The following information is given for Tripp Company, which uses the indirect (Graded Project 6)
Part A (2 points each for a possible total of 6 points) The following information is given for Tripp Company, which uses the indirect method. Net income $20,000 Depreciation expense 3,000 Increase in accounts receivable
(Present value tables required) You won the lottery and have a number of choices as to how to take t
(Present value tables required) You won the lottery and have a number of choices as to how to take the money. Which choice yields a greater present value? A) $92,000 (lump sum) 7 years from now using an 8% discount rate B) $53,500 (lump sum
Regarding the separation of corporate ownership and management, which of the following is a true ...
Regarding the separation of corporate ownership and management, which of the following is a true statement? A) The corporate officers elect the board of directors. B) Stockholders own the business, but a board of directors appoints corporat
Block Island TV currently sells large televisions for $380. It has costs of $290. A competitor is ...
Block Island TV currently sells large televisions for $380. It has costs of $290. A competitor is bringing a new large television to market that will sell for $310. Management believes it must lower the price to $310 to compete in the market for larg
On January 1 Primary Manufacturing had a beginning balance in Work-in-Process Inventory of $81,900 ...
On January 1 Primary Manufacturing had a beginning balance in Work-in-Process Inventory of $81,900 and a beginning balance in Finished Goods Inventory of $20,000. During the year, Primary incurred manufacturing costs of $351,000.
Gladiator, Inc. uses the direct method to prepare its statement of cash flows. Use the following ...
Gladiator, Inc. uses the direct method to prepare its statement of cash flows. Use the following information reported for 2016 to compute the amount of cash paid for merchandise inventory.
Cost of Goods Sold, $135,000 Merchandise Inventory, begin
Zebra Corporation currently produces baseball caps in an automated process. Expected production per ...
Zebra Corporation currently produces baseball caps in an automated process. Expected production per month is 17,000 units, direct material costs are $7.50 per unit, and manufacturing overhead costs are $60,000 per month. Manufacturing overhead is ent
Match the following situations with the fund or nonfund account best suited to account for it. A fund or nonfund account may be used more than once. The funds and nonfunds accounts are:
The audit plan includes the nature, timing and extent of audit procedures for the purposes of risk ...
The audit plan includes the nature, timing and extent of audit procedures for the purposes of risk assessment, including those that are linked to the individual audit assertions, as well as any other audit procedures that are considered necessary. At
Beloved Baby Company manufactures and sells children's strollers. Each stroller requires eight ...
Beloved Baby Company manufactures and sells children's strollers. Each stroller requires eight screws. For September, Beloved Baby Company will begin September with 380 screws in its beginning inventory, and budgets ending inventory to be 210
Matthew Company uses a job cost system. The overhead account shows a $5,000 overallocated balance at
Matthew Company uses a job cost system. The overhead account shows a $5,000 overallocated balance at the end of the year. Actual overhead incurred was $100,000. Other balances are:
Ending raw materials $15,000 Work in process inventor
On January 2, 2012 McNally's Extra Corporation acquired equipment for $120,000. The estimated life ...
On January 2, 2012 McNally's Extra Corporation acquired equipment for $120,000. The estimated life of the equipment is 5 years or 20,000 hours. The estimated residual value is $20,000. If McNally's Extra Corporation uses the straight-line m
A petty cash fund was established with a $150 balance. It currently has cash of $25 and petty cash ...
A petty cash fund was established with a $150 balance. It currently has cash of $25 and petty cash tickets as follows: Office expense $120 and Entertainment Expense $20. Which of the following would be included in the journal entry to rep
Blockware Corporation has selected to use the revaluation model for its assets. Recently it had its ...
Blockware Corporation has selected to use the revaluation model for its assets. Recently it had its building appraised. The appraiser placed a $5.0 M value on the building. Back in 2012 this building was purchased for $4.0M. This increases in value o
When a company pays cash for a long-term investment in bonds, ________.
When a company pays cash for a long-term investment in bonds, ________. A) liabilities increase B) current assets increase C) equity remains unchanged D) total assets increase
The Refining Department of Ingber Sugar, Inc. had 56,000 tons of sugar to account for in December. ...
The Refining Department of Ingber Sugar, Inc. had 56,000 tons of sugar to account for in December. Of the 56,000 tons, 40,000 tons were completed and transferred to the Boiling Department, and the remaining 16,000 tons were 60% complete. The material
Gould Enterprises sells computer disks for $3.16 per disk. Unit variable cost is $0.06. The ...
