Excel in Accounting Assignments with Expert Help
1. The current trends in hardware/software technology make data warehousing feasible. Explain with some examples how exactly technology trends do help.
2. For an airline company, how can strategic information increase the number of frequent flyers? Discuss giving specific details.
17. A.A Rs.100 par value bond, bearing a coupon rate of 12 per cent will mature after 7 years. What is..
A.A Rs.100 par value bond, bearing a coupon rate of 12 per cent will mature after 7 years. What is the value of the bond if the discount rate is 14 per cent? 12 per cent?
B. The market value of a Rs.1,000 par value bond, carrying a coupon rate of 12 per cent and
maturing after 7 years, is Rs.750. What is the yield to maturity on this bond?
C. The market value of a Rs.100 par value bond, carrying a coupon rate of 14 per cent and maturing after 10 years, is Rs.`80. What is the yield to maturity on this bond?
18. Which of the following statements about enterprise resource planning ? (ERP) system is ? FALSE ?A. A
Which of the following statements about enterprise resource planning? (ERP) system is? FALSE?A.
A major element of ERP systems is a centralized data repository.
B.
An ERP system is an information system based on ERP technology.
C.
ERP systems integrate all of an? organization's purchasing, human? resources, production,? sales, and accounting data into a single system.
D.
An ERP system separates the various organization departments into different entities.
E.
ERP systems consist of a suite of? applications, a? database, and processes.
19. At the beginning of the current season on April 1, the ledger of Granite Hills Pro Shop showed...
At the beginning of the current season on April 1, the ledger of Granite Hills Pro Shop showed Cash $2,500, Inventory $3,500, and Common Stock $6,000. The following transactions occurred during April 2017.
Apr. 5 Purchased golf bags, clubs, and balls on account from Arnie Co. $1,500, terms 3/10, n/60.
7 Paid freight on Arnie Co. purchases $80.
9 Received credit from Arnie Co. for merchandise returned $200. 10 Sold merchandise on account to members $1,340, terms n/30.
12 Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $830, terms 1/10, n/30.
14 Paid Arnie Co. in full.
17 Received credit from Woods Sportswear for merchandise returned $30.
20 Made sales on account to members $810, terms n/30.
21 Paid Woods Sportswear in full.
27 Granted credit to members for clothing that did not fit properly $80.
30 Received payments on account from members $1,220. The chart of accounts for the pro shop includes Cash, Accounts Receivable, Inventory, Accounts Payable, Common Stock, Sales Revenue, Sales Returns and Allowances, Purchases, Purchase Returns and Allowances, Purchase Discounts, and Freight-In. Instructions
(a) Journalize the April transactions using a periodic inventory system.
(b) Using T-accounts, enter the beginning balances in the ledger accounts and post the April transactions.
(c) Prepare a trial balance on April 30, 2017.
(d) Prepare an income statement through gross profit, assuming inventory on hand at April 30 is $4,263.
20. Why might an advertising agency use job costing for an
Why might an advertising agency use job costing for an advertising campaign by Pepsi, whereas a bank might use process costing to determine the cost of checking account deposits?
