Quiz I (Chapters 1and 2) Date: Name: ID: Answer the following Questions: 1. Tower Inc. owns 30% of Yale Co. and applies the equity method. During the current year, Tower bought inventory costing $66,000 and then sold it to Yale for $120,000. At year-end, only $24,000 of merchandise was still being held by Yale. What amount of inter-company inventory profit must be deferred by Tower? A. $6,480 B. $3,240 C. $10,800 D. $16,200 E. $6,610 2. All of the following statements regarding the investment account…

Ronice M. Bruce Week 3_Course Project A - CASE STUDY ACCT 505- Prof Main January 26, 2013 Springfield Express is a luxury passenger carrier in Texas. All seats are first class, and the following data are available: Number of seats per passenger train car 90 Average load factor (percentage of seats filled) 70% Average full passenger fare $160 Average variable cost per passenger $70 Fixed operating cost per month $3,150,000 a. What is the break-even point in passengers and revenues…

1. | Question : | (TCO F) Assume there is no beginning work in process inventory and the ending work in process inventory is 100% complete with respect to materials costs. The number of equivalent units with respect to materials costs under the weighted-average method is: | Student Answer: The same as the number of units put into production. | 2. | Question : | (TCO F) Process costing would be appropriate for each of the following except: | Student Answer: custom furniture…

AC505 Practice Quiz #1 1. For which of the businesses would the job order cost system be appropriate? a. Auto repair shop b. Crude Oil refinery. c. Drug Manufacturer. d. Root beer producer. 2. Which of the following companies would most likely use job costing? a. Paper manufacturer. b. Paint Producer. c. Breakfast cereal maker. d. Advertising agency. 3. An equivalent unit of conversion costs is equal to the amount of conversion costs required to: a. Start a unit. b. Start and complete…

ACCT 505 Course Project 1 https://homeworklance.com/downloads/acct-505-course-project-1/ COURSE PROJECT 1 INSTRUCTIONS You have just been contracted as a budget consultant by LBJ Company, a distributor of bracelets to various retail outlets across the country. The company has done very little in the way of budgeting and at certain times of the year has experienced a shortage of cash. You have decided to prepare a cash budget for the upcoming fourth quarter in order to show management the…

PROJECT A - Case 9-30 Accounting 505 Student Name: SALES BUDGET: Budgeted unit sales Selling price per unit Total Sales April 65,000 10 650,000 May 100,000 10 1,000,000 June 50,000 10 500,000 SCHEDULE OF EXPECTED CASH COLLECTIONS: February sales March sales April sales May sales June sales Total Cash Collections 70%, 10% 20%,70%,10% 20%,70% 20% 10% April 26,000 280,000 130,000 May June 40,000 455,000 200,000 695,000 65,000 700,000 100,000 865,000 436,000 MERCHANDISE PURCHASES BUDGET:…

UNIVERSITY OF MARYLAND UNIVERSITY COLLEGE PRINCIPLES OF ACCOUNTING I ACCT220 FUN QUIZ THREE: CHAPTER THREE I. Multiple Choice. Select the best lettered answer for the number question or best lettered completion for the numbered partial statement. Record the letter next to the number. 1. ___C__ A company spends $15 million dollars for an office building. Over what period should the cost be written off? a. When the $15 million is expended in cash. b. All in the first year. c. Over…

Math 221 Quiz Review for Weeks 5 and 6 1. Find the area under the standard normal curve between z = 1.6 and z = 2.6. First we look for the area of both by doing “2nd ,Vars, NORMALCDF” and inputting “-1000, “Z,” 0, 1 then find the difference between both. 2. A business wants to estimate the true mean annual income of its customers. It randomly samples 220 of its customers. The mean annual income was $61,400 with a standard deviation of $2,200. Find a 95% confidence interval for the true mean…

credit, lifetime learning credit, and earned income credit. 5. Explain taxpayer filing and tax payment requirements and describe in general terms how to compute a taxpayer’s underpayment, late filing, and late payment penalties. Lecture Notes 1) Regular Federal income Tax Computation a) Tax Rate Schedules i) Schedule depends on filing status. ii) Each separate range of income subject to a different tax rate is referred to as a tax bracket. iii) Each filing status has…

and Receivables Cycle Note 1: Introduction * Recording of sales transactions and collection of cash * Accounts used: sales, a/r, bad debt expense, ADA, cash * Documents used: customer order, sales order, shipping document, sales invoice, sales journal, remittance advice, bank deposit list, cash receipts jornal, credit memo, sales return and allowance journal, uncollectable account authorization form, a/r master file, a/r trail balance, monthly statement Note 2: Functions in the Cycle…