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Can some one assist me with these questions please...

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Can some one assist me with these questions please.Can you answer as many as possible please, I need them by 6pm eastern time today.Thanks For any help you can provide. A company has already incurred a $100 cost in partially producing its two products. Their selling prices when partially and fully processed are shown in the table below with the additional costs necessary to finish their processing. Based on this information, the company should process only product A further. Product Unfinished Selling Price Finished Selling Price Further Processing Costs A $200 $300 $120 B $75 $130 $45 (Points: 5) True False 2. To maximize profit when a constrained resource exists, management should produce the sales mix which has the highest contribution margin per unit of scarce resource. (Points: 5) True False 3. Long-term investments can include: (Points: 5) Held-to-maturity debt securities Available-for-sale debt securities Available-for-sale equity securities Equity securities giving an investor significant influence over an investee All of the above 4. Held-to-maturity securities are: (Points: 5) Always classified as Long?Term Liabilities Part of equity Debt securities that a company intends and is able to hold to maturity Equity securities that a company intends and is able to hold to maturity Equity securities that have a maturity value greater than cost 5. Parris Corporation purchased 40% of Samitz Corporation for $100,000 on January 1. On November 17 of the same year, Samitz Corporation declared total cash dividends of $12,000. At year-end, Samitz Corporation reported net income of $60,000. The balance in the Parris Corporation's Long?Term Investment in Samitz Corporation at December 31 should be: (Points: 5) $80,800 $100,000 $95,200 $119,200 $124,000 6. The indirect method for the preparation of the operating activities section of the statement of cash flows: (Points: 5) Separately lists each major item of operating cash receipts Separately lists each major item of operating cash payments Reports net income and then adjusts it for items necessary to determine net cash provided or used by operating activities Is required if the company is a merchandiser Must not be used in all circumstances 7. When using the indirect method to calculate and report net cash provided or used by operating activities, which of the following is subtracted from net income? (Points: 5) Decrease in income taxes payable Depreciation expense Amortization of intangible assets Bad debts expense Decrease in merchandise inventory 8. A mixed cost: (Points: 5) Requires the future outlay of cash and is relevant for future decision making Does not change with changes in the volume of activity within the relevant rang Is directly traceable to a cost object Contains a combination of fixed costs and variable costs Has already been incurred and cannot be avoided so it is irrelevant for decision making 9. Product costs: (Points: 5) Are expenditures necessary and integral to finished products Are expenditures identified more with a time period rather than with finished products Include selling and administrative expenses Are costs that vary with the volume of activity Are costs that do not vary with the volume of activity 10. A manufacturing company has a beginning finished goods inventory of $14,600, raw material purchases of $18,000, cost of goods manufactured of $32,500, and an ending finished goods inventory of $17,800. The cost of goods sold for this company is: (Points: 5) $21,200 $29,300 $32,500 $47,100 $27,600 11. At the current year-end, Hardly Company found that its overhead was underapplied by $2,500, and this amount was not deemed to be a material amount. Based on this information, Hardly should: (Points: 5) Close the $2,500 to Cost of Goods Sold Close the $2,500 to Finished Goods Inventory Do nothing about the $2,500, since it is not material, and it is likely that overhead will be overapplied by the same amount next year Carry the $2,500 to the income statement as "Other Expense." Carry the $2,500 to the next period 12. If it is a material amount, overapplied or underapplied overhead should be disposed of by allocating it to: (Points: 5) Cost of goods sold and finished goods Finished goods and goods in process Goods in process, finished goods, and cost of goods sold Goods in process, if immaterial Raw materials, goods in process, and finished goods 13. The purchase of raw materials on account in a process costing system is recorded with a: (A) Raw Materials Inventory 77,000 Goods in Process Inventory 60,000 Factory Overhead 17,000 (B) Goods in Process 77,000 Raw Materials Inventory 77,000 (C) Goods in Process 17,000 Factory Overhead 60,000 Cash 77,000 (D) Goods in Process 60,000 Factory Overhead 17,000 Raw Materials Inventory 77,000 (E) Raw Materials Inventory 77,000 Cash 77,000 (Points: 5) (A) above (B) above (C) above (D) above (E) above 14. Which of the following journal entries correctly records the current month?s activity where $125,000 of raw material was purchased for cash, and $75,000 of direct material and $30,000 of indirect materials were used in the production process? (A) Raw Materials Inventory 125,000 Raw Materials Inventory 105,000 Goods in Process Inventory 75,000 Factory Overhead 30,000 (B) Raw Materials Inventory 125,000 Cash 125,000 Goods in Process Inventory 75,000 Factory Overhead 30,000 Raw Materials Inventory 105,000 (C) Raw Materials Inventory 125,000 Cash 125,000 Raw Materials Inventory 105,000 Goods in Process Inventory 75,000 Factory Overhead 30,000 (D) Cash 125,000 Raw Materials Inventory 125,000 Goods in Process Inventory 75,000 Factory Overhead 30,000 Raw Materials Inventory 105,000 (E) Raw Materials Inventory 125,000 Cash 125,000 Goods in Process Inventory 125,000 Raw Materials Inventory 125,000 (Points: 5) (A) above (B) above (C) above (D) above (E) above 15. A company's beginning work in process inventory consisted of 20,000 units that were 1/5 complete with respect to direct labor. These beginning units were completed and another 90,000 units were started during the current