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Chapter 5 Quiz
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CHAPTER 5 - Pricing Methods
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Question 3
Correct
Mark 1.00 out of
1.00
What is a markup?
Select one:
a. It is often expressed as a percentage of sales.
b. It is the difference between a product’s or service’s selling price and its cost.
c. It is used in target costing.
d. It is the difference between a product’s or service’s full cost and variable cost.
Your answer is correct.
Explanation: A markup is the difference between a product’s selling price and its cost.
The correct answer is: It is the difference between a product’s or service’s selling price and its cost.
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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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Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of
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Entry" for the account titles and enter O for the amounts.)
connect
Owner invested $66,500 in exchange for common stock of the corporation.
Hired an employee to be paid $500 per week, starting tomorrow.
Paid two years' rent in advance, $7,100.
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You deposit $850 in an account paying an annual simple interest rate of 7.8%. Find the future value of the investment (in dollars) after 1 year.
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Calculate the simple interest due (in dollars) on a 40-day loan of $1,600 if the annual interest rate is 9%. (Use 360 days in 1 year.)
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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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HW 20 Simple and Compound Interest: Problem 14
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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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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…
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lome
Use the Excel Template File to answer Problem 1 and Problem 2
Exam II Excel Template File. Problem1 and Problem2.xlsx
nnouncements
The accounts listed below for the year ended 2021, in random order, are for Polanyi Knowledge, Inc.
Construct a classified balance sheet for the business in good form.
yllabus
Modules
Cash
32,900
Discount on bonds payable
103.000
rades
Accumulated depreciation-Buildings 630,600
Wages payable
92,000
eople
Accounts Receivable
90,200
Note payable due 2023
300,000
uJa
Taxes payable
27,000
Retained earnings
980,000
Inventory
180,000
Bonds payable
500,000
Additional paid in capital common
Common stock
264,400
150,000
stock
Long-term investments
77,000
Preferred stock
110,000
Buildings
1,500,000
Accounts payable
167.000
Additional paid in capital preferred
Accumulated depreciation:
13,400
stock
210,000
equipment
Equipment
760,000
Land
310,600
Prepaid…
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Question 7 Homework Problems CIX
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On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first
month.
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April 2 Nozomi invested $36,000 cash and computer equipment worth $35,000 in the company in exchange for its common
stock.
167 Computer Equipment
168 Accumulated Depreciation-Computer Equipment.
209 Salaries Payable
307 Common Stock
318 Retained Earnings
319 Dividends
@
April 3 The company rented furnished office space by paying $2,200 cash for the first month's (April) rent.
April 4 The company purchased $1,800 of office supplies for cash.
2
April 10 The company paid $2,880 cash for a 12-month insurance policy. Coverage begins on April 11.…
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OA. $18,200
OB. $18,800
OC. $17,500
O D. $20,300
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X G At year-end, Snow
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Buddy Company uses the allowance method to account for uncollectible receivables. At the beginning of the year,
Allowance for Bad Debts had a credit balance of $800. During the year Buddy wrote off uncollectible receivables of
$2,100. Buddy recorded Bad Debts Expense of $2,800. Buddy's year-end balance in Allowance for Bad Debts is
$1,500. Buddy's ending balance of Accounts Receivable is $20,300. Compute the net realizable value of Accounts
Receivable at year-end.
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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
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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
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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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Supply the missing dollar amounts for each of the following independent cases:
Sales
Revenue
Beginning
Inventory
Cost of Goods
Available for Sale
Cost of
Goods Sold
Cases
Purchases
Cost of
Gross Profit
Ending Inventory
A
S.
1,250
S.
650
1,350
860
1,450
750
1,350
660
IC
650
750
850
950
1,360
1,150
1,200
800
1,550
600
1.450
1,060
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Ayayai Mowers Ltd. agreed to sell the City of Halifax four riding mowers and 20 push lawn mowers. The contract price was $72,00O.
Ayayai normally sells its riding mowers for $14,400 and its push lawn mowers for $960. The contract required the City of Halifax to
pay Ayayai once all of the merchandise has been delivered to the city's public works yard. Ayayai's management does not expect any
returns or any issues with payment.
Ayayai delivered all four of the riding mowers and 14 of the push mowers on April 26. The remaining six push mowers were delivered
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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.
CRANE COMPANY
Budgeted Income Statement
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What is the holding period return for the year on a bond with a par value of $1,000 and a coupon rate of 8.5% if its price at the
beginning of the year was $1,215 and its price at the end of the year was $1,020? Assume interest is paid annually.
Multiple Choice
-11.00%
-10.78%
--9.05%
10.50%
O O O 0
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A newspaper editor starts a retirement savings plan in which $225 per month is deposited at the beginning of each month into an account that earns an annual interest rate of 6.4% compounded monthly.
Find the value of this investment (in dollars) after 20 years. (Round your answer to the nearest cent.)
$
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logo design company purchases four new computers for $12,500. The company finances the cost of the computers for 3 years at an annual interest rate of 5.175% compounded monthly. Find the month
ayment (in dollars) for this loan. (Round your answer to the nearest cent. See Example 8 in this section.)
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Question 2 of 5
The ledger of Blossom, Inc. on March 31, 2022, includes the following selected accounts before adju
Debit
Credit
Prepaid Insurance
$2,000
Supplies
2,000
Equipment
29,000
Unearned Service Revenue
$8,500
An analysis of the accounts shows the following.
1.
Insurance expires at the rate of $400 per month.
2.
Supplies on hand total $1,400.
3.
