Question: The actual cash received from cash sales

> A. Based on the data in Exercise 17-11, determine the following: 1. Cost of beginning work in process inventory completed this period 2. Cost of units transferred to finished goods during the period 3. Cost of ending work in process inventory 4. Cost per

> The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Determine the following: A. T

> Georgia Products Inc. completed and transferred 89,000 particle board units of production from the Pressing Department. There was no beginning inventory in process in the department. The ending in-process inventory was 2,400 units, which were 3⁄ 5 comple

> The Southern Division manager of Texcaliber Inc. is growing concerned that the division will not be able to meet its current period income objectives. The division uses absorption costing for internal profit reporting and had an appropriate level of inve

> The Hershey Company manufactures chocolate confectionery products. The three largest raw materials are cocoa, sugar, and dehydrated milk. These raw materials first go into the Blending Department. The blended product is then sent to the Molding Departmen

> Sundance Solar Company operates two factories. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on the basis of direct labor hours in Factory 2. Estimated factory overhead costs, direct labor hours, and machine

> Townsend Industries Inc. manufactures recreational vehicles. Townsend uses a job order cost system. The time tickets from November jobs are summarized as follows: Job 11-101…………………………………………………$6,240 Job 11-102…………………………………………………..9,000 Job 11-103…………………

> The weekly time tickets indicate the following distribution of labor hours for three direct labor employees: The direct labor rate earned per hour by the three employees is as follows: Tom Couro……â€&b

> A summary of the time tickets for the current month follows: Journalize the entry to record the factory labor costs. Job No. Amount Job No. Amount 100 $ 3,500 Indirect $ 9,100 101 6,650 111 8,620 104 21,900 115 2,760 108 14,440 117 18,550

> GenX Furnishings Company manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are as follows: Fabric………â€&brvb

> Materials issued for the current month are as follows: Journalize the entry to record the issuance of materials. Requisition No. Material Job No. Amount 201 Aluminum 500 $88,700 202 Plastic 503 27,600 203 Rubber 504 3,650 204 Glue Indirect 2,250 20

> An incomplete subsidiary ledger of materials inventory for May is as follows: A. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. B. Determine the materials inventory balance at the end of May. C. Journalize

> On the basis of the following data, (A) journalize the adjusting entries at December 31, the end of the current fiscal year, and (B) journalize the reversing entries on January 1, the first day of the following year: 1. Sales salaries are uniformly $11,7

> Scott Company had sales of $12,350,000 and related cost of goods sold of $7,500,000. Scott provides customers a refund for any returned or damaged merchandise. At the end of the year, Scott estimates that customers will request refunds for 0.8% of sales

> In teams, visit the Web site of a company that uses the balanced scorecard to evaluate the company’s performance. Identify the performance measures used by the company on its balanced scorecard. For each measure, identify whether the measure best fits th

> Anson Industries, Inc. reported the following information on its 20Y1 income statement: Sales ............................................................................ $4,000,000 Cost of goods sold ....................................................

> Based on the following data, estimate the cost of the ending inventory: Sales………………………………………………………..$9,250,000 Estimated gross profit rate…………………………………..36% Beginning inventory…………………………………….$ 180,000 Purchases (net)…………………………………………..5,945,000 Merchandis

> Journalize the entries to record the following: A. Check No. 12-375 is issued to establish a petty cash fund of $750. B. The amount of cash in the petty cash fund is now $80. Check No. 12-476 is issued to replenish the fund, based on the following summar

> On the basis of the following data, estimate the cost of the inventory at June 30 by the retail method: Cost Retail $ 165,000 $ 275,000 3,800,000 June 1 Inventory Purchases (net) June 1-30 2,361,500 June 1-30 Sales 3,550,000

> The table that follows shows the stock price, earnings per share, and dividends per share for three companies for a recent year: A. Determine the price-earnings ratio and dividend yield for the three companies. (Round ratios and percentages to one deci