21. The following account balances at the beginning of January were selected from the general ledger...
The following account balances at the beginning of January were selected from the general ledger of Sailor Manufacturing Company: Work in process inventory $0 Raw materials inventory $26,000 Finished goods inventory $46,000 Additional data: 1) Actual manufacturing overhead for January amounted to $62,000. 2) Total direct labor cost for January was $57,000. 3) The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $300,000 of direct labor cost and $360,000 of manufacturing overhead costs. 4) The only job unfinished on January 31 was Job No. 1002, for which total direct labor charges were $6,300 (800 direct labor hours) and total direct material charges were $12,000. 5) Cost of direct materials placed in production during January totaled $101,000. There were no indirect material requisitions during January. 6) January 31 balance in raw materials inventory was $32,000. 7) Finished goods inventory balance on January 31 was $34,500. What is the cost of goods sold for January? 1) _______ A) $272,400 B) $212,040 C) $193,450 D) $217,000 2) The following account balances at the beginning of January were selected from the general ledger of Sailor Manufacturing Company: Work in process inventory $0 Raw materials inventory $26,000 Finished goods inventory $46,000 Additional data: 1) Actual manufacturing overhead for January amounted to $62,000. 2) Total direct labor cost for January was $57,000. 3) The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $300,000 of direct labor cost and $360,000 of manufacturing overhead costs. 4) The only job unfinished on January 31 was Job No. 1002, for which total direct labor charges were $6,300 (800 direct labor hours) and total direct material charges were $12,000. 5) Cost of direct materials placed in production during January totaled $101,000. There were no indirect material requisitions during January. 6) January 31 balance in raw materials inventory was $32,000. 7) Finished goods inventory balance on January 31 was $34,500. What is the cost of goods manufactured for January? 2) _______ A) $226,400 B) $179,640 C) $205,500 D) $200,540 3) The following account balances at the beginning of January were selected from the general ledger of Sailor Manufacturing Company: Work in process inventory $0 Raw materials inventory $26,000 Finished goods inventory $46,000 Additional data: 1) Actual manufacturing overhead for January amounted to $62,000. 2) Total direct labor cost for January was $57,000. 3) The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $300,000 of direct labor cost and $360,000 of manufacturing overhead costs. 4) The only job unfinished on January 31 was Job No. 1002, for which total direct labor charges were $6,300 (800 direct labor hours) and total direct material charges were $12,000. 5) Cost of direct materials placed in production during January totaled $101,000. There were no indirect material requisitions during January. 6) January 31 balance in raw materials inventory was $32,000. 7) Finished goods inventory balance on January 31 was $34,500. What is the work in process inventory balance on January 31? 3) _______ A) $49,550 B) $7,560 C) $23,550 D) $25,860 4) Jason Corporation uses activity-based costing. The company produces two products: Snaps and Pops. The expected annual production of Snaps is 1,000 units, while the expected annual production of Pops is 3,000 units. There are three activity cost pools: Assembly, Testing, and Packing. The estimated costs and activities for each of these three activity pools follows: Expected activity Activity cost pool Estimated cost Snaps Pops Total Assembly $ 4,550 600 100 700 Testing $ 22,320 1,100 700 1,800 Packing $ 1,738 60 160 220 The overhead cost per unit of Pops would be closest to: 4) _______ A) $10.59. B) $26.80. C) $9.54. D) $3.53.
22. The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of...
Financial statements and closing entries
The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2014, the end of the current fiscal year, the accountant for The Gorman Group prepared an end-of-period spreadsheet (work sheet), part of which is shown below.
The Gorman Group End-of-Period Spreadsheet For the Year Ended October 31, 2014 | ||
Adjusted | ||
Trial Balance | ||
Account Title | Dr. | Cr. |
Cash | 11,000 | |
Accounts Receivable | 28,150 | |
Supplies | 6,350 | |
Prepaid Insurance | 9,500 | |
Land | 75,000 | |
Buildings | 250,000 | |
Accumulated Depreciation—Buildings | 117,200 | |
Equipment | 240,000 | |
Accumulated Depreciation—Equipment | 151,700 | |
Accounts Payable | 33,300 | |
Salaries Payable | 3,300 | |
Unearned Rent | 1,500 | |
Capital Stock | 25,000 | |
Retained Earnings | 195,000 | |
Dividends | 20,000 | |
Service Fees | 468,000 | |
Rent Revenue | 5,000 | |
Salaries Expense | 291,000 | |
Depreciation Expense—Equipment | 17,500 | |
Rent Expense | 15,500 | |
Supplies Expense | 9,000 | |
Utilities Expense | 8,500 | |
Depreciation Expense—Buildings | 6,600 | |
Repairs Expense | 3,450 | |
Insurance Expense | 3,000 | |
Miscellaneous Expense | 5,450 | |
1,000,000 | 1,000,000 | |
Instructions
- Prepare an income statement, a retained earnings statement, and a balance sheet.
- Journalize the entries that were required to close the accounts at October 31.
