14) Which of the following is most frequently used by retailers to estimate short-term personnel needs?
A) recruiting yield pyramids
B) position replacement cards
C) personnel replacement charts
D) computerized forecasting programs
15) Which of the following contains data regarding employees' education, career development, and special skills and is used by managers when selecting inside candidates for promotion?
A) computerized forecasting tools
B) qualifications inventories
C) trend records
D) scatter plots
16) When managers need to determine which employees are available for promotion or transfer, they will most likely use ________.
A) scatter plots
B) skills inventories
C) estimated sales trends
D) personnel forecasts
17) Which of the following refers to company records showing present performance and promotability of inside candidates for a firm's top positions?
A) yield pyramids
B) trend analysis charts
C) succession planning tools
D) personnel replacement charts
18) Qualifications inventories can be tracked and maintained by using all of the following EXCEPT a ________.
A) ratio analysis matrix
B) personnel replacement chart
C) position replacement card
D) skills inventory software
19) Which of the following enhances the security of a firm's database management system by specifying the type of information that a user can obtain?
A) search engine
B) access matrix
C) main server
D) intranet
20) Which of the following is a recommended method for HR departments to protect employee data?
A) hiring temporary employees to manage personal employment information
B) requiring HR data access through peer-to-peer file-sharing applications
C) performing random background checks on employees with HR database access
D) providing full database access to employee files only through a firm's intranet
21. 131) Indirect materials and indirect labor are ________ for a manufactured product. A) overhead and.
131) Indirect materials and indirect labor are ________ for a manufactured product.
A) overhead and period costs
B) operating and period costs
C) overhead and product costs
D) operating and product costs
132) Manufacturers consider selling and administrative costs to be
A) period costs.
B) conversion costs.
C) inventoriable costs.
D) prime costs.
133) Which of the following is an example of a period cost when manufacturing products?
A) Depreciation expense on factory equipment
B) Advertising expense
C) Indirect materials used in the factory
D) Property taxes on the plant
134) Which of the following is an example of an inventoriable cost when manufacturing products?
A) Depreciation on office equipment
B) Depreciation on store building
C) Sales salaries expenses
D) Depreciation on factory equipment
135) When manufacturing products, direct labor and direct materials are classified as
A) period costs and expensed when incurred.
B) product costs and expensed when the goods are sold.
C) product costs and expensed when incurred.
D) period costs and expensed when the goods are sold.
136) Certain materials used in a manufacturing plant cannot be traced to a specific unit. What are these materials called?
A) General materials
B) Direct materials
C) Indirect materials
D) Finished materials
137) Rent on a factory building would be considered to be a ________ cost.
A) product
B) period
C) direct
D) none of the above
138) The ________ element in the value chain would contain inventoriable costs for a manufacturer.
A) research and development
B) production
C) design
D) distribution
139) Pink Ribbon Shoppe, a clothing retailer, had the following total costs as grouped by value chain element:
Research and development | $ 53,000 |
Design | $ 17,000 |
Purchases | $ 72,000 |
Marketing | $ 42,000 |
Distribution | $ 58,000 |
Customer service | $ 35,000 |
What were the company's inventoriable costs?
A) $142,000
B) $17,000
C) $72,000
D) $89,000
140) Pink Ribbon Shoppe, a clothing retailer, had the following total costs as grouped by value chain element:
Research and development | $ 53,000 |
Design | $ 17,000 |
Purchases | $ 72,000 |
Marketing | $ 42,000 |
Distribution | $ 58,000 |
Customer service | $ 35,000 |
What were the company's period costs?
A) $205,000
B) $277,000
C) $100,000
D
22. Efficient Company problem 3-5(ACP) Problem 3-5 (ACP) Efficient Company showed the following informat
Efficient Company problem 3-5(ACP) Problem 3-5 (ACP) Efficient Company showed the following information: Cash in bank balance, March 31 Book credits for April Book debits for April 200,000 720,000 800,000 Bank statement balance, March 31 Bank debits Bank credits 330,000 530,000 700,000 Note collected by bank: March April 60,000 100,000 Service charge: March April 8,000 2,000 NSF check: March April 20,000 30,000 Deposit in transit: March 31 April 30 80,000 220.000 Outstanding checks: March 31 April 30 178,000 372,000 Required: Prepare a proof of cash for the month of April following the "book to bank" method.