The equipment depreciates $300 per month.
4.
During March, services were performed for two-fifths of the unearned service revenue.
Prepare the adjusting entries for the month of March. (List all debit entries before credit entries. Credit account titles are autn
Credu
indented when the amount is entered. Do not indent manually.)
Debit
Date
Account Titles and Explanation
No.
rch
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- Q 5arrow_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_forwarddoctors EXTRA CREDIT OPPORTUNITY X WP NWP Assessment Player Ul Ap x ← C education.wiley.com/was/ui/v2/assessment-player/index.html?launchid=f9637d14-156f-4cb7-b76a-c0fea4e5b627#/question/7 b bartleby w wiley ←EXTRA CREDIT OPPORTUNITY Question 8 of 20 Current Attempt in Progress 1. 2. 3. CPO 4. bofa workjam (ulta) workjam (ulta) 5. 1. No. Account Titles and Explanation 2. A Player school school b bartleby Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) connect Owner invested $66,500 in exchange for common stock of the corporation. Hired an employee to be paid $500 per week, starting tomorrow. Paid two years' rent in advance, $7,100. Paid the worker's weekly wage. Recorded service revenue…arrow_forward
- Hey I was wondering if I can get help with this thank youarrow_forwardEat min C e New tab Λ Content xW Quiz 3-MAT-143, section 03F, Fa X + Q A ✩ https://www.webassign.net/web/Student/Assignment-Responses/last?dep=34832472 Viewing Saved Work Revert to Last Response DETAILS MY NOTES You deposit $850 in an account paying an annual simple interest rate of 7.8%. Find the future value of the investment (in dollars) after 1 year. DETAILS MY NOTES Calculate the simple interest due (in dollars) on a 40-day loan of $1,600 if the annual interest rate is 9%. (Use 360 days in 1 year.) $ DETAILS MY NOTESarrow_forwardjust Q 1arrow_forward
- Can you help answer both of these questionsarrow_forwardMy Questions | bartleby b + Camden County College References Chapter 3 Quiz Ha X //camdenccinstructure.com/courses/3788/assignments/35967?module item id=88693 Next> Send to Gradebook < Prev Submitted to Gradebook, Fri, Oct 4, 2019, 9:34:35 AM (America/New York -04:00) Question 19 -/1 View Policies Current Attempt in Progress 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. eTextbook and Media Attempts: 0 of 1 used Submit Answer Save for Later 11:21 AM 10/4/2019 hp ins prt sc 12 end 11 home f10 delete fg f8 f5 f4 II & num backspace 6 5 lock } { P T U Y home + 96arrow_forwardHistory Bookmarks Profiles Tab Window Help M Question 2 - Ch 21: Homewor × D2L Classlist - Spring 2024 Intro × New Tab .edu/webwork2/MATH_107_online_Spring_2024/HW_20_Simple_and_Compound_Interest/14 MAA MATHEMATICAL ASSOCIATION OF AMERICA / HW 20 Simple and Compound Interest / 14 Previous Problem Problem List Next Problem HW 20 Simple and Compound Interest: Problem 14 (6 points) What are the effective annual rates for an account paying an annual interest rate of 6% which is compounded: (a) annually? (b) quarterly? % % (c) daily (assuming there are 365 days in the year)? % (d) continuously? % Note: You can earn partial credit on this problem. Preview My Answers Submit Answers You have attempted this problem 0 times. You have unlimited attempts remaining. Page generated at 05/04/2024 at 02:41pm EDT WeBWorK 1996-2022 | theme: math4-green | ww_version: 2.17 | pg_version 2.17 | The WeBWarrow_forward
- Mid-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_forwardm ll (Chapters 4 balance x i msudenver.instructure.com/courses/52503/quizzes/254780/take 2022 Spring PROBLEM 1 lome Use the Excel Template File to answer Problem 1 and Problem 2 Exam II Excel Template File. Problem1 and Problem2.xlsx nnouncements The accounts listed below for the year ended 2021, in random order, are for Polanyi Knowledge, Inc. Construct a classified balance sheet for the business in good form. yllabus Modules Cash 32,900 Discount on bonds payable 103.000 rades Accumulated depreciation-Buildings 630,600 Wages payable 92,000 eople Accounts Receivable 90,200 Note payable due 2023 300,000 uJa Taxes payable 27,000 Retained earnings 980,000 Inventory 180,000 Bonds payable 500,000 Additional paid in capital common Common stock 264,400 150,000 stock Long-term investments 77,000 Preferred stock 110,000 Buildings 1,500,000 Accounts payable 167.000 Additional paid in capital preferred Accumulated depreciation: 13,400 stock 210,000 equipment Equipment 760,000 Land 310,600 Prepaid…arrow_forwardFile Edit View History Bookmarks Tools Window Help Appendix 3B: Work Sheet as a TX nework Problems Chapter 3 i 7 59 ints eBook C Print n References Mc Graw Hill 1 08 F1 Question 7 Homework Problems CIX - On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month. https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252F April 2 Nozomi invested $36,000 cash and computer equipment worth $35,000 in the company in exchange for its common stock. 167 Computer Equipment 168 Accumulated Depreciation-Computer Equipment. 209 Salaries Payable 307 Common Stock 318 Retained Earnings 319 Dividends @ April 3 The company rented furnished office space by paying $2,200 cash for the first month's (April) rent. April 4 The company purchased $1,800 of office supplies for cash. 2 April 10 The company paid $2,880 cash for a 12-month insurance policy. Coverage begins on April 11.…arrow_forward
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