ACC 561 ENTIRE COURSE


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ACC 561 ENTIRE COURSE

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ACC 561 ENTIRE COURSE

 

ACC 561 Week 1 Individual Assignment Financial Statements

 

Select a publicly traded, U.S. corporation with which you are familiar or one where you currently work or have worked in the past.

Research the company via the website and download the Income Statement, Statement of Shareholders' Equity, Balance Sheet, and Statement of Cash Flows.

Develop a 700-word examination of the financial statements and include the following:

Determine the net income for the current fiscal year (FY). Is this income up or down from the prior year? 

Explain the relevance of changes in net income to investors.

Determine the ending balance in shareholders' equity. Why would organizations such as Labor Unions be interested in this?

Determine the total value of assets. 

Discuss the relevance of the total value of assets to potential creditors and why this is important.

Determine the total cash flow from the operation.

Explain which users would find the financial statements most important.

Discuss how the financial statements are used in your current role or a position you would like to hold. How might these aid you in managerial decision making?

Include the financial statements along with your assignment.

Format your assignment consistent with APA guidelines.

Click the Assignment Files tab to submit your assignment.

 

ACC 561 Week 1 Individual WileyplusAssignment

 

Resource: WileyPLUS

 

Complete the following Week 1 Assignment in WileyPLUS:

Brief Exercise: 1-7

Brief Exercise: 1-8

Brief Exercise 1-7      

Indicate which statement you would examine to find each of the following items: income statement, balance sheet, retained earnings statement, or statement of cash flows.

 

(a)                    Revenue during the period.

(b)                    Supplies on hand at the end of the year.

(c)                    Cash received from issuing new bonds during the period.

(d)       Total debts outstanding at the end of the period.

 

Brief Exercise 1-8

Use the basic accounting equation to answer these questions.

 

(a) The liabilities of Lantz Company are $93,800 and the stockholders’ equity is $245,000. What is the amount of Lantz Company’s total assets?

(b) The total assets of Salley Company are $183,000 and its stockholders’ equity is $81,000. What is the amount of its total liabilities?

(c) The total assets of Brandon Co. are $860,000 and its liabilities are equal to one-fourth of its total assets. What is the amount of Brandon Co.’s stockholders’ equity?

 

ACC 561 Week 1 Wileyplus Practice Quiz

 

  1.      The proprietorship form of business organization

 

  1.      Most business enterprises in the United States are

 

  1.      A business organized as a separate legal entity is a

 

  1.      Which of the following is the best definition of an internal user of accounting information?

 

  1.      Which of the following groups uses accounting information primarily to insure the entity is operating within prescribed rules?

 

  1.      Which of the following groups uses accounting information to determine whether the company can pay its obligations?

 

  1.      Which of the following financial statements is divided into major categories of operating, investigating, and financing activities?

 

  1.      Ending retained earnings for a period is equal to:

 

  1.      The financial statement that summarizes the changes in retained earnings for a specific period of time is the

 

  1.  To show how successfully your business performed during a period of time, you would report its revenues and expenses in the

 

  1.  Which financial statement is prepared first?

 

  1.  An income statement shows

 

  1.  Dawson Corporation has the following information available for 2011:

 

           

 

Based on this information, what is Dawson’s Common Stock balance at the end of the year?

 

  1.  Declaring a cash dividend will

 

  1.  At December 31, 2012 Lowery Company had retained earnings of $2,184,000. During 2012 they issued stock for $98,000, and paid dividends of $34,000. Net income for 2012 was $402,000. The retained earnings balance at the beginning of 2012 was:

 

  1.  Which of the following organizations issues accounting standards for countries outside the United States?

 

  1.  Generally accepted accounting principles

 

  1.  The agency of the United State Government that oversees the U.S. financial markets is the

 

  1.  What organization issues U.S. accounting standards?

 

  1.  Two of the major characteristics that make accounting information useful are

 

 

ACC 561 Week 2 Individual Assignment Accounting & The Regulatory Environment Presentation

 

In the wake of the accounting and finance scandals of the early 2000s, the regulatory environment for businesses changed dramatically to create more accountability and transparency. Agencies like the Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB) play a greater role in enforcing and auditing companies for compliance to regulations such as the Sarbanes-Oxley Act of 2002.

Select an accounting regulatory or standards agency (e.g. PCAOB, IASB, etc.)

Select a public company that you either currently work for, have worked for in the past, or one with which you are familiar.

Create a presentation with an analysis of the regulatory environment:

Identify one or more regulations that would apply to your selected company.

