What is a driver? Give an example of a cost and its corresponding output measure or driver.

Q: On March 1, 2020, Dorsey Corporation purchased Johnson Company. The book and fair value of Johnson's...

A: Goodwill: It is the reputation of the business valued in terms of money. When the purchase considera...

Q: Oui-Got Stuff is preparing its budget for the coming year. Below is information about the 2nd quarte...

A: Cash budget facilitates assessment of the cash needs and surplus cash availability of a particular p...

Q: A company reports the following beginning inventory and 2 purchases for the month of January. On Jan...

A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sell ou...

Q: JFB Company Trial Balance December 31, 202A             Account Title Debit ...

A:

Q: Tyrell Co. entered into the following transactions involving short-term liabilities in 2014 and 2015...

A:

Q: An item is considered material if:a. It doesn’t cost a lot of money.b. It is of a tangible good.c. I...

A:  Things are viewed as material when they excessively affect revealed benefits, or on individual deta...

Q: Forest Company had the following transactions during the month of December. What is the December 31 ...

A: 3.

Q: A company receives $500 from a customer as a payment for services previously billed. What is the    ...

A: The accounting equation refers to the equation of the balance sheet. It is based on the method of to...

Q: The double-entry accounting system means   A. Each transaction is recorded with two journal entr...

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,...

Q: The same bookkeeper should avoid contact with BOTH Accounts Receivable AND cash receipts. Explain th...

A: Separation of duties or task is a technique used in internal control, under this internal control ma...

Q: Fombell, Incorporated has the following assets in its trial balance: Cash $8,000 Equipment 58,0...

A: Property, Plant, and Equipment: Property, Plant, and Equipment refers to the fixed assets, having a...

Q: In addition to the unit indirect manufacturing costs, the following data are expected for the compan...

A: Cost: It refers to the expense made to produce output. It can direct, indirect, fixed, or variable.

Q: Multiple-Choice Questions 9. The bill of lading is prepared by thea. sales clerk.b. warehouse clerk....

A: A contract between the exporter of the goods and the carrier is known as a bill of lading. It contai...

Q: Multiple-Choice Questions 5. Which type of control is considered a compensating control?a. segregati...

A: Compensating Control: Compensating control can be defined as an internal control which is set up by ...

Q: account_circle   Business AccountingQ&A LibraryOn December 31, 2020, Landmark Company r...

A: Deferred Tax Liabilities are the additional tax payable when the tax as per authorities is higher th...

Q: Briefly Explain the 5 Fundamental Principles of an Accounting Information Systems Measurement Princi...

A: Principles of an Accounting Information Systems: These are the set and standard which has to be foll...

Q: Cash Payback Period A project has estimated annual net cash flows of $39,500. It is estimated to cos...

A: Payback period:  Payback period is the expected time period which is required to recover the cost of...

Q: Company A purchased a band saw for $300,000.    Three months later it discovered that the saw does n...

A: Impairment of asset is a condition when the asset's current market value decreases to its cost value...

Q: The comparative balance sheet of Navaria Inc. for December 31, 20Y3 and 20Y2, is shown as follows: ...

A:   In the above question we have asked to prepare Cash flow statement of Navaria Inc. from indirect m...

Q: Taxpayers who make after-tax contributions to a qualified employer plan recover their investment (co...

A: Taxpayer who makes after tax contribution to a qualified employer plan recover their investment (cos...

Q: On June 1 a new company issued 100,000 shares of $1 par value common stock for cash at $5 per share....

A: The dividend is to be paid on the shares outstanding. Shares outstanding = Shares issued - Shares he...

Q: Purchases of direct material for May were $115,000, while expected purchases for June and July are $...

A: Budgeted purchase is the prior estimation made on the future purchase of direct materials to calcula...

Q: Assume that the following was extracted from Massy’s accounting information system foroperations at ...

A: Net Purchases = Purchases - Purchase returns = $580,000 - $56,000 = $524,000 Net sales = Sales reven...

Q: Adjusting entries always involve   A. Cash   B. An income statement account   C. A...

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to...

Q: Which of the following accounts would not be reported in the Property, Plant, and Equipment section ...

A: Depreciation: Depreciation is defined as a reduction in the value of assets that occurs over time as...

Q: Multiple-Choice Questions 7. Which function or department below records thedecrease in inventory due...

A: Definition: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a re...

Q: Assembly department of TT Corp  had 100 units as work in process at the beginning of the month. Thes...

A: Equivalent units of products concept came in to existence when some units are not fully completed at...

Q: In June of 2018, Mike’s Framing was able to emerge from Chapter11 bankruptcy and then paid James Who...

A: At the time of recovery of bad debt, firm should increase the cash account transfer the bad debt rec...

Q: Accounts Payable and Cash Disbursement Lissa describes as follows of how she handles the cash paymen...

A: Internal control refers to the rules and procedures implemented in the company so as to ensure that ...

Q: Salud Company reports the following information. Selected Annual Income Statement Data Net income$40...

A: A cash flow statement is a financial report with information on the sources of a firm's cash and how...

Q: On December 31, 2020, Landmark Company reported the following: Income before tax for accounting purp...

A: AS per US federal corporate tax rate, the tax rate for year 2020 will be taken as 21% to solve the q...

Q: The Cash and Accounts Receivable end-of-year balances for a company are provided below.   Current...

A: Horizontal analysis: It is also commonly referred to as trend analysis. Each account or item in the ...

Q: Company A purchased company B for $50,000,000. Company B had net assets of $30,000,000, therefore $2...

A: Concept used: If the company is purchased for more than its book value then the business is paying f...

Q: A project has estimated annual net cash flows of $7,500 for two years and is estimated to cost $42,5...

A: Net present value method is used to evaluate the investment projects. We can evaluate the project by...

Q: Nutritious Pet Food Company’s board of directors declares a small stock dividend (30%) on June 30 wh...

A: Stock dividend means the dividend declared by the company in the form of common stock & which wi...

Q: REM Real Estate received a check for $24,000 on July 1 which represents a 6 month advance payment of...

A: Adjusting entries: Adjusting entries are those entries that are recorded at the end of the year, to ...

Q: Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the...

A: Double declining depreciation rate = Straight line depreciation rate x 2 = (100/10 years) x 2 = 20%

Q: what is the solution and/or answer to this question? Amortization and Depletion Entries Data related...

A: Amortization: Paying off debt with installments, where the installments can be either a series of eq...

Q: Bustmante company has income from operations of $64,800 invested assets of $540,000 and sales of $81...

A:

Q: Services Ltd incurred research and development costs of $10 million on a project to develop product ...

A: A. IAS 38 of the IFRS covers the details relating to the research and development (R&D) expendit...

Q: Julie's Boutique has total receipts for the month of $30,660 including sales taxes. If the sales tax...

A: Given : Total receipts including Sales tax = $ 30,660 Sales tax = 5 % Sales would be = Total receipt...

Q: With regard to a qualitative characteristic of useful financial information, twofundamental qualitat...

A: Introduction Fundamental qualitative characteristics of financial statements: There are 2 Fundamenta...

Q: Bill’s Pizza Kitchen, LLC purchased a new Pizza oven for $9,000. It has a five-year life and $500.00...

A: Depreciation: It refers to a gradual decrease in the fixed asset’s value because of obsolescence, we...

Q: Amalgamated Fenderdenter’s sales are $10 million. The company spends $3.5 millionfor purchase of dir...

A: As per the given data of sales and cost, the following computations are done.  

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.