Questions from General Accounting

Q: A1 Manufacturing is preparing its master budget for the quarter ended September

A1 Manufacturing is preparing its master budget for the quarter ended September 30, 2015. Budgeted sales and cash payments for product costs for the quarter follow. Sales are 20% cash and 80% on cre...

Q: HCS Mfg. makes its product for $60 and sells it

HCS Mfg. makes its product for $60 and sells it for $130 per unit. The sales staff receives a 10% commission on the sale of each unit. Its June income statement follows. Management expects June&acir...

Q: The management of Nabar Manufacturing prepared the following estimated balance sheet for

The management of Nabar Manufacturing prepared the following estimated balance sheet for June, 2015: To prepare a master budget for July, August, and September of 2015, management gathers the follow...

Q: H20 Sports Company is a merchandiser of three different products. The

H20 Sports Company is a merchandiser of three different products. The company’s March 31 inventories are water skis, 40,000 units; tow ropes, 90,000 units; and life jackets, 150,000...

Q: During the last week of March, Sony Stereo’s owner approaches the

During the last week of March, Sony Stereo’s owner approaches the bank for an $80,000 loan to be made on April 1 and repaid on June 30 with annual interest of 12%, for an interest co...

Q: Connick Company sells its product for $22 per unit. Its

Connick Company sells its product for $22 per unit. Its actual and budgeted sales follow. All sales are on credit. Recent experience shows that 40% of credit sales is collected in the month of the s...

Q: Near the end of 2015, the management of Isle Corp.,

Near the end of 2015, the management of Isle Corp., a merchandising company, prepared the following estimated balance sheet for December 31, 2015. To prepare a master budget for January, February, a...

Q: Tohono Company’s 2015 master budget included the following fixed budget report.

Tohono Company’s 2015 master budget included the following fixed budget report. It is based on an expected production and sales volume of 20,000 units. Required 1. Classify all ite...

Q: Refer to the information in Problem 23-1B. Tohono Company’s

Refer to the information in Problem 23-1B. Tohono Company’s actual income statement for 2015 follows. Required 1. Prepare a flexible budget performance report for 2015. Analysis C...

Q: Suncoast Company set the following standard costs for one unit of its

Suncoast Company set the following standard costs for one unit of its product. The predetermined overhead rate ($16.00 per direct labor hour) is based on an expected volume of 75% of the factory&aci...