Ask Question, Ask an Expert


Ask Accounting Basics Expert

problem 1: A company projects production of 10,000 units which will need 3 hours of direct labor to produce each item. Direct labor costs are $15 per hour (standard rate). The actual job needs 32,000 hours to produce 9,500 units at a labor cost of $528,000. Determine the labor efficiency variance?:

a. $42,750 unfavorable
b. $48,000 unfavorable
c. $52,500 unfavorable
d. $57,750 unfavorable

problem 2: Which of the given would raise the cash flows from operating activities (all other things equal):

a. A decrease in long-term debt
b. An increase in long-term debt
c. An increase in accounts receivables
d. An increase in accounts payables

problem 3: A company takes 25 days to sell the average piece of inventory. It takes another 18 days to collect a receivable. It takes 20 days to pay accounts payable. Find out the cash conversion cycle for this company:

a. 23 days
b. 43 days
c. 45 days
d. 63 days

problem 4: A company started the year with $55,000 in inventory. Throughout the year, the company bought other $400,000 in inventory. The company ends the year with $65,000 in inventory. Sales for the period were $575,000. On average, how long does it take for the company to sell an item of inventory? Suppose 365 days in a year:

a. 54.8 days
b. 56.2 days
c. 59.3 days
d. 61.8 days

problem 5: A company started the year with $525,000 in accounts receivable and ended the year with $400,000 in accounts receivable. Throughout the year, the company made credit sales of $8,500,000. How long on average did the company take to collect its accounts receivable throughout this period? Suppose 365 days in a year:

a. 17.2 days
b. 19.9 days
c. 22.5 days
d. 29.8 days

problem 6: If the merchandise inventory at the end of the year is overstated by $10,000, the error will cause an:

a. Overstatement of cost of merchandise sold for the year by $10,000
b. Understatement of gross profit for the year by $10,000
c. Overstatement of net income for the year by $10,000
d. No impact on income statement

problem 7: The given units of a particular item were purchased and sold throughout the period:

118_Costing method.jpg

What are the unit cost(s) of the remaining units on hand at the end of the period as determined by the LIFO costing method:

a. $25
b. $28
c. $25 and $26
d. $25 and $28

problem 8: If merchandise inventory is being valued at cost and the price level is steadily increasing, the method of costing which will produce the lowest net income is:

a. Average
d. Periodic

problem 9: Which of the given assets doesn't get depreciated:

a. Buildings
b. Equipment
c. Land
d. All of the above get depreciated

problem 10: Find out the amount of depreciation, by using the sum-of-the-years-digits method, for the first year of use for equipment costing $17,500, with an estimated residual value of $1,000 and an estimated life of 4 years:

a. $4,125
b. $4,375
c. $6,600
d. $7,000

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92834

Have any Question? 

Related Questions in Accounting Basics

1 prepare an answer to management application ma 13-31

1. Prepare an answer to Management Application MA 13-31, which can be found on page 13-24 of your text (the question concerns ExxonMobil). 2. Oregon Manufacturing had the following data for the past three months.   Janua ...

1 is a trial balance that gives you the balances to use to

1) is a Trial Balance that gives you the balances to use to prepare the financial statements; 2) is a Template that you can use, note there are drop down choices - but, you can definitely use your own on Excel or similar ...

Assignmentas my town is very small and i was unable to find

Assignment As my town is very small and I was unable to find the CAFR, but I was able to find reports for my nearest city (and the one I work in), Concord, NH, for the fiscal year ending June 30, 2015. One thing that I f ...

Sarbanes oxley requires that per section 404 that internal

Sarbanes Oxley requires that per Section 404 that Internal Controls within a publicly held company are to be reviewed, evaluated and tested at year end to insure that adequate controls are in place. In addition to unders ...

Assessment one - business research report proposal initial

Assessment One - Business Research Report Proposal: Initial Research Proposal The initial research proposal will consist of the following SIX (6) items: 1. Identify a business research topic 2. Define the research questi ...

1 the manufacture of herbal health tonic is a competitive

1. The manufacture of herbal health tonic is a competitive industry. The manufacturing facilities have an annual output of 100,000 gallons. Operating costs are $2 per gallon. A 100,000 gallon capacity plant costs $500,00 ...

Assignment expected value and consumer choicesconsumers

Assignment: Expected Value and Consumer Choices Consumers' choices are prey to subtle discrepancies that arise in cognitive accounting. Learning how and when you are prey to these discrepancies is an important step in im ...

Question 1 which of the following results in an increase in

Question 1. Which of the following results in an increase in the equity in investee income account when applying the equity method? Unrealized gain on intercompany inventory transfers for the prior year Amortizations of ...

Individual internal accountants report to managementyou are

Individual Internal Accountants Report to Management You are the internal accountant at a company that is preparing for an upcoming government contract bid. The management in your company is deciding if it is necessary f ...

Assignmentcarol is a single mother who owns a wholesale

Assignment Carol is a single mother who owns a wholesale auto parts distributorship. The business is organized as a sole proprietorship. Her business has advanced, and she can no longer devote the time necessary to do he ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen