Questions
Givoly Inc. uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year

Givoly Inc. uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2:

 

      Units Unit Cost
Inventory, December 31, prior year       6,800     $ 8  
For the current year:                  
Purchase, March 5       18,800       6  
Purchase, September 19       9,800       2  
Sale ($30 each)       8,000          
Sale ($32 each)       15,800          
Operating expenses (excluding income tax expense) $ 398,000              
 

 

Required:

1. Prepare a separate income statement through pretax income that details cost of goods sold for (a) Case A: FIFO and (b) Case B: LIFO. (Loss amounts should be indicated with a minus sign.)

 

In: Accounting

The cash account shows a balance of $85,000 before reconciliation. The bank statement does not

The cash account shows a balance of $85,000 before reconciliation. The bank statement does not include a deposit of $5,000 made on the last day of the month. The bank statement shows a collection by the bank of $2,400 and a customer’s check for $680 was returned because it was NSF. A customer’s check for $900 was recorded on the books as $1,080, and a check written for $138 was recorded as $183. The correct balance in the cash account was
 
 
 
Select one:
a. $86,540.
b. $87,400.
c. $86,785
d. $95,350
e. The answer does not exist

In: Accounting

Multiple Choice question on Auditor's Report

The section of the annual report that is the report of the independent registered public accounting firm is often referred to as the 

A. Auditor's Report

B. Management's discussion and Analysis of Financial condition and results           of operations Report

C.Business Overview Report

D.Notes to Financial statements Report

In: Accounting

Mr.D invests $1000 in a bank account. Six months later, the amount in his bank account is $1049.23. Find the amount of interest earned in those six months. Find the (semiannual) effective rate of interest earned in those six months

Mr.D invests $1000 in a bank account. Six months later, the amount in his bank account is $1049.23. Find the amount of interest earned in those six months. Find the (semiannual) effective rate of interest earned in those six months

In: Finance

Finance

In finance, what do we mean by the time value of money? How do we calculate it?

In: Finance

record the following transactions on the books of cullumber company. record the transactions in the books of cullumber in a chronological order.

Record the following transactions on the books of cullumber co (omit cost of goods sold entries) (credit account titles are automatically indented when amount is entered.Do not indent manually).

(a) on july 1,cohen co sold merchandise on account to tracy inc for $23,400, terms 2/10,n/30

(b)on july 8, tracy inc returned merchandise worth $2,400 to cohen co.

(c)on july 11,tracy inc paid for the merchandise.

In: Accounting

Some items are treated differently for accounting purposes than they are for tax purposes. For the following item: Es

Some items are treated differently for accounting purposes than they are for tax purposes. For the following item: Estimated future warranty costs, indicate whether it is considered a permanent difference or a temporary difference. For a temporary difference, indicate whether it will create a deferred tax asset or a deferred tax liability.

 

In: Accounting

Ordinary Differential equation (Newton's Law)

An object is thrown vertically upward from the ground with an initial velocity of 1960 cm/s. neglecting air resistance, find a) the maximum height reached, and b) the total time is taken to return to the starting point.

In: Math

Standard Cost and Budgeted Cost

 Seven Manufacturing Corporation uses both standards and budgets. The company estimates that production for the year will be 100,000 units of Product Fast. To produce these units of Product Fast, the company expects to spend $600,000 for materials and $800,000 for labor. 

Instructions : Compute the estimates for (a) standard cost and (b) budgeted cost.

In: Accounting

Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given

Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given 

 

Standard Quantity or Hours Standard Price
or Rate
Standard
Cost
Direct materials 4.6 pounds $ 2.50 per pound $ 11.50
Direct labor 0.2 hours $ 18.00 per hour $ 3.60
 

During the most recent month, the following activity was recorded:

  1. Twenty thousand pounds of material were purchased at a cost of $2.35 per pound.

  2. All of the material purchased was used to produce 4,000 units of Zoom.

  3. 750 hours of direct labor time were recorded at a total labor cost of $14,925.

Required:

1. Compute the materials price and quantity variances for the month.

2. Compute the labor rate and efficiency variances for the month.

(For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations.)

In: Accounting

Face Centered Cubic unit cell problem

An element has a face centered cubic unit cell with a length of 352.4 pm along an edge.The density of the element is 8.9 gcm-3.How many atoms are present in 100g of an element?

 

In: Chemistry

How would the gradient elution program differ beterrn normal-phase and reversed-phase chromatography?

 

A Microscale Approach to Organic Laboratory Techniques (5th Edition) 

Chapter T21, Problem 2P

In: Chemistry

York’s outstanding stock consists of 85,000 shares of noncumulative 7.0% preferred stock with

The following information applies to the questions displayed below.]
 

 
Year 1 total cash dividends $ 19,100
Year 2 total cash dividends   27,700
Year 3 total cash dividends   230,000
Year 4 total cash dividends   380,000

York’s outstanding stock consists of 85,000 shares of noncumulative 7.0% preferred stock with a $5 par value and also 260,000 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and paid the following total cash dividends:

 Determine the amount of dividends paid each year to each of the two classes of stockholders: preferred and common. (Round your "Dividend per Preferred Share" answer to 3 decimal places.)

 

In: Accounting

Sudoku Company issues 31,000 shares of $7 par value common stock in exchange for land and a building

Sudoku Company issues 31,000 shares of $7 par value common stock in exchange for land and a building. The land is valued at $239,000 and the building at $373,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building.

In: Accounting

Prepare journal entries to record each of the following four separate issuances of stock.

Prepare journal entries to record each of the following four separate issuances of stock.

  1. A corporation issued 5,000 shares of $5 par value common stock for $30,000 cash.
  2. A corporation issued 2,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $56,500. The stock has a $2 per share stated value.
  3. A corporation issued 2,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $56,500. The stock has no stated value.
  4. A corporation issued 1,250 shares of $50 par value preferred stock for $119,000 cash.

In: Accounting