Discuss the ways that compliance with the regulations is beneficial to the company, industry, and consumers.

Examine how the agency you selected and your selected company work together.

Explain the role of ethics in the regulatory environment.

Discuss the ways in which the regulatory environment would directly affect your role in the company in either your current role or your desired career with the organization.

Format your assignment consistent with APA guidelines.

Click the Assignment Files tab to submit your assignment.

 

ACC 561 Week 2 Individual Assignment Accounting The Regulatory Environment

 

This Tutorial contains 2 Papers of this Assignment

 

 

In the wake of the accounting and finance scandals of the early 2000s, the regulatory environment for businesses changed dramatically to create more accountability and transparency. Agencies like the Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB) play a greater role in enforcing and auditing companies for compliance to regulations such as the Sarbanes-Oxley Act of 2002.

Select an accounting regulatory or standards agency (e.g. PCAOB, IASB, etc.)

Select a public company that you either currently work for, have worked for in the past, or one with which you are familiar.

Create a 1,050-word analysis of the regulatory environment:

Identify one or more regulations that would apply to your selected company.

Discuss the ways that compliance with the regulations is beneficial to the company, industry, and consumers.

Examine how the agency you selected and your selected company work together.

Explain the role of ethics in the regulatory environment.

Discuss the ways in which the regulatory environment would directly affect your role in the company in either your current role or your desired career with the organization.

Format your assignment consistent with APA guidelines.

Click the Assignment Files tab to submit your assignment.

 

 

ACC 561 Week 2 Wileyplus Practice Quiz

 

  1. The relationship between current assets and current liabilities is important in evaluating a company’s
  2. Which of the following is a measure of liquidity?
  3. Current assets divided by current liabilities is known as the
  4. Danner Corporation reported net sales of $600,000 and $800,000 in the years 2011, 2012, and 2013, respectively. If 2011 is the base year, what percentage do 2013 sales represent of the base?
  5. In analyzing financial statements, horizontal analysis is a
  6. Comparative balance sheets
  7. Assume the following cost of goods sold data for a company:

2013 $1,500,000

2012 $1,200,000

2011 $1,000,000

If 2011 is the base year, what is the percentage increase in cost of goods sold from 2011 to 2013?

  1. Comparisons of data within a company are an example of the following  comparative basis:
  2. The following schedule is a display of what type of analysis?

 

Amount Percent

Current assets $100,00 25%

Property, plant, and equipment 300,000 75%

Total assets $400,000 100%

 

  1. A common measure of profitability is the
  2. Which one of the following would be considered a long-term solvency ratio?
  3.  The current ratio is
  4. Richards, Inc. has the following income statement (in millions):

 

 

RICHARDS, INC.

Income Statement

For the Year Ended December 31, 2012

Net Sales $180

Cost of Goods Sold 60

Gross Profit 120

Operating Expenses 75

Net Income $45

 

Using vertical analysis, what percentage is assigned to net income?

 

ACC 561 Week 3 Team Assignment Financial Statement Analysis

 

Learning Team members perform the calculations using the financial statements from their individual companies. 

Part I

Complete the following:

Perform at least one profitability ratio to measure the income and operating success of your selected company.

Perform at least one liquidity ratio to measure the ability of the company to pay short-term debt and meet unexpected needs.

Perform at least one solvency ratio to measure the ability of the company to survive in the long-term.

Review all of the calculations of the different companies as a team. Compare the profitability, liquidity, and solvency ratios.

Complete a spreadsheet that presents the profitability, liquidity, and solvency ratios comparatively for all of the companies. 

Highlight the company that has the best numbers for each ratio.

Part II

Develop a presentation with an evaluation of the selected companies in which the team does the following:

Evaluate the financial opportunity presented by the companies. If the team was going to lend money to one of the companies reviewed, which one would it be? Defend the team's decision.

Evaluate the investment opportunity presented by the companies. If the team could invest $100,000 in one of the companies, which would the team select?  Provide the rationale.

Evaluate the employment opportunity presented by the companies. If the team members could work for any of the companies, which company would the team select? Defend the team's decision.

Format the assignment consistent with APA guidelines.

Click the Assignment Files tab to submit your assignment.

 

ACC 561 Week 3 Team Assignment Financial Statement Analysis

 

This Tutorial contains 2 Papers of this Assignment

 

 

Learning Team members will refer back to their Week 1 Individual Assignment and perform the calculations using the financial statements from their individual companies. 

