Questions from Accounting Principles

Q: The following information is available for Aikman Company. /

The following information is available for Aikman Company. Instructions a. Compute cost of goods manufactured. b. Prepare an income statement through gross profit. c. Show the presentation of the en...

Q: University Company produces collegiate apparel. From its accounting records, it

University Company produces collegiate apparel. From its accounting records, it prepares the following schedule and financial statements on a yearly basis. a. Cost of goods manufactured schedule. b. I...

Q: An analysis of the accounts of Roberts Company reveals the following manufacturing

An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Costs incurred: raw materials purchases $54,000, direct labor $47,000,...

Q: McQueen Motor Company manufactures automobiles. During September 2020, the company

McQueen Motor Company manufactures automobiles. During September 2020, the company purchased 5,000 head lamps at a cost of $15 per lamp. Fifty of these lamps were used to replace the head lamps in aut...

Q: Nick Bosch has prepared the following list of statements about bonds.

Nick Bosch has prepared the following list of statements about bonds. 1. Bonds are a form of interest-bearing notes payable. 2. Secured bonds have specific assets of the issuer pledged as collateral f...

Q: Trak Corporation incurred the following costs while manufacturing its bicycles.

Trak Corporation incurred the following costs while manufacturing its bicycles. Instructions a. Identify each of the above costs as direct materials, direct labor, manufacturing overhead, or period...

Q: Financial Statement Identify where each of the following items would be reported

Financial Statement Identify where each of the following items would be reported in the financial statements. 1. Loss on sale of investments in stock. 2. Unrealized gain or loss—equi...

Q: Ikerd Company applies manufacturing overhead to jobs on the basis of machine

Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $300,000 for the year, and machine usage is estimated at 125,000 hours. F...

Q: Crawford Corporation incurred the following transactions. 1. Purchased raw

Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $46,300. 2. Raw materials of $36,000 were requisitioned to the factory. An analysis of the materials req...

Q: At May 31, 2020, the accounts of Lopez Company show

At May 31, 2020, the accounts of Lopez Company show the following. 1. May 1 inventories—finished goods $12,600, work in process $14,700, and raw materials $8,200. 2. May 31 inventories—finished goods...