Questions from Accounting Principles

Q: Presented below are Rook Company’s monthly manufacturing cost data related to its

Presented below are Rook Company’s monthly manufacturing cost data related to its tablet computer product. a. Utilities for manufacturing equipment $116,000 b. Raw materials (CPU, ch...

Q: Coolplay Corp. is thinking about opening a soccer camp in southern

Coolplay Corp. is thinking about opening a soccer camp in southern California. To start the camp, Coolplay would need to purchase land and build four soccer fields and a sleeping and dining facility t...

Q: In alphabetical order below are current asset items for Roland Company’s balance

In alphabetical order below are current asset items for Roland Company’s balance sheet at December 31, 2020. Prepare the current assets section (including a complete heading). Accounts receivable ………...

Q: Ruiz Engineering Contractors incurred service salaries and wages of $36

Ruiz Engineering Contractors incurred service salaries and wages of $36,000 ($28,000 direct and $8,000 indirect) on an engineering project. The company applies overhead at a rate of 25% of direct lab...

Q: Warner Company purchases $50,000 of raw materials on account

Warner Company purchases $50,000 of raw materials on account, and it incurs $60,000 of factory labor costs. Journalize the two transactions on March 31, assuming the labor costs are not paid until Apr...

Q: Pix Company has the following production data for March: no beginning

Pix Company has the following production data for March: no beginning work in process, units started and completed 30,000, and ending work in process 5,000 units that are 100% complete for materials a...

Q: Using the data in BE21.10, prepare the cost section

Using the data in BE21.10, prepare the cost section of the production cost report for Pix Company using the FIFO approach. Data from BE21.10: Pix Company has the following production data for March:...

Q: The following data were taken from the income statements of Mydorf Company

The following data were taken from the income statements of Mydorf Company. a. Compute for each year (1) the inventory turnover and (2) days in inventory. b. What conclusions concerning the manageme...

Q: Staples, Inc. is one of the largest suppliers of office

Staples, Inc. is one of the largest suppliers of office products in the United States. Suppose it had net income of $738.7 million and sales of $24,275.5 million in 2020. Its total assets were $13,073...

Q: Factory labor data for Warner Company are given in BE21.2

Factory labor data for Warner Company are given in BE21.2. Manufacturing overhead is assigned to departments on the basis of 160% of labor costs. Journalize the assignment of overhead to the Assembly...