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Manal Elkhoshkhany
Manal Elkhoshkhany, Bachelor's Degree
Category: Multiple Problems
Satisfied Customers: 9513
Experience:  Completed by BA degree in 1988 and graduated with a GPA of 4.0
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Customer Question

Help with 50% of this, your choice which ones to choose. Thanks
Submitted: 2 years ago.
Category: Multiple Problems
Expert:  Manal Elkhoshkhany replied 2 years ago.

Please post the questions

Customer: replied 2 years ago.

1.


Cash paid for preferred stock dividends should be shown on the statement of cash flows under


A) operating activities
B) investing activities
C) financing activities
D) noncash investing and financing activities


 


 


2.


The Reagan Corporation issues 1,000, 10-year, 8%, $1,000 bonds dated January 1, 2011, at 95. The journal entry to record the issuance will show a


A) credit to Cash for $950,000.
B) debit to Cash of $1,000,000.
C) credit to Bonds Payable for $1,000,000.
D) credit to Discount on Bonds Payable for $50,000.


 


 


3.


On the statement of cash flows prepared by the indirect method, a $50,000 gain on the sale of investments would be


A) added to dividends declared in converting the dividends declared to the cash flows from financing activities related to dividends
B) deducted from dividends declared in converting the dividends declared to the cash flows from financing activities related to dividends
C) added to net income in converting the net income reported on the income statement to cash flows from operating activities
D) deducted from net income in converting the net income reported on the income statement to cash flows from operating activities


 


4.


In the manufacture of 10,000 units of a product, direct materials cost incurred was $145,800, direct labor cost incurred was $82,000, and applied factory overhead was $45,500. What is the total conversion cost?


A) $273,300
B) $145,800
C) $127,500
D) $272,200


 


5.


The following data is given for the Stringer Company:








































































Budgeted production



26,000 units



Actual production



27,500 units



Materials:



 



Standard price per ounce



$6.50



Standard ounces per completed unit



8



Actual ounces purchased and used in production



228,000



Actual price paid for materials



$1,504,800



Labor:



 



Standard hourly labor rate



$22 per hour



Standard hours allowed per completed unit



6.6



Actual labor hours worked



183,000



Actual total labor costs



$4,020,000



Overhead:



 



Actual and budgeted fixed overhead



$1,029,600



Standard variable overhead rate



$24.50 per standard labor hour



Actual variable overhead costs



$4,520,000



Overhead is applied on standard labor hours.

The direct material price variance is:


A) 22,800U
B) 22,800F
C) 52,000U
D) 52,000F


 


6.


If the market rate of interest is greater than the contractual rate of interest, bonds will sell


A) only after the stated rate of interest is increased.
B) at a premium.
C) at face value.
D) at a discount.


 


7.


Below is budgeted production and sales information for Bluebird Company for the month of December:




























 



Product XXX



Product ZZZ



Estimated beginning inventory



30,000 units



18,000 units



Desired ending inventory



32,000 units



15,000 units



Anticipated sales



520,000 units



460,000 units




The unit selling price for product XXX is $5 and for product ZZZ is $14.

Budgeted production for product ZZZ during the month is:


A) 460,000 units
B) 475,000 units
C) 463,000 units
D) 457,000 units


 


8. The following production data were taken from the records of the Finishing Department for June:




















Inventory in process, 6-1 ( 30% completed)



4,000 units



Completed units during June



71,000 units



Ending inventory (60% complete)



7,000 units





Determine the number of conversion equivalent units of production in the June 30 Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories.


A) 72,400 units
B) 74,000 units
C) 71,200 units
D) 4,200 units


 


9.


Which of the following is not included in conversion costs?


A) Direct labor.
B) Direct materials.
C) Indirect labor.
D) Factory overhead.


 









10.


Dotterel Corporation uses the variable cost concept of product pricing. Below is cost information for the production and sale of 35,000 units of its sole product. Dotterel desires a profit equal to a 11.2% rate of return on invested assets of $350,000.
