Part I

Complete the following:

Perform at least one profitability ratio to measure the income and operating success of your selected company.

Perform at least one liquidity ratio to measure the ability of the company to pay short-term debt and meet unexpected needs.

Perform at least one solvency ratio to measure the ability of the company to survive in the long-term.

Review all of the calculations of the different companies as a team. Compare the profitability, liquidity, and solvency ratios.

Complete a spreadsheet that presents the profitability, liquidity, and solvency ratios comparatively for all of the companies. 

Highlight the company that has the best numbers for each ratio.

Part II

Develop a 700-word evaluation of the selected companies in which the team does the following:

Evaluate the financial opportunity presented by the companies. If the team was going to lend money to one of the companies reviewed, which one would it be? Defend the team's decision.

Evaluate the investment opportunity presented by the companies. If the team could invest $100,000 in one of the companies, which would the team select?  Provide the rationale.

Evaluate the employment opportunity presented by the companies. If the team members could work for any of the companies, which company would the team select? Defend the team's decision.

Format the assignment consistent with APA guidelines.

Click the Assignment Files tab to submit your assignment.

 

ACC 561 Week 3 Wileyplus Assignment

 

This Tutorial comes with Excel File to solve for any values

 

 

Access the following Week 3 Assignment in WileyPLUS:

Brief Exercise 13-8

Brief Exercise 13-8 (essay)

Brief Exercise 13-9 (essay)

Brief Exercise  13-4

Brief Exercise  13-5

Brief Exercise  13-10

Brief Exercise   13-13

 Click the Assignment Files tab to submit your assignment.

 

 

           

Brief Exercise 13-8

Vertical analysis (common-size) percentages for Pharoah Company’s sales revenue, cost of goods sold, and expenses are listed here.

 

Vertical Analysis

2018

2016

2015

 

Calculate Pharoah’s net income as a percent of sales.

 

 

 

 

Brief Exercise 13-9 (Essay)

 

           

Horizontal analysis (trend analysis) percentages for Phoenix Company’s sales revenue, cost of goods sold, and expenses are listed here.

 

Horizontal Analysis

2018

2016

2015

Sales revenue              96.2     %                     104.8   %                     100.0   %

Cost of goods sold                  101.0                           98.0                             100.0  

Expenses                     105.6                           95.4                             100.0  

 

Explain whether Phoenix’s net income increased, decreased, or remained unchanged over the 3-year period.

 

 

ACC 561 Week 3 Wileyplus Practice Quiz

 

  1. A major purpose of cost accounting is to
  2. The two basic types of cost accounting systems are
  3. A process cost system would most likely be used by a company that makes
  4. Which of the following would be accounted for using a job order cost system?
  5. The flow of costs in a job order cost system
  6. The entry to record the acquisition of raw materials on account is
  7. Time tickets should be approved by
  8. The labor costs that have been identified as indirect labor should be charged to
  9. Manufacturing overhead is applied to each job
  10. A process cost accounting system is most appropriate when
  11. Which of these best reflects a distinguishing factor between a job order cost system and a process cost system?
  12. In process cost accounting, manufacturing costs are summarized on a 
  13. In a process cost system, product costs are summarized:
  14. Which of the following is considered a difference between a job order cost and a process cost system?
  15. The costs that are easiest to trace directly to products are
  16. Other the most difficult part of computing accurate unit costs is determining the process amount of----------------------to assign to each product, service, or job.
  17. The last step in activity-based costing is to
  18. The first step in activity-based costing is to
  19. A well-designed activity-based costing system starts with
  20. An example of an activity cost pool is

 

 

ACC 561 Week 4 Team Assignment Cost Accounting Systems

 

This Tutorial contains 2 Presentation of this Assignment

 

 

 

Consider the places of employment of the team members or businesses with which the team is familiar and the industries in which they operate.

Create a 12-slide presentation, including detailed speaker notes that act as the script of the presentation or a voiceover, of an analysis of cost accounting systems. Include the following in the presentation:

Describe the purpose and elements of an effective cost accounting system.

Differentiate the 3 types of cost accounting systems (job order, process, and hybrid).  Include detailed descriptions of each.

Determine when and why it is appropriate to use each type of system and include an explanation.

Recommend the best accounting system for the team members' respective places of employment or a business where they are interested in pursuing employment. Provide a rationale for the recommendations. If not enough information is available for all companies, provide suggested considerations needed to make the determination.

Format the assignment consistent with APA guidelines.