If the balance of Retained Earnings had instead increased $115,000 after the closing entries were posted, and the dividends remained the same, what would have been the amount of net income or net loss?
Which of the following most likely would not be considered an inherent limitation of the potential effectiveness of an entity’s internal control?
- Incompatible duties.
- Management override.
- Mistakes in judgment.
- Collusion among employees.
24. Which of the following statements relating to budgeting is NOT true? A budget is a formal document t
Which of the following statements relating to budgeting is NOT true?
A budget is a formal document that quantifies a company’s plans for achieving its goals.
Budgets are useful in the control process because they provide a basis for evaluating performance.
A bottom-up approach to budgeting involves substantial input from lower level managers.
Most managers believe that budgeting is more successful when a top-down approach rather than a bottom-up approach is used.
25. Costanza Company experienced the following events and transactions during July. July 1 Received...
Costanza Company experienced the following events and transactions during July.
July | 1 | Received $3,000 cash in advance of performing work for Vivian Solana. | ||
6 | Received $7,500 cash in advance of performing work for Iris Haru. | |||
12 | Completed the job for Solana. | |||
18 | Received $8,500 cash in advance of performing work for Amina Jordan. | |||
27 | Completed the job for Haru. | |||
31 | None of the work for Jordan has been performed. a. Prepare journal entries (including any adjusting entries as of the end of the month) to record these events using the procedure of initially crediting the Unearned Fees account when payment is received from a customer in advance of performing services.(If no journal entry is required for a particular transaction, select "No journal entry required" in the first account field.)
b. Prepare journal entries (including any adjusting entries as of the end of the month) to record these events using the procedure of initially crediting the Fees Earned account when payment is received from a customer in advance of performing services.(If no journal entry is required for a particular transaction, select "No journal entry required" in the first account field.)
|
26. Beyers Corporation provides security services. Selected transactions for Beyers are presented...
Beyers Corporation provides security services. Selected transactions for Beyers are presented below. Oct.
1 Issued common stock in exchange for $66,000 cash from investors.
2 Hired part-time security consultant. Salary will be $2,000 per month. First day of work will be October 15.
4 Paid 1 month of rent for building for $2,000.
7 Purchased equipment for $18,000, paying $4,000 cash and the balance on account.
8 Paid $500 for advertising.
10 Received bill for equipment repair cost of $390.
12 Provided security services for event for $3,200 on account.
16 Purchased supplies for $410 on account.
21 Paid balance due from October 7 purchase of equipment.
24 Received and paid utility bill for $148. 27 Received payment from customer for October 12 services performed.
31 Paid employee salaries and wages of $5,100.
Instructions
(a) Journalize the transactions. Do not provide explanations. (b) Post the transactions to T-accounts. (c) Prepare a trial balance at October 31, 2017.
27. Trey Monson starts a merchandising business on December 1 and enters into the following three...
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases: Monson sells 25 units for $45 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.)
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Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases: Monson sells 25 units for $45 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.)
28. 1. The provision of accounting information for internal users is
1. The provision of accounting information for internal users is known as
a. Managerial accounting.
b. Accounting.
c. Financial accounting.
d. Information provision.
e. Accounting for planning and control.
2. The users of managerial accounting information include
a. For-profit companies.
b. Not-for-profit organizations.
c. City governments.
d. Educational institutions.
e. All of the above.
3. Setting objectives and identifying methods to achieve those objectives is called
a. Controlling.
b. Decision making.
c. Planning.
d. Performance evaluation.
e. None of the above.
4. The process of choosing among competing alternatives is called
a. Controlling.
b. Decision making.
c. Planning.
d. Performance evaluation.
e. None of the above.
5. Which of the following is a characteristic of managerial accounting?
a. There is an internal focus.
b. Subjective information may be used.
c. There is an emphasis on the future.
d. It is broad-based and multidisciplinary.
e. All of the above.
6. Which of the following is a characteristic of financial accounting?
a. There is an internal focus.
b. Subjective information may be used.
c. There is a historical orientation.
d. It is broad-based and multidisciplinary.
e. None of the above.
