ACCT3708 - Tutorial Questions Week 7 - Term One 2024 (1)

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LO1 LO1 E2-1A. Cost Classification Classify each of the following costs relative to the cost object “client project" for a CPA firm that specializes in audit: Staff auditor salaries.. Receptionist salary.. D on on staff auditor laptop computers. pg. 2-33 Hean insurance for administrative staff ... Subscription to cloud backup service for project files Office lease expense. Travel to client location. Salesperson wages Store manager salary.. Depreciation on furniture and fixtures Cost of merchandise Product or Period Online advertising. Cost of discount coupon. Store lease expense. E2-2A. Cost Classification Classify each of the following costs relative to the cost object "customer" for a clothing retailer: Variable, Fixed, or Mixed Product or Period Direct or Indirect Variable, Fixed, or Mixed Direct or Indirect

3:38 Assessment 1 Individual S3 2324 (... You are the audit manager in charge of the audit of Caro Ltd. The company's year-end is 31 December, and Caro has been a client for six years. The company purchases and resells products for the energy industry including valves, fittings, pumps etc. Clients vary in size from small operators to large companies. No manufacturing takes place in Caro. Information on the company's financial performance is available as follows: 2017 Forecast $'000 Revenue Cost of sales Gross profit Administration costs Distribution costs Net profit 50,440 (40,918) 9522 (5194) (2,500) 1828 2016 Actual $'000 44,825 (32,874) 11951 (4,952) (2,500) 4499 Non-current assets (at net book value) 4200 Current assets Inventory Receivables Cash and bank Total assets 250 6500 550 11500 Capital and reserves Share capital Accumulated profits Total shareholders' funds Non-current liabilities 1000 $500 6500 1500 4900 1478 4552 1790 12720 1000 6574 7574 2258 Current liabilities 3500…

Q. Each of the following cost items pertains to one of these companies: General Electric (a manufacturing-sector company), Safeway (a merchandising-sector company), and Google (a service-sector company): a. Perrier mineral water purchased by Safeway for sale to its customersb. Electricity used to provide lighting for assembly-line workers at a General Electric refrigerator assembly plantc. Depreciation on Google’s computer equipment used to update directories of Web sitesd. Electricity used to provide lighting for Safeway’s store aislese. Depreciation on General Electric’s computer equipment used for quality testing of refrigerator components during the assembly processf. Salaries of Safeway’s marketing personnel planning local-newspaper advertising campaignsg. Perrier mineral water purchased by Google for consumption by its software engineersh. Salaries of Google’s marketing personnel selling banner advertising Required: Just Classify each of the cost items (a–h) as an inventoriable…

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4. Generators R Us (Manual and Stand-Alone PC Procedures) Generators R Us (GRU) is a manufacturer of portable electric generators used for emergency power supply in both civil and private disaster situations. GRU’s headquarters and manufacturing facilities are in Dallas, Texas, where they employ 125 manufacturing and clerical staff. Although much of the company’s accounting system employs advanced technology, its payroll and fixed asset systems are legacy systems that rely on manual processes supported by stand-alone PCs. Recently, GRU has experienced operational problems with these processes and the management has hired your auditing firm to assess its operations and internal control procedures. Payroll System In the GRU production departments, each worker records the number of hours he or she has worked each day by clocking in and out on a time card machine. The supervisor oversees this process and each week sends the hard-copy time cards to the payroll department. Using a…

4. Generators R Us (Manual and Stand-Alone PC Procedures)Generators R Us (GRU) is a manufacturer of portable electric generators used for emergency power supply in both civil and private disaster situations. GRU’s headquarters and manufacturing facilities are in Dallas, Texas, where they employ 125 manufacturing and clerical staff. Although much of the company’s accounting system employs advanced technology, its payroll and fixed asset systems are legacy systems that rely on manual processes supported by stand-alone PCs. Recently, GRU has experienced operational problems with these processes and the management has hired your auditing firm to assess its operations and internal control procedures. Payroll SystemIn the GRU production departments, each worker records the number of hours he or she has worked each day by clocking in and out on a time card machine. The supervisor oversees this process and each week sends the hard-copy time cards to the payroll department. Using a stand-alone…

