Questions from Accounting Principles

Q: At Bargain Electronics, it costs $30 per unit ($20

At Bargain Electronics, it costs $30 per unit ($20 variable and $10 fixed) to make an MP3 player that normally sells for $45. A foreign wholesaler off ers to buy 3,000 units at $25 each. Bargain Elect...

Q: Pargo Company is preparing its budgeted income statement for 2020. Relevant

Pargo Company is preparing its budgeted income statement for 2020. Relevant data pertaining to its sales, production, and direct materials budgets can be found in DO IT! 24.2. In addition, Pargo budge...

Q: A job order cost sheet for Ryan Company is shown below.

A job order cost sheet for Ryan Company is shown below. Instructions a. On the basis of the foregoing data, answer the following questions. 1. What was the balance in Work in Process Inventory on Ja...

Q: Founded in 1983 and foreclosed in 1996 Beverly Hills Fan Company was

Founded in 1983 and foreclosed in 1996 Beverly Hills Fan Company was located in Woodland Hills, California. With 23 employees and sales of less than $10 million, the company was relatively small. Mana...

Q: Jorge Company bottles and distributes B-Lite, a diet soft

Jorge Company bottles and distributes B-Lite, a diet soft drink. The beverage is sold for 50 cents per 16-ounce bottle to retailers. For the year 2020, management estimates the following revenues and...

Q: Match the descriptions that follow with the corresponding terms.

Match the descriptions that follow with the corresponding terms. Descriptions: 1. Inventory system in which goods are manufactured or purchased just as they are needed for sale. 2. A method of alloca...

Q: On January 1, 2020, Jade Company issued $2,

On January 1, 2020, Jade Company issued $2,000,000 face value, 7%, 10-year bonds at $2,147,202. This price resulted in a 6% effective-interest rate on the bonds. Jade uses the effective-interest metho...

Q: Manson Industries incurs unit costs of $8 ($5 variable and

Manson Industries incurs unit costs of $8 ($5 variable and $3 fixed) in making an assembly part for its finished product. A supplier offers to make 10,000 of the assembly part at $6 per unit. If the o...

Q: During the current month, Standard Corporation completed Job 310 and Job

During the current month, Standard Corporation completed Job 310 and Job 312. Job 310 cost $70,000 and Job 312 cost $50,000. Job 312 was sold on account for $90,000. Journalize the entries for the com...

Q: Tanek Corp.’s sales slumped badly in 2020. For the

Tanek Corp.’s sales slumped badly in 2020. For the first time in its history, it operated at a loss. The company’s income statement showed the following results fro...