Questions from Accounting Principles

Q: Burchard Company sold 40,000 units of its only product for

Burchard Company sold 40,000 units of its only product for $25 per unit this year. Manufacturing and selling the product required $525,000 of fixed costs. Its per unit variable costs follow. For the n...

Q: Patriot Co. manufactures flags in two sizes, small and large

Patriot Co. manufactures flags in two sizes, small and large. The company has total fixed costs of $240,000 per year. Additional data follow. The company is considering buying new equipment that would...

Q: Sun Co.’s monthly data for the past year follow.

Sun Co.’s monthly data for the past year follow. Management wants to use these data to predict future variable and fixed costs. Required 1. Estimate both the variable costs per unit...

Q: The following costs result from the production and sale of 12,

The following costs result from the production and sale of 12,000 LEGO sets manufactured by LEGO Company for the year ended December 31. The LEGO sets sell for $20 each. Required 1. Prepare a contrib...

Q: Rivera Co. sold 20,000 units of its only product

Rivera Co. sold 20,000 units of its only product and reported income of $20,000 for the current year. During a planning session for next year’s activities, the production manager not...

Q: Use Apple’s financial statements in Appendix A to answer the following.

Use Apple’s financial statements in Appendix A to answer the following. 1. How many shares of Apple common stock are issued and outstanding at (a) September 28, 2019, and (b) September 29, 2018? 2. Wh...

Q: Merline Manufacturing makes its product for $75 per unit and sells

Merline Manufacturing makes its product for $75 per unit and sells it for $150 per unit. The sales staff receives a commission of 10% of sales. Its December income statement follows. Management expect...

Q: Santana Rey expects second quarter 2022 net income of Business Solutions’s line

Santana Rey expects second quarter 2022 net income of Business Solutions’s line of computer furniture to be the same as the first quarter’s net income (reported bel...

Q: The management of Zigby Manufacturing prepared the following balance sheet for March

The management of Zigby Manufacturing prepared the following balance sheet for March 31. To prepare a master budget for April, May, and June, management gathers the following information. a. Sales for...

Q: Oneida Company’s operations began in August. August sales were $215

Oneida Company’s operations began in August. August sales were $215,000 and purchases were $125,000. The beginning cash balance for September is $5,000. Oneida’s ow...