Fixed factory overhead cost



$105,000



Fixed selling and administrative costs



35,000



Variable direct materials cost per unit



4.34



Variable direct labor cost per unit



5.18



Variable factory overhead cost per unit



.98



Variable selling and administrative cost per unit



.70





The dollar amount of desired profit from the production and sale of the company's product is:


A) $89,600
B) $70,000
C) $39,200
D) $84,000



 


 


Below is a table for the present value of $1 at Compound interest.












































Year



6%



10%



12%



1



.943



.909



.893



2



.890



.826



.797



3



.840



.751



.712



4



.792



.683



.636



5



.747



.621



.567




Below is a table for the present value of an annuity of $1 at compound interest.












































Year



6%



10%



12%



1



.943



.909



.893



2



1.833



1.736



1.690



3



2.673



2.487



2.402



4



3.465



3.170



3.037



5



4.212



3.791



3.605





Using the tables above, what would be the internal rate of return of an investment of $168,140 and would generate an annual cash inflow of $70,000 for the next 3 years?


A) cannot be determined from the data given.
B) 12%
C) 6%
D) 10%


 


 


 


 


 


12. Cash receipts received from the issuance of a mortgage notes payable would be classified as


A) investing activities.
B) financing activities.
C) either financing or investing activities.
D) operating activities.


 

Customer: replied 2 years ago.

13.


Short-term creditors are typically most interested in assessing


A) marketability.
B) operating results.
C) profitability.
D) solvency.


 


14.


Cost of goods manufactured is equal to:


A) total manufacturing costs plus beginning work in process inventory less ending work in process inventory
B) total manufacturing costs plus ending materials inventory less beginning materials inventory
C) cost of goods sold beginning work in process inventory less ending work in process inventory
D) total manufacturing costs plus ending work in process inventory less beginning work in process inventory


 


15.


Panamint Systems Corporation is estimating activity costs associated with producing disk drives, tapes drives, and wire drives. The indirect labor can be traced to four separate activity pools. The budgeted activity cost and activity base data by product are provided below.



















































































 



Activity
Cost




Activity Base



 



Procurement



$ 370,000



Number of purchase orders



 



Scheduling



250,000



Number of production orders



 



Materials handling



500,000



Number of moves



 



Product development



730,000



Number of engineering changes



 



Production



1,500,000



Machine hours



 



 



 




Number of
Purchase
Orders



Number
of


Production


Orders




Number
of
Moves




Number of Engineering
Changes





Machine
Hours




Number
of
Units



Disk drives



4,000



300



1,400



10



2,000



2,000



Tape drives



4,000



150



800



10



8,000



4,000



Wire drives



12,000



800



4,000



25



10,000



2,500





Determine the activity rate for procurement per purchase order.


A) $18.50
B) $15.42
C) $43.53
D) $37.00


 


16.The Kaumajet Factory produces two products - table lamps and desk lamps. It has two separate departments - finishing and production. The overhead budget for the finishing department is $550,000, using 500,000 direct labor hours. The overhead budget for the production department is $400,000 using 80,000 direct labor hours.

If the budget estimates that a table lamp will require 2 hours of finishing and 1 hours of production, how much factory overhead will be allocated to each unit of table lamps using the multiple production department factory overhead rate method with an allocation base of direct labor hours?


A) $4.91
B) $5.00
C) $7.20
D) $6.33


 









17.


Which of the following statements is true regarding fixed and variable costs?


A) Variable costs are constant in total, and fixed costs vary in total.
B) Fixed costs are constant in total, and variable costs are constant per unit.
C) Both costs are constant when considered on a per unit basis.
D) Both costs are constant when considered on a total basis.



 


18.


Gilbert’s expects its September sales to be 20% higher than its August sales of $150,000. Purchases were $100,000 in August and are expected to be $120,000 in September. All sales are on credit and are collected as follows: 30% in the month of the sale and 70% in the following month. Merchandise purchases are paid as follows: 25% in the month of purchase and 75% in the following month. The beginning cash balance on September 1 is $7,500. The ending balance on September 30 would be:


A) $71,500
B) $72,300
C) $75,000
D) $61,500


 


19.Nighthawk Inc. is considering disposing of a machine with a book value of $22,500 and an estimated remaining life of three years. The old machine can be sold for $6,250. A new machine with a purchase price of $68,750 is being considered as a replacement. It will have a useful life of three years and no residual value. It is estimated that the annual variable manufacturing costs will be reduced from $43,750 to $20,000 if the new machine is purchased. The net differential increase or decrease in cost for the entire three years for the new equipment is:


A) $2,925 decrease
B) $31,250 decrease
C) $8,750 increase
D) $8,750 decrease


 


20.


