Please post the questions
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
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.
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
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
The following data is given for the Stringer Company:
Standard price per ounce
Standard ounces per completed unit
Actual ounces purchased and used in production
Actual price paid for materials
Standard hourly labor rate
$22 per hour
Standard hours allowed per completed unit
Actual labor hours worked
Actual total labor costs
Actual and budgeted fixed overhead
Standard variable overhead rate
$24.50 per standard labor hour
Actual variable overhead costs
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
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.
Below is budgeted production and sales information for Bluebird Company for the month of December:
Estimated beginning inventory
Desired ending inventory
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)
Completed units during June
Ending inventory (60% complete)
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
Which of the following is not included in conversion costs?
A) Direct labor. B) Direct materials. C) Indirect labor. D) Factory overhead.
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
Fixed selling and administrative costs
Variable direct materials cost per unit
Variable direct labor cost per unit
Variable factory overhead cost per unit
Variable selling and administrative cost per unit
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.
Below is a table for the present value of an annuity of $1 at compound interest.
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.
Short-term creditors are typically most interested in assessing
A) marketability. B) operating results. C) profitability. D) solvency.
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
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.
Number of purchase orders
Number of production orders
Number of moves
Number of engineering changes
Number of Purchase Orders
Number of Moves
Number of Engineering Changes
Number of Units
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
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.
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
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
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
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
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
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
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
Here are the rest it's 40, but which ever 20 you find the simplest would do! =) thanks Businesstutor
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
The following data relate to direct materials costs for November:
4,700 pounds at $5.40
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
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.
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
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
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
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
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
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
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
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
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.
Direct Labor Hours (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
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
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
Unit manufacturing costs:
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
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
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