Questions from General Accounting

Q: Rothchild Company estimates that total factory overhead costs will be $810

Rothchild Company estimates that total factory overhead costs will be $810,000 for the year. Direct labor hours are estimated to be 90,000. For Rothchild Company, (a) determine the predetermined fact...

Q: SafeMark Financial Inc. was organized on February 28. Projected selling

SafeMark Financial Inc. was organized on February 28. Projected selling and administrative expenses for each of the first three months of operations are as follows: March ………..$78,400 April …………….83...

Q: Flint Tooling Company is considering replacing a machine that has been used

Flint Tooling Company is considering replacing a machine that has been used in its factory for two years. Relevant data associated with the operations of the old machine and the new machine, neither o...

Q: EastGate Physical Therapy Inc. is planning its cash payments for operations

EastGate Physical Therapy Inc. is planning its cash payments for operations for the first quarter (January–March). The Accrued Expenses Payable balance on January 1 is $15,000. The b...

Q: On January 1, 20Y2, the controller of Omicron Inc.

On January 1, 20Y2, the controller of Omicron Inc. is planning capital expenditures for the years 20Y2–20Y5. The following interviews helped the controller collect the necessary information for the ca...

Q: At the beginning of the school year, Katherine Malloy decided to

At the beginning of the school year, Katherine Malloy decided to prepare a cash budget for the months of September, October, November, and December. The budget must plan for enough cash on December 31...

Q: The cash flows from operating activities are reported by the direct method

The cash flows from operating activities are reported by the direct method on the statement of cash flows. Determine the following: a. If sales for the current year were $753,500 and account...

Q: A borrower has two alternatives for a loan: (1

A borrower has two alternatives for a loan: (1) issue a $360,000, 60-day, 5% note or (2) issue a $360,000, 60-day note that the creditor discounts at 5%. a. Calculate the amount of the interest exp...

Q: Bon Nebo Co. sold 25,000 annual subscriptions of Magazine

Bon Nebo Co. sold 25,000 annual subscriptions of Magazine 20XX for $85 during December 20Y8. These new subscribers will receive monthly issues, beginning in January 20Y9. In addition,...

Q: Cosimo Enterprises issues a $260,000, 45-day

Cosimo Enterprises issues a $260,000, 45-day, 5% note to Dixon Industries for merchandise inventory. a. Journalize Cosimo Enterprises’ entries to record: 1. the issuance of the note. 2. the payment...