4. Generators R Us (Manual and Stand-Alone PC Procedures) Generators R Us (GRU) is a manufacturer of portable electric generators used for emergency power supply in both civil and private disaster situations. GRU’s headquarters and manufacturing facilities are in Dallas, Texas, where they employ 125 manufacturing and clerical staff. Although much of the company’s accounting system employs advanced technology, its payroll and fixed asset systems are legacy systems that rely on manual processes supported by stand-alone PCs. Recently, GRU has experienced operational problems with these processes and the management has hired your auditing firm to assess its operations and internal control procedures. Payroll System In the GRU production departments, each worker records the number of hours he or she has worked each day by clocking in and out on a time card machine. The supervisor oversees this process and each week sends the hard-copy time cards to the payroll department. Using a…

4. Generators R Us (Manual and Stand-Alone PC Procedures) Generators R Us (GRU) is a manufacturer of portable electric generators used for emergency power supply in both civil and private disaster situations. GRU’s headquarters and manufacturing facilities are in Dallas, Texas, where they employ 125 manufacturing and clerical staff. Although much of the company’s accounting system employs advanced technology, its payroll and fixed asset systems are legacy systems that rely on manual processes supported by stand-alone PCs. Recently, GRU has experienced operational problems with these processes and the management has hired your auditing firm to assess its operations and internal control procedures. Payroll System In the GRU production departments, each worker records the number of hours he or she has worked each day by clocking in and out on a time card machine. The supervisor oversees this process and each week sends the hard-copy time cards to the payroll department. Using a…

4. Generators R Us (Manual and Stand-Alone PC Procedures) Generators R Us (GRU) is a manufacturer of portable electric generators used for emergency power supply in both civil and private disaster situations. GRU’s headquarters and manufacturing facilities are in Dallas, Texas, where they employ 125 manufacturing and clerical staff. Although much of the company’s accounting system employs advanced technology, its payroll and fixed asset systems are legacy systems that rely on manual processes supported by stand-alone PCs. Recently, GRU has experienced operational problems with these processes and the management has hired your auditing firm to assess its operations and internal control procedures. Payroll System In the GRU production departments, each worker records the number of hours he or she has worked each day by clocking in and out on a time card machine. The supervisor oversees this process and each week sends the hard-copy time cards to the payroll department. Using a…

7. The table below illustrates the costs that have been recorded in a factory manufacturing electrical wires. Costs of Quality Inspection of Incoming Raw Materials Training of Personnel Repairing Products within Warranty Process Planning Scrap Costs Final Goods Inspection Rework, e.g., fixing a defect Litigation What are the costs of prevention? a. $10,000 b. $9,000 c. $8,200 d. $9,700 e. $11,500 Amount $1,500 $2,000 $8,000 $7,000 $3,200 $6,500 $5,000 $6,000

Hi, Please refers to the attachment for question on ACC653 Advanced Managerial Accounting.  thank you!

Problem 2-66 (Algo) Prepare Statements for a Manufacturing Company (LO 2-2, 4) Mount Elliott Fixtures produces a variety of hardware products, primarily for the home construction and remodeling business. The cost accountant provides you with the following data for the year (in $000): Inventory information: Direct materials Work-in-process Finished goods Other information: Administrative costs Depreciation (Corporate building) Depreciation (Factory) Depreciation (Factory machines) January December 1 31 Direct labor Direct materials purchased Indirect labor (Factory) Indirect materials (Factory) $ 158 214 2,922 Property taxes (Corporate building) Property taxes (Factory) Selling costs Sales revenue Utilities (Factory) Required: a. Prepare a cost of goods sold statement. b. Prepare an income statement. Manufacturing costs: Direct materials: Manufacturing overhead: $ 176 188 3,269 For the year $6,895 Cost of goods sold 658 8,006 14, 152 Complete this question by entering your answers in…

CASE 1-2 BZ LIMITED Source: This case was adapted from 1993 Accounting 2 module material in the CA Program of the CAA and modified for current ISAS/ASAS. Standards: ISA/ASA 330 ISA/ASA300 ISA/ASA500. Subject matter: Audit plan Audit evidence. Your client, BZ Limited (BZ), operates brewery and bottling plants in various locations around the world. Each country has a Regional Processing Centre (RPC), which acts as the accounting and administrative centre for that country, Dach country prepares financial data and summarises the information into a standardised package format, This package is submitted to head office in Perth on a monthly basis, Material balance sheet items consist of inventories. trade receivables trade payables, brand names and property, plant and equipment. It is February 2014, you are currently planning the June 2014 audit and have the following information. Each situation is to be considered independently: A Civil unrest in Country X makes it impossible for branch…