If $1,000,000 of 8% bonds are issued at 105, the amount of cash received from the sale is


A) $950,000
B) $1,050,000
C) $1,080,000
D) $1,000,000


 


21.


The Baffin Factory has determined that its budgeted factory overhead budget for the year is $7,750,000. They plan to produce 1,000,000 units. Budgeted direct labor hours are 500,000 and budgeted machine hours are 375,000. Using the single plantwide factory overhead rate based on direct labor hours, calculate the factory overhead rate for the year.


A) $77.50
B) $15.50
C) $7.75
D) $20.67


 









22.


Which of the following is an example of direct labor cost for an airplane manufacturer?


A) Cost of oil lubricants for factory machinery
B) Cost of wages of assembly worker
C) Cost of jet engines
D) Salary of plant supervisor



 


23.


If the price paid per unit differs from the standard price per unit for direct materials, the variance is termed a:


A) price variance
B) variable variance
C) controllable variance
D) volume variance


24.


A company is contemplating investing in a new piece of manufacturing machinery. The amount to be invested is $150,000. The present value of the future cash flows is $145,000. Should they invest in this project?


A) no, because net present value is +$5,000
B) yes, because net present value is +$5,000
C) yes, because net present value is -$5,000
D) no, because net present value is -$5,000


 


25.


Which of the following are the two main types of cost accounting systems for manufacturing operations?


A) Process cost and general accounting systems
B) Job order cost and process cost systems
C) Process cost and replacement cost systems
D) Job order and general accounting systems

Customer: replied 2 years ago.

Here are the rest it's 40, but which ever 20 you find the simplest would do! =) thanks Businesstutor


26.


A company’s history indicates that 20% of its sales are for cash and the rest are on credit. Collections on credit sales are 20% in the month of the sale, 50% in the next month, 25% the following month, and 5% is uncollectible. Projected sales for December, January, and February are $60,000, $85,000, and $95,000, respectively. The February expected cash receipts from all current and prior credit sales is:


A) $90,250
B) $61,200
C) $66,400
D) $57,000


 









27.


The following data relate to direct materials costs for November:
















Actual costs



4,700 pounds at $5.40



Standard costs



4,500 pounds at $6.00





What is the direct materials quantity variance?


A) $1,200 favorable
B) $2,700 favorable
C) $2,700 favorable
D) $1,200 unfavorable



 


28.


If the straight-line method of amortization of bond premium or discount is used, which of the following statements is true?


A) Annual interest expense will remain the same over the life of the bonds with the amortization of bond discount.
B) Annual interest expense will decrease over the life of the bonds with the amortization of bond discount.
C) Annual interest expense will increase over the life of the bonds with the amortization of bond premium.
D) Annual interest expense will increase over the life of the bonds with the amortization of bond discount.


 


29.


The St. Augustine Corporation originally budgeted for $360,000 of fixed overhead. Production was budgeted to be 12,000 units. The standard hours for production were 5 hours per unit. The variable overhead rate was $3 per hour. Actual fixed overhead was $360,000 and actual variable overhead was $170,000. Actual production was 11,700 units.

Compute the factory overhead controllable variance.


A) $5,500U
B) $9,000F
C) $5,500F
D) $9,000U


 


30.


Nuthatch Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $260,000, $350,000, and $400,000, respectively, for September, October, and November. The company expects to sell 30% of its merchandise for cash. Of sales on account, 80% are expected to be collected in the month of the sale and 20% in the month following the sale.

The cash collections in November from accounts receivable are:


A) $295,200
B) $336,000
C) $294,000
D) $273,000


 


31.


Land costing $88,000 was sold for $50,000 cash. The loss on the sale was reported on the income statement as other expense. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?


A) $38,000
B) $50,000
C) $138,000
D) $88,000









32.


Which of the following items appear on the corporate income statement before income from continuing operations?


A) cumulative effect of a change in accounting principle
B) income tax expense
C) extraordinary gain
D) loss on discontinued operations



 









33.


