QUESTION When preparing a companyâs flexible budget, which manufacturing cost(s) will change as the volume increases or decreases? (You may select more than one answer. Single click the box with a check mark for correct answers and double click to empty the box for the wrong answers.)Direct LaborVariable Manufacturing OverheadDepreciationFixed Manufacturing OverheadDirect MaterialsWhich manufacturing cost(s) […]
QUESTION January 11th Received a check in the amount of $55.00 from the Office Shack for return of some of the office supplies purchased for cash on January 9th. Where and what journal would this be recording in accounting? ANSWER: REQUEST HELP FROM A TUTOR
QUESTION Nick and Jolene are married. Nick is 61 and retired in 2012 from his job withAmalgamated Company. Jolene is 56 and works part-time as a special educationteacher. Nick and Jolene have a substantial amount of investment savings andwould like to reorganize it to achieve the best after-tax return on their investments.They give you the […]
QUESTION E9-4 Calculating Direct Materials and Direct Labor Variances [LO 9-3, 9-4]Suds & Cuts is a local pet grooming shop owned by Collin Bark. Collin has prepared the following standard cost card for each dog bath given:Standard QuantityStandardRateStandardUnit Cost Shampoo2 oz.$0.10per oz.$0.20 Water20 gal.$0.05per gal.1.00 Direct labor0.75 hr.$9.00per hr.6.75 During the month of July, Collinâs […]
QUESTION 3.. Notes payable. Red Bank Enterprises was involved in the following transactions during the fiscal year ending October 31:2-Aug: Borrowed $55,000 from the Bank of Kingsville by signing a 90-day, 12% note.20-Aug: Issued a $50,000 note to Harris Motors for the purchase of a $50,000 delivery truck. The note is due in 180 days […]
QUESTION 2. Current liabilities: entries and disclosure. A review of selected financial activities of Viscontiâs during 20XX disclosed the following:1-Dec: Borrowed $10,000 from the First City Bank by signing a 3-month, 15% note payable.Interest and principal are due at maturity.10-Dec: Established a warranty liability for the XY-80, a new product. Sales are expected tototal 1,000 […]
QUESTION 1. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing:Social Security taxes: 4% on the first $55,000 earned per employeeMedicare taxes: 1.5% on the first $130,000 earned per employeeFederal income taxes withheld from wages: $7,500State income taxes: 4% of gross earningsInsurance withholdings: 1% of gross earningsState unemployment taxes: […]
QUESTION 1) What is a current liability? From the perspective of a user of financial statements, why do you believe current liabilities are separated from long-term liabilities? Based on your current experience as well as any additional research you may have done provide two examples of situations where businesses collect monies from customers and employees […]
QUESTION 1. Journal EntriesâPerpetual InventoryJoan Ziemba owns a small variety store. The following transactions took place during March of the current year.Mar. 3Purchased merchandise on account from City Galleria, $2,910.7Paid freight charge on merchandise purchased $215.13Sold merchandise on account to Amber Specialties, $3,560. The cost of the merchandise was $2,340.18Received a credit memo from City […]
QUESTION Recording, Inc. produces memory enhancement kits for DVR machines. Sales have been very erratic, with some months showing a loss. The company’s contribution format income statement for the most recent month is given below: Sales (13,500 units at $20 per unit) $270,000 Variable expenses 189,000 Contribution margin (CM) 81,000Fixed expenses 90,000Net operating loss $ […]
