London Ceramics makes custom ceramic tiles. During March, the company started and finished Job #266. ...
Show all work for partial credit. 1. London Ceramics makes custom ceramic tiles. During March, the company started and finished Job #266. Job #266 consists of 2,500 tiles; each tile sells for $10.00. The company's records show the following
ABM: Company background ABM IT Services (ABM) is an enterprise that is owned as well as operated by the ABM family. The enterprise provides IT personnel for other businesses. The enterprise has witnessed growth along with the market for out
ABM: Company background ABM IT Services (ABM) is an enterprise that is owned as well as operated by the ABM family. The enterprise provides IT personnel for other businesses. The enterprise has witnessed growth along with the market for out
ABM: Company background ABM IT Services (ABM) is an enterprise that is owned as well as operated by the ABM family. The enterprise provides IT personnel for other businesses. The enterprise has witnessed growth along with the market for out
Bronze Mining is considering the acquisition of Copper Mining at a cash price of P6,000,000. The primary motivation for Bronze’s purchase of Copper is for a special piece of drilling equipment that it believes will generate an after-tax cash fl
Emerald Company earned revenues of $69,000 and incurred expenses of $77,000. No dividends were ...
Emerald Company earned revenues of $69,000 and incurred expenses of $77,000. No dividends were declared. Which of the following statements is correct? A) The entry to close Income Summary is the same regardless of a net income or a net loss. B) O
Although unit costs are regularly used in financial reports and for making product mix and pricing d
Although unit costs are regularly used in financial reports and for making product mix and pricing decisions, managers should think in terms of total costs rather than unit costs for making decisions.
Which of the following statements is false regarding a proper journal entry?
Which of the following statements is false regarding a proper journal entry? A) Always list the expenses first. B) Credits are always indented. C) Skip a line between transactions. D) Debits are always listed first in the entry.
What is X-cel Company's net income or net loss if it had Revenue of $1,800, Salary Expense of $500, ...
What is X-cel Company's net income or net loss if it had Revenue of $1,800, Salary Expense of $500, Utility Expense of $250, and Withdrawals of $5,000 during October? A) $1,050 net loss B) $1,050 net income C) $50 net loss D)
Equipment was acquired for $208,000 and has accumulated depreciation of $94,000. The business ...
Equipment was acquired for $208,000 and has accumulated depreciation of $94,000. The business exchanges this equipment for new equipment. The new equipment has a market value of $310,000 and the business pays $60,000 cash. Assume the exchange has com
Assuming the use of special journals, the sale of merchandise to Jerri Blackwell on account would be ...
Assuming the use of special journals, the sale of merchandise to Jerri Blackwell on account would be recorded in the: A) general journal. B) accounts receivable journal. C) sales journal. D) cash receipts journal.
Karen Hefner, a florist, operates retail stores in several shopping malls. The average selling price
Karen Hefner, a florist, operates retail stores in several shopping malls. The average selling price of an arrangement is $30 and the average cost of each sale is $18. A new mall is opening where Karen wants to locate a store, but the location manage
________ represents what a business was paid for its stock plus the profits that have been retained ...
________ represents what a business was paid for its stock plus the profits that have been retained in the business. A) Historical value B) Market value C) Replacement value D) Book value
Cost of goods available for sale minus estimated Cost of Goods Sold yields the estimated:
Cost of goods available for sale minus estimated Cost of Goods Sold yields the estimated: A) ending inventory. B) beginning inventory. C) gross profit. D) cost of goods sold.
John sold goods for $100 to a charge customer. The customer returned for credit $25 worth of goods. ...
John sold goods for $100 to a charge customer. The customer returned for credit $25 worth of goods. Terms of the sale were 1/10, n/30. If the customer pays the amount owed within the discount period, what is the amount the customer should pay? A
Sean, Penelope, and Juan formed the SPJ partnership by each contributing assets with a basis and ...
Sean, Penelope, and Juan formed the SPJ partnership by each contributing assets with a basis and fair market value of $200,000. In the following year, Penelope sold her one-third interest to Pedro for $225,000. At the time of the sale, the SPJ partne
On October 1, 2017, Parkin, Inc. made a loan to one of its customers. The customer signed a 6-month ...
On October 1, 2017, Parkin, Inc. made a loan to one of its customers. The customer signed a 6-month note for $120,000 at 14%. Calculate the maturity value of the note. (Round any intermediate calculations to two decimal places, and your final answer
Which of the following statements about management by exception is incorrect?
Which of the following statements about management by exception is incorrect? A) Many companies use a combination of percentages and dollar amounts. B) There is no need to investigate variances that are less than 10%. C) Managers conce
On September 1, 2014, Two Sisters Company pays $36,000 cash for six months rent. The balance in ...