7. In terms of strategic positioning, which two general strategies may be chosen by a company?
a. Activity-based costing and value chain emphasis
b. Revenue production and cost enhancement
c. Cost leadership and product differentiation
d. Increasing customer value and decreasing supplier orientation
e. Product differentiation and cost enhancement
8. Managerial accountants in an organization are typically
a. Line positions.
b. Marketing positions.
c. Staff positions.
d. Production positions.
e. Selling positions.
9. The chief accounting officer for a firm is the
a. Chief executive officer.
b. Chief operating officer.
c. Vice president of sales.
d. Production head.
e. Controller.
10. Which of the following is typically found in a corporation’s code of ethics?
a. Respect for others
b. Integrity
c. Honesty
d. Competence
e. All of the above
29. Which of the following is not a relevant consideration when evaluating whether to derecognize a...
Which of the following is not a relevant consideration when evaluating whether to derecognize a financial liability?
(a) Whether the obligation has been discharged.
(b) Whether the obligation has been canceled.
(c) Whether the obligation has expired.
(d) Whether substantially all the risks and rewards of the obligation have been transferred.
30. Missing records, computing inventory costs. Ron Williams recently took over as the controller of...
Missing records, computing inventory costs. Ron Williams recently took over as the controller of Johnson Brothers Manufacturing. Last month, the previous controller left the company with little notice and left the accounting records in disarray. Ron needs the ending inventory balances to report first quarter numbers.
For the previous month (March 2011) Ron was able to piece together the following information:
Direct materials purchased | $ 240,000 |
Work-in-process inventory, 3/1/2011 | $ 70,000 |
Direct materials inventory, 3/1/2011 | $ 25,000 |
Finished goods inventory, 3/1/2011 | $ 320,000 |
Conversion Costs | $ 660,000 |
Total manufacturing costs added during the period | $ 840,000 |
Cost of goods manufactured | 4 times direct materials used |
Gross margin as a percentage of revenues | 20% |
Revenues | $1,037,500 |
Required Calculate the cost of:
1. Finished goods inventory, 3/31/2011
2. Work-in-process inventory, 3/31/2011
3. Direct materials inventory, 3/31/2011
31. During the last week of August, Oneida Company's owner approaches the bank for an $104,500 loan t...
During the last week of August, Oneida Company's owner approaches the bank for an $104,500 loan to be made on September 2 and repaid on November 30 with annual interest of 11%. for an interest cost of $2,874. The owner plans to increase the store's inventory by $60,000 during September and needs the loan to pay for inventory acquisitions. The bank's loan officer needs more infomation about Oneida's ability to repay the loan and asks the owner to forecast the store's November 30 cash position. On September 1 Oneida is expected to have a $4,000 cash balance, $154,000 of accounts receivable. and $100.000 of accounts payable. Its budgeted sales, merchandise purchases, and various cash disbursements for the next three months follow Figures September October November udgeted Sales $210,000 $425,000 $470,000 Merchandise purchases 235,000 205,000 194,000 Cash disbursements Payroll 20.500 24.500 Other cash expenses 33,600 29,400 20,450 Repayment of bank loan Interest on the bank loan 2.874 *Operations began in August. August sales were $200,000 and purchases were $105.000. The budgeted September merchandise purchases include the inventory increase. All sales are on account. The company predicts that 23% of credit sales is collected in the month of the sale, 47% in the month following the sale. 19% in the second month, 7% in the third, and the remainder is uncollectible. Applying these percents to the August credit sales, for example, shows that $94,000 of the S200,000 will be collected in September, S38,000 in October, and $14,000 in November All merchandise is purchased on credit; 60% of the balance is paid in the month following a purchase, and the remaining 40% is paid in the second month. For example, of the $105.000 August purchases. $63.000 will be paid in September and $42.000 Octobe Required: Prepare a for September October, and November for Oneida Company. Show supporting calculations as needed Calculation of cash recei pts from sales ected in Total Sales Uncollectible August September Octobe November Sales from August 200,000 September 210,000 October 425.000 November 70,000 Totals November 30, Accounts Rec.