Chapter 16, Problem 15ICA

Question 1

Horngren's Financial & Managerial Accounting: The Managerial Chapters,  8th Edition.  Lily-Mae makes handheld calculators in two models: basic and professional. Lily-Mae estimated $812,500 of manufacturing overhead and 625,000 machine hours for the year. The basic model actually consumed 250,000 machine hours, and the professional model consumed 375,000 machine hours.Compute the predetermined overhead allocation rate using machine hours (MHr) as the allocation base. How much overhead is allocated to the basic model? To the professional model? Basic $325,000

3. A corporation's working capital is calculated using which amounts? Total Assets And Total Liabilities Total Assets And Current Liabilities Current Assets And Current Liabilities

The changes that occurred during a recent year in the accounts Retained Earnings and Treasury Stock will be presented in which financial statement? Balance Sheet Income Statement Statement Of Cash Flows Statement Of Comprehensive Income Statement Of Stockholders' Equity

The amount spent for capital expenditures will be reported in which section of the statement of cash flows? Cash Provided/used In Financing Activities Cash Provided/used In Investing Activities Cash Provided/used In Operating Activities Supplemental Information

Which of the following will appear as a negative amount on a statement of cash flows that was prepared using the indirect method? A Decrease In Inventory An Increase In Accounts Payable An Increase In Accounts Receivable Depreciation Expense

Which of the following will appear as a positive amount on a statement of cash flows that was prepared using the indirect method? An Increase In Accounts Receivable An Increase In Inventory A Decrease In Accounts Payable Depreciation Expense

What is usually presented first in the notes to the financial statements? Accumulated Other Comprehensive Income Commitments And Contingencies Significant Accounting Policies

Which is the annual report to the SEC that contains the financial statements of a publicly-traded corporation? Form 1040 Form 10-K Form 10-Q Schedule C