Master Business with Fun Quizzes & Brain Teasers!

The purchase of office equipment at a cost of $7,600 with an immediate payment of $4,200 and agreement to pay the balance within 60 days is recorded by the purchaser with:_____. A. A debit of $7,600 to Office Equipment, a credit of $4,200 to Cash, and a credit of $3,400 to Accounts Payable. B. A debit of $7,600 to Office Equipment, a debit of $4,200 to Accounts Receivable, and a credit of $3,400 to Accounts Payable. C. A debit of $3,400 to Accounts Receivable, a debit of $4,200 to Cash, and a credit of $7,600 to Office Equipment. D. A debit of $7,600 to Office Equipment, a credit of $4,200 to Cash, and a credit of $3,400 to Accounts Receivable.
1 Answer
Two-Stage ABC for Manufacturing Detroit Foundry, a large manufacturer of heavy equipment components, has determined the following activity cost pools and cost driver levels for the year: Activity Cost Pool Activity Cost Activity Cost Driver Machine setup $720,000 12,000 setup hours Material handling 120,000 3,000 material moves Machine operation 680,000 10,000 machine hours The following data are for the production of single batches of two products, C23 Cams and U2 Shafts during the month of August: C23 Cams U2 Shafts Units produced 500 300 Machine hours 4 5 Direct labor hours 200 400 Direct labor cost $5,000 $10,000 Direct materials cost $20,000 $15,000 Tons of materials 13 8 Setup hours 3 7Determine the unit costs of C23 Cams and U2 Shafts using ABC. Product Costs C23 Cams U2 Shafts Direct materials 30,000 $20,000 Direct labor 5,000 10,000 Manufacturing overhead Machine setups 150 300 Material handling 780 480 Machine operation 100,000 X 75,000 X Total job costs $135,930 X $105,830 X Units produced 500 300 Cost per unit produced 271.86 352.77
1 Answer
Privott, Inc., manufactures and sells two products: Product Z9 and Product N0. The company is considering adopting an activity-based costing system with the following activity cost pools, activity measures, and expected activity: Estimated Expected Activity Activity Overhead Measures Cost Product Z9 Product N0 Total Labor-related DLHs $328,018 6,800 3,400 10,200 Product testing tests 47,747 600 700 1,300 Order size MHs 473,108 4,400 4,700 9,100 $848,873 The activity rate for the Labor-Related activity cost pool under activity-based costing is closest to:______.a. $28.88 per DLH.b. $48.81 per DLH.c. $53.94 per DLH.d. $431.44 per DLH.
1 Answer
When a woman makes a dress and takes it to town to trade it for eggs and milk, it is an example of
2 Answers
Cost of Production Report The Cutting Department of Karachi Carpet Company provides the following data for January. Assume that all materials are added at the beginning of the process. Work in process, January 1, 7,000 units, 70% completed $81,970Direct materials (7,000 $8.00) $56,000 Conversion (7,000 70% $5.30) 25,970 $81,970 Materials added during January from Weaving Department, 108,000 units $869,400 Direct labor for January 248,134 Factory overhead for January 303,274 Goods finished during January (includes goods in process, January 1), 109,200 units Work in process, January 31, 5,800 units, 30% completed A. Prepare a cost of production report for the Cutting Department. If an amount is zero or a blank, enter in "0". B. Compute and evaluate the change in the costs per equivalent unit for direct materials and conversion from the previous month (December).
1 Answer
Praveen Co. manufactures and markets a number of rope products. Management is considering the future of Product XT, a special rope for hang gliding, that has not been as profitable as planned. Since Product XT is manufactured and marketed independently of the other products, its total costs can be precisely measured. Next years plans call for a $210 selling price per 100 yards of XT rope. Its fixed costs for the year are expected to be $193,200, up to a maximum capacity of 550,000 yards of rope. Forecasted variable costs are $168 per 100 yards of XT rope.1. Estimate Product XT's break-even point in terms of sales units and sale dollars.2. Prepare a CVP chart for Product XT. Use 7,000 units (700,000 yards/100 maximum number of sales units on the horizontal axis of the graph, and $1,400,000 as the maximum dollar amount on the vertical axis.3. Prepare a contribution margin income statement showing sales, variable costs, and fixed costs for Product XT at the break-even point.
