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Accounting Problems: 20 PTS Q.1 The following information was taken from the records of Lighthouse Q.2 Keystone Manufacturing Inc. had the following information: Management Firm for the month ended December 31, 2023. Selling price per unit $65 Variable costs per unit: Manufacturing $32 Advertising Expense Income Tax Expense Accounts Payable Dividends Paid $38,600 $27,800 $31,250 $34,500 Retained Earnings (Jan. 1, 2023) $135,700 Management Fees Revenue Rent Expense Supplies Expense $185,000 $22,400 $32,900 Given the above information, net income for the year is: a) $73,500 b) $91,600 c) $75,300 d) $37,800 Q.3 Latifah Industries incurs $12 in variable costs and $5 in allocated fixed costs to produce a product that sells for $28 per unit. A buyer in Mexico offers to purchase 2,400 units at $18 each. Latifah Industries has excess capacity and can handle the additional production. What effect will acceptance of the offer have on net income? Selling and administrative $8 Fixed costs per month: Manufacturing $65,000 Selling and administrative $40,000 What is the flexible budget net income for 15,000 units? a) $210,000 b) $189,000 c) $350,000 d) $430,000 Q.4 In pension accounting, actuarial gains and losses are a) Recognized in other comprehensive income b) Always recognized immediately in profit or loss c) Deferred indefinitely d) Added to pension obligation directly

Accounting Problems: 20 PTS Q.1 The following information was taken from the records of Lighthouse Q.2 Keystone Manufacturing Inc. had the following information: Management Firm for the month ended December 31, 2023. Selling price per unit $65 Variable costs per unit: Manufacturing $32 Advertising Expense Income Tax Expense Accounts Payable Dividends Paid $38,600 $27,800 $31,250 $34,500 Retained Earnings (Jan. 1, 2023) $135,700 Management Fees Revenue Rent Expense Supplies Expense $185,000 $22,400 $32,900 Given the above information, net income for the year is: a) $73,500 b) $91,600 c) $75,300 d) $37,800 Q.3 Latifah Industries incurs $12 in variable costs and $5 in allocated fixed costs to produce a product that sells for $28 per unit. A buyer in Mexico offers to purchase 2,400 units at $18 each. Latifah Industries has excess capacity and can handle the additional production. What effect will acceptance of the offer have on net income? Selling and administrative $8 Fixed costs per month: Manufacturing $65,000 Selling and administrative $40,000 What is the flexible budget net income for 15,000 units? a) $210,000 b) $189,000 c) $350,000 d) $430,000 Q.4 In pension accounting, actuarial gains and losses are a) Recognized in other comprehensive income b) Always recognized immediately in profit or loss c) Deferred indefinitely d) Added to pension obligation directly

Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter9: Working Capital
Section: Chapter Questions
Problem 22E
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Accounting Problems: 20 PTS Q.1 The following information was taken from the records of Lighthouse Q.2 Keystone Manufacturing Inc. had the following information: Management Firm for the month ended December 31, 2023. Selling price per unit $65 Variable costs per unit: Manufacturing $32 Advertising Expense Income Tax Expense Accounts Payable Dividends Paid $38,600 $27,800 $31,250 $34,500 Retained Earnings (Jan. 1, 2023) $135,700 Management Fees Revenue Rent Expense Supplies Expense $185,000 $22,400 $32,900 Given the above information, net income for the year is: a) $73,500 b) $91,600 c) $75,300 d) $37,800 Q.3 Latifah Industries incurs $12 in variable costs and $5 in allocated fixed costs to produce a product that sells for $28 per unit. A buyer in Mexico offers to purchase 2,400 units at $18 each. Latifah Industries has excess capacity and can handle the additional production. What effect will acceptance of the offer have on net income? Selling and administrative $8 Fixed costs per month: Manufacturing $65,000 Selling and administrative $40,000 What is the flexible budget net income for 15,000 units? a) $210,000 b) $189,000 c) $350,000 d) $430,000 Q.4 In pension accounting, actuarial gains and losses are a) Recognized in other comprehensive income b) Always recognized immediately in profit or loss c) Deferred indefinitely d) Added to pension obligation directly
Transcribed Image Text:Accounting Problems: 20 PTS Q.1 The following information was taken from the records of Lighthouse Q.2 Keystone Manufacturing Inc. had the following information: Management Firm for the month ended December 31, 2023. Selling price per unit $65 Variable costs per unit: Manufacturing $32 Advertising Expense Income Tax Expense Accounts Payable Dividends Paid $38,600 $27,800 $31,250 $34,500 Retained Earnings (Jan. 1, 2023) $135,700 Management Fees Revenue Rent Expense Supplies Expense $185,000 $22,400 $32,900 Given the above information, net income for the year is: a) $73,500 b) $91,600 c) $75,300 d) $37,800 Q.3 Latifah Industries incurs $12 in variable costs and $5 in allocated fixed costs to produce a product that sells for $28 per unit. A buyer in Mexico offers to purchase 2,400 units at $18 each. Latifah Industries has excess capacity and can handle the additional production. What effect will acceptance of the offer have on net income? Selling and administrative $8 Fixed costs per month: Manufacturing $65,000 Selling and administrative $40,000 What is the flexible budget net income for 15,000 units? a) $210,000 b) $189,000 c) $350,000 d) $430,000 Q.4 In pension accounting, actuarial gains and losses are a) Recognized in other comprehensive income b) Always recognized immediately in profit or loss c) Deferred indefinitely d) Added to pension obligation directly
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