FINANCIAL AND MANAGERIAL ACC VOL 2 W/CON
9th Edition
ISBN: 9781266907838
Author: Wild
Publisher: MCG/CREATE
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Chapter 23, Problem 2DQ
Is nonfinancial information ever useful in managerial decision making?
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Boca Inc.
Balance Sheets
December 31
Assets
Cash
Accounts Receivable
Inventory
Prepaid Expenses
2022
2021
110,800
48,400
38,000
87,800
112,500
102,850
26,000
28,400
Long-term investments
109,000 138,000
Plant Assets
397,000
242,500
Accumulated depreciation
50,000
52,000
Total
743,300
595.950
Liabilities and Stockholders' Equity
Accounts Payable
72,000
67,300
Accrued Expenses Payable
13,500
21,000
Dividends Payable
3,000
Bonds Payable
Common Stock
170,000
146,000
262,000
175,000
Retained Earnings
Total
222.800
186.650
243,300
595.950
Additional Information:
1. Old plant assets having an original cost of $57,500 and accumulated depreciation of $48,500 were sold
for $1,500 cash.
2. A new plant asset was purchased directly in exchange for common stock valued at $42,000.
3. New bonds were issued at par for $60,000.
4. 2022 Net income was $154,480.
5. A $1,000 prior period adjustment was recorded in 2021 correcting an understatement of depreciation in
2019. The 2021 balance sheet is…
Please explain the solution to this general accounting problem with accurate explanations.
Nathan Industries applies overhead using a normal costing approach based on direct labor-hours. The budgeted factory overhead was $480,000, and the budgeted direct labor-hours were 12,000. The actual factory overhead was $492,500, and the actual direct labor-hours were 12,750. How much overhead would be applied to production?
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FINANCIAL AND MANAGERIAL ACC VOL 2 W/CON
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- Please provide the solution to this general accounting question using proper accounting principles.arrow_forwardAfter the year-end adjustment, what is the net realizable value of accounts receivable?arrow_forwardVantage Components, Inc. determined at the beginning of the year that estimated overhead costs would be $650,000, and the estimated allocation base would be 65,000 direct labor hours. By the end of the year, actual overhead costs totaled $698,000, and actual direct labor hours worked were 68,500. What was the dollar amount of underallocated or overallocated manufacturing overhead?arrow_forward
- Please provide the accurate answer to this general accounting problem using valid techniques.arrow_forwardPlease provide the solution to this general accounting question using proper accounting principles.arrow_forwardWhen using the allowance method, the entry to record estimated uncollectible accounts includes a: (A) Debit to Allowance for Doubtful Accounts (B) Credit to Bad Debt Expense (C) Credit to Allowance for Doubtful Accounts (D) Debit to Accounts Receivable MCQarrow_forward
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