Accounting Assignment Aid: Unraveling Modules and More
39. Problem 15-14 (AICPA Adapted) On January 1, 2019, Jerome Company purchased nontrading equity investm
quity investments which are irrevocably designated at FVOCI Purchase Transaction price Market value December 31, 2019 cost Security A Security B Security C 1,000,000 2,000,000 4,000,000 100,000 200,000 400,000 On July 1, 2020, the entity sold Security C for P5,200,000. 1,500,000 2,400,000 4,700,000 What amount of gain on sale should be recognized in the income statement for 2020? 800,000 500,000 300,000 d. a C. 0 Problem 15-15 (IAA) Lagoon Company purchased the following investments during 2019: Market value December 31, 2019 Classification Cost 900,000 1,000,000 1,000,000 1,600,000 Trading Trading Security A Security B On July 31, 2020, the entity sold all of the shares of Security B for P1,100,000 On December 31, 2020, the shares of Security A had a market value of P600,000 No other activity occurred during 2020 in relation to the trading security portfolio. What total loss on the trading securities should be reported in the income statement for 2020? 500,000 b.400,000 c. 900,000 d. 100,000 395
40. Module 3: Question eBook Calculator Single plantwide factory overhead rate Overhead Salty Sensa...
Single plant wide factory overhead rate. Module 3: Assignment eBook Calculator Single plantwide factory overhead rate Overhead Salty Sensations Snacks Company manufactures three types of snack foods tortla chips, potato chips, and pretzels. The company has budgeted the following costs for the upcoming period $35.101.00 7 752.00 8,775.00 47.552.00 25,200.00 15,000.00 Indirect labor 5 Factory electricity Indirect matenals Seling expense Overhead Overhead
41. Problem 5-1A Alternative cost flows-perpetual LO P1 [The following information appl
Problem 5-1A Alternative cost flows-perpetual LO P1 [The following information applies to the questions displayed below. Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 160 units @ $52.20/unit Mar. 5 Purchase 255 units @ $57.20/unit Mar. 9 Sales 320 units @ $87.20/unit Mar. 18 Purchase 115 units @ $62.20/unit Mar. 25 Purchase 210 units @ $64.20/unit Mar. 29 Sales 190 units @ $97.20/unit ________________________________________ ________________________________________ ________________________________________ ________________________________________ Totals 740 units 510 units 1. Compute cost of goods available for sale and the number of units available for sale. @ Cost of Good available for sale @Number of units available for sale 2. Compute the number of units in ending inventory Ending inventory 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 95 units from beginning inventory and 225 units from the March 5 purchase; the March 29 sale consisted of 75 units from the March 18 purchase and 115 units from the March 25 purchase. (Round your per unit costs to 2 decimal places) a. FIFO Ending Inventory b. LIFO c. Weighted average d. Specific identification Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 95 units from beginning inventory and 225 units from the March 5 purchase; the March 29 sale consisted of 75 units from the March 18 purchase and 115 units from the March 25 purchase. (Round your per unit costs to 2 decimal places and inventory balances.) a. FIFO Gross Profit b. LIFO c. Weighted average d. Specific identification Problem 8-1A Plant asset costs; depreciation methods L.O. C1, P1 Xavier Construction negotiates a lump-sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2011, at a total cash price of $820,000 for a building, land, land improvements, and four vehicles. The estimated market values of the assets are building, $511,450; land, $299,150; land improvements, $48,250; and four vehicles, $106,150. The companys fiscal year ends on December 31. 1. Prepare a table to allocate the lump-sum purchase price to the separate assets purchased a. Prepare the journal entry to record the purchase 2. Compute the depreciation expense for year 2011 on the building using the straight-line method, assuming a 15-year life and a $28,000 salvage value. Depreciation expense on the building 3. Compute the depreciation expense for year 2011 on the land improvements assuming a five-year life and double-declining-balance depreciation. Depreciation expense on the land improvements
42. 11) Which of the following is not one of the primary responsibilities of management? A) Adhering to.
11) Which of the following is not one of the primary responsibilities of management?
A) Adhering to GAAP
B) Planning
C) Directing
D) Controlling
12) Planning involves which of the following activities?
A) Evaluating the results of operations
B) Overseeing the company's day-to-day operations
C) Setting goals and objectives for the company
D) None of the above
13) Which of the following is being fulfilled when management compares the budget to actual results?
A) Directing
B) Planning
C) Adjusting
D) Controlling
14) When management uses feedback to take corrective action on the budgets, which of the following management responsibilities are being fulfilled?
A) Controlling
B) Adjusting
C) Directing
D) Planning
15) When management analyzes whether to move production to another country or to keep the production located where it currently is, which of the following management responsibilities is being performed?
A) Adjusting
B) Controlling
C) Planning
D) Directing
16) Which one of the following items is not one of the three primary manager responsibilities?
A) Controlling
B) Planning
C) Directing
D) Adjusting
17) Using product cost information to determine sales prices is an example of
A) directing.
B) directing and controlling.
C) controlling, directing, and planning.
