Start Discovering Solved Questions and Your Course Assignments
TextBooks Included
Active Tutors
Asked Questions
Answered Questions
Custom Metal Works produces castings and other metal parts to customer specifications. The company uses a job-order costing system and applies overhead costs to jobs on the basis of machine-hours.
The company uses a predetermined overhead rate to apply overhead cost to jobs. The rate for the year was $5 per machine hour; a total of 10,000 machine hours was recorded for the year.
If you were a small business owner would you implement an activity-based costing system. What potential benefits or pitfalls do you foresee?
It took a contractor 1285 hours to manufacture their first unit of an item. If the contractor expects to achieve a 92% unit learning curve, how many hours would be required to manufacture units 51-1
Hendricks Inc. has an ending balance in retained earnings on December 31, 2010, or $567,432. During 2010 it had declared dividends on $100,000 and incurred a net loss of $246,700.
Soku Company issues 35,000 shares of $6 par value common stock in exchange for land and a building. The land is valued at $233,000 and the building at $365,000.
Heathrow issues $1,700,000 of 8%, 15-year bonds dated January 1, 2011, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $2,080,794.
Wade's outstanding stock consists of 58,000 shares of cumulative 5.00% preferred stock with a $10 par value and also 145,000 shares of common stock with a $1 par value.
Assume that the company implements a 2-for-1 stock split instead of the stock dividend in part 1. Answer these questions about stockholders' equity as it exists after issuing the new shares.
If you were an investor who was considering a potential company in which to buy stock, what three ratios would be your top choices to review? Provide an explanation for your response.
"A company has net income of $940,000; its weighted-average common shares outstanding are 188,000. Its dividend per share is $.85, its market price per share is $96, and its book value per share i
Oct. 28 Paid the dividend declared on September 5.Dec. 31 Closed the $194,000 credit balance (from net income) in the Income Summary account to Retained Earnings.
Assume that the best cost driver that Sony had for variable factory overhead in the assembly department is machine hours. During April, the company budgeted 480,000 machine hours and $5,000,000 for
Montana timber company is in the process of preparing its budget for next year. Cost of goods sold has been estimated at 70 percent of sales.
Job 218 was one of the many jobs started and completed during the year. The job required $4,000 in direct materials and 400 hours of direct labor time at a rate of $10 per hour.
All sales are on credit; 60 percent is collected during the month of sale and 40 percent is collected during the next month. Cost of goods sold is 80 percent of sales.
To prepare a cash budget, the company must determine the budgeted cash collections from sales. Historically, the following trend has been established regarding cash collection of sales:
Of two corporations organized at approximately the same time and engaged in competing businesses, one issued $150 par common stock, and the other issued $1.00 par common stock.
What effect does this transaction have on revenue or expense of the period?What effect does it have on stockholders' equity?
What is the effect of the stock dividend on the stockholder's proportionate interest (equity) in the corporation?How does the total equity of 1,006 shares compare with the total equity of 1,000 shares
Identify at least two accounting errors that could occur when investments are involved. Then, discuss the implications to stakeholders (which you will identify) of erroneously (not maliciously) acco
You own an automobile parts company and have been approached by a leading car manufacturer to supply parts to the company. How would you determine that the car manufacturer has a good record of serv
You have started a business that has now been going for a couple of years. Due to the increased volume in sales, you have started noticing more bad debt and want to use the allowance method for esti
Describe the management style you would bring to the job so as to not be ineffective.Comment on the theory that "the best way to become a good manager is to start managing."