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Assessment 4 (page 8 of 15)
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QUIZ
This assessment contains 15 questions. Use the scenario loaded under
additional resources
to answer the following
question. With reference to Part B, answer the following question relating to the cash ±ow statement of Everest (Pty) Ltd for
the year ended 31 May 2022. Select only one option per question.
The purchase of ²nancial assets as disclosed in the cash ±ow statement of Everest (Pty) Ltd amounts to:
a.
R400 000
b.
R990 000
c.
R320 000
d.
R335 000
Clear my choice
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Blossom Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2022.
1.
Purchased a 1-year insurance policy on June 1 for $ 2,196 cash.
2.
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On September 4, received $ 4,392 cash in advance froma corporation to sponsor a game each month for a total of 9 months
3.
for the most improved students at a local school.
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4.
30. (Hint: Use the account Prepaid Cleaning to record prepayments.)
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Crane Company has completed all of its operating budgets. The sales budget for the year shows 52,000 units and total sales of
$2,340,000. The total unit cost of producing one unit is $20. Selling and administrative expenses are expected to be $312,000. Interest
is estimated to be $10,400. Income taxes are estimated to be $208,000.
Prepare a budgeted multiple-step income statement for the year ending December 31, 2022.
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Budgeted Income Statement
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Question 15
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Concord Industries has equivalent units of 7100 for materials and for conversion costs. Total manufacturing costs are $124370. Total
materials costs are $91000. How much is the conversion cost per unit?
O $17.52.
O $4.70.
$12.82.
O $30.33
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Question 23 of 25
You have the following information for Sheridan Inc. for the month ended June 30, 2022. Sheridan uses a periodic inventory system.
Unit Cost or
Date
Description
Quantity
Selling Price
June
Beginning inventory
40
$34
June
4.
Purchase
135
37
June
10
Sale
110
64
June
11
Sale return
15
64
June
18
Purchase
55
40
June
18
Purchase return
10
40
June
25
Sale
65
70
June
28
Purchase
35
44
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e / My courses / ACCT2121 yasserg Spring21/ Midterm Exam One / Midterm Exam One
stion
The adjustment of overapplied manufacturing overhead cost results in all the following, EXCEPT:
O a. decrease in net operating income.
ed
O b. increase in net operating income.
out of
Oc.
decrease in cost of goods sold
O d. none of the given answers
stion
XYZ Company had the following information for the year:
red
Direct materials used
OMR 110,000
dout of
Direct labor incurred (5,000 hours)
OMR 150,000
Actual manufacturing overhead incurred
OMR 166,000
on
The Company used a predetermined overhead rate of OMR 30 per direct labor hour for the year. Assume the only inventc
an ending Work in Process Inventory balance of OMR 17,000. What was cost…
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Manufacturing cost data for Orlando Company, which uses a job order cost system, are presented below.
Indicate the missing amount for each letter. Assume that in alltases manufacturing overhead is applied on the basis of direct labor
cost and the rate is the same. (Round overhead rate to 2 decimal places, eg. 15.25 and final answers to 0 decimal places, eg. 5,275.)
Case A
Case B
Direct materials used
2$
(a)
$86,500
Direct labor
56,000
142,700
Manufacturing overhead applied
42,000
(d)
Total manufacturing costs
149,750
(e)
Work in process 1/1/20
(b)
25,200
Total cost of work in process
207,500
(f)
Work in process 12/31/20
(c)
13,800
Cost of goods manufactured…
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The following is the adjusted trial balance of Sierra Company.
3
Account Title
Cash
Prepaid insurance
Notes receivable (due in 5 years)
Buildings
Accumulated depreciation-Buildings
Accounts payable
Notes payable (due in 3 years).
Common stock
Retained earnings
Dividends
Consulting revenue
Wages expense
Depreciation expense-Buildings
Insurance expense
Totals
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Sierra Company
Adjusted Trial Balance
December 31
8,798
D
$
4
(1) Prepare an income statement for the year ended December 31.
(2) Prepare a statement of retained earnings for the year ended December 31. The Retained earnings account balance was $13,500 on
December 31 of the prior year.
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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods
The units of an item available for sale during the year were as follows:
Jan. 1
Inventory
8 units at $40
$320
Aug. 13
Purchase
8 units at $42
336
Nov. 30
Purchase
5 units at $44
220
Available for sale
21 units
$876
There are 8 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory
cost using the (a) first-in, first-out (FIFO) method; (b) last-in,…
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O $190000.
O $175000.
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Martha Pharoah Ito began the Pharoah Company by investing $75000 of cash in the business. The company recorded revenues of
$555000, expenses of $410000, and had owner drawings of $30000. What was Pharoah's net income for the year?