> The series of five transactions, A through E, recorded in the following T accounts were related to a sale to a customer on account and the receipt of the amount owed. Briefly describe each transaction. Cash Notes Recelvable 76,500 75,000 D E 75,000

> On January 1 of 20Y2, Hebron Company issued a $175,000, five-year, 8% installment note to Ventsam Bank. The note requires annual payments of $43,830, beginning on December 31 of 20Y2. Journalize the entries to record the following: 20Y2 Jan. 1. Issued th

> The following information is available for the first year of operations of Engle Inc., a manufacturer of fabricating equipment: Sales…………………………………………………………..$7,270,000 Gross profit…………………………………………………….1,450,000 Indirect labor……………………………………………………330,000 I

> On the first day of the fiscal year, Shiller Company borrowed $85,000 by giving a seven–year, 7% installment note to Soros Bank. The note requires annual payments of $15,772, with the first payment occurring on the last day of the fiscal year. The first

> The following information is available for the first month of operations of Bahadir Company, a manufacturer of mechanical pencils: Sales………………………………………………………………………..$792,000 Gross profit………………………………………………………………..462,000 Cost of goods manufactured……………………

> Bon Jager Inc. manufactures and sells medical devices used in cardiovascular surgery. The sales team consists of two salespeople, Dean and Martin. A contribution margin report by salesperson was prepared as follows: Write a brief memo to Anna Berenson,

> The following information is available for Bandera Manufacturing Company for the month ending January 31: Cost of goods manufactured……………………………………$4,490,000 Selling expenses………………………………………………………….530,000 Administrative expenses………………………………………………340,000

> The Fly Company provides advertising services for clients across the nation. The Fly Company is presently working on four projects, each for a different client. The Fly Company accumulates costs for each account (client) on the basis of both direct costs

> The law firm of Furlan and Benson accumulates costs associated with individual cases, using a job order cost system. The following transactions occurred during July: July 3. Charged 175 hours of professional (lawyer) time to the Obsidian Co. breech of co

> The following events took place for Chi-Lite Inc. during June, the first month of operations as a producer of road bikes: • Purchased $400,000 of materials. • Used $343,750 of direct materials in production. • Incurred $295,000 of direct labor wages. • A

> Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month,

> The following account appears in the ledger prior to recognizing the jobs completed in August: Work in Process Balance, August 1……………â€&brvbar

> Poehling Medical Center has a single operating room that is used by local physicians to perform surgical procedures. The cost of using the operating room is accumulated by each patient procedure and includes the direct materials costs (drugs and medical

> Spring Street Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts……………………………………………………….$ 875,000 Shop direct labor……………………………………

> Five selected transactions for the current month are indicated by letters in the following T accounts in a job order cost accounting system: Describe each of the five transactions. Materials Work in Process (A) (A) |(D) (В) (C) Wages Payable Finish

> An analysis of the general ledger accounts indicates that delivery equipment, which cost $80,000 and on which accumulated depreciation totaled $36,000 on the date of sale, was sold for $37,200 during the year. Using this information, indicate the items t

> Many city and county governments realize that an entity can only control what it measures. As a result, many municipal governments are introducing nonfinancial performance measures to help improve municipal services. In a group, use the Google search eng

> Four types of eco-efficiency measures are identified below. Match the following descriptions to the proper eco-efficiency measures: 1. Energy Efficiency 2. Fuel Efficiency 3. Material Use Efficiency 4. Waste Efficiency A. Cost savings from recycling and reusing

> At the beginning of the current year, two bond issues (Simmons Industries 7%, 20-year bonds and Hunter Corporation 8%, 10-year bonds) were outstanding. During the year, the Simmons Industries bonds were redeemed and a significant loss on the redemption o

> ia Breen Corp. produces and sells wind-energy-driven engines. To finance its operations, Mia Breen issued $18,000,000 of 20-year, 4% callable bonds on May 1, Year 1, at their face amount, with interest payable on May 1 and November 1. The fiscal year of

> Hoover Corp., a wholesaler of music equipment, issued $30,000,000 of 20-year, 8% callable bonds on March 1, Year 1, at their face amount, with interest payable on March 1 and September 1. The fiscal year of the company is the calendar year. Journalize th

> A business issued a 120-day, 5% note for $90,000 to a creditor on account. Journalize the entries to record (A) the issuance of the note and (B) the payment of the note at maturity, including interest.