23. At December 31 2016 Cafu SA reported the following information At December 31, 2016, Cafu SA...
At December 31 2016 Cafu SA reported the following information
At December 31, 2016, Cafu SA reported the following information on its statement of financial position.
Accounts receivable…………………………………………………….R$960,000
Less: Allowance for doubtful accounts……………………………………..66,000
During 2017, the company had the following transactions related to receivables.
1. Sales on account……………………………………………………R$3,315,000
2. Sales returns and allowances………………………………………………50,000
3. Collections of accounts receivable…………………………………….2,810,000
4. Write-offs of accounts receivable deemed uncollectible…………………88,000
5. Recovery of bad debts previously written off as uncollectible…………..29,000
Instructions
(a) Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable.
(b) Enter the January 1, 2017, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use T-accounts), and determine the balances.
(c) Prepare the journal entry to record bad debt expense for 2017, assuming that an aging of accounts receivable indicates that expected bad debts are R$125,000.
(d) Compute the accounts receivable turnover for 2017, assuming the expected bad debt information presented in (c).
At December 31 2016 Cafu SA reported the following information
24. Revenues and production budget. Purity, Inc., bottles and distri
Revenues and production budget. Purity, Inc., bottles and distributes mineral water from the company’s natural springs in northern Oregon. Purity markets two products: twelve-ounce disposable plastic bottles and four-gallon reusable plastic containers.
1. For 2010, Purity marketing managers project monthly sales of 400,000 twelve-ounce bottles and 100,000 four- gallon containers. Average selling prices are estimated at $0.25 per twelve-ounce bottle and $1.50 per four-gallon container. Prepare a revenues budget for Purity, Inc., for the year ending December 31, 2010.
2. Purity begins 2010 with 900,000 twelve-ounce bottles in inventory. The vice president of operations requests that twelve-ounce bottles ending inventory on December 31, 2010, be no less than 600,000 bottles. Based on sales projections as budgeted above, what is the minimum number of twelve-ounce bottles Purity must produce during 2010?
3. The VP of operations requests that ending inventory of four-gallon containers on December 31, 2010, be 200,000 units. If the production budget calls for Purity to produce 1,300,000 four-gallon containers during 2010, what is the beginning inventory of four-gallon containers on January 1, 2010?
25. Mocha Company manufactures a single product by a continuous process, involving three production ...
Mocha Company manufactures a single product by a continuous process, involving three production departments. The records indicate that direct materials, direct labor, and applied factory overhead for Department 1 were $100,000, $125,000, and $150,000, respectively. The records further indicate that direct materials, direct labor, and applied factory overhead for Department 2 were $50,000, $60,000, and $70,000, respectively. In addition, work in process at the beginning of the period for Department 1 totaled $75,000, and work in process at the end of the period totaled $60,000.The journal entry to record the flow of costs from Department 1 into Department 2 during the period is:
| ||
| ||
| ||
|
Polaski Company manufactures and sells a single product called a Ret. Operating at capacity, the company can produce and sell 38,000 Rets per year. Costs associated with this level of production and sales are given below: Total Unit Direct materials 25 950,000 Direct labor 304,000 114,000 Variable manufacturing overhead 266,000 Fixed manufacturing overhead 152,000 Variable selling expense 228,000 Fixed selling expense 53 2,014,000 Total cost The Rets normally sell for $58 each. Fixed manufacturing overhead is constant at $266,000 per year within the range of 31,000 through 38,000 Rets per year. Required 1. Assume that due to a recession, Polaski Company expects to sell only 31,000 Rets through regular channels next year. A large retail chain has offered to purchase 7,000 Rets if Polaski is willing to accept a 16% discount off the regular price. There would be no sales commissions on this order, thus, variable selling expenses would be slashed by 75%. However, Polaski Company would have to purchase a special machine to engrave the retail chain's name on the 7,000 units. This machine would cost $14,000. Polaski Company has no assurance that the retail chain will purchase additional units in the future. Determine the impact on profits next year if this special order is accepted. Net profit increases by
27. Union transport company supplies the following details in respect of a truck of 5 tonne capacity.
Union transport company supplies the following details in respect of a truck of 5 tonne capacity.
