Questions from Financial Accounting

Q: Mackinaw Inc. processes a base chemical into plastic. Standard costs

Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 40,000 units of product w...

Q: CodeHead Software Inc. does software development. One important activity in

CodeHead Software Inc. does software development. One important activity in software development is writing software code. The manager of the WordPro Development Team determined that the average softw...

Q: Abbeville Fixture Company manufactures faucets in a small manufacturing facility. The

Abbeville Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 90 employees. Each employee presently provides 36 hours of labor pe...

Q: The Crunchy Granola Company is a diversified food company that specializes in

The Crunchy Granola Company is a diversified food company that specializes in all natural foods. The company has three operating divisions organized as investment centers. Condensed data taken from th...

Q: The vice president of operations of Recycling Industries is evaluating the performance

The vice president of operations of Recycling Industries is evaluating the performance of two divisions organized as investment centers. Invested assets and condensed income statement data for the pas...

Q: On October 3, 2018, Regal Company purchased $3,

On October 3, 2018, Regal Company purchased $3,600 of supplies on account. In Regal’s chart of accounts, the supplies account is No. 15, and the accounts payable account is No. 21. A. Journalize the O...

Q: Farr Industries Inc. manufactures only one product. For the year

Farr Industries Inc. manufactures only one product. For the year ended December 31, the contribution margin increased by $560,000 from the planned level of $5,200,000. The president of Farr Industries...

Q: On August 1, Rantoul Stores Inc. is considering leasing a

On August 1, Rantoul Stores Inc. is considering leasing a building and purchasing the necessary equipment to operate a retail store. Alternatively, the company could use the funds to invest in $1,000,...

Q: I Love My Chocolate Company makes dark chocolate and light chocolate.

I Love My Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been made available: I Love My Chocolate Company...

Q: Kankakee Cosmetics Company is planning a one-month campaign for December

Kankakee Cosmetics Company is planning a one-month campaign for December to promote sales of one of its two cosmetics products. A total of $150,000 has been budgeted for advertising, contests, redeema...