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31. E3-9 The trial balance for Pioneer Advertising Agency Inc. is shown in Illustration 3-3 Prep (pag...
E3-9 The trial balance for Pioneer Advertising Agency Inc. is shown in Illustration 3-3 Prep (page 107 in the textbook). Instead of the adjusting entries shown in the text at october (LO 31, assume the following adjustment data 1. Supplies on hand at October 31 total $500. 2. Expired insurance for the month is $100. 3. Depreciation for the month is $50. 4. Services related to unearned service revenue in October worth $600 were performed 5. Services performed but not recorded at October 31 are $300. 6. Interest accrued at October 31 is $95. 7. Accrued salaries at October 31 are $1,625. Instructions Prepare the adjusting entries for the items above. E3-10 The income statement of Gopitkumar Co. for the month of July shows net income Prep of $1,400 based on Service Revenue $5,500, Salaries and Wages Expense $2,300, Supplies state
32. Garrett Wolfe Company has the following balances in selected acc
Garrett Wolfe Company has the following balances in selected accounts on December 31, 2012.
Accounts Receivable $ -0-
Accumulated Depreciation—Equipment -0-
Equipment 7,000
Interest Payable -0-
Notes Payable 10,000
Prepaid Insurance 2,100
Salaries and Wages Payable -0-
Supplies 2,450
Unearned Service Revenue 30,000
All the accounts have normal balances. The information below has been gathered at December 31, 2012.
1. Garrett Wolfe Company borrowed $10,000 by signing a 12%, one-year note on September 1, 2012.
2. A count of supplies on December 31, 2012, indicates that supplies of $900 are on hand.
3. Depreciation on the equipment for 2012 is $1,000.
4. Garrett Wolfe Company paid $2,100 for 12 months of insurance coverage on June 1, 2012.
5. On December 1, 2012, Garrett Wolfe collected $30,000 for consulting services to be performed from December 1, 2012, through March 31, 2013.
6. Garrett Wolfe performed consulting services for a client in December 2012. The client will be billed $4,200.
7. Garrett Wolfe Company pays its employees total salaries of $9,000 every Monday for the preceding 5-day week (Monday through Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees worked the last 3 days of 2012.
Instructions
Prepare adjusting entries for the seven items described above.
33. Goddard Company has used the FIFO method of inventory valuation since it began operations in 2013...
Goddard Company has used the FIFO method of inventory valuation since it began operations in 2013. Goddard decided to change to the average cost method for determining inventory costs at the beginning of 2016. The following schedule shows year-end inventory balances under the FIFO and average cost methods: Required: Ignoring income taxes, prepare the 2016 journal entry to adjust the accounts to reflect the average cost method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) How much higher or lower would cost of goods sold be in the 2015 revised income statement? Cost of goods sold for 2015 would be _______________ in the revised income statement.
34. 41. R-squared is a measure of a. the spurious relationship between cost and activity. b. the fixed..
41. R-squared is a measure of
a. the spurious relationship between cost and activity.
b. the fixed cost component.
c. the variable cost per unit of activity.
d. how well the regression line accounts for the changes in the dependent variable.
42. DJH has an average unit cost of $20 at 20,000 units and $13.75 at 40,000 units. What is the variable cost per unit?
a. $5.00
b. $6.25
c. $7.50
d. An amount that cannot be determined without more information.
43. DJH has an average unit cost of $20 at 20,000 units and $13.75 at 40,000 units. What is the total fixed cost?
a. $125,000
b. $250,000
c. $400,000
d. An amount that cannot be determined without more information.
44. GMH Company had $200,000 overhead cost at 25,000 machine hours and $240,000 overhead cost at 60,000 hours. Variable overhead per machine hour is
a. $4.00.
b. $1.00.
c. $0.83.
d. some other number.
45. Elmwood Company had $300,000 overhead cost at 40,000 machine hours, and $360,000 overhead cost at 60,000 hours. Total fixed overhead is
a. $ 36,000
b. $ 40,000
c. $ 60,000.
d. $180,000.
