Questions from General Accounting

Q: Miami Solar budgets production of 5,000 solar panels in July

Miami Solar budgets production of 5,000 solar panels in July. Each unit requires 4 hours of direct labor at a rate of $16 per hour. Prepare a direct labor budget for July.

Q: Miami Solar budgets production of 5,300 solar panels for August

Miami Solar budgets production of 5,300 solar panels for August. Each unit requires 4 hours of direct labor at a rate of $16 per hour. Variable factory overhead is budgeted to be 70% of direct labor c...

Q: In a job order costing system, what records serve as a

In a job order costing system, what records serve as a subsidiary ledger for Work in Process Inventory? For Finished Goods Inventory?

Q: Hockey Pro budgets production of 3,900 hockey pucks during May

Hockey Pro budgets production of 3,900 hockey pucks during May. The company assigns variable overhead at the rate of $1.50 per unit. Fixed overhead equals $46,000 per month. Prepare a factory overhead...

Q: Good management includes good budgeting. (1) Explain why

Good management includes good budgeting. (1) Explain why the bottom-up approach to budgeting is considered a more successful management technique than a top-down approach.

Q: Wells Company reports the following sales forecast: September, $55

Wells Company reports the following sales forecast: September, $55,000; October, $66,000; and November, $80,000. All sales are on account. Collections of credit sales are received as follows: 25% in t...

Q: Lighthouse Company anticipates total sales for June and July of $420

Lighthouse Company anticipates total sales for June and July of $420,000 and $398,000, respectively. Cash sales are normally 60% of total sales. Of the credit sales, 20% are collected in the same mont...

Q: Messers Company is preparing a cash budget for February. The company

Messers Company is preparing a cash budget for February. The company has $20,000 cash at the beginning of February and anticipates $75,000 in cash receipts and $100,250 in cash disbursements during Fe...

Q: Use the following information to prepare a cash budget for the month

Use the following information to prepare a cash budget for the month ended on March 31 for Gado Company. The budget should show expected cash receipts and cash disbursements for the month of March and...

Q: Meyer Co. forecasts merchandise purchases of $15,800 in

Meyer Co. forecasts merchandise purchases of $15,800 in January, $18,600 in February, and $20,200 in March; 40% of purchases are paid in the month of purchase and 60% are paid in the following month....