 

Click the Assignment Files tab to submit your assignment

 

 

ACC 561 Week 4 WileyPLUS Assignment

 

Complete the following Week 4 Assignment in WileyPLUS:

Exercise 15-5

Exercise 16-3

Exercise 17-1

Exercise 15-5

Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $300,000 for the year, and machine usage is estimated at 125,000 hours.

 

For the year, $322,000 of overhead costs are incurred and 130,000 hours are used.

 

 

 

 

Compute the manufacturing overhead rate for the year

What is the amount of under- or overapplied overhead at December 31?

Prepare the adjusting entry to assign the under- or overapplied overhead for the year to cost of goods sold.

 

 

 

 

Exercise 16-3

The ledger of American Company has the following work in process account.

 

Production records show that there were 400 units in the beginning inventory, 30% complete, 1,600 units started, and 1,700 units transferred out. The beginning work in process had materials cost of $2,040 and conversion costs of $1,550. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process.

 

How many units are in process at May 31?

What is the unit materials cost for May?

What is the unit conversion cost for May?

What is the total cost of units transferred out in May?

What is the cost of the May 31 inventory?

 

 

 

 

           

Exercise 17-1

Saddle Inc. has two types of handbags: standard and custom. The controller has decided to use a plantwide overhead rate based on direct labor costs. The president has heard of activity-based costing and wants to see how the results would differ if this system were used. Two activity cost pools were developed: machining and machine setup. Presented below is information related to the company’s operations.

 

 

Total estimated overhead costs are $240,000. Overhead cost allocated to the machining activity cost pool is $140,000, and $100,000 is allocated to the machine setup activity cost pool.

 

 

Compute the overhead rate using the traditional (plantwide) approach.

Compute the overhead rates using the activity-based costing approach.

Determine the difference in allocation between the two approaches.

 

 

ACC 561 Week 4 WileyPLUS Assignment Paper Exercise 17-2

 

Accessthe following Week 4 reading, linked to this assignment:

  • Broadening Your Perspective 17-2

Complete  the Broadening Your Perspective 17-2 activity titled "Managerial Perspective" in Ch. 17 of Accounting.  You need to answer all four parts and show the details for your answers for parts a, b, and c.  Part D is a written response and should be approximately 100 to 150 words long.

Writea paper of no more than 750 words in which you respond to the Broadening Your Perspective 17-2 activity titled "Managerial Perspective" in Ch. 17 ofAccounting.

Click the Assignment Files tab to submit your assignment.

 

ACC 561 Week 4 Wileyplus Practice Quiz

 

Two Set—Scroll down to see all included Questions

 

Under a job order cost system, costs are assigned to each job or to each batch of goods.

 

A process cost system is used when a company manufactures a large volume of unique products.

 

The two major steps in the job order cost flow are 1) accumulating the manufacturing costs incurred and 2) assigning the accumulated costs to the work done.

 

Process cost systems are used to apply costs to unique products produced individually.

 

Which of the following items is not a characteristic of a process cost system?

 

Fewer materials requisitions are generally required in a process cost system than in a job order cost system.

 

Traditional costing systems group costs according to activity cost pools.

 

When is it appropriate to use direct labor as a basis for assigning overhead costs to products?

 

How many steps are involved in activity-based costing?

 

An activity that adds costs to the product but does not increase its market value is a

 

 

A variable cost is a cost that

  1. An increase in the level of activity will have the following effects on unit costs for variable and fixed costs:
  2. A fixed cost is a cost which
  3. Hollis Industries produces flash drives for computers, which it sells for $20 each. Each flash drive costs $14 of variable costs to make. During April, 1,000 drives were sold. Fixed costs for March were $2 per unit for a total of $1,000 for the month. How much is the contribution margin ratio?
  4. Contribution margin
  5. The equation which reflects a CVP income statement is
  6. A company sells a product which has a unit sales price of $5, unit variable cost of $3 and total fixed costs of $150,000. The number of units the company must sell to break even is
  7. Under absorption costing and variable costing, how are fixed manufacturing costs treated?
  8. Management may be tempted to overproduce when using
  9. Only direct materials, direct labor, and variable manufacturing overhead costs are considered product costs when using

 

ACC 561 Week 5 Individual Assignment Costing Methods Paper

 

Write a paper of no more than 350 words after completing Exercise 19-17 in WileyPLUS in which you respond to the following questions:

  • In this case, would it be better to use the variable or absorption costing method, and why?
  • What are the benefits of the two methods?
  • Which method would lead to the best decision when a competitor is submitting a lower bid for your product?