period. Of those started, 60,000 were finished and the remaining 30,000 were 1/3 complete at the end of the period. The equivalent units of production were: (Points: 5) 60,000 74,000 76,000 86,000 96,000 16. A company wishes to earn a pretax income equal to 35% of total fixed costs. Its product sells for $50.75 per unit. Total fixed costs equal $156,800 and variable costs per unit are $32.50. How many units must this company sell to meet its goal? (Round answer to complete units.) (Points: 5) 11,599 8,592 4,171 6,513 11,047 17. A company has fixed costs of $90,000. Its contribution margin ratio is 30% and the product sells for $75 per unit. What is the company's break-even point in dollar sales? (Points: 5) $60,000 $128,571 $180,000 $210,000 $300,000 18. Harold's expects its September sales to be 20% higher than its August sales of $150,000. Purchases were $100,000 in August and are expected to be $120,000 in September. All sales are on credit and are collected as follows: 30% in the month of the sale and 70% in the following month. Merchandise purchases are paid as follows: 25% in the month of purchase and 75% in the following month. The beginning cash balance on September 1 is $7,500. The ending cash balance on September 30 would be: (Points: 5) $31,500 $67,500 $54,000 $61,500 $136,500 19. Pecan Company had March sales and purchases of $63,000 and $47,000 respectively. The company expects April sales to increase 12% above, and purchases to stay consistent with, March amounts. Twenty percent of the company?s sales are for cash. Credit sales are collected twenty percent in the month of the sale and 80% in the following month. All purchases are paid for in the month following the purchase. The beginning cash balance on April 1 is $42,000. What is Pecan Company?s expected cash balance on April 30th? (Points: 5) $46,609.60 $105,880.00 $70,801.60 $60,721.60 $49,432.00 20. A company?s data is presented below. Desired ending inventory is a consistent percentage of the next quarter?s sales and the previous year's 4th quarter ending inventory of 560 units meets this requirement.Compute the expected production in the new year's 3rd Quarter. Quarter 1 2 3 4 Expected Sales Units 7,000 5,000 8,000 6,000 Units Produced 6,840 ? ? ? (Points: 5) 7,840 8,160 8,000 8,480 7,360 21. Use the following data to find the direct labor cost variance. Direct labor standard (4 hr.s @ $7/hr.) $28 per unit Actual hours worked per unit 3.5 hours Actual units produced 3,500 units Actual rate per hour $7.50 (Points: 5) $ 6,125 unfavorable $ 7,000 unfavorable $ 7,000 favorable $12,250 favorable $ 6,125 favorable 22. The following company information is available: Direct materials used for production 36,000 gallons Standard quality for units produced 34,400 gallons Standard cost per gallon of direct material $6.00 Actual cost per gallon of direct material $6.10 The direct materials quantity variance is: (Points: 5) $10,000 unfavorable $13,200 unfavorable $ 9,600 unfavorable $10,000 favorable $13,200 favorable 23. Bradford Company budgeted 4,000 pounds of material costing $5.00 per pound to produce 2,000 units. The company actually used 4,500 pounds that cost $5.10 per pound to produce 2,000 units. What is the direct materials quantity variance? (Points: 5) $ 400 unfavorable $ 450 unfavorable $2,500 unfavorable $2,550 unfavorable $2,950 unfavorable 24. A company had a $56,000 unfavorable direct material efficiency variance during a time period when the standard rate per pound of direct material was $7 and the actual rate per pound of direct material was $7.50. If the standard quantity of direct material allowed for production was 52,000 pounds, how many pounds of direct material were actually used during this period? (Points: 5) 60,000 pounds 44,000 pounds 56,000 pounds 364,000 pounds 420,000 pounds 25. Adams, Inc., uses the following standard to produce a single unit of its product: Overhead (2 hrs. @ $3/hr.) $ 6 The flexible budget for overhead is $100,000 plus $1 per direct labor hour. Actual data for the month show overhead costs of $150,000, and 24,000 units produced. The overhead volume variance is: (Points: 5) $10,000 favorable $12,000 favorable $ 4,000 unfavorable $16,000 unfavorable $36,000 unfavorable 26. A corporation issued 6,000 shares of its $10 par value common stock in exchange for land that has a market value of $84,000. The entry to record this transaction would include: (Points: 5) A debit to Common Stock for $60,000 A debit to Land for $60,000 A credit to Land for $60,000 A credit to Contributed Capital in Excess of Par Value, Common Stock for $24,000 A credit to Common Stock for $84,000 27. A corporation issued 300 shares of its $5 par value common stock in payment of a $1,800 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include: (Points: 5) A $1,800 credit to Common Stock A $1,500 debit to Organization Expenses A $300 credit to Contributed Capital in Excess of Par Value, Common Stock A $1,800 debit to Legal Expenses A $1,800 credit to Cash 28. A corporation issued 5,000 shares of $10 par value common stock in exchange for some land with a market value of $60,000. The entry to record this exchange is: (A) Land 60,000 Common Stock 50,000 Contributed Capital in Excess of Par Value, Common Stock 10,000 (B) Land 60,000 Common Stock 60,000 (C) Land 50,000 Common Stock 50,000 (D) Common Stock 50,000 Contributed Capital in Excess of Par Value, Common Stock 10,000 Land 60,000 (E) Common Stock 60,000 Land 60,000 (Points: 5) (A) above (B) above (C) above (D) above (E) above 29. Preferred stock is often issued: (Points: 5) To initiate or increase financial leverage To prevent dilution of common stock To appeal to investors who believe that common stock is too risky To boost the return earned by common shareholders All of the above 30. At acquisition, debt securities are: (Points: 5) Recorded at their cost, plus total interest that will be paid over the life of the security Recorded at the amount of interest that will be paid over the life of the security Recorded at cost Not recorded, because no interest is due yet Recorded at the amount of dividend income to be received

 

Paper#4801 | Written in 18-Jul-2015

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