Cost of truck—Rs 90,000 |
Estimated life—10 years |
Diesel, oil, grease—Rs 15 per trip each day |
Repairs and maintenance—Rs 500 p.m. |
Driver's wages—500 p.m. |
Cleaner's wages—250 p.m. |
Insurance—Rs 4,800 per year |
Tax—Rs 2,400 per year |
General supervision charges—Rs 4,800 per year |
The track carries goods to and from the city covering a distance at 50 km each way, on outward trip freight is available to the extent of full capacity and on return 20% of capacity.
Assuming that the truck runs on an average 25 days a month workout:
28. Methods analysis focuses on: a) the design of the machines used to perform a task. b) how a task is.
Methods analysis focuses on:
a) the design of the machines used to perform a task.
b) how a task is accomplished.
c) the raw materials that are consumed in performing a
task.
d) reducing the number of steps required to perform a
task.
29. Net income and retained earnings
Exercise 1-10
Net Income (or Loss) and Retained Earnings
The following information is available from the records of Prestige Landscape Design Inc. at the end of the year:
Required:
Use the above information to answer the following questions.
1.What is Prestige's net income for the year?
$
2.What is Prestige's Retained Earnings balance at the end of the year?
$
3.What is the total amount of Prestige's assets at the end of the year?
$
4.What is the total amount of Prestige's liabilities at the end of the year?
$
5.How much owners' equity does Prestige have at the end of the year?
$
6.What is Prestige's accounting equation at the end of the year?
= | + | |||
$ | = | $ | + | $ |
30. Donegan's Lawn Care Service began operations in July 2011.
Donegan's Lawn Care Service began operations in July 2011. The company uses the following general ledger accounts: |
Cash | Capital Stock |
Accounts Receivable | Retained Earnings |
Office Supplies | Mowing Revenue |
Mowing Equipment | Salaries Expense |
Accounts Payable | Fuel Expense |
Notes Payable | |
The company engaged in the following transactions during its first month of operations: |
July 18 | Issued 500 shares of capital stock to Patrick Donegan for $1,500. |
July 22 | Purchased office supplies on account for $100. |
July 23 | Purchased mowing equipment for $2,000, paying $400 cash and issuing a 60-day note payable for the remaining balance. |
July 24 | Paid $25 cash for gasoline. All of this fuel will be used in July. |
July 25 | Billed Lost Creek Cemetery $150 for mowing services. The entire amount is due July 30. |
July 26 | Billed Golf View Condominiums $200 for mowing services. The entire amount is due August 1. |
July 30 | Collected $150 from Lost Creek Cemetery for mowing services provided on July 25. |
July 31 | Paid $80 salary to employee Teddy Grimm for work performed in July. |
a. | Record each of the above transactions in general journal form. (Omit the "$" sign in your response.) |
Date | General Journal | Debit | Credit |
July 18 | (Click to select)Mowing equipmentCapital stockFuel expenseOffice suppliesMowing revenueNotes payableAccounts payableCash | ||
(Click to select)Fuel expenseCashNotes payableOffice suppliesMowing equipmentCapital stockMowing revenueAccounts payable | |||
22 | (Click to select)Notes payableMowing revenueOffice suppliesMowing equipmentFuel expenseCapital stockAccounts payableCash | ||
(Click to select)Capital stockFuel expenseNotes payableCashOffice suppliesAccounts payableMowing equipmentMowing revenue | |||
23 | (Click to select)Notes payableOffice suppliesMowing revenueCashAccounts payableFuel expenseMowing equipmentCapital stock | ||
(Click to select)Notes payableCapital stockMowing equipmentFuel expenseAccounts receivableOffice suppliesCashAccounts payable | |||
(Click to select)Office suppliesFuel expenseCapital stockMowing equipmentAccounts payableNotes payableCashAccounts receivable | |||
24 | (Click to select)Fuel expenseCapital stockMowing revenueAccounts payableOffice suppliesMowing equipmentNotes payableCash | ||
(Click to select)Office suppliesCashFuel expenseMowing revenueAccounts payableCapital stockMowing equipmentNotes payable | |||
