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General Accounting Problems 1. Berry Inc. reported the following items in the 2022 pension footnote. Service cost Benefits paid to retirees Interest cost $760 million $230 million $675 million Expected returns on invested assets $950 million Company contributions $845 million The increase in the company's plan assets during the year is: A. $980 million B. $2,010 million C. $1,860 million D. $2,050 million 2. Kellogg started a business with the following transactions: Invested $35,000 into the business. Purchased supplies worth $4,200 on account. Sold goods for $18,500; these goods cost $11,200. Paid salaries of $2,300. What is Kellogg's net income after these transactions? (A) $3,000 (B) $4,100 (C) $3,900 (D) $2,500 3. Zenox Corporation had an ending balance in the Accounts Receivable account of $15,500, while the beginning balance was $22,000. Services billed to customers for the period amounted to $36,000. What was the amount of collections from customers? 4. Momoa Industries keeps careful track of the time required to fill orders. The times recorded for a particular order appear below: Activity Hours Move time 4.3 Queue time 7.5 Process time 2.8 Inspection time 0.4 The Manufacturing Cycle Efficiency (MCE) was closest to: a. 0.0553 b. 0.1862 c. 0.3733 d. 0.0926

General Accounting Problems 1. Berry Inc. reported the following items in the 2022 pension footnote. Service cost Benefits paid to retirees Interest cost $760 million $230 million $675 million Expected returns on invested assets $950 million Company contributions $845 million The increase in the company's plan assets during the year is: A. $980 million B. $2,010 million C. $1,860 million D. $2,050 million 2. Kellogg started a business with the following transactions: Invested $35,000 into the business. Purchased supplies worth $4,200 on account. Sold goods for $18,500; these goods cost $11,200. Paid salaries of $2,300. What is Kellogg's net income after these transactions? (A) $3,000 (B) $4,100 (C) $3,900 (D) $2,500 3. Zenox Corporation had an ending balance in the Accounts Receivable account of $15,500, while the beginning balance was $22,000. Services billed to customers for the period amounted to $36,000. What was the amount of collections from customers? 4. Momoa Industries keeps careful track of the time required to fill orders. The times recorded for a particular order appear below: Activity Hours Move time 4.3 Queue time 7.5 Process time 2.8 Inspection time 0.4 The Manufacturing Cycle Efficiency (MCE) was closest to: a. 0.0553 b. 0.1862 c. 0.3733 d. 0.0926

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter19: Accounting For Post Retirement Benefits
Section: Chapter Questions
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General Accounting Problems 1. Berry Inc. reported the following items in the 2022 pension footnote. Service cost Benefits paid to retirees Interest cost $760 million $230 million $675 million Expected returns on invested assets $950 million Company contributions $845 million The increase in the company's plan assets during the year is: A. $980 million B. $2,010 million C. $1,860 million D. $2,050 million 2. Kellogg started a business with the following transactions: Invested $35,000 into the business. Purchased supplies worth $4,200 on account. Sold goods for $18,500; these goods cost $11,200. Paid salaries of $2,300. What is Kellogg's net income after these transactions? (A) $3,000 (B) $4,100 (C) $3,900 (D) $2,500 3. Zenox Corporation had an ending balance in the Accounts Receivable account of $15,500, while the beginning balance was $22,000. Services billed to customers for the period amounted to $36,000. What was the amount of collections from customers? 4. Momoa Industries keeps careful track of the time required to fill orders. The times recorded for a particular order appear below: Activity Hours Move time 4.3 Queue time 7.5 Process time 2.8 Inspection time 0.4 The Manufacturing Cycle Efficiency (MCE) was closest to: a. 0.0553 b. 0.1862 c. 0.3733 d. 0.0926
Transcribed Image Text:General Accounting Problems 1. Berry Inc. reported the following items in the 2022 pension footnote. Service cost Benefits paid to retirees Interest cost $760 million $230 million $675 million Expected returns on invested assets $950 million Company contributions $845 million The increase in the company's plan assets during the year is: A. $980 million B. $2,010 million C. $1,860 million D. $2,050 million 2. Kellogg started a business with the following transactions: Invested $35,000 into the business. Purchased supplies worth $4,200 on account. Sold goods for $18,500; these goods cost $11,200. Paid salaries of $2,300. What is Kellogg's net income after these transactions? (A) $3,000 (B) $4,100 (C) $3,900 (D) $2,500 3. Zenox Corporation had an ending balance in the Accounts Receivable account of $15,500, while the beginning balance was $22,000. Services billed to customers for the period amounted to $36,000. What was the amount of collections from customers? 4. Momoa Industries keeps careful track of the time required to fill orders. The times recorded for a particular order appear below: Activity Hours Move time 4.3 Queue time 7.5 Process time 2.8 Inspection time 0.4 The Manufacturing Cycle Efficiency (MCE) was closest to: a. 0.0553 b. 0.1862 c. 0.3733 d. 0.0926
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