On September 1, 2014, Two Sisters Company pays $36,000 cash for six months rent. The balance in prepaid rent on December 31, 2014, after adjustment, would be: A) $6,000. B) $24,000. C) $12,000. D) $0.
Terrific Toys Company manufactures and sells children's skateboards. Each skateboard requires four b
Terrific Toys Company manufactures and sells children's skateboards. Each skateboard requires four bearings. For September, Terrific Toys Company has budgeted skateboard sales of 530 skateboards, while 570 skateboards are scheduled to be produce
On January 1, 2013, JetNew, issued $1,000,000 face value, 5-year bonds with a stated rate of 5% at ...
On January 1, 2013, JetNew, issued $1,000,000 face value, 5-year bonds with a stated rate of 5% at an effective rate of 4% which brought in $1,044,913. Interest is paid semi-annually on July 1 and December 31. JetNew uses the effective-interest metho
Jupiter Manufacturing began business on January 1. During its first year of operation, Jupiter ...
Jupiter Manufacturing began business on January 1. During its first year of operation, Jupiter worked on five industrial jobs and reported the following information at year-end:
Kathy Jenkins earns $75,000 per year. What is her net pay for the month ended January 31, if FICA ...
Kathy Jenkins earns $75,000 per year. What is her net pay for the month ended January 31, if FICA tax rates are: 6.2% for OASDI and 1.45% for Medicare; federal income tax is 20%; and union dues are $100 per month? A) $4,293 B) $4,326 C
Olympia Manufacturing uses a predetermined overhead allocation rate based on a percentage of direct ...
Olympia Manufacturing uses a predetermined overhead allocation rate based on a percentage of direct labor cost. At the beginning of the year, Olympia estimated total manufacturing overhead costs at $1,010,000 and total direct labor costs at $830,000.
State each of the seven specific balance-related audit objectives for manufacturing equipment ...
State each of the seven specific balance-related audit objectives for manufacturing equipment additions and, for each objective, describe one common test of details of balances.
Big Box Distribution Company has an in-house information systems department of 50 people. The ...
Big Box Distribution Company has an in-house information systems department of 50 people. The company generally does its own programming, although some software was acquired as a software package.
Beyond the Boardroom Corporation sold used equipment with a book value of $25,000 for $29,000. The ...
Beyond the Boardroom Corporation sold used equipment with a book value of $25,000 for $29,000. The indirect method statement of cash flows will reflect: A) an addition of $29,000 in the investing activities section and an addition of $4,000 in t
At the end of the fiscal period, Wilf Carter Services omitted the adjusting entry for accrued ...
At the end of the fiscal period, Wilf Carter Services omitted the adjusting entry for accrued salaries. The effect of this error on the financial statements is to: A) overstate net income. B) understate assets. C) understate net income
McLeod Fries, Inc. has budgeted sales for June and July at $680,000 and $750,000, respectively. ...
McLeod Fries, Inc. has budgeted sales for June and July at $680,000 and $750,000, respectively. Sales are 90% credit, of which 70% is collected in the month of sale and 30% is collected in the following month. What is the budgeted Accounts Receivable
If a cash register is short by $93, and the cash register tape equalled $9,270, then:
If a cash register is short by $93, and the cash register tape equalled $9,270, then: A) Cash Short and Over is debited for $93. B) Cash Short and Over is credited for $93. C) Sales Revenue is credited for $9,177. D) Cash is debit
FIFO tends to decrease cost of goods sold when: A) costs are constant B) costs are decreasing C) costs are increasing D) FIFO will always yield the lowest possible taxes
Tina Martin works as a cost accountant receiving $520 for a 40-hour work week. She is paid time and ...
Tina Martin works as a cost accountant receiving $520 for a 40-hour work week. She is paid time and one-half for anything over 40 hours. If Tina works 47 hours, her total pay is: A) $611.00. B) $520.00. C) $656.50. D) $567.00.
Franconia Sales offers warranties on all their electronic goods. Warranty expense is estimated at ...
Franconia Sales offers warranties on all their electronic goods. Warranty expense is estimated at 2% of sales revenue. In 2013, Franconia had $500,000 of sales. In the same year, Franconia paid out $7,500 of warranty payments.
Mugsy Brights Limited (MBL) is a private company in Winnipeg that sells mugs, jars and bottles in a ...
Mugsy Brights Limited (MBL) is a private company in Winnipeg that sells mugs, jars and bottles in a variety of colours, sizes and materials. MBL is owned by four equal owners since inception. The owners have different skills - creative design, market