1 Answer
Your firm has taken out a loan with APR (compounded monthly) for some commercial property. As is common in commercial real estate, the loan is a -year loan based on a -year amortization. This means that your loan payments will be calculated as if you will take years to pay off the loan, but you actually must do so in years. To do this, you will make equal payments based on the -year amortization schedule and then make a final 60th payment to pay the remaining balance.A. What will your monthly payments be? B. What will your final payment be?
1 Answer
1. You are 26 years old, married, and have two small children. You have a household income (take-home pay) of $3,500 per month and currently rent your home. You have and pay many bills, and make many purchases (usually by debit card) each month. You often lose track of spending and end up paying unnecessary bank fees. You would like to buy a new car in five months and a new home in two years. To avoid overdrafts, you chose "opt-in" overdraft protection with your bank. You just received your bank statement, which states a balance of $691, while your check register says you have a balance of $800. Which of the following accounts would be best for?Purpose Type of accountA) Satisfying your day-to-day spending needs? ___________ B) Making and holding funds for your car purchase? ___________C) Making and holding funds for your home purchase? ___________D) Making and holding funds for your retirement? A. Stock and bond portfolio.B. NOW account.C. NOW account.D. Mutual funds.2. Which of the following accounts is typically not insured?A. Mutual Funds.B. NOW account.C. Certificate of deposit.D. Statement savings account.3. Which of the following practices would help you keep accurate records regarding the funds in your bank account? A. Keep track of your balance online.B. Immediately record the date and amount of each transaction in your check register and calculate the new balance.C. Wait for the printed bank statement to arrive in the mail to know what payments and receipts have cleared your account.4. You can avoid a service fee on an average-balance account if you:______. A. Issue a stop-payment order when you find yourself overdrawn.B. Keep a certain average daily balance in the account through a specified time.C. Avoid an overdraft for a specified time.D. Have your paycheck automatically deposited into your account each pay period.
1 Answer
What is the return rate for brick-and-mortar stores?A. 10%B. 20%C. 3%D. 15%
1 Answer
1. Define a red ocean vs. a blue ocean strategy. 2. For one of the products in your business simulation (action cameras for UAV drones), discuss whether you are in a red ocean or a blue ocean. 3. Identify and discuss the blue ocean four actions framework.4. For one of the products in your business simulation (action cameras for UAV drones), discuss the components of a current value cure and a new value curve.
1 Answer
Yorks outstanding stock consists of 80,000 shares of noncumulative 7.5% preferred stock with a $5 par value and also 200,000 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and paid the following total cash dividends:2015 $20,000 2016 28,000 2017 200,000 2018 350,000 Determine the amount of dividends paid each year to each of the two classes of stockholders: preferred and common. Also compute the total dividends paid to each class for the four years combined. par value dividend dividend number of preferred annual per preffered rate per preffered preffered divedends preffered share share shares dividend total cash paid to paid to dividend in dividend preferred common arrears at paid year-end2015 20000 20000 2016 28000 280002017 200000 2018 350000 30000 320000 totals 598000 78000 320000
2 Answers
Southwest Pediatrics has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $116,000; Allowance for Uncollectible Accounts = $1,900 (debit). On December 31, 2021, Southwest estimates uncollectible accounts to be 15% of accounts receivable. Required: 1. Record the adjusting entry for uncollectible accounts on December 31, 2021.2. Determine the amount at which bad debt expense is reported in the income statement and the allowance for uncollectible accounts is reported in the balance sheet. 3. Calculate the net realizable value of accounts receivable.
1 Answer
Analyzing the effects of transactions on the accounting equation. On July 1, Alfred Herron established Herron Commercial Appraisal Services, a firm that provides expert commercial appraisals and represents clients in commercial appraisal hearings. Instructions: Analyze the following transactions. Record in equation form the changes that occur in assets, liabilities, and owner's equity.Transactions:The owner invested $200,000 in cash to begin the business. Paid $40,500 in cash for the purchase of equipment. Purchased additional equipment for $30,400 on credit. Paid $25,000 in cash to creditors. The owner made an additional investment of $50,000 in cash. Performed services for $19,500 in cash. Performed services for $15,600 on account. Paid $12,000 for rent expense. Received $11,000 in cash from credit clients. Paid $15,100 in cash for office supplies. The owner withdrew $24,000 in cash for personal expenses.Analyze: What is the ending balance of cash after all transactions have been recorded?