46. Crookston Company breaks even at $300,000 sales and earns $40,000 at $400,000 sales. Which of the following is true?
a. Fixed costs are $120,000.
b. Profit at sales of $500,000 would be $50,000.
c. The selling price per unit is $4.
d. Contribution margin is 10% of sales.
47. Glenwood has an average unit cost of $45 at 20,000 units and $25 at 60,000 units. What is the variable cost per unit?
a. $15
b. $20
c. $35
d. An amount that cannot be determined without more information.
48. Glenwood has an average unit cost of $45 at 20,000 units and $25 at 60,000 units. What is the total fixed cost?
a. $400,000
b. $600,000
c. $900,000
d. An amount that cannot be determined without more information.
49. Osceola Company earned $50,000 on sales of $400,000. It earned $70,000 on sales of $450,000. Contribution margin as a percentage of sales is
a. 30%.
b. 40%.
c. 60%.
d. 70%.
50. Osceola Company earned $50,000 on sales of $400,000. It earned $70,000 on sales of $450,000. Total fixed costs are
a. $ 0.
b. $ 50,000.
c. $110,000.
d. $180,000.
35. Sabonis Cosmetics Co. purchased machinery on December 31
(Entries for Zero-Interest-Bearing Note; Payable in Installments) Sabonis Cosmetics Co. purchased machinery on December 31, 2009, paying $50,000 down and agreeing to pay the balance in four equal installments of $40,000 payable each December 31. An assumed interest of 8% is implicit in the purchase price.
Prepare the journal entries that would be recorded for the purchase and for the payments and interest on the following dates.
(a) December 31, 2009.
(b) December 31, 2010.
(c) December 31, 2011.
(d) December 31, 2012.
(e) December 31, 2013.
36. Hemming Co. reported the following current-year purchases and sales for its only product. Date Ac...
Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail
Jan. 1 Beginning inventory 240 units @ $11.60 = $ 2,784
Jan. 10 Sales 180 units @ $41.60
Mar. 14 Purchase 370 units @ $16.60 = 6,142
Mar. 15 Sales 330 units @ $41.60
July 30 Purchase 440 units @ $21.60 = 9,504
Oct. 5 Sales 415 units @ $41.60
Oct. 26 Purchase 140 units @ $26.60 = 3,724
Totals 1,190 units $ 22,154 925 units
Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
3. Compute the gross margin for FIFO method and LIFO method.
37. Which of the functions of management involves overseeing day-to-day activities?
Which of the functions of management involves overseeing day-to-day activities?
A) Planning
B) Directing and motivating
C) Controlling
D) Decision making
38. Mark Miller started his own delivery service, Miller Deliveries,
Mark Miller started his own delivery service, Miller Deliveries, on June 1, 2010. The following transactions occurred during the month of June.
June 1 Mark invested $10,000 cash in the business.
2 Purchased a used van for deliveries for $12,000. Mark paid $2,000 cash and signed a note payable for the remaining balance.
3 Paid $500 for office rent for the month.
5 Performed $4,400 of services on account.
9 Withdrew $200 cash for personal use.
12 Purchased supplies for $150 on account.
15 Received a cash payment of $1,250 for services provided on June 5.
17 Purchased gasoline for $100 on account.
20 Received a cash payment of $1,500 for services provided.
23 Made a cash payment of $500 on the note payable.
26 Paid $250 for utilities.
29 Paid for the gasoline purchased on account on June 17.
30 Paid $1,000 for employee salaries.
Instructions
(a) Show the effects of the previous transactions on the accounting equation using the following format.
(b) Prepare an income statement for the month of June.
(c) Prepare a balance sheet at June 30,2010.
39. Given the following values for P1, P2, and I 1 deltaL 1 , calculate delta H 2 : (a) P1(0,0,2),...
Given the following values for P1, P2, and I1deltaL1, calculate delta H2:
(a) P1(0,0,2), P2(4,2,0), 2π az μAm
(b) P1(0,2,0), P2(4,2,3), 2π az μAm
(c) P1(1,2,3), p2(-3,-1,2), 2π (-ax + ay +2az)μAm
Show steps please. (part a only) I can figure it out from there.