The benefits of comparing actual performance of the operations against planned goals include all of the following except:


A) providing prompt feedback to employees about their performance relative to the goal
B) determining how managers are performing against prior years' actual operating results
C) preventing unplanned expenditures
D) helping to establish spending priorities



 


34.


Which of the following costs incurred by a paper manufacturer would NOT be included in the group of costs referred to as conversion costs?


A) Raw lumber (direct materials)
B) Factory supervisor's salary
C) Machine operator's wages (direct labor)
D) Factory maintenance personnel supplies


35.


When the corporation issuing the bonds has the right to repurchase the bonds prior to the maturity date for a specific price, the bonds are


A) callable bonds
B) unsecured bonds
C) convertible bonds
D) debenture bonds


36.


The balance in Premium on Bonds Payable


A) should be allocated to the remaining periods for the life of the bonds by the straight-line method, if the results obtained by that method materially differ from the results that would be obtained by the interest method
B) should be reported in the paid-in capital section of the balance sheet
C) should be reported on the balance sheet as a deduction from the related bonds payable
D) would be added to the related bonds payable on the balance sheet


 









37.


Blue Ridge Marketing Inc. manufactures two products, A and B. Presently, the company uses a single plantwide factory overhead rate for allocating overhead to products. However, management is considering moving to a multiple department rate system for allocating overhead. The following table presents information about estimated overhead and direct labor hours.














































 





Overhead




Direct Labor
Hours (dlh)




Product



A



B



Painting Dept.



$248,000



10,000 dlh



16 dlh



4 dlh



Finishing Dept.



72,000



10,000



4



16



Totals



$320,000



20,000 dlh



20 dlh



20 dlh



 



========



==========



======



======





Using a single plantwide rate, determine the overhead rate per unit for Product B:


A) $640.00
B) $496.00
C) $320.00
D) $144.00



 









38.


The details concerning the costs incurred on each job order are accumulated in a subsidiary ledger known as the:


A) creditors ledger
B) cost ledger
C) materials ledger
D) stock ledger



 


39.


A business received an offer from an exporter for 10,000 units of product at $17 per unit. The acceptance of the offer will not affect normal production or domestic sales prices. The following data are available:
























Domestic unit sales price



$20



Unit manufacturing costs:



 



Variable



11



Fixed



1





What is the amount of gain or loss from acceptance of the offer?


A) $50,000 loss
B) $30,000 loss
C) $20,000 loss
D) $60,000 gain


40.


A cost that will not be affected by later decisions is termed a(n):


A) differential cost
B) historical cost
C) replacement cost
D) sunk cost


 


 

Customer: replied 2 years ago.
1hr and 35mins and counting before this closes off.
Expert:  Manal Elkhoshkhany replied 2 years ago.
I have started from the beginning. You can start from 40 upward, but I will probably be able to help with all 40.
Customer: replied 2 years ago.
Well I already have 50% credited towards this work from doing well in a previous assignment. But which ever you feel comfortable that would be great.
Expert:  Manal Elkhoshkhany replied 2 years ago.
I will try to finish all 40 then, wouldn't that be better?
Customer: replied 2 years ago.
Of course but I'm just trying to make it easier on you. Thank you, XXXXX XXXXX your the best!
Customer: replied 2 years ago.
45 mins just keeping a time check =)
Expert:  Manal Elkhoshkhany replied 2 years ago.
Manal Elkhoshkhany, Bachelor's Degree
Satisfied Customers: 9513
Experience: Completed by BA degree in 1988 and graduated with a GPA of 4.0
Manal Elkhoshkhany and other Multiple Problems Specialists are ready to help you
Customer: replied 2 years ago.
You are the best. So tomm Monday at 5:30 I will be in the lab to do the last exercises which should probably be similar to this one. Thank you very much you truly are the best!
Expert:  Manal Elkhoshkhany replied 2 years ago.
Thank you Customer :) See you tomorrow then
Expert:  Manal Elkhoshkhany replied 2 years ago.

you did not type "For BusinessTutor" at the beginning of the new post Customer that is why another expert responded. Please ignore the post you just made, and make a new post and type "For BusinessTutor" at the beginning of the post

 

Thank you

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Manal Elkhoshkhany
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Completed by BA degree in 1988 and graduated with a GPA of 4.0