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Demonstrate how each transaction he would handle using the accrual basis of accounting. Give the value of revenue or expense for January. Journal entries are not required.
On October 1, we collected $4,000 rent in advance, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying one year’s payment in advance. At December 31, we must account for the
Assume you start up your own photography business to shoot videos at nine college parties. The freshman class pays you $100 in advance just to guarantee your services for its parry.
Patrick Corporation inadvertently produced 10,000 defective personal radios. The radios cost $8 each to produce. A salvage firm will buy the defective units as they are for $3 each.
From the information, fill in the blanks. Be sure to mark your variances F for favorable and U for unfavorable.
Bartels Corp. produces woodcarvings. It takes two hours of direct labor to produce a carving. Bartels' standard labor cost is $12 per hour.
A firm's flexible budget for 12,000 units of production showed sales, $48,000; variable costs, $18,000; and fixed costs, $16,000.
Create an income statement, a retained earnings statement, and a classified balance sheet. $10,000 of the notes payable becomes due in 2009. No additional issuance of common stock occurred during
On January 1, 2009, the Needy Firm signed a lease that need payments of $90,000 per year for eight (8) years with each payment made at the end of every year.
On December 31, 2008 Firm P reported assets of $800 million and liabilities of $350 million. On January 1, 2009 it acquires Firm S for $350 million cash.
Zenon Chemical, Company, processes pine rosin into three (3) products: turpentine, paint thinner, & spot remover. During May, the joint value of processing was $240,000.
Tanzy Company's ending inventory includes the following items. Calculate the lower cost or market for ending inventory (a) as a whole & (b) applied separately to each product.
Cabigas Company manufactures two (2) products, Product E and Product F. The firm estimated it would incur $167,140 in manufacturing overhead costs during the current period.
Sea Company reports the following information regarding its production cost. Calculate production cost per unit under variable costing.
Oregon Lumber processes timber into four (4) products. During January, the joint costs of processing were $280,000. There was no inventory at the starting of the month.
Carolina Metal Works has been estimating its policies with respect to control of cost of metal tubing, one of the company's major component materials.
Flykow productions manufacturing & sold 1000 production at $11000 each during the last year. At the starting of the year, production had been set at 1200 products;
Nevada Learning Aids makes wooden lap desks. A small fire on October 1 partially destroyed the books & records relating to September's production.
The firm is considering using an activity based costing system to calculate unit product costs for external financial reports instead of its traditional system based on direct labor hours.
Flavor land Brands packages single sized servings of sugar & sugar substitute for fast food restaurants. The activities needed to package sugar are fewer & less complex than for sugar substitu
A company is considering three different proposals for conveyance facilities for its sales personnel who encompass to do considerable travelling measuring around 40,000 Kms every year.
Differentiate between the cost allocation and cost apportionment.
Illustrate the significance of Cost Drivers in the Activity-Based Costing (ABC).
Make a cost sheet and compute the profit under cost accounts supposing indirect expenditures are absorbed on the basis of the normal production capacity.
Make a Memorandum Reconciliation Account from the given particulars Profit shown by cost books Rs. 30,114 and by financial books Rs. 19,760. On reconciling the given information in available: