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90
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Amaz-a-nation reported the following data for the year just ended: sales revenue, $1,810,000; cost of
goods sold, $920,000; cost of goods manufactured, $562,000; and selling and administrative
expenses, $169,000. Amaz-a-nation's gross margin would be:
$1,059,000.
$1,248,000.
$1,079,000.
$497,000.
$890,000.
Gross margin = Sales −
cost of goods sold = $1,810,000 −
$920,000 = $890,000.
✓
10/25/23, 4:29 PM
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Play Time is a nursery school for pre-kindergarten children. The school has determined that the
following biweekly revenues and costs occur at different levels of enrollment:
Number of Students Enrolled
Total Revenue
Total Costs
10
$4,300
$2,400
15
6,450
3,100
16
6,880
3,200
20
8,600
3,850
21
9,030
3,935
The average cost per student when 16 students enroll in the school is:
$100.
$207.
$200.
$430.
$650.
Cost for 16 students ÷ 16 students = $3,200 ÷ 16 = $200 average cost.
✓
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Peyton Manufacturing has the following data:
Work-in-process inventory, January 1, 20x8
$
67,000
Work-in-process inventory, December 31, 20x8
72,500
Conversion costs during the year
439,000
If the cost of goods manufactured for the year was $575,000, what was the amount of direct materials
used during the year?
$141,500.
$20,500.
$136,000.
$217,500.
None of the answers is correct.
Direct materials used during the Year = Cost of Goods Manufactured −
Conversion costs + (Change in
WIP balances) = $575,000 −
$439,000 + ($72,500 −
$67,000) = $141,500
✓
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09 Operational and Legal Considerations -
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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods
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336
Nov. 30
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5 units at $44
220
Available for sale
21 units
$876
There are 8 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory
cost using the (a) first-in, first-out (FIFO) method; (b) last-in,…
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Cheyenne Corp. purchased equipment for $13200 on December 1. It is estimated that annual depreciation on the computer will be
$2640. If financial statements are to be prepared on December 31, the company should make the following adjusting entry:
O debit Depreciation Expense, $10560; credit Accumulated Depreciation, $10560.
O debit Equipment, $13200; credit Accumulated Depreciation, $13200.
O debit Depreciation Expense, $2640; credit Accumulated Depreciation, $2640.
O debit Depreciation Expense, $220; credit Accumulated Depreciation, $220.
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of $1) (Use appropriate factor(s) from the tables provided.)
Required:
1. What is the effective rate of interest implicit in the agreement?
2-4. Prepare the lessee's journal entries at the beginning of the lease, the first lease payment at December 31, 2021 and the second
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Copy Center pays an average wage of $12 per hour to employees for printing and copying jobs and allocates $18 of overhead for each employee hour worked. Direct materials are
assigned to each job according to actual cost. Jobs are marked up 20% above total manufacturing cost to determine the selling price. If Job M-47 used $350 of direct materials and took
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On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,
exchange for its common stock to launch the business. On December 31, the company's records show
and amounts.
3
Cash
$1,120
12, 940
Accounts receivable.
office supplies
2,640
$14,550 Cash dividends
12,940 Consulting revenue
2,400 Rent expense
17,020 Salaries expense
45,860 Telephone expense
7,820 Miscellaneous expenses
83, 110
office equipment
Land
5,920
800
620
Accounts payable
Common stock
ed
k
Exercise 1-20 (Algo) Preparing a balance sheet LO P2
Use the above information to prepare a December 31 balance sheet for Ernst Consulting.
ERNST CONSULTING
ces
Balance Sheet
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QUESTION 4
At 1.1.2017, KAZA Bhd grants 80,000 share appreciation rights to employee, with service
condition that the employee will still be employed in KAZA for three years. grant date,
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appreciated in value. Fair value of the share appreciation rights for the five-years are as
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Year
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Value of rights
RM
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1
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Journal entry worksheet
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On December 31 Wintergreen, Inc., issued $150,000 of 7 percent, 10-year
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Note: Enter debits before credits.
Date
Dec. 31
General Journal
Cash
Discount on bonds payable
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Naidu Companies is the world's leading express-distribution company. In addition to its 643 aircraft, the company has
more than 57,000 ground vehicles that pick up and deliver packages. Assume that Naidu sold a delivery truck for $14,000.