Gould Enterprises sells computer disks for $3.16 per disk. Unit variable cost is $0.06. The breakeven point in units is 3,600, and expected sales in units are 4,300. What is the margin of safety in dollars? A) $2,212 B) $2,170 C) $42
Businesses record goodwill ________. (Multiple Choice)
Businesses record goodwill ________. A) when they continue the business of an acquired corporation B) if they acquire another company at an amount higher than the market value of its net assets C) when they enjoy an outstanding reputat
Roggers Corp.'s beginning and ending total assets in the year 2017 were $18,000,000 and ...
Roggers Corp.'s beginning and ending total assets in the year 2017 were $18,000,000 and $22,000,000, respectively. Its asset turnover ratio for the year was calculated to be 1.75 times. Calculate the amount of net sales for the year 2017.
Modern Décor Furniture began June with merchandise inventory of 45 sofas that cost a total of ...
Modern Décor Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500. During the month, Modern Décor purchased and sold merchandise on account as follows:
Which of the following securities typically pays interest?
Which of the following securities typically pays interest? A) equity securities B) significant interest investment C) corporate bonds D) preferred stocks
A debtor of Adams Company owes $500,000 but does not have enough cash to repay the debt. Following ...
A debtor of Adams Company owes $500,000 but does not have enough cash to repay the debt. Following lengthy negotiations, the parties agreed that the debtor will issue 200,000 shares of common stock to settle the debt. This transaction will be reporte
Which of the following statements describes a purchase order?
Which of the following statements describes a purchase order? A) It is a document authorizing a payment to a supplier. B) It is a report showing that the goods have been received in good condition, as ordered. C) It is a statement from
Assume that 8,200 units were in beginning WIP Inventory, 34,500 were started, 30,000 were completed,
Assume that 8,200 units were in beginning WIP Inventory, 34,500 were started, 30,000 were completed, and 12,700 were in ending WIP Inventory. Direct materials are added at the beginning of the process. What are the total equivalent units for direct m
What is the entry to record subscriptions received for 1,700 shares of $100 par value common stock ...
What is the entry to record subscriptions received for 1,700 shares of $100 par value common stock at $130 per share? A) Debit Subscriptions ReceivableCommon Stock $221,000; credit Common Stock Subscribed $221,000 B) Debit Common Stock Sub
Neeley Grocery has a monthly target operating income of $25,000. Variable expenses are 20% of sales
Neeley Grocery has a monthly target operating income of $25,000. Variable expenses are 20% of sales and monthly fixed expenses are $15,000. What is Neeley Grocery's operating leverage factor at the target level of operating income? A) 0.63
Monarch Company reported Subscriptions Receivable-Common Stock of $1,500 and Common Stock Subscribed ...
Monarch Company reported Subscriptions Receivable-Common Stock of $1,500 and Common Stock Subscribed of $3,200 on its balance sheet. All the following are true except: A) Monarch previously issued $1,700 of the subscribed stock. B) the orig
A pizza company produces frozen pizzas in three departments: assembly, freezing, and packaging. In a
A pizza company produces frozen pizzas in three departments: assembly, freezing, and packaging. In assembly, crust ingredients are added at the beginning of the process. After the crust is made, the sauce, cheese, and toppings are added at the end of
The following information relates to Mr. Kobe and his wife for the year ended 31 December 2017: 1. He was employed by Lipa Ltd as a sales manager on the following terms: Basic pay per annum Sh. 900,000 (annual PAYE Sh. 2
Weston Jewelers uses the perpetual inventory system. On April 2, Weston sold merchandise with a cost ...
Weston Jewelers uses the perpetual inventory system. On April 2, Weston sold merchandise with a cost of $6,000 for $9,000 to a customer on account with terms of 2/15, n/30. On April 4, the customer reported damaged goods, and Michelin granted a $1,00
The ________ method allows managers to increase operating income through production by producing ...
The ________ method allows managers to increase operating income through production by producing more products than needed. A) direct costing B) absorption costing C) marginal costing D) variable costing
Fashion Jewelers uses the perpetual inventory system. On April 2, Fashion sold goods with a cost of ...
Fashion Jewelers uses the perpetual inventory system. On April 2, Fashion sold goods with a cost of $5,000 for $10,000 with terms of 4/15, n/30. On April 4, the customer reported damaged goods and Fashion granted a $2,000 sales allowance. On April 10
