Learning Goal: I’m working on a accounting test / quiz prep and need an explanat

Learning Goal: I’m working on a accounting test / quiz prep and need an explanation and answer to help me learn.Question 1 (4 points) A company is preparing its cash budget. Its cash balance on January 1 is $290,000, and it has a minimum cash requirement of $340,000. The following data has been provided: JanuaryFebruaryMarchCash receipts$1,061,200$1,182,400$1,091,700Cash payments984,5001,210,0001,075,000What is the amount of cash excess or deficiency (after considering the minimum cash balance required) for March?Question 1 options:excess of $214,200excess of $15,800deficiency of $60,000excess of $25,300Question 2 (4 points) Match each of the methods that follow with the correct category (a–b).Question 2 options:12Average rate of return method12Cash payback method12Internal rate of return method12Net present value method1.Methods that does not use present value2.Methods that uses present valueQuestion 3 (4 points) On June 1, 2019 Adelphi Corporation issued $400,000 of 6%, 10-year bonds. The bonds which were issued at 96, pay interest on January 1 and June 1. Use this information to calculate the amount of bond discount or premium that is amortized with each interest payment. Enter as a whole number (no cents).Your Answer:Question 3 options:AnswerQuestion 4 (4 points) Materials purchased on account during the month totaled $190,000. Materials requisitioned and placed in production totaled $165,000. The journal entry to record the material purchase on account isQuestion 4 options:Materials 165,000 Accounts Payable 165,000Materials 190,000 Accounts Payable 190,000Materials 190,000 Cash 190,000Accounts Payable 190,000 Materials 190,000Question 5 (4 points) On March 21, 2021, Christine worked 6.5 hours on Job A-1, and 3 hours on general “overhead activities.” Christine is paid $19 per hour. Overhead is applied based on $22 per direct labor hour. Additionally, on March 21 Job A-1 requisitioned and entered into production $180 of direct material. On March 21, Christine, while working on Job A-1 used $27 of indirect material. Indirect material is included in the overhead application rate. Use this information to determine the total cost that should have been recorded in the Work in Process for Job A-1 on March 21? Round your answer to the closest whole number (no cents).Your Answer:Question 5 options:AnswerQuestion 6 (4 points) Bowie Sporting Goods manufactures sleeping bags. The manufacturing standards per sleeping bag, based on 5,000 sleeping bags per month, are as follows:Direct material of 6.00 yards at $5.60 per yardDirect labor of 2.00 hours at $16.00 per hourOverhead applied per sleeping bag at $18.00In the month of April, the company actually produced 5,200 sleeping bags using 27,300 yards of material at a cost of $6.10 per yard. The labor used was 11,700 hours at an average rate of $16.50 per hour. The actual overhead spending was $96,200.Determine the total materials variance and round to the nearest whole dollar. Enter a favorable variance as a positive number. Enter an unfavorable variance as a negative number.Your Answer:Question 6 options:AnswerQuestion 7 (4 points) Which of the following products would be manufactured using a job order costing system?Question 7 options:a cell phonea highlighter pena graduation invitationa reclinerQuestion 8 (4 points) Prime costs areQuestion 8 options:direct materials and factory overheaddirect materials and direct labordirect labor and factory overheadperiod costs and factory overheadQuestion 9 (4 points) Principal components of a master budget includeQuestion 9 options:production budgetsales budgetcapital expenditures budgetall of theseQuestion 10 (4 points) Department J had no work in process at the beginning of the period. 18,000 units were completed during the period, and 2,000 units were 30% completed at the end of the period. The following manufacturing costs were debited to the departmental work in process account during the period (Assume the company uses weighted average method and rounds cost per unit to two decimal places):Direct materials (20,000 at $5)$100,000Direct labor142,300Factory overhead57,200Assuming that all direct materials are placed in process at the beginning of production, what is the total cost of the departmental work in process inventory at the end of the period?Question 10 options:$90,000$283,140$199,500$16,438Question 11 (4 points) Match each phrase that follows with the term (a-f) it describes..Question 11 options:123456a plan showing the units of goods to be sold and the sales to be derived; usually the starting point in the budgeting process123456an accounting report that presents predicted amounts of the company’s assets, liabilities, and equity as of the end of the budget period123456a plan that shows the expected cash inflows and outflows during the budget period, including receipts from loans needed to maintain a minimum cash balance and repayments of such loans123456a plan showing the number of units to be produced each month123456a plan that lists dollar amounts to be both spent on purchasing additional pant assets to carry out the budgeted business activities123456plans an important role for organizations in planning, directing, and controlling a company’s future goals1.budget2.capital expenditures budget3.sales budget4.production budget5.cash budget6.budgeted balance sheetQuestion 12 (4 points) The Cardinal Company had a finished goods inventory of 55,000 units on January 1. Its projected sales for the next four months were: January – 200,000 units; February – 180,000 units; March – 210,000 units; and April – 230,000 units. The Cardinal Company wishes to maintain a desired ending finished goods inventory of 20% of the following month’s sales.Determine the budgeted units of inventory for March 31.Question 12 options:46,00036,000cannot be determined from the data given42,000Question 13 (4 points) The Common Stock account for Baltimore Corporation on January 1, 2020 was $75,000. On July 1, 2020 Baltimore issued an additional 5,000 shares of common stock. The Common Stock is $5 par. There was neither Preferred Stock nor any Treasury Stock. Paid in Capital Excess to par Common Stock was $20,000 on January 1 and $40,000 on July 2 and net income was $105,000. Use this information to determine for December 31, 2020 the amount of Earnings per Share (rounded to the nearest cent).Your Answer:Question 13 options:AnswerQuestion 14 (4 points) Match each phrase that follows with the term (a-h) it describes.Question 14 options:12345678summary of the activity in a processing department for a specific period12345678prime costs12345678conversion costs12345678costing system used by a company producing custom window treatments12345678costing system used by a company producing computer chips12345678costs incurred in a previous process that are carried forward as part of the product’s cost when it moves to the next department12345678a process costing method that costs each period’s equivalent units of work with that period’s costs per equivalent unit12345678measure of the work done during a production period, expressed in terms of fully complete units of output1.direct labor and factory overhead2.direct labor and direct materials3.transferred in costs4.equivalent units5.process costing6.job order costing7.first-in, first-out method8.cost of production reportQuestion 15 (4 points) Bartel Corporation produces bar stools for restaurants. For each of the following, indicate whether the cost would typically be considered direct or indirect cost for the cost object given.Question 15 options:12The factory supervisor’s salary for the bar stool factory12The production labor wages for the bar stool assemblers12Manufacturing costs for wood and steel used in the bar stools12Nails and screws used in the production of the bar stools12Lubricants used on the bar stool manufacturing equipment1.Direct2.IndirectQuestion 16 (4 points) Baltimore Company uses a job order cost system and applies overhead based on estimated rates. The overhead application rate is based on total estimated overhead costs of $210,000 and direct labor hours of 9,200. During the month of February 2021, actual direct labor hours of 8,100 were incurred. Use this information to determine the amount of factory overhead that was applied in February. Round answer to the nearest whole number (no cents).Your Answer:Question 16 options:AnswerQuestion 17 (4 points) A product cost isQuestion 17 options:expensed in the period in which it is manufacturedshown with current liabilities on the balance sheetshown with operating expenses on the income statementexpensed in the period the product is soldQuestion 18 (4 points) The Botosan Factory has determined that its budgeted factory overhead for the year is $13,500,000,and the budgeted direct labor hours are 10,000,000. If the actual direct labor hours for the period are 350,000, how much overhead would be allocated to the period?Question 18 options:$675,000$470,630$472,500$236,250Question 19 (4 points) On December 31, 2020, Adelphi Corporation has outstanding 500 shares of $100 par value, 4% cumulative and nonparticipating preferred stock, and 15,000 shares of $10 par value common stock. Preferred dividends were paid in 2018 but were not paid in 2019. During 2020, Alpha distributed $50,000 in dividends. Use this information to determine for 2020 the dollar amount of dividends that will be distributed per Common Share. Round answer to closest cent.Your Answer:Question 19 options:AnswerQuestion 20 (4 points) Which of the following statements is false?Question 20 options:There is no overlap between financial and managerial accounting.Managerial accounting sometimes relies on past information.Managerial accounting does not need to conform to GAAP.Financial accounting must conform to GAAP.Question 21 (4 points) Bowie Sporting Goods manufactures sleeping bags. The manufacturing standards per sleeping bag, based on 5,000 sleeping bags per month, are as follows:Direct material of 5.50 yards at $6.00 per yardDirect labor of 2.50 hours at $16.00 per hourOverhead applied per sleeping bag at $16.00In the month of April, the company actually produced 5,200 sleeping bags using 27,300 yards of material at a cost of $5.10 per yard. The labor used was 11,700 hours at an average rate of $18.50 per hour. The actual overhead spending was $96,200.Determine the labor rate variance and round to the nearest whole dollar. Enter a favorable variance as a positive number. Enter an unfavorable variance as a negative number. Enter as a whole number (no cents).Your Answer:Question 21 options:AnswerQuestion 22 (4 points) The Lucy Corporation purchased and used 129,000 board feet of lumber in production, at a total cost of $1,548,000. Original production had been budgeted for 22,000 units with a standard material quantity of 5.7 board feet per unit and a standard price of $12 per board foot. Actual production was 23,500 units.The materials price variance isQuestion 22 options:$0$59,400 unfavorable$59,400 favorable$6,000 unfavorableQuestion 23 (4 points) Job cost sheets can provide information to managers for all exceptQuestion 23 options:the cost impact of materials changesthe cost impact of continuous improvement in the manufacturing processthe cost impact of materials price or direct labor rate changes over timeutilities, managerial salaries, and depreciation of computers in the corporate officeQuestion 24 (4 points) Match each of the following phrases with the term (a-e) that it most closely describes it. Each term will be used only once.Question 24 options:12345serves as the basis for recording materials used12345these make up the work in process subsidiary ledger12345serves as the basis for recording direct labor on a job cost sheet12345the process by which factory overhead is assigned to a cost object12345prepared when materials that have been ordered are received and inspected1.job cost sheets2.materials requisitions3.receiving report4.time tickets5.cost allocationQuestion 25 (4 points) For the FY 2018, Frederick Company had net sales of $1,100,000 and net income of $70,000, paid income taxes of $15,000, and had before tax interest expense of $17,500. Use this information to determine the Times Interest Earned Ratio. Round your answers to one decimal place.Your Answer:Question 25 options:Answeracct221
Requirements: as long as needed

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