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?Which of the following statements is not correct concerning multiple overhead rate systems
None of the given answers .a O
A company may choose to create a separate overhead rate for each of its production .b O
.departments
shi
In departments that are relatively labor-intensive, their overhead costs should be applied to .c O
jobs based on direct labor-hours rather than on machine-hours
A multiple overhead rate system is more complex than a system based on a single plantwide .d O
.overhead rate
A multiple overhead rate system is usually more accurate than a system based on a single e O
plantwide overhead rate
:Total manufacturing cost in a job-sheet for job-order costing, includes
Actual direct…
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What are the effective annual rates for an account paying an annual interest rate of 6% which is compounded:
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Florist Grump, Inc., had beginning retained earnings of $137,000. During the year, Florist Grump had net income of $63,000 and declared
and paid dividends of $18,000. What will be shown for ending retained earnings on Florist Grump's year-end balance sheet?
QUESTION 9
For the year ended December 31, Year 2
For the year ended December 31, Year 1
Revenues
$ 7,500
$ 500
Expenses
1,500
Net Income
December 31, Year 2
December 31, Year 1
Assets
$ 16,500
$ 1,000
500
Liabilities
Stock
300
300
Retained Earnings
1.$
200
Assume Year1 is the company's first year of business and there were $100 dividends in Year 1 and $100 dividends in Year 2. After
determining the missing amounts ($
Earnings 1.$
in the above…
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The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning and the end of the year 2020 are as follows.
CONSTANTINE CAVAMANLIS INC.
BALANCE SHEETS
Dec. 31, 2020
Jan. 1, 2020
Inc./Dec.
Assets
Cash
$ 45,000
$ 13,000
$32,000
Inc.
Accounts receivable
91,000
88,000
3,000
Inc.
Equipment
39,000
22,000
17,000
Inc.
Less: Accumulated Depreciation-Equipment
17,000
11,000
6,000
Inc.
Total
$158,000
$112,000
Liabilities and Stockholders' Equity,
Accounts payable
$ 20,000
$ 15,000
5,000
Inc.
Common stock
100,000
80,000
20,000
Inc.
Retained earnings
38,000
17,000
21,000
Inc.
Total
$158,000
$112,000
Net…
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Compute the MIRR statistic for Project X and note whether the firm should accept or reject the project with the cash flows shown as follows if the appropriate cost of
is 10 percent
Time:
1
3
4
Cash flow:
-175
75
100
75
50
Multiple Choice
13.89 percent, accept
15.73 percent, accept
13.26 percent, accept
13.26 percent, reject
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January 1-D. Hall, owner, invested $142,750 cash in
the company in exchange for common stock.
January 2- The company purchased supplies for
$2,650 cash.
January 3- The company purchased $14,050 of
equipment on credit.
January 4 - The company received $18,300 cash for
services provided to a customer.
Analyzing and Processing Trans x
January 5- The company paid $14,050 cash to settle
the payable for the equipment purchased on January 3.
January 6- The company billed a customer $4,100 for
services provided.
Jan. 7- The company paid $2,625 cash for the monthly
rent.
January 8- The company collected $2,175 cash as
partial payment for the account receivable created on
January 6.
January 9- The company paid $11,700 cash in
dividends to the owner (sole…
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Discussion - What is the role of ethics in accounting?
Requirement:
Include Introduction, Body, and Conclusion.
Your initial Discussion posting should be at least 150 words in length.
9 Replies, 9 Unread
Be sure to include a related Title, at least two different citations and references to support your statement
Read and post brief responses to at least two of your classmates' postings (minimum 75 words).
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Problem 15-4 (Algo) Finance/sales-type lease; lessee and lessor [LO15-1, 15-2, 15-3]
Rand Medical manufactures lithotripters. Lithotripsy uses shock waves instead of surgery to eliminate kidney stones. Physicians'
Leasing purchased a lithotripter from Rand for $2,450,000 and leased it to Mid-South Urologists Group, Inc., on January 1, 2021. (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.)
Lease Description:
Quarterly lease payments
$159,882-beginning of each period
5 years (20 quarters)
Lease term
No residual value; no purchase option
Economic life of lithotripter
Implicit interest rate and lessee's incremental…
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A process with no beginning work in process, completed and transferred out 85200 units during a period and had 50100 units in the
ending work in process inventory that were 20% complete. The equivalent units of production for the period for conversion costs were:
O 95220 equivalent units.
O 135300 equivalent units.
O 70200 equivalent units.
O 85200 equivalent units.