> The Stationery Company purchased merchandise on account from a supplier for $28,900, terms 1/10, n/30. The Stationery Company returned $6,100 of the merchandise and received full credit. A. What is the amount of cash required for the payment? B. Under a

> State the effect (cash receipt or cash payment and amount) of each of the following transactions, considered individually, on cash flows: A. Retired $400,000 of bonds, on which there was $3,000 of unamortized discount, for $411,000. B. Sold 20,000 shares

> Cost data for Sandusky Manufacturing Company for the month ended January 31 are as follows: A. Prepare a cost of goods manufactured statement for January. B. Determine the cost of goods sold for January January 31 $145,500 Inventories January 1 $18

> On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. Exhibit 9: Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Valu

> The following information is available for Ethtridge Manufacturing Company for the month ending July 31: Cost of direct materials used in production……………….$1,150,000 Direct labor………………………………………………………………..966,000 Work in process inventory, July 1……………………

> In teams, find the home page of a state that interests you. The home page will be of the form www.statename.gov. For example, the state of Tennessee can be found at www.tennessee.gov. At the home page site, search for annual budget information. 1. What a

> Widmer Company had gross wages of $240,000 during the week ended June 17. The amount of wages subject to social security tax was $240,000, while the amount of wages subject to federal and state unemployment taxes was $35,000. Tax rates are as follows: S

> Assume the same data as in Exercise 11-10, except that the current interest rate is 12%. Will the present value of your winnings using an interest rate of 12% be more than the present value of your winnings using an interest rate of 5%? Why or why not?

> On January 1 you win $50,000,000 in the state lottery. The $50,000,000 prize will be paid in equal installments of $6,250,000 over eight years. The payments will be made on December 31 of each year, beginning on December 31 of this year. If the current i

> United States Steel Corporation’s 7.5% bonds due in 2022 were reported as selling for 104.5. Were the bonds selling at a premium or at a discount? Why is United States Steel able to sell its bonds at this price?

> An employee earns $44 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 51 hours during the week, determine the employee’s (A) gross pay and (B) net pay for the week. Assume that the social security tax

> In a recent year’s financial statements, Procter & Gamble showed an unfunded pension liability of $5,955 million and a periodic pension cost of $432 million. Explain the meaning of the $5,955 million unfunded pension liability and the $432 million periodi

> Rainbow Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at August 31, the end of the fiscal year, the following balances were taken from the ledger of Rainbow Services: Jo

> Three major segments of the transportation industry are motor carriers, such as Y R C Worldwide; railroads, such as Union Pacific; and transportation logistics services, such as C .H. Robinson Worldwide, Inc. Recent financial statement information for th

> Hasbro, Inc. and Mattel, Inc. , are the two largest toy companies in North America. Condensed liabilities and stockholders’ equity from a recent balance sheet are shown for each company as follows (in thousands): The income from opera

> BendOR, Inc. manufactures control panels for the electronics industry and has just completed its first year of operations. The following discussion took place between the controller, Gordon Merrick, and the company president, Matt McCray: Matt: I’ve been

> Based on the following data, estimate the cost of the ending inventory: Sales………………………………………………………..$1,450,000 Estimated gross profit rate…………………………………..42% Beginning inventory…………………………………….$ 100,000 Purchases (net)……………………………………………..860,000 Merchandise

> A business using the retail method of inventory costing determines that inventory at retail is $775,000. If the ratio of cost to retail price is 66%, what is the amount of inventory to be reported on the financial statements?