Click the Assignment Files tab to submit your assignment.

 

 

ACC 561 Week 5 Individual/TeamWileyPLUS Assignment Paper Exercise 18-1

 

Resource: WileyPLUS

 

Access the following Week 5 Assignment in WileyPLUS: 

  • Broadening Your Perspective 18-1 

Write a paper of no more than 750 words in which you respond to the Broadening Your Perspective 18-1 activity titled "Decision Making Across the Organization" in Ch. 18 of Accounting.

Click the Assignment Files tab to submit your assignment.

 

ACC 561 Week 5 Team Assignment Costing Methods Presentation 

 

This Tutorial contains 2 Presentation of this Assignment

 

 

 

Develop an 8-slide presentation regarding costing methods as related to the scenario in Exercise 19-7, which all team members completed in WileyPLUS. Include the following:

Recommend a costing method in choosing between variable or absorption costing.  Explain the team's decision.

Explain the benefits of each of the two methods.

Determine which method would lead to the best decision when a competitor is submitting a lower bid for your product.  Explain your answer.

Explain how applying costing methods can aid in better managerial decision-making.

Format your assignment consistent with APA guidelines.

Click the Assignment Files tab to submit your assignment.

 

ACC 561 Week 5 WileyPLUS Assignment

 

This Tutorial comes with Excel File to solve for any values

 

Resource: WileyPLUS

 

Complete the following Week 5 Assignment in WileyPLUS:

Brief Exercise 18-8

Brief Exercise 18-10

Brief Exercise 18-11

Expand Your Critical Thinking 18-1

Brief Exercise 19-16

Exercise 19-7

Exercise 19-17

Brief Exercise 22-1

Brief Exercise 22-4

 

Brief Exercise 18-8

 

Rice Company has a unit selling price of $630, variable costs per unit of $310, and fixed costs of $152,900.

Compute the break-even point in units using (a) the mathematical equation and (b) unit contribution margin.

 

 

 

Brief Exercise 18-10

           

For Flynn Company, variable costs are 68% of sales, and fixed costs are $188,000. Management’s net income goal is $32,000.

 

Compute the required sales in dollars needed to achieve management’s target net income of $32,000. (Use the contribution margin approach.)     

 

 

 

Brief Exercise 18-11

For Astoria Company, actual sales are $11,131,000, and break-even sales are $7,946,000.

 

 

Compute the margin of safety in dollars.

Compute the margin of safety ratio.

 

 

Expand Your Critical Thinking 18-1

 

Creative Ideas Company has decided to introduce a new product. The new product can be manufactured by either a capital-intensive method or a labor-intensive method. The manufacturing method will not affect the quality of the product. The estimated manufacturing costs by the two methods are as follows.

 

 

Creative Ideas’ market research department has recommended an introductory unit sales price of $36. The incremental selling expenses are estimated to be $562,000 annually plus $2 for each unit sold, regardless of manufacturing method.

 

With the class divided into groups, answer the following.

 

(a)

 

Calculate the estimated break-even point in annual unit sales of the new product if Creative Ideas Company uses the:

(1)                    Capital-intensive manufacturing method.

(2)                    Labor-intensive manufacturing method.

 

(b)

 

Determine the annual unit sales volume at which Creative Ideas Company would be indifferent between the two manufacturing methods.

 

 

 

           

Brief Exercise 19-16

 

The Rock Company produces basketballs. It incurred the following costs during the year.

What are the total product costs for the company under variable costing?

 

 

 

Exercise 19-7

PDQ Repairs has 200 auto-maintenance service outlets nationwide. It performs primarily two lines of service: oil changes and brake repair. Oil change–related services represent 70% of its sales and provide a contribution margin ratio of 20%. Brake repair represents 30% of its sales and provides a 40% contribution margin ratio. The company’s fixed costs are $15,620,000 (that is, $78,100 per service outlet).

 

 

 

 

 

           

Exercise 19-17 (Part Level Submission)

Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2018, the company incurred the following costs.

Siren Company sells the fishing lures for $25.25. During 2018, the company sold 79,000 lures and produced 88,000 lures.

 

 

Brief Exercise 22-1

 

For the quarter ended March 31, 2018, Croix Company accumulates the following sales data for its newest guitar, The Edge: $326,100 budget; $334,100 actual.

 

Prepare a static budget report for the quarter.