2 Answers
Why did the Indians crossed the Americans boarder
1 Answer
Moreno Motors Inc. identifies that bikers are usually the first users of their newly launched products. The firm sends consultants to biker rallies to discover how bikers who use Moreno motorcycles modify them to extend their usage, as well as the desired benefits. Recent visits revealed that bikers were seeking items, such as bolt-on chrome products, horsepower performance enhancers, and improved braking systems in Moreno motorcycles. In this example, Moreno Motors Inc. is studying which of the following groups of customers?a) lead users.b) mainstream customers.c) laggards.d) captive customers.e) spinners.
1 Answer
Gold Company was experiencing financial difficulties, but was not bankrupt or insolvent. The National Bank, which held a mortgage on other real estate owned by Gold, reduced the principal from $110,000 to $85,000. The bank had made the loan to Gold when it purchased the real estate from Silver, Inc. Pink, Inc., the holder of a mortgage on Golds building, agreed to accept $40,000 in full payment of the $55,000 due. Pink had sold the building to Gold for $150,000 that was to be paid in installments over 8 years. As a result of the above, Gold must:____________a. Include $40,000 in gross income.b. Reduce the basis in its assets by $40,000.c. Include $25,000 in gross income and reduce its basis in its assets by $15,000.d. Include $15,000 in gross income and reduce its basis in the building by $25,000.e. None of these.
1 Answer
Consumer behavior is the way that forces shape people'sA. goods and servicesB. place and time utilityC. culture and societyD. activities related to buying
1 Answer
Can anyone help me match these into the correct category?
1 Answer
Analysis of Accounts Receivable and Allowance for Doubtful Accounts Steelcase, Inc. reported the following amounts in its 2014 and 2013 10-K reports (years ended February 28, 2014 and February 22, 2013). $ millions) From the income statement Net sales From the balance sheet Accounts receivable, net Customer deposits From the disclosure on allowance for doubtful accounts: Balance at beginning of period Additions (reductions) charged to income Adjustments or deductions Balance at end of period 2014 2013 $2,989 $2,869 306.8 287.3 16.0 13.5 4.5 19.6 2.8 3.1 (4.3) (8.2) 13.0 14.5 b. Calculate Steelcase's gross receivables for the years given, and then determine the allowance for doubtful accounts as a percentage of the gross receivables. 2014 2013 Gross accounts receivable (in millions) Allowance as a % of gross receivables Round to one decimal place.) c. Calculate Steelcase's accounts receivable turnover for 2014. (Use Accounts receivable, net for the calculation.) Round answer to one decimal place times d. How much cash did Steelcase receive from customers in 2014? 3,005 million
1 Answer
Which staff member usually does the work of both a front desk clerk and an accounting clerk?A. ControllerB. Credit managerC. Accounts receivable clerkD. Night auditor
1 Answer
On December 31, 2021, Interlink Communications issued 6% stated rate bonds with a face amount of $102 million. The bonds mature on December 31, 2051. Interest is payable annually on each December 31, beginning in 2022. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Determine the price of the bonds on December 31, 2021, assuming that the market rate of interest for similar bonds was 7%. (Round your final answers to nearest whole dollar amount.)
1 Answer
Each of the four independent situations below describes a sales-type lease in which annual lease payments of $120,000 are payable at the beginning of each year. Each is a finance lease for the lessee. (FV of $1, PV of $1, FVA of $1, PVA of S1, FVAD of $1 and PVAD of (Use appropriate factor(s) from the tables provided.)Situation 1 2 3 4Lease term (years) 9 9 10 10Lessor's and lessee's interest rate 11$ 13$ 12% 12%Residual value: Estimated fair value 0 $54,000 $8,400 $54,000Guaranteed by lessee 0 0 $8/,400 $64,000Determine the following amounts at the beginning of the lease Round your intermediate and final answer to the nearest whole dollar amount. Answer the missing part.Situation 1 2 3 4A. The lessor's: 1. Lease payments $1,080,000 $1,080,000 $1,200,000 ________2. Gross investment in the leas $1,080,000 $134,000,000 $1,208,400 1,264,0003. Net Investment in the lease 737,534 713,828 762,095 779,996B. The lessee's 4. Lease payments 1,080,000 1,080,000 1,200,000 ________5. Right-of-use asset 737,534 713,828 759,390 ________6. Lease payable 737,534 713,828 759,390 ________
1 Answer
Which of these is a placeholder in a document into which variable data is inserted during the process of a mail merge?O data sourceO main documentmerge fieldO none of the above
2 Answers
what policy is a way the SEC protects investors
1 Answer