25 | (Click to select)Office suppliesAccounts receivableFuel expenseNotes payableMowing equipmentCapital stockMowing revenueCash | ||
(Click to select)Accounts payableOffice suppliesFuel expenseCapital stockMowing revenueNotes payableCashMowing equipment | |||
26 | (Click to select)Mowing revenueOffice suppliesMowing equipmentFuel expenseNotes payableCapital stockAccounts receivableCash | ||
(Click to select)Office suppliesMowing revenueCapital stockFuel expenseAccounts payableCashMowing equipmentNotes payable | |||
30 | (Click to select)Mowing equipmentAccounts payableOffice suppliesCapital stockMowing revenueNotes payableFuel expenseCash | ||
(Click to select)Mowing equipmentOffice suppliesNotes payableFuel expenseCashMowing revenueAccounts receivableCapital stock | |||
31 | (Click to select)Salaries expenseCashNotes payableCapital stockAccounts payableFuel expenseOffice suppliesMowing revenue | ||
(Click to select)Capital stockMowing equipmentOffice suppliesNotes payableCashFuel expenseMowing revenueAccounts payable | |||
b. | Post each entry to the appropriate ledger accounts. (Record the transactions in the given order.Omit the "$" sign in your response.) |
Cash |
(Click to select)July 31July 22July 26July 23July 18 | (Click to select)July 25July 28July 24July 26July 23 | |||
(Click to select)July 30July 23July 20July 18July 26 | (Click to select)July 23July 30July 26July 18July 24 | |||
(Click to select)July 31July 18July 24July 26July 25 | ||||
(Click to select)July 25July 24July 18July 31July 22 bal. | ||||
Accounts Receivable |
(Click to select)July 26July 23July 30July 25July 18 | (Click to select)July 23July 25July 30July 18July 26 | |||
(Click to select)July 26July 30July 18July 23July 25 | ||||
(Click to select)July 20July 31July 23July 25July 26 bal. | ||||
Office Supplies |
(Click to select)July 26July 23July 30July 22July 18 | ||||
(Click to select)July 25July 31July 23July 26July 20 bal. | ||||
Mowing Equipment |
(Click to select)July 23July 22July 26July 30July 18 | ||||
(Click to select)July 31July 23July 18July 22July 26 bal. | ||||
Accounts Payable |
(Click to select)July 18July 23July 22July 31July 26 | ||||
(Click to select)July 26July 23July 18July 31July 22 bal. | ||||
Notes Payable |
(Click to select)July 26July 23July 31July 22July 18 | ||||
(Click to select)July 18July 23July 22July 26July 31 bal. | ||||
Capital Stock |
(Click to select)July 23July 31July 18July 22July 26 | ||||
(Click to select)July 26July 31July 22July 18July 23 bal. | ||||
Retained Earnings |
(Click to select)July 18July 23July 22July 31July 26 bal. | ||||
Mowing Revenue |
(Click to select)July 23July 31July 25July 18July 26 | ||||
(Click to select)July 26July 25July 23July 18July 31 | ||||
(Click to select)July 30July 28July 31July 25July 1 bal. | ||||
Salaries Expense |
(Click to select)July 31July 24July 18July 23July 26 | ||||
(Click to select)July 26July 23July 31July 25July 18 bal. | ||||
Fuel Expense |
(Click to select)July 24July 18July 26July 31July 23 | ||||
(Click to select)July 23July 18July 25July 31July 26 bal. | ||||
c. | Prepare a trial balance dated July 31, 2011. (Omit the "$" sign in your response.) |
DONEGAN'S LAWN CARE SERVICE | ||
(Click to select)Mowing equipmentCapital stockAccounts payableCashNotes payable | $ | |
(Click to select)Accounts receivableCapital stockNotes payableRetained earningsMowing equipment | ||
(Click to select)Mowing equipmentAccounts payableOffice suppliesCapital stockNotes payable | ||
(Click to select)Office suppliesAccounts payableCapital stockMowing equipmentNotes payable | ||
(Click to select)Office suppliesAccounts receivableCashAccounts payableSalaries expense | $ | |
(Click to select)Accounts receivableOffice suppliesNotes payableCashSalaries expense | ||
(Click to select)Office suppliesCapital stockAccounts receivableSalaries expenseCash | ||
(Click to select)Accounts receivableSalaries expenseCashRetained earningsOffice supplies | ||
(Click to select)Mowing revenueFuel expenseAccounts receivableSalaries expenseCash | ||
(Click to select)Fuel expenseAccounts payableSalaries expenseMowing revenueRetained earnings | ||
(Click to select)Fuel expenseRetained earningsSalaries expenseMowing revenueAccounts payable |
|