• Q : Problem based on costs of production....
    Cost Accounting :

    Raw material costs $3 per pound and direct production labor is paid $4 per hour. Fixed supervisory costs are $2,000 per month and Dreamland rents its factory on a five-year lease for $4,000 per mont

  • Q : Determine the amount of gross profit earned....
    Cost Accounting :

    Abbey Co. sold merchandise to Gomez Co. on account, $13,500, terms 2/15, net 45. The cost of the merchandise sold is $9,450. Abbey Co. issued a credit memo for $2,000 for merchandise returned that o

  • Q : Make a schedule to show cashier embezzled....
    Cost Accounting :

    The Jamison Cardstock Corporation did not spend a lot of time or money instituting proper internal controls over its cash transactions. The following data reflects Jamison's cash position as of June 3

  • Q : Make a bank reconciliation statement....
    Cost Accounting :

    The unadjusted cash account balance for Chang Corporation at December 31, 2009 is $21,342. The bank statement showed an ending balance of $27,350 at December 31, 2009.

  • Q : Make journal entries to record liquidation....
    Cost Accounting :

    The partners of the RichMax Corporation decide to liquidate the firm on DEC 3.

  • Q : Compute partners share of the net income....
    Cost Accounting :

    At the end of the 1st year of operations on 12 DEC, FMR Corporation's accounts show the following:

  • Q : Journalization of admission....
    Cost Accounting :

    On 28 February, partners’ capital balances in the CarmCo partnership are: Alvin, $60,000; Bob $30,000; & Charles $10,000. Income sharing ratio is 2:5:3.

  • Q : Computation of loan amount....
    Cost Accounting :

    A bank loaned dollar 15,000 some at an yearly rate of 16 percent and some at an annual rate of 10 percent. If the income from these loans was dollar 1800, how much was loaned at 10 percent?

  • Q : Determine the collection forecast....
    Cost Accounting :

    Use the information below from a firm's sales for January-June to get a forecast for the collection forecast, including cash sales, for June.

  • Q : Find the amount doubtful accounts....
    Cost Accounting :

    Acme Corporation had a January 1, balance in its Allowance for Doubtful Accounts of $7,000 for the current year. The following transactions & events affected the Allowance for Doubtful Accounts du

  • Q : Calculation of nrv....
    Cost Accounting :

    An analysis & aging of accounts receivable of the Lucille Corporation at December 31, 2007, showed following:

  • Q : Making journal entry to accrue the payroll....
    Cost Accounting :

    A firm's payroll for the week ended 15 May included received salaries of $20,000. All of that week's payment is subject to FICA social security taxes of 6.2 percent and Medicare taxes of 1.45 percent.

  • Q : Calculate earnings per share of common stock....
    Cost Accounting :

    The following data is available for Vincent Corporation: Dividends paid to common stockholders $45,000

  • Q : Dividend calculations....
    Cost Accounting :

    Reiner Wholesale Merchandise had 20,000 shares of 6 percent, $20 par value preferred stock and 15,000 shares of $25 par value common stock outstanding throughout 2008.

  • Q : Make necessary entries for payment of the stock dividend....
    Cost Accounting :

    Richman Company has 120,000 shares of $5 par value common stock outstanding. It announced a 15% stock dividend on June 1 when market value per share was $12. The shares were issued on June 30.

  • Q : Categorization of transactions....
    Cost Accounting :

    Match every item or event pair below with the indicated change in the item. An individual categorization may be used more than once, or not at all.

  • Q : Calculate number of shares of common stock issued....
    Cost Accounting :

    The following items were shown on the balance sheet of Herman Corporation on December 31, 2008:

  • Q : Preparation of journal entries....
    Cost Accounting :

    Garner Corporation is authorized to issue 1,000,000 shares of $5 par value common stock. During 2008, its 1st year of operation, the firm has following stock transactions.

  • Q : Multiple choice questions related to stocks and debts....
    Cost Accounting :

    Keys Corporation's 5-year bonds yield 6.50%, and 5-year T-bonds yield 4.40%. The real risk-free rate is r* = 2.5%, the default risk premium for Keys' bonds is DRP = 0.40%,

  • Q : Objective questions on cvp analysis....
    Cost Accounting :

    Which of the following statement is correct concerning return on investment computations?

  • Q : Compute expected eps for financing plans....
    Cost Accounting :

    At present, the firm is undecided between the following two financing plans [Suppose tax rate is 40%].

  • Q : Compute ebit-eps indifference point....
    Cost Accounting :

    Emco Products has a present capital structure consisting only of common stock [10 million shares].  The firm is planning a major expansion.

  • Q : Calculate break-even-point of airline corporation....
    Cost Accounting :

    The Smooth Flight Airline Corporation is considering lowering fares in an attempt to fill unused seats on its regular flights from N.Y. to Chicago. Recent capacity on every flight is 250 travelers.

  • Q : Breakeven point, cost structure, and target sales....
    Cost Accounting :

    lainfield Bakers, manufactures & sells a popular line of fat-free cookies under the name Aunt May’s Cookies. The process Plainfield uses to produce the cookies is labor-intensive;

  • Q : Calculate contribution margin ratio and breakeven level....
    Cost Accounting :

    Aunt Kity's Pies is a small bakery that sells its products to local restaurants and supermarkets. The Bakery's most recent income statement is given below:

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