $20, variable cost per unit of $8, and total fixed cost of $360,000. If Brooklyn’s unit sales are 200 units less than anticipated, it’s breakeven point will:

- Increase by $12 per units sold
- Decrease by $12 per units sold
- Increase by $8 per units sold
- Not change

Which of the following methods of cost estimation relies on only two data points?

- Least squares regression
- The high low method
- The visual fit method
- Account regression

A company observed a decrease in the cost per unit. All other things being equal which of the following is probably true?

- The company is studying a variable cost, and the total volume has increased
- The company is studying a variable cost and the volume has decreased
- The company is studying a fixed cost and total volume has increased
- The company is studying a fixed cost and the volume has decreased
- The company is studying a fixed cost and the total volume has remained constant

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Exercise 9-4 Interest-bearing notes payable with year-end adjustments

Keesha Co. borrows $255,000 cash on November 1, 2017, by signing a 120-day, 11% notes with a face value of $255,000.

On what date does this note mature?

- March 27, 2018.
- March 28, 2018.
- March 29, 2018.
- March 30, 2018.
- March 01, 2018.

2 & 3.What is the amount of interest expense in 2017 and 2018 from this note?

4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest at the end of 2017, and (c) payment of the note at maturity. (Assume no reversing entries are made.)

Advance Accounting Homework Problems

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Problem-1

BuyCo holds 25 percent of the outstanding shares of Marqueen and appropriately applies the equity method of accounting. Excess cost amortization (related to a patent) associated with this investment amounts to $10,000 per year. For 2014, Marqueen reported earnings of $100,000 and declares cash dividends of $30,000. During that year, Marqueen acquired inventory for $50,000, which it then sold to BuyCo for $80,000. At the end of 2014, BuyCo continued to hold merchandise with a transfer price of $32,000.

What Equity in Investee Income should BuyCo report for 2014?
How will the intra-entity transfer affect BuyCo’s reporting in 2015?
If BuyCo had sold the inventory to Marqueen, how would the answers to (a ) and (b ) have changed?

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Homework solutions

Problem-1

Match each situation with the fraud triangle factor (opportunity, financial pressure, or rationalization) that best describes it.

An employee’s monthly credit card payments are nearly 75% of their monthly earnings.
An employee earns minimum wage at a firm that has reported record earnings for each of the last five years.
An employee has an expensive gambling habit.
An employee has check-writing and -signing responsibilities for a small company, and is also responsible for reconciling the bank account.

Problem-2

The internal control procedures in Dayton Company result in the following provisions. Identify the principles of internal control that are being followed in each case.

Employees who have physical custody of assets do not have access to the accounting records. select a principle of internal control
Each month, the assets on hand are compared to the accounting records by an internal auditor. select a principle of internal control
A prenumbered shipping document is prepared for each shipment of goods to customers.

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Problem-1

Andrews Company has $80,000 available to pay dividends. It has 2,000 shares of 10%, $100 par, preferred stock and 30,000 shares of $10 par common stock outstanding. The preferred stock is selling for $125 per share, and the common stock is selling for $20 per share.

Required

Determine the amount of dividends to be paid to each class of shareholder for each of the following independent assumptions. If an amount box required no entry, leave it blank.
a. Preferred stock is nonparticipating and noncumulative.
Preferred stock is nonparticipating and cumulative. Preferred dividends are 2 years in arrears at the beginning of the year.
For 1(a), compute the dividend yield on the preferred stock and the common stock.

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Problem-1

Extreme Company reported the following information about its stock on its December 31, 2016, balance sheet:

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Problem-1

The following information relates to Larkspur, Inc. for the year 2017. -WileyPlus Homework Help Chapter 5

Retained earnings, January 1, 2017	$58,560	Advertising expense	$2,200
Dividends during 2017	6,100	Rent expense	12,690
Service revenue	76,250	Utilities expense	3,780
Salaries and wages expense	34,160	Other comprehensive income (net of tax)	490

Problem-2

Carla Vista Co. sold goods with a total selling price of $809,200 during the year. It purchased goods for $389,700 and had beginning inventory of $67,700. A count of its ending inventory determined that goods on hand was $60,900.
What was its cost of goods sold?Continue reading

Preparation of accounting records

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Flash Cleaning Services

Flash Cleaning Services commenced operations on 1 July 2018. The company opened a cleaning business – providing cleaning services to local schools, preschools and childcare centers. During its first month of operations, the following transactions occurred:Continue reading

Accounting for Managers Help

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Problem 1

Pacific Telemet Ltd. manufactures a high end smart phone with dual sim a card that is popular with business executives who travel overseas frequently. Related financial data for this product for the last year is as follows:

Sales 12,000 units

Selling price $460 per unit

Variable manufacturing cost $184 per unit

Fixed manufacturing costs $360,000

Variable selling and administrative costs $36 per unit

Fixed selling and administrative costs $600,000Continue reading

Peyton Approved Projects Help

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Preliminary Financial Statements have already been prepared (2017 statements in the Final Project Workbook). Final adjusting entries have not yet been made. See table for possible adjustments that indicate what will be recorded at 12/31/17 (fiscal year end). Use the following to complete year-to-year documentation and notes for managing depreciation, inventory, and long-term debt. Acc 308 final project workbook spreadsheet