> Based on the data in Exercise 6-15 and assuming that cost was determined by the FIFO method, show how the inventory would appear on the balance sheet. Data from Exercise 6-15: On the basis of the following data, determine the value of the inventory at

> From the list that follows, identify the accounts that should be closed to Income Summary at the end of the fiscal year: A. Accounts Payable B. Accumulated Depreciation—Equipment C. Depreciation Expense—Equipment D. Equipment E. Common Stock F. Dividends

> K. Mello Company has three employees—a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: For the current pay period, the computer programmer worked 44 hours and

> MGM Resorts International owns and operates hotels and casinos including the MGM Grand and the Bellagio in Las Vegas, Nevada. As of a recent year, MGM reported accounts receivable of $562,947,000 and allowance for doubtful accounts of $89,602,000. Johnso

> Fed Ex Corporation had the following revenue and expense account balances (in millions) for a recent year ending May 31: A. Prepare an income statement. B. Compare your income statement with the income statement that is available at FedExâ€&

> At the end of the current year, the accounts receivable account has a debit balance of $2,950,000 and sales for the year total $27,400,000. Determine the amount of the adjusting entry to provide for doubtful accounts under each of the following assumptio

> A business issued a 60-day note for $75,000 to a creditor on account. The note was discounted at 7%. Journalize the entries to record (A) the issuance of the note and (B) the payment of the note at maturity.

> Indicate whether each of the following types of transactions will either (A) increase stockholders’ equity or (B) decrease stockholders’ equity: 1. Expenses 2. issuing common stock in exchange for cash 3. dividends 4. revenues

> Sun Airlines is a commercial airline that targets business and non-business travelers. In recent months, the airline has been unprofitable. The company has break-even sales volume of 75% of capacity, which is significantly higher than the industry average

> Identify each of the following as (A) a current asset or (B) property, plant, and equipment: 1. Accounts Receivable 2. Building 3. Cash 4. Equipment 5. Prepaid Insurance 6. Supplies

> Bon Nebo Co. sold 25,000 annual subscriptions of Bjorn for $85 during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had taxable income of $840,000 during the first calendar quarter o

> Selected accounts from the ledger of Restoration Arts for the fiscal year ended April 30, 2018, are as follows: Prepare a retained earnings statement for the year. Retained Earnings 31,200 May 1 (2017) 475,500 Dividends Apr. 30 Sept. 30 1,250 Apг.

> Climate Control Systems Co. offers its services to residents in the Spokane area. Selected accounts from the ledger of Climate Control Systems for the fiscal year ended December 31, 2018, are as follows: Prepare a retained earnings statemen

> The debits and credits from four related transactions, A through D, are presented in the following T accounts. Describe each transaction. Cash Accounts Payable B 300 3,920 A 20,580 D 16,660 D 16,660 Inventory A 20,580 3,920 300

> A retailer is considering the purchase of 250 units of a specific item from either of two suppliers. Their offers are as follows: Supplier One: $400 a unit, total of $100,000, 1/10, n/30, no charge for freight. Supplier Two: $399 a unit, total of $99,750

> A business using the retail method of inventory costing determines that inventory at retail is $1,235,000. If the ratio of cost to retail price is 54%, what is the amount of inventory to be reported on the financial statements?

> An accountant prepared the following post-closing trial balance: Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct. Security Services Co. Post-Closing Trial Balance

> The following preliminary unadjusted trial balance of Ranger Co., a sports ticket agency, does not balance: When the ledger and other records are reviewed, you discover the following: (1) the debits and credits in the cash account total $77,600 and $62

> The actual cash received from cash sales was $295,455, and the amount indicated by the cash register total was $295,340. Journalize the entry to record the cash receipts and cash sales.