Naidu had originally purchased the vehicle and recorded it in the Truck account for $23,000 and had recorded
depreciation for three years.
Required:
1. Calculate the amount of gain or loss on disposal, assuming that Accumulated Depreciation-Truck was (a) $9,000, (b) $7,000, and (c)
$15,000. (Select "None" if there is no Gain or Loss.)
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Chapter 17 Financial Statement Analysis
Problems Series B
PR 17-1B Horizontal analysis of income statement
ов. 1
V 1. Net sales,
30.0% increase
For 2014, Macklin Inc. reported its most significant increase in net income in years. At
the end of the year, John Mayer, the president, is presented with the following condensed
comparative income statement:
1
SPREADSHEET
Macklin Inc.
Comparative Income Statement
2itilid For the Years Ended December 31, 2014 and 2013
GENERALLEDGER
2014
2013
Sales .....
$936,000
$720,000
Sales returns and allowances
26,000
20,000
Net sales.....
$910,000
$700,000
350,000
441,000
Cost…
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apter Nine
Determine Due Date and Interest on Notes
.09-03.BLANKSHEET
Determine the due date and the amount of interest due at maturity on the following notes:
L09-04.BLANKSHEET
Date of Note
Face Amount
Interest Rate
Term of Note
09-03.ALGO
January 10*
$40,000
90 days
a.
b.
March 19
180 days
000
8.
09-04.ALGO
June 5
30 days
000'06
d.
September 8
90 days
90-60
3.
000'9E
e.
November 20
60 days
9-11
4.
000'
*Assume that February has 28 days.
9-12
Assume 360-days in a year when computing the interest.
-19
Note
Due Date
Interest
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QUESTION 6
Logan Electrics Inc. has fixed operating costs of $370,000, variable costs of $1.75 per unit produced,
and its product sells for $3.00 per unit. What is the company's break-even point, i.e., at what unit sales
volume would income equal costs?
O 211,000 units
O 296,000 units
O 200,000 units
250,000 units
QUESTION 7
Last year Golden Corp. had $410 million in sales, and it had $95 million of fixed assets that were being operated at 8096
capacity. In millions, how large could sales have been if the company had operated at full capacity?
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e: ACC_102 X
McGraw-Hill Edu X
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Ord Applicati... WP WileyPLUS B Bloomberg for Edu...
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ezto.mheducation.com/ext/map/index.html?_con=con&ext... Q
Multiple Choice
$1,900,000.
$2,800,000.
Question 13 - E X
B
During its most recent fiscal year, Dover, Incorporated had total sales of $3,200,000. Contribution
margin amounted to $1,500,000 and income was $400,000. What amount should have been
reported as variable costs in the company's contribution margin income statement for the year?
$1,300,000.
$1,100,000.
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Question 23 of 25
You have the following information for Sheridan Inc. for the month ended June 30, 2022. Sheridan uses a periodic inventory system.
Unit Cost or
Date
Description
Quantity
Selling Price
June
Beginning inventory
40
$34
June
4.
Purchase
135
37
June
10
Sale
110
64
June
11
Sale return
15
64
June
18
Purchase
55
40
June
18
Purchase return
10
40
June
25
Sale
65
70
June
28
Purchase
35
44
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Exercise 17-42 (Algo) Taguchi Quality Loss Function (QLF) Analysis [LO 17-4]
Flextronchip, an OEM manufacturer, has a fifth-generation chip for cell phones, with chip specification of 0.2 ± 0.0002 mm for the
distance between two adjacent pins. The loss due to a defective chip has been estimated as $20.
Required:
1. Compute the value of k, the cost coefficient in the Taguchi quality loss function (QLF), L(x) = (x-7)².
2. Assume that the quality control manager takes a sample of 100 chips from the production process. The results are as follows:
Measurement
Frequency
3
0.1996
0.1997
5
0.1998
15
0.1999
14
0.2000
35
0.2001
14
0.2002
6
0.2003
5
0.2004
3
a. & b. Use the appropriate Taguchi quality loss function, L(x), to calculate the estimated quality loss for each of the observed
measurements.…
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