Questions from Financial Accounting

Q: The unadjusted trial balance that you prepared for PS Music at the

The unadjusted trial balance that you prepared for PS Music at the end of Chapter 2 should appear as follows: The data needed to determine adjustments are as follows: • During July...

Q: A quality control activity analysis indicated the following four activity costs of

A quality control activity analysis indicated the following four activity costs of a hotel: Inspecting cleanliness of rooms……………………………………$175,000 Processing lost customer reservations……………………………..40,...

Q: Roen Company incurred an activity cost of $105,600 for

Roen Company incurred an activity cost of $105,600 for inspecting 40,000 units of production. Management determined that the inspecting objectives could be met without inspecting every unit. Therefore...

Q: Pasadena Candle Inc. pays 40% of its purchases on account

Pasadena Candle Inc. pays 40% of its purchases on account in the month of the purchase and 60% in the month following the purchase. If purchases are budgeted to be $40,000 for August and $36,000 for S...

Q: You are the Cookie division controller for Auntie M’s Baked Goods Company

You are the Cookie division controller for Auntie M’s Baked Goods Company. Auntie M recently introduced a new chocolate chip cookie brand called Full of Chips, which has more than twice as many chips...

Q: Howard Industries Inc., operating at full capacity, sold 64,

Howard Industries Inc., operating at full capacity, sold 64,000 units at a price of $45 per unit during the current year. Its income statement is as follows: The division of costs between variable a...

Q: Liu Company has sales of $48,500,000,

Liu Company has sales of $48,500,000, and the break-even point in sales dollars is $31,040,000. Determine the company’s margin of safety as a percent of current sales.

Q: The costs of materials consumed in producing good units in the Forming

The costs of materials consumed in producing good units in the Forming Department of Thomas Company were $76,000 and $77,350 for September and October, respectively. The number of equivalent units pro...

Q: Prepare a journal entry for the purchase of office supplies on March

Prepare a journal entry for the purchase of office supplies on March 9 for $1,775, paying $275 cash and the remainder on account.

Q: A company reports the following: Net income……………………………………………………..$1

A company reports the following: Net income……………………………………………………..$1,000,000 Preferred dividends……………………………………………….50,000 Average stockholders’ equity………………………………6,250,000 Average common stockholders’...