> Break-even analysis is an important tool for managing any business, including colleges and universities. In a group, identify three areas where break-even analysis might be used at your college or university. For each area, identify the revenues, variabl

> The Boeing Company is one of the world’s major aerospace firms with operations involving commercial aircraft, military aircraft, missiles, satellite systems, and information and battle management systems. As of a recent year, Boeing had $4,281 million of

> Warwick’s Co., a women’s clothing store, purchased $75,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Warwick’s returned $9,000 of the merchandise, receiving a credit memo. Journalize Warwick’s entries to record (A) the

> A business using the retail method of inventory costing determines that inventory at retail is $396,400. If the ratio of cost to retail price is 61%, what is the amount of inventory to be reported on the financial statements?

> For a recent year, Best Buy reported sales of $42,410 million. Its gross profit was $9,690 million. What was the amount of Best Buy’s cost of goods sold?

> During the current year, merchandise is sold for $11,750,000. The cost of the goods sold is $7,050,000. A. What is the amount of the gross profit? B. Compute the gross profit percentage (gross profit divided by sales). C. Will the income statement always

> The inventory was destroyed by fire on December 31. The following data were obtained from the accounting records: A. Estimate the cost of the inventory destroyed. B. Briefly describe the situations in which the gross profit method is useful. Jan. 1

> List the errors you find in the following balance sheet. Prepare a corrected balance sheet. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2018 Assets Current assets: $ 18,500 31,300 Cash....... Accounts payable.. Supplies . Prep

> The units of an item available for sale during the year were as follows: There are 1,100 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by the (A) first-in, first-out meth

> Summary operating data for Custom Wire & Tubing Company during the year ended April 30, 2018, are as follows: cost of goods sold, $6,100,000; administrative expenses, $740,000; interest expense, $25,000; rent revenue, $60,000; sales, $9,332,500; and sell

> The following income statement for Curbstone Company was prepared for the year ended August 31, 2018: A. Identify the errors in the income statement. B. Prepare a corrected income statement. Curbstone Company Income Statement For the Year Ended Aug

> The controller of Tri Con Global Systems Inc. has developed a new costing system that traces the cost of activities to products. The new system is able to measure post-manufacturing activities, such as selling, promotional, and distribution activities, a

> In August, Lannister Company introduced a new performance measurement system in manufacturing operations. One of the new performance measures is lead time, which is determined by tagging a random sample of items with a log sheet throughout the month. The

> Fellows Inc., a publicly traded manufacturing company in the technology industry, has a November 30 fiscal year end. The company grew rapidly in its first 10 years and made three public offerings over this period. During its rapid growth period, Fellows

> Harper Corporation had the following portfolio of investments at December 31, 2017, that qualified and were accounted for using the FV-OCI method: Early in 2018, Harper sold all the Frank Inc. shares for $17 per share, less a 1% commission on the sale.

> Brooks Corp. is a medium-sized corporation that specializes in quarrying stone for building construction. The company has long dominated the market, and at one time had 70% market penetration. During prosperous years, the company’s profits and conservati

> P9-10 Octavio Corp. prepares financial statements annually on December 31, its fiscal year end. At December 31, 2017, the company has the account Investments in its general ledger, containing the following debits for investment purchases, and no credits:

> MacAskill Corp. has the following portfolio of securities acquired for trading purposes and accounted for using the FV-NI model at September 30, 2017, the end of the company’s third quarter: On October 8, 2017, the Yuen shares were so

> Milford Company determined its ending inventory at cost and at lower of cost and net realizable value at December 31, 2015, 2016, and 2017, as follows: Instructions: (a) Prepare the journal entries that are required at December 31, 2016 and 2017, assum

> Lupulin Limited stocks a variety of sports equipment for sale to institutions. The following stock record card for basketballs was taken from the records at the December 31, 2017 year end: A physical inventory on December 31, 2017, reveals that 100 bas

> Some of the transactions of Collins Corp. during August follow. Collins uses the periodic inventory method. Aug. 10…………………………..Purchased merchandise on account, $12,000, terms 2/10, n/30. 13……………Returned $1,200 of the purchase of August 10 and received