Published: 1 year ago
1. PR 7-3b Bank reconciliation and entries The cash account for Stone Systems at July 31, 2016,... PR 7-3b Bank reconciliation and entries The cash account for Stone Systems at July 31, 2016, indicated a balance of $17,750. The bank statement indicated a balance of $33,650 on July 31, 2016. Comparing the bank statement and the accompanying canceled checks and memos with the records reveals... Continue Reading
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34. 51. The Lucas Manufacturing Company has two production departments (fabrication and assembly)... 51. The Lucas Manufacturing Company has two production departments (fabrication and assembly) and three service departments (general factory administration, factory maintenance, and factory cafeteria). A summary of costs and other data for each department, prior to allocation of service department costs for the year ended June 30, appears below: The costs of the general... Continue Reading
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29. Objective 20.4 1) Which of the following statements is true of just-in-time (JIT) purchasing? A) In. Objective 20.4 1) Which of the following statements is true of just-in-time (JIT) purchasing? A) In JIT purchasing, the optimal safety-stock level is the quantity of safety stock that minimizes the sum of annual relevant stockout and carrying costs. B) JIT purchasing is guided solely by the... Continue Reading
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17. Middleton Associates is a consulting firm that specializes in information systems for constructio... Middleton Associates is a consulting firm that specializes in information systems for construction and landscaping companies. The firm has two offices-one in Toronto and one in Vancouver. The firm classifies the direct costs of consulting jobs as variable costs. A segmented contribution format income statement for the company's most recent year... Continue Reading
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1. An entity owns a number of farms that harvest produce seasonally. Approximately 80% of the entity’s... An entity owns a number of farms that harvest produce seasonally. Approximately 80% of the entity’s sales are in the period August to October. Because the entity’s business is seasonal, IAS 34 suggests (a) Additional notes be written in the interim reports about the seasonal nature of the... Continue Reading
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37. Aaron Company, which has only one product, has provided the following data concerning its most... Aaron Company, which has only one product, has provided the following data concerning its most recent month of operations: Selling price ...........................................$90 Units in beginning inventory ...................0 Units produced ...................................3,400 Units sold ............................................3,000 Units in ending inventory ......................400 Variable costs per unit: Direct materials .....................................$21 Direct labor .............................................38 Variable... Continue Reading
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11. John and Martha Holloway are marnied filing jointly They are 35 and 31 years old, respectively. T... John and Martha Holloway are marnied filing jointly They are 35 and 31 years old, respectively. Their address is 10010 Dove Street Atlanta, GA 30294. Additional information about Mr. and Mrs. Holloway is as follows social security numbers: Dohn: 412-34-567e Date of birth: 3/4/1982 W-2 for John... Continue Reading
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1. 4) As the cost-driver level increases in the relevant range, variable costs per unit of cost driver. 4) As the cost-driver level increases in the relevant range, variable costs per unit of cost driver ________ but total variable costs ________. A) do not change; increase in direct proportion to the cost-driver activity level B) do not change; decrease in direct proportion to the cost-driver... Continue Reading
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26. . Dexterâ??s companyâ??s 2016 manufacturing costs were as follows:Direct materials and direct labor ter 15. 26. 1. Dexter’s company’s 2016 manufacturing costs were as follows:Direct materials and direct labor 100,000Depreciation of manufacturing equipment 70,000Depreciation of factory building 40,000Janitor’s wages for cleaning factory premises 15,000How much of these costs should be inventories for external reporting purposes?a.225,000b.210,000c.385,000d.200,0002. Peter Paul company uses a job order cost system... Continue Reading