Saved Help Sav In a recent 10-K report, Speedy Delivery Service states it “is the world's largest package delivery company, a leader in the U.S. less- than-truckload industry, and the premier provider of global supply chain management solutions." The following note and data were reported: Note 1-Summary of Accounting Policies Property, Plant and Equipment We review long-lived assets for impairment when circumstances indicate the carrying amount of an asset may not be recoverable based on the undiscounted future cash flows of the asset. If the carrying amount of the asset is determined not to be recoverable, a write-down to fair value is recorded. Fair values are determined based on quoted market values, discounted cash flows, or external appraisals, as appropriate. Dollars in Millions Cost of property and equipment (beginning of year) Cost of property and equipment (end of year) Capital expenditures during the year Accumulated depreciation (beginning of year) Accumulated depreciation…

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Wv2 | Online teachin X + takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress... A The following events took place for Technology Treasures Manufacturing Company during January, the first month of its operations as a produ digital video monitors: a. Purchased $138,600 of materials. b. Used $93,540 of direct materials in production. c. Incurred $182,560 of direct labor wages. d. Incurred $213,040 of factory overhead. e. Transferred $426,220 of work in process to finished goods. f. Sold goods for $660,000. g. Sold goods with a cost of $367,500. h. Incurred $86,200 of selling expense. i. Incurred $70,250 of administrative expense. Required: Using the information given, complete the following: a. Prepare the January income statement for Technology Treasures Manufacturing Company. Be sure to complete the statement heading. Refer to the lists of Accounts, Labels and Amount Descriptions list provided for the exact wording of the answer choices for text…

281. Subject : - Accountion

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Hi, Kindly assist in solving the attached question on ACC653 Advanced Managerial Accounting. thank you!

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Target Corporation and Walmart Stores, Inc.: Identifying depreciation differences and performing financial statement analysis (LO 11-8) Target Corporation operates in a single business segment that is designed to enable guests to purchase products seamlessly in stores, online, or through mobile devices. Most of its operations are in the United States. Walmart is engaged in the operation of retail, wholesale, and other units located throughout the United States, Africa, Argentina, Brazil, Canada, Central America, Chile, China, India, Japan, Mexico, and the United Kingdom. The Company’s operations are conducted in three reportable segments: Walmart U.S., Walmart International, and Sam’s Club. Information taken from both firms’ fiscal 2014 annual reports to shareholders follows. The fiscal 2014 years end in January 2015. Target Corporation Property and Equipment ($ in millions) January 31, 2015 February 1, 2014 Land $6,127 $6,143 Buildings and improvements 26,614 25,984 Fixtures and…

How can I get this problem resolve? The following accounts are from last year’s books at Sharp Manufacturing:   Raw Materials Debit Credit Balance 0 (b) 154,200 (a) 164,500       10,300       Work In Process Debit Credit Balance 0 (f) 510,800 (b) 132,100     (c) 168,200     (e) 210,500       0       Finished Goods Debit Credit Balance 0 (g) 461,000 (f) 510,800       49,800       Manufacturing Overhead Debit Credit (b) 22,100 (e) 210,500 (c) 26,100     (d) 156,200           6,100   Cost of Goods Sold Debit Credit (g) 461,000               Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the manufacturing overhead overapplied or underapplied for the year?

The following information is for ChiSox corporation DM 100 DL 80 Insurance - Factory 24 Insurance - Administration 12 Maintenance - Factory 40 Depreciation - Factory 36 Indirect Labor 60 Indirect Materials 30 Sales Commission 60 Insurance - Finished Goods Warehouse 12 Travel - Corporate Salaries - Sales 50 Salaries - Production 40 Supervisors Depreciation - Office 6 Advertising 50 Property Taxes - Production facility Rent - Administration Building 24 General Office Expenses 12 Total Expenses 662 What are the total conversion costs? 20

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53:18 Required information [The following information applies to the questions displayed below] Naidu Companies is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Naidu sold a delivery truck for $14,000. Naidu had originally purchased the vehicle and recorded it in the Truck account for $23,000 and had recorded depreciation for three years. Required: 1. Calculate the amount of gain or loss on disposal, assuming that Accumulated Depreciation-Truck was (a) $9.000, (b) $7,000, and (c) $15.000 (Select "None" if there is no Gain or Loss.) (b) (c) Gain/loss Amount