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Exercise 17-42 (Algo) Taguchi Quality Loss Function (QLF) Analysis [LO 17-4]
Flextronchip, an OEM manufacturer, has a fifth-generation chip for cell phones, with chip specification of 0.2 ± 0.0002 mm for the
distance between two adjacent pins. The loss due to a defective chip has been estimated as $20.
Required:
1. Compute the value of k, the cost coefficient in the Taguchi quality loss function (QLF), L(x) = (x-7)².
2. Assume that the quality control manager takes a sample of 100 chips from the production process. The results are as follows:
Measurement
Frequency
3
0.1996
0.1997
5
0.1998
15
0.1999
14
0.2000
35
0.2001
14
0.2002
6
0.2003
5
0.2004
3
a. & b. Use the appropriate Taguchi quality loss function, L(x), to calculate the estimated quality loss for each of the observed
measurements.…
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Koch Corporation's adjusted trial balance contained the following asset accounts at December 31, 2020: Cash $7,000, Land
$40,000, Patents $12,500, Accounts Receivable $90,000, Prepaid Insurance $5,200, Inventory $30,000, Allowance for Doubtful
Accounts $4,000, and Equity Investments (to be sold in the next quarter) $11,000.
Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.)
КОСН СORPORATION
Balance Sheet (Partial)
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- F myCampus Portal Login - for Stu X B 09 Operational and Legal Consid x E (24,513 unread) - sharmarohit81 b My Questions | bartleby A fleming.desire2learn.com/d21/le/content/130754/viewContent/1518900/View?ou=130754 Table of Contents > Week 9: Operational and legal Considerations > Lecture Notes > 09 Operational and Legal Considerations 09 Operational and Legal Considerations - > Calculating Capacity • How many machines do you need? • You expect your sales to be 3,000,000 granola bars (20g each) • How large is your plant? per month • How many workers do you need? The machine: • How much is the investment? Capacity: 100 kgs per hour • What are the operating costs? Requires 2 people to operate it Takes 8 ft x 40 ft space • Cost per machine $15,000 Energy and maintenance: $5 per hour • Cost of material and packaging: $0.12 per bar I Group Project.xlsx Show all 12:35 AM O Type here to search A O 4) ENG 2020-12-09arrow_forwardHey I was wondering if I can get help with this thank youarrow_forwardM Inbox - 2193565@slu.edu.ph - Sa x A Midterms Part 2 E 131 MIDTERMS PART 2 b My Questions | bartleby A docs.google.com/forms/d/e/1FAlpQLSe94FpCNY14R-JRUFCTTJ60E-Bht7bh1TeDti6nFO0x17GoQg/viewform?hr_submission=Chkl7fXk2cgBEhAlts6E7q4GEgcllbP3ntoDEAE On January 1, 20x1, Pete Electrical Shop received from Marion Trading 300 pieces of bread toasters. Pete was to sell these on consignment at 50% above original cost, for a 15% commission on the selling price. After selling 200 pieces, Pete had the remaining unsold units repaired for some electrical defects for which he spent P2,000. Marion subsequently increased the selling price of the remaining units to P330 per unit. On January 31, 20x1, Pete remitted P64,980 to Marion after deducting the 15% commission, P850 for delivery expenses of sold units, and P2,000 for the repair of 100 units. The consigned goods cost Marion Trading P200 per unit, and P900 had been paid to ship them to Pete Electrical Shop. All expenses in connection with the…arrow_forward
- A Final Exam - MATH 1330 - Math b Details | bartleby E New tab A https://www.webassign.net/web/Student/Assignment-Responses/submit?dep=254878928tags=autosave#question4023958_1 Sign in 12. DETAILS HARMATHAP12 6.2.009. MYΝΟΤΕS What are the future value and the interest earned if $4000 is invested for 3 years at 8% compounded quarterly? (Round your answers to the nearest cent.) future value 24 interest earned %24arrow_forwardMid-term Exam #1 A NWP Assessment Player UI Appl x O https://checkout.wileyplus.com/c x https://education.wiley.com/was/ui/v2/assessment-player/index.html?launchld%3Dd441ed84-3feb-4052-ac9a-950d7f7545c3#/question/2 #1 ר Question 3 of 5 -/5 Current Attempt in Progress Blossom Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2022. 1. Purchased a 1-year insurance policy on June 1 for $ 2,196 cash. 2. Paid $7,930 on August 31 for 5 months' rent in advance. On September 4, received $ 4,392 cash in advance froma corporation to sponsor a game each month for a total of 9 months 3. for the most improved students at a local school. Signed a contract for cleaning services starting December 1 for $ 1,220 per month. Paid for the first 2 months on November 4. 