[SOLVED] Selected financial data, as of year end,

> The standard cost card for a unit of Product AX at the Cleaning Chemicals Corp. shows the following standard cost information: Materials: 2 gallons at $12 per gallon $ 24 Labor: 5 hours at $20 per hour 100 Overhead: 80% of direct labor 80 Total $204 Duri

> In preparing the standard cost for each unit of QS500, the company’s only product, the accountant for Total Earth Solvents Corporation has developed the following data for the year 20X1: Total budgeted production, 23,000 units Raw material: Two units of

> In Woodinville Power Corporation’s factory, fixed indirect labor costs are $6,300 per month. Variable indirect labor costs are $1.40 per direct labor hour. The budget for the month of May 20X1 calls for employment of 16,500 direct labor hours. Compute th

> The standard cost card for a unit of Product AX at the Cleaning Chemicals Corp. shows the following standard cost information: Materials: 2 gallons at $12 per gallon $ 24 Labor: 5 hours at $20 per hour 100 Overhead: 80% of direct labor 80 Total $204 Duri

> James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and Trust. He permits some customers to sign short-term notes for their purchases. He usually discounts these notes at the bank. Following are selected transactio

> Alpha Companyâs records show the following data for the four quarters of 20X1: Compute the fixed and variable elements of utilities cost, using the high-low point method.

> At SanAn Corporation, production is started in the fab department. The work is then transferred to the finishing department, where goods are completed and then transferred to the finished goods storeroom. Data about the company’s costs during September 2

> The cutting department is the first department of BrakeParts Co. On April 1, 20X1, the beginning inventory in this department consisted of 700 units. Costs for the beginning work in process were as follows: Materials (100% complete) $7,000 Labor (60% com

> On April 1, 20X1, the assembly department of Ros Inc. had no beginning work in process. During the month, production was started on 10,000 units. The total cost of materials was $60,000. All materials were placed in production at the start of the manufac

> Information about production in the fabricating department of the AGAM Company for March 20X1 follows: Beginning inventory –0– Transferred in from prior department 20,000 units Transferred out to next department 16,000 units Ending inventory, work in pro

> Contemporary Furniture, a wholesale distributor of modern casual furniture, frequently accepts promissory notes from its customers at the time of sale. Because Contemporary Furniture regularly needs cash to meet its own obligations, it frequently discoun

> 1. Why should management be concerned about paying its invoices on a timely basis? 2. Why is it important for a firm to maintain a satisfactory credit rating? 3. Suppose you are the new controller of a small but growing company and you find that the firm

> For the year 20X1, WolfT Inc. had actual overhead costs of $90,000, and its applied overhead was $85,000: 1. Did the firm have overapplied or underapplied overhead for the year? 2. What was the amount of overapplied or underapplied overhead?

> During 20X1, Truck Manufacturing Company began and completed Job 1203. Costs entered on the job cost sheet for this job were $50,000 for materials and $10,000 for direct labor: 1. Assuming that overhead is applied at 65 percent of direct labor costs, com

> CHAR Co.’s direct labor costs were $100,000 for May 20X1. Assuming that the company applies overhead at the rate of 65 percent of direct labor costs, give the general journal entry for May summarizing the overhead applied for the month.

> IAM Co. estimates the following manufacturing overhead costs for 20X1: Estimated direct labor hours 60,000 hours Estimated direct labor costs $900,000 Estimated overhead costs $270,000 What is the overhead application rate based on direct labor costs?

> A payroll summary prepared at ELI Manufacturing Company showed the following figures for January 20X1: Direct labor costs incurred $50,000.00 Indirect labor costs incurred 14,000.00 Social security tax withheld 3,968.00 Medicare tax withheld 928.00 Incom

> During July 20X1, White Co. purchased and issued the following materials and supplies. Use July 31 as the date for all entries: Purchases Materials $100,000 Manufacturing supplies 6,000 Issues from Storeroom Direct materials $60,000 Manufacturing supplie

> The records of HHI Inc. for 20X1 show that it completed goods costing $160,000 and that it sold goods costing $209,000 for the year. Give the entries in general journal form on December 31, 20X1, to record the cost of goods completed and the cost of good