D) controlling and planning.
18) When management reviews product sales reports to set goals and objectives and then evaluates the results of sales operations against the plan and performance results, which of management's three primary responsibilities is fulfilled?
A) Controlling and planning
B) Directing and planning
C) Directing, controlling, and planning
D) Analyzing, directing, and planning
19) Budgets are a way for managers to communicate their
A) control.
B) decision-making.
C) hiring practices.
D) plans.
20) Comparing actual results to budgets is an example of which of the following management functions?
A) Analyzing
B) Planning
C) Controlling
D) Directing
43. The following cost data were taken from the records of a manufacturing company: Depreciation on facto
The following cost data were taken from the records of a manufacturing company:Depreciation on factory equipment $1000, Depreciation on sales office $500, Advertising $7,000, Freight-out (shipping) $3,000, Wages of production workers $28,000, Raw materials used $47,000, Sales salaries and commissions $10,000, Factory rent $2,000, Factory insurance $500, Materials handling $1,500, Administrative salaries $2,000. Based upon this information, the manufacturing cost incurred during the year was A.$78,500–B. $80,000–C.$80,500–D. $83,000
1 Approved Answer
44. True or False?1. Fixed Expenses do not change in total when there is a modest change in sales. True
True or False?1. Fixed Expenses do not change in total when there is a modest change in sales. True False2. An example of a fixed expense would be a 5% sales commission. True False3. Property taxes and rent are often fixed expenses. True False4. Variable expenses change in total as volume changes. True False5. An example of a variable expense is an office manager’s monthly salary. True False
45. Identify two situational pressures in a public company that would increase the likelihood of fraud.
Research has shown that situational pressures and opportunity are factors that contribute to fraudulent behavior.
Required
a. Identify two situational pressures in a public company that would increase the likelihood of fraud.
b. Identify three opportunity situations that would increase the likelihood of fraud.
46. Sims Company, a manufacturer of tablet computers, began operations on January 1, 2015. Its cost a...
Sims Company, a manufacturer of tablet computers, began operations on January 1, 2015. Its cost and sales information for this year follows Manufacturing costs Direct materials Direct labor Overhead costs for the year 35 per unit 55 per unit $2,000,000 $8,000,000 Variable overhead Fixed overhead Selling and administrative costs for the year Variable Fixed $750,000 $4,750,000 Production and sales for the year Units produced Units sold Sales price per unit 100,000 units 70,000 units 360 per unit 1. Prepare an income statement for the year using variable costing SIMS COMPANY Variable Costing Income Statement Sales 25,200,000 ess: Variable costs Direct labor Direct materials Variable overhead Variable seling and administrative expenses 3,850,000 2,450,000 750,000 otal variable costs 7,050,000 Contribution margin ess: Fixed expenses ixed selling and administrative costs ixed overhead 4,750,000 8,000,000 Total fixed expenses Net income (loss) 12,750,000
47. Cushman Company, Inc. had $800,000 in sales revenue, $350,000 in gross profit, and $200,000 in opera
Cushman Company, Inc. had $800,000 in sales revenue, $350,000 in gross profit, and $200,000 in operating expenses. Cost of goods sold equals:
48. Calculate that effective annual cost of each of the following trade credit terms and payment dates:
Calculate that effective annual cost of each of the following trade credit terms and payment dates:
a. 1/10, net 30, paying on day 20.
b. 2/10, net 40, paying on day 30.
c. 3/15, net 60, paying on day 60.
d. 5/15, net 50, paying on day 50.
49. F. Quantity Needed for a Specific Time Period Solve the problems. Label your answers. 1....
F. Quantity Needed for a Specific Time Period Solve the problems. Label your answers. 1. Prescription: XYZ medication 200 mg, 5 tabs bid x 6 days. How many tablets will be dispensed from the pharmacy? 2. Prescription: XYZ medication 250 mg, 2 tabs qid x 14 days. How many tablets will be dispensed from the pharmacy? 3. Prescription: XYZ medication 50 mg, 3 tabs bid x 10 days. How many tablets will be dispensed from the pharmacy? 4. Prescription: XYZ medication 70 mg, 4 tabs tid x 3 days. How many tablets will be dispensed from the pharmacy? 5. Prescription: XYZ medication 40 mg, 6 tabs bid x 7 days. How many tablets will be dispensed from the pharmacy? 6. Prescription: XYZ medication 90 mg, 3 tabs qid x 20 days. How many tablets will be dispensed from the pharmacy Copyright © 2020, Elsevier Inc. All Rights Reserved.
50. Use the following information to answer the question. At December 31 a company's records show th...
Use the following information to answer the question. At December 31 a company's records show the following information: Cash $ 10,000 Accounts Receivable 30,000 Inventory 80,000 Prepaid Insurance 6,000 Long-term Assets 200,000 Accounts Payable 30,000 Notes Payable due in 10 months 25,000 Wages Payable 5,000 Long-term Liabilities 70,000 Stockholders' (Owner's) Equity 196,000 The company's working capital is $60,000 $66,000 $196,000 None of the above