• Q : What is the contribution margin per machine hour for tales....
    Accounting Basics :

    Widgeon Co. manufactures three products: Bales; Tales; and Wales. The selling prices are: $55; $78; and $32, respectively. The variable costs for each product are: $20; $50; and $15, respectively.

  • Q : Record the transaction of december....
    Accounting Basics :

    On December 31, 2009, Hurly Co. performed environmental consulting services for Cascade Co. Cascade was short of cash, and Hurly Co. agreed to accept a $252,800 non-interest-bearing note due Decembe

  • Q : Determine the net present value of the project....
    Accounting Basics :

    The management of Kinion Corporation is considering the purchase of a machine that would cost $170,000, would last for 7 years, and would have no salvage value.

  • Q : Calculate net income or loss for the year....
    Accounting Basics :

    At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $219,000. During the year, liabilities decreased by $36,000; assets increased by $77,000;

  • Q : Share of the net income....
    Accounting Basics :

    Jake and Ness are partners who agree that Jake will receive a $60,000 salary allowance and that any remaining income or loss will be shared equally. Assume Ness's capital account is credited for $1,

  • Q : What is the amount of total under or overapplied overhead....
    Accounting Basics :

    Budgeted overhead for the Henderson Company at normal capacity (the denominator level of activity) of 30,000 direct labor hours is $6.00 per hour for variable manufacturing overhead and $4.00 per

  • Q : Calculate weber estimated inventory....
    Accounting Basics :

    eber Co. uses the retail inventory method to estimate its inventory for interim statement purposes. Data relating to the computation of the inventory at July 31, 2010.

  • Q : Discuss the henderson company at normal capacity....
    Accounting Basics :

    Budgeted overhead for the Henderson Company at normal capacity (the denominator level of activity) of 30,000 direct labor hours is $6.00 per hour for variable manufacturing overhead and $4.00 per ho

  • Q : An arson destroyed inventory....
    Accounting Basics :

    An arson destroyed inventory in company warehouse and is in the process of filing a claim with ins co. for inventory loss due to fire given beg inventory 300,500.

  • Q : Discuss a federal unemployment tax rate....
    Accounting Basics :

    Frado Company provides you with following information related to payroll transactions for the current month. The numbers below are for the all of the employees combined.

  • Q : The differences between customer records and the entity....
    Accounting Basics :

    Our books states that the differences between customer records and the entity records are referred to as exceptions. However, in my mind and previous learning when we here the word exceptions my min

  • Q : Contribution margin ratio of scoggins....
    Accounting Basics :

    The contribution margin ratio of Scoggins Corporation's only product is 69%. The company's monthly fixed expense is $364,320 and the company's monthly target profit is $14,000.

  • Q : Prepare the necessary entries to record the recovery....
    Accounting Basics :

    At December 31 of the current year, a company reported the following: total sales for the current year: $880,000. Accounts receivable balance at December 31

  • Q : Compute the break-even point in number....
    Accounting Basics :

    Outback Outfitters sells recreational equipment. One of the company's products, a small camp stove, sells for $140 per unit. Variable expenses are $98 per stove, and fixed expenses associated with t

  • Q : Prepare post closing trial balance as of apr....
    Accounting Basics :

    Ruberstein, Inc. was founded on April 1 and entered into the following transactions: Apr 1: Issued common stock to shareholders in exchange for cash, $20,000 Apr 1:

  • Q : What would slosh total dollar sales....
    Accounting Basics :

    Slosh Cleaning Corporation services both residential and commercial customers. Slosh expects the following operating results next year for each type of customer.

  • Q : Bear publishing sells a nature guide....
    Accounting Basics :

    Bear is expecting a 20-cent increase in variable expenses. No other changes are expected or planned. How much contribution margin should Bear expect after the increase.

  • Q : Effect of transactions on cash flows state....
    Accounting Basics :

    Effect of Transactions on Cash Flows State the effect (cash receipt or payment and amount) of each of the following transactions, considered individually, on cash flows:

  • Q : Callaham corporation is a wholesaler that sells....
    Accounting Basics :

    Callaham Corporation is a wholesaler that sells a single product. Management has provided the following cost data for two levels of monthly sales volume. The company sells the product for $115.80 pe

  • Q : What is mcdonald contribution margin....
    Accounting Basics :

    How much would income from operations increase if same-store sales increased by $500 million for the coming year, with no change in the contribution margin ratio or fixed costs?

  • Q : What was the amount of cash payments for income tax....
    Accounting Basics :

    Cash Flows from Operating Activities-Direct Method The cash flows from operating activities are reported by the direct method on the statement of cash flows.

  • Q : What was the amount of cash payments to stockholders....
    Accounting Basics :

    Determining Cash Payments to Stockholders The board of directors declared cash dividends totaling $260,000 during the current year. The comparative balance sheet indicates dividends payable of $74,5

  • Q : Next month production requirements....
    Accounting Basics :

    Each unit requires 3 pounds of raw materials costing $2 per pound. On December 31, 2010, the ending raw materials inventory was 9,000 pounds. Management wants to have a raw materials inventory at t

  • Q : Calculate the current ratio and working capital....
    Accounting Basics :

    Evans, Inc., had current liabilities at November 30 of $137,400. The firm's current ratio at that date was 1.8. Required: (a) Calculate the firm's current assets and working capital at Novembe

  • Q : Calculate the annual interest payment....
    Accounting Basics :

    Tom Cruise Lines, Inc., issued bonds five years ago at $1,000 per bond. These bonds had a 25-year life when issued and the annual interest payment was then 14 percent.

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