> During July 20X1, White Co. purchased and issued the following materials and supplies. Use July 31 as the date for all entries: Purchases Materials $100,000 Manufacturing supplies 6,000 Issues from Storeroom Direct materials $60,000 Manufacturing supplie

> Brecha Hogan is president of Hogan Company, a manufacturer of toys for children. For the past 10 years, the company has sold its product to both wholesale and retail dealers of toys in the northeastern United States. Over the years, the company has come

> Which of the following account balances would not be extended to the Cost of Goods Manufactured section of the worksheet? 1. Insurance on finished goods 2. Payroll taxes on outside sales salaries 3. Salary of factory shift supervisor 4. Insurance on raw

> Which of the following items would be included in the Manufacturing Overhead section of the statement of cost of goods manufactured? 1. Direct labor 2. Raw materials used 3. Indirect materials and supplies 4. Repairs to factory building 5. Depreciation o

> Which of the following items would not be included in the Manufacturing Overhead section of the statement of cost of goods manufactured? 1. Payroll taxes on wages of plant security guards 2. Insurance costs for factory 3. Freight-in charges on purchases

> Which of the following items would appear on the statement of cost of goods manufactured? 1. Work in process inventory 2. Finished goods inventory 3. Raw materials inventory

> Which of the following items would not appear on the statement of cost of goods manufactured? 1. Advertising expense 2. Depreciation of factory equipment 3. Direct labor

> Cat Company’s total manufacturing cost for the year was $1,500,000. Its manufacturing overhead was $300,000, and its cost of raw materials used was $900,000. What was its direct labor cost for the year?

> WFC Company’s beginning raw materials inventory was $85,000. Its net purchases for the period were $795,000, and its ending raw materials inventory was $75,000. What was its cost of raw materials used?

> Using the data given in Exercise 26.1, prepare the general journal entry to record adjustments for inventory accounts. Data from Exercise 26.1: The following selected items appeared in the Adjustments columns of the worksheet for Red Inc. on December 31

> Information about certain account balances in the trial balance of Vol Corp. on December 31, 20X1, follows: a. Balance in Raw Materials Inventory account that reflects the beginning balance, December 31, 20X0, $52,000; physical count on December 31, 20X1

> The following selected items appeared in the Adjustments columns of the worksheet for Red Inc. on December 31, 20X1. From this information, prepare the section of the statement of cost of goods manufactured relating to the cost of raw materials used:

> The Family Place Kitchen is a small chain of kitchen remodeling stores. The companyâs year-end trial balance on December 31, 20X1, included the information shown below: Accounts Receivable $495,220 Allowance for Doubtful Accounts (credi

> Quik Gift Company sells a product for $59. It costs $19 to obtain the product. The company has a total of $80,000 of fixed expenses. What is the break-even point?

> Using the data given in Exercise 25.5, would you recommend closing Department 1? Why or why not? Data from Exercise 25.5: Data from the departmental income statement of Numbers, Inc. for the year ended December 31, 20X1, is given below. Assuming that a

> Using the data given in Exercise 25.5, prepare an income statement for the company if Department 1 is closed. Data from Exercise 25.5: Data from the departmental income statement of Numbers, Inc. for the year ended December 31, 20X1, is given below. Ass

> Data from the departmental income statement of Numbers, Inc. for the year ended December 31, 20X1, is given below. Assuming that a departmentâs direct expenses can be eliminated if it is closed, what factors should management consider w

> Data related to the income and expenses of the TNCO Inc. year ending December 31, 20X1, follow: Allocated indirect expenses Outside department $44,500 Inside department 35,500 Interest income $400 Gross profit Outside department $300,500 Inside departmen

> Selected financial data, as of year end, December 31, for Courtney’s Cuties, a children’s retail store, follows. Round all calculations to the nearest percentage point and nearest dollar. Credit sales Women’s clothing, $1,000,000 Men’s clothing, $300,000

> The following transactions occurred at Peter’s Second Company in 2022. Use this information to compute the company’s net cash flow from financing activities for the year. 1. The company reacquired as treasury stock 30,000 shares of its outstanding common

> The following transactions occurred at John Inc. in 2022. Use this information to compute the company’s net cash flow from financing activities for the year. 1. Holders of $200,000 par-value 3 percent bonds surrendered the bonds for redemption and were p