30. (Hint: Use the account Prepaid Cleaning to record prepayments.) On December 5, received $ 1,830 in advance from a gaming club. Determined that on December 31,$ 590 of these…arrow_forwardf Qwileyplus log in - Search X w NWP Assessment Player Ul App X + https://education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=158b0479-2179-4251-b96d-ee6bbf0aa5fe#/question/7 13°C Partly sunny X w Chapter 15 Quiz Question 8 of 15 Current Attempt in Progress Crane Company has completed all of its operating budgets. The sales budget for the year shows 52,000 units and total sales of $2,340,000. The total unit cost of producing one unit is $20. Selling and administrative expenses are expected to be $312,000. Interest is estimated to be $10,400. Income taxes are estimated to be $208,000. Prepare a budgeted multiple-step income statement for the year ending December 31, 2022. CRANE COMPANY Budgeted Income Statement HH Search ENG US 4x D વા મી ક + 203 10:10 AM 2022-11-06 Ⓒarrow_forward
- Can you help answer both of these questionsarrow_forwardI need help on this questionarrow_forward+V My Questions | bartleby b References Chapter 3 Quiz Camden County College camdenccinstructure.com/courses/3788/assignments/35967?module_item id=88693| Next> K Prev Send to Gradebook Submitted to Gradebook, Fri, Oct 4, 2019, 9:34:35 AM (America/New York -04:00) --/1 Question 15 View Policies Current Attempt in Progress Concord Industries has equivalent units of 7100 for materials and for conversion costs. Total manufacturing costs are $124370. Total materials costs are $91000. How much is the conversion cost per unit? O $17.52. O $4.70. $12.82. O $30.33 eTextbook and Media Submit Answer Save for Later Attempts: 0 of 1 used 11:10 A 10/4/20 hp ins prt sc end home f12 11 DI delete f9 f8 f7 f6 fs 10 + & % num backspace 6 7 lock 5 { P T U Y II 96arrow_forward
- estions - Blackboa x NWP Assessment Player UI App x A education.wiley.com/was/ui/v2/assessment-player/index.html?launchid 5750652f-a595-413e-b7d3-15080082c239/question/22 ter 6 Questions 0/1 E Question 23 of 25 You have the following information for Sheridan Inc. for the month ended June 30, 2022. Sheridan uses a periodic inventory system. Unit Cost or Date Description Quantity Selling Price June Beginning inventory 40 $34 June 4. Purchase 135 37 June 10 Sale 110 64 June 11 Sale return 15 64 June 18 Purchase 55 40 June 18 Purchase return 10 40 June 25 Sale 65 70 June 28 Purchase 35 44arrow_forwardmp?attempt=1764992&cmid%3875183&page=D12 الم صيرة بلحه u io a https://alternativet 4 SQUCOFFEE - Goog. B BCOM2911-Busines.. O Sultan Caboos Univ. O Trading Platfom ACADEMIC) E-LEARNING SERVICES SQU LIBRARIES SQU PORTAL ATTENDANCE lanagerial Accounting - Spring21 e / My courses / ACCT2121 yasserg Spring21/ Midterm Exam One / Midterm Exam One stion The adjustment of overapplied manufacturing overhead cost results in all the following, EXCEPT: O a. decrease in net operating income. ed O b. increase in net operating income. out of Oc. decrease in cost of goods sold O d. none of the given answers stion XYZ Company had the following information for the year: red Direct materials used OMR 110,000 dout of Direct labor incurred (5,000 hours) OMR 150,000 Actual manufacturing overhead incurred OMR 166,000 on The Company used a predetermined overhead rate of OMR 30 per direct labor hour for the year. Assume the only inventc an ending Work in Process Inventory balance of OMR 17,000. What was cost…arrow_forwardO NWP Assessment Player UI x A NWP Assessment Player UI A Player x M Take bartleby with you. - bk x b My Questions Leducation.wiley.com/was/ui/v2/assessment-player/index.html?launchld=6elb1590-b291-458b-913e-bc6d938b2870#/question/0 ork DUE Saturday, February 13th @ 11:59 pm (EST) Question 1 of 13 -/1 E Current Attempt in Progress Manufacturing cost data for Orlando Company, which uses a job order cost system, are presented below. Indicate the missing amount for each letter. Assume that in alltases manufacturing overhead is applied on the basis of direct labor cost and the rate is the same. (Round overhead rate to 2 decimal places, eg. 15.25 and final answers to 0 decimal places, eg. 5,275.) Case A Case B Direct materials used 2$ (a) $86,500 Direct labor 56,000 142,700 Manufacturing overhead applied 42,000 (d) Total manufacturing costs 149,750 (e) Work in process 1/1/20 (b) 25,200 Total cost of work in process 207,500 (f) Work in process 12/31/20 (c) 13,800 Cost of goods manufactured…arrow_forward
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