Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

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
b. FIFO
c. LIFO
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

Comprehensive problem 1morgan companys balance sheet at

Comprehensive Problem 1 Morgan Company's balance sheet at December 31, 2016, is presented below. Morgan Company Balance Sheet December 31, 2016 Cash $30,000 Accounts Payable $12,250 Inventory 3050 Interest Payable 300 Pr ...

Writing assignment cash and receivablesassignment

Writing Assignment: Cash and Receivables Assignment Goals: - Obtain research experience in the Accounting Standards Codification - Obtain experience using SEC filings and the SEC website - Practice writing concise accoun ...

Assignmenthttp990sfoundationcenterorg990pdfarchive5225223451

Assignment http://990s.foundationcenter.org/990_pdf_archive/522/522345144/522345144_201412_990.pdf?_ga=1.64191599.1553211607.1477880190 ( A wider circle NFP) http://awidercircle.org/wp-content/uploads/A-Wider-Circles-201 ...

Accounting assignmentyour response should be 2-3 pages

Accounting Assignment YOUR RESPONSE SHOULD BE 2-3 PAGES COMPRISING BOTH RESEARCH CASES. Professional Research 1 Your client took accounting a number of years ago and was unaware of comprehensive income reporting. He is n ...

Course project portfolio of international accounting

Course Project: Portfolio of International Accounting Findings Throughout your course work, you explored topics such as cost and revaluation models of accounting, revenue recognition, assets and liabilities, translation ...

Accounting discussionbulldiscuss the advantages of

Accounting Discussion • Discuss the advantages of understanding accounting as it relates to your current or future position. (Consider careers in management, sales, business operations, finance, and business ownership.)

Assignment- review of accounting ethics papermany

Assignment- Review of Accounting Ethics Paper Many organizations have been in the news over the past few years due to accounting ethical breaches that have affected their customers, employees, or the general public. Sear ...

Discussionpart 1 please respond the following question no

Discussion Part 1 please respond the following question no less then 350 words (original work, no plagiarism, 1 reference "Forecasting" Please respond to the following: • Assess the financial performance forecasting proc ...

Problemmaquoketa services was formed on may 1 2017the

Problem Maquoketa Services was formed on May 1, 2017. The following transactions took place during the first month. Transactions on May 1: 1. Jay BradFord invested $40,000 cash in the company, as its sole owner . 2. Hire ...

Question 1if total liabilities are 1000 and total assets

Question 1 If total liabilities are $1,000 and total assets are $8,000, owner's equity must be A. $7,000. B. $3,000. C. $10,000. D. $13,000. Question 2 If total assets are $30,000 and total liabilities are $18,000, capit ...

  • 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