> Assume that you are an independent CPA performing audits of financial statements. In the course of your work, you encounter the following independent situations. Review each of the situations. If you consider the treatment to be in conformity with genera

> The following transactions occurred at Signal Company in 2022. Use this information to compute the company’s net cash flow from investing activities. 1. The company purchased a new building for $450,000. A down payment of $50,000 was made. The balance is

> The following transactions occurred at E Brainerd Inc. during 2022. Use this information to compute the company’s net cash flow from investing activities. 1. The company issued 100,000 shares of its own $1 par-value common stock for land with a fair mark

> The following information is taken from the income statement of Nashville Inc. for 2022: Additional information relating to account balances at the beginning and end of the year appears below: Determine the cash flows from operations for 2022.

> The income statement of Eastwood, Inc., showed net income of $80,000 for 2022. The firm’s beginning inventory was $50,000 and its ending inventory was $54,000. Accounts payable were $44,000 on January 1 and $39,000 on December 31. Compute the net cash pr

> The current assets and current liabilities of Titan Company on December 31, 2022 and 2021, are as follows. The corporationâs net income for 2022 was $50,000. Included in its expenses was depreciation of $12,000. Prepare a schedule of th

> The following data are summarized from the income statement of More, Inc., for the year ended December 31, 2022. Using these data and ignoring changes in current assets, current liabilities, and income taxes, prepare a schedule of cash flows from operati

> What effect would each of the following transactions have on the statement of cash flows? 1. The sum of $16,000 in cash was received from the sale of used office equipment that originally cost $25,000. Depreciation of $12,000 had been taken on the asset

> Calculate the price-earnings ratio for the two years displayed. The common stock selling price at year-end 2022 was $2.00 and for 2021 was $1.60.

> Calculate the earnings per share of common stock for each year.

> Compute the rate of net income before income taxes on total assets for each of these two years. Base your calculation on total ending assets each year.

> Logistics Distribution Center receives a number of different products in its warehouse. Logistics distributes these products by truck to customers within a radius of 150 miles. The company is located near the Jackson Regional Airport, which is owned and

> Compute the rate of net income on stockholdersâ equity for 2022 and 2021. ACRH, Inc. uses the average of the beginning and ending balance for common stockholderâs equity. Retained earnings on December 31, 2020, was $69

> Calculate the rate of net income on sales for these two years.

> Prepare a horizontal analysis of all items on the comparative balance sheet for the years shown.

> Using the comparative income statement, prepare a horizontal analysis of all items on the income statement for years displayed.

> Prepare a vertical analysis of all asset items on the comparative balance sheet for these years.

> Compute the accounts receivable turnover on December 31, 2022, for ACRH, Inc. Assume that all sales were credit sales.

> Using the data for the two years, calculate the inventory turnover for each year. The beginning inventory for year 2021 was $59,000.

> Calculate the current ratio for each year.

> Using the comparative income statement, prepare a vertical analysis of all items from sales through gross profit on sales for the years shown.

> On April 1, 2022, Dave’s Deli issued $70,000 of its 9 percent bonds, maturing 10 years later. Interest is payable semiannually on April 1 and October 1. The issue price was 94.0. Dave’s has decided to retire the bonds on August 1, 2025, three years and f

> Brandon Marchand is the owner of Divine Jewels, a store specializing in gold, platinum, and special stones. During the past year, in response to increased demand, Brandon doubled his selling space by expanding into the vacant building space next door to

> Record the appropriation of $75,000 of retained earnings on December 31, 2022, by Dawn Inc. to establish an appropriation for bond retirement.

> Give the general journal entries to record the following transactions: a. On December 31, 2021, Blue Co. established a bond sinking fund investment by depositing $25,000 with the fund trustee. b. On December 31, 2022, Blue Co. recorded $2,000 net income

> Jon Inc. was authorized to issue $1,000,000 of 6 percent bonds. On April 1, 2022, the corporation issued bonds with a face value of $500,000 at a price of 102.0. The bonds mature 10 years from the date of issue. Interest is payable semiannually on Octobe

> First Corp issued $500,000 of its 5 percent bonds payable on April 1, 2022. The bonds were issued at face value. Interest is payable semiannually on October 1 and April 1. Give the entry to accrue bond interest on First’s bonds payable on December 31, 20

> First Corp issued $500,000 of its 5 percent bonds payable on April 1, 2022. The bonds were issued at face value. Interest is payable semiannually on October 1 and April 1. Give the entry in general journal form to record the interest payment on October 1

> First Corp issued $500,000 of its 5 percent bonds payable on April 1, 2022. The bonds were issued at face value. Interest is payable semiannually on October 1 and April 1. Give the general journal entry to record the April 1, 2022, bond issue.

> Because of fears about the outcome of several lawsuits in progress during the past five years, Falcon Corporation had appropriated retained earnings of $250,000, and transferred that amount from the Retained Earnings account to Retained Earnings Appropri

> On December 31, 20X1, the board of directors of NoCal Corporation voted to appropriate $100,000 of retained earnings each year for five years to establish a reserve for contingencies. Give the general journal entry on December 31, 20X1, to record the app

> Programs Plus is a retail firm that sells computer programs for home and business use. Programs Plus operates in a state with no sales tax. On December 31, 20X1, its general ledger contained the accounts and balances shown below: The following accounts h

> TNCO Corporation had outstanding 100,000 shares of no-par-value common stock, with a stated value of $12, on December 1, 20X1. The directors voted to split the stock on a 2-for-1 basis, issuing one new share to stockholders for each share presently owned

> ACH Company had outstanding 100,000 shares of $5 par-value common stock on August 13, 20X1. On that date, it declared a 10 percent common stock dividend distributable on September 15 to stockholders of record on September 1. The estimated fair value of t

> On October 15, 20X1, the board of directors of Trump Inc. declared a cash dividend of $1 per share on its 100,000 outstanding shares of common stock. The dividend is payable on November 15 to stockholders of record on October 30. Give any general journal

> After the revenue and expense accounts were closed into Income Summary on December 31, 20X1, the Income Summary account showed a net loss for the year of $50,000. Prepare the general journal entry to close the Income Summary account.

> In each of the following situations, what is the amount of profit or loss? In each situation, what accounts will be debited and credited, and for what amount, in the journal entry to close the Income Summary account? a. The total of the Debit column in t

> A corporation has paid estimated income taxes of $50,000 during the year 20X1. At the end of the year, the corporation’s tax bill is computed to be $52,000. Give the general journal entry to adjust the Income Tax Expense account.

> The following are selected accounts from the general ledger of the First Company on December 31, 20X1. Show how the corporation’s Stockholders’ Equity section would appear on the December 31, 20X1, balance sheet. Common Stock, $1 par, authorized 100,000

> On March 31, 20X1, Alpha Corporation had outstanding 100,000 shares of 5 percent preferred stock with a par value of $100. The stock was originally issued for $110 per share. On that date, the corporation repurchased 10,000 shares of the preferred stock,

> The city of Springfield contributed to Orange Corporation a tract of land on which to build a plant. When the contribution was made on April 1, 20X1, the land’s appraised value was $350,000. Give the general journal entry, if any, necessary to record the

> After all revenue and expense accounts, other than Income Tax Expense, have been extended to the Income Statement section of the worksheet of US Trucks, Inc., the net income is determined to be $305,000. Using the corporate tax rate given in this chapter

> When Sandra Michaelsâs father took seriously ill suddenly, Sandra had just completed the semester in college, so she stepped in to run the family business, ASAP Couriers, until it could be sold. Under her fatherâs dire

> On January 2, 20X1, AC Company issued 50,000 shares of its no-par-value common stock ($50 stated value) for cash at $51 a share. Give the entry in general journal form to record the issuance of the stock.

> On January 2, 20X1, BYU Corporation issued 5,000 shares of its $10 par-value common stock for cash at $12 a share. Prepare the entry in general journal form to record the issuance of the stock.

> On January 2, 20X1, Cotton Inc. issued 50,000 shares of $10 par-value common stock and 10,000 shares of 5 percent, $100 par-value preferred stock for cash at par value. Prepare the entry in general journal form to record the issuance of the stock.

Question: Selected financial data, as of year end,