 

 

Brief Exercise 22-4

 

Gundy Company expects to produce 1,281,600 units of Product XX in 2018. Monthly production is expected to range from 81,500 to 113,700 units. Budgeted variable manufacturing costs per unit are direct materials $4, direct labor $7, and overhead $11. Budgeted fixed manufacturing costs per unit for depreciation are $5 and for supervision are $3.

 

Prepare a flexible manufacturing budget for the relevant range value using 16,100 unit increments.

 

 

 ACC 561 Week 5 Wileyplus Practice Quiz

 

  1. Why are budgets useful in the planning process?
  2. A common starting point in the budgeting process is
  3. Which of the following statements about budget acceptance in an organization is true?
  4. Why is budgetary control?
  5. The comparison of differences between actual and planned results
  6. A static budget
  7. A responsibility centers generate both revenues and costs?
  8. The linens department of a large department store is
  9. What is a standard cost?
  10. Using standard costs
  11. Unfavorable materials price and quality variances are generally the responsibility of the 

 

ACC 561 Week 6 WileyPLUS Assignment

 

Resource: WileyPLUS

 

Complete the following Week 6 Assignment in WileyPLUS:

Exercises: 21-3

Exercises: 23-1

Brief Exercise 20-3

Brief Exercise 20-4

Brief Exercise 20-8

 

 

Exercises: 20-3

Exercises: 22-1

Brief Exercise 23-3

Brief Exercise 23-4

Brief Exercise 23-6

 

Exercise 21-3

Thome and Crede, CPAs, are preparing their service revenue (sales) budget for the coming year (2018). The practice is divided into three departments: auditing, tax, and consulting. Billable hours for each department, by quarter, are provided below.

Average hourly billing rates are auditing

Prepare the service revenue (sales) budget for 2018 by listing the departments and showing for each quarter and the year in total, billable hours, billable rate, and total revenue.

 

 

Exercise 23-1

Parsons Company is planning to produce 1,100 units of product in 2018. Each unit requires 2.60 pounds of materials at $4.80 per pound and a half-hour of labor at $14.00 per hour. The overhead rate is 90% of direct labor.

 

Compute the budgeted amounts for 2018 for direct materials to be used, direct labor, and applied overhead.

Compute the standard cost of one unit of product.

Brief Exercise 20-3

At Bargain Electronics, it costs $32 per unit ($20 variable and $12 fixed) to make an MP3 player at full capacity that normally sells for $53. A foreign wholesaler offers to buy 4,740 units at $26 each. Bargain Electronics will incur special shipping costs of $4 per unit. Assuming that Bargain Electronics has excess operating capacity, indicate the net income (loss) Bargain Electronics would realize by accepting the special order

 

Brief Exercise 20-4

Manson Industries incurs unit costs of $7 ($4 variable and $3 fixed) in making an assembly part for its finished product. A supplier offers to make 13,400 of the assembly part at $6 per unit. If the offer is accepted, Manson will save all variable costs but no fixed costs. Prepare an analysis showing the total cost saving, if any, Manson will realize by buying the part

 

Brief Exercise 20-8

Lisah, Inc., manufactures golf clubs in three models. For the year, the Big Bart line has a net loss of $5,500 from sales $200,000, variable costs $176,000, and fixed costs $29,500. If the Big Bart line is eliminated, $20,100 of fixed costs will remain. Prepare an analysis showing whether the Big Bart line should be eliminated

 

ACC 561 Week 6 Wileyplus Practice Quiz

 

  1. A major accounting contribution to the managerial decision-making process in evaluating possible courses of action is to
  2. In incremental analysis,
  3. Incremental analysis is most useful
  4. It costs Ross Co. $24 of variable and $10 of fixed costs to produce one bathroom scale which normally sells for $70. A foreign wholesaler offers to purchase 2,000 scales at $30 each. Ross would incur special shipping costs of $2 per scale if the order were accepted. Ross has sufficient unused capacity to produce the 2,000 scales. If the special order is accepted, what will be the effect on net income?
  5. Carter, Inc. can make 100 units of a necessary component part with the following costs:

 

Direct Materials $120,000

Direct Labor  20,000

Variable Overhead 60,000

Fixed Overhead 40,000

 

If Carter purchases the component externally, $30,000 of the fixed costs can be avoided. At what external price for the 100 units is the company indifferent between making or buying?

 

  1. Mink Manufacturing is unsure of whether to sell its product assembled or unassembled. The unit cost of the unassembled product is $60 and Mink would sell it for $130. The cost to assemble the product is estimated at $42 per unit and the company believes the market would support a price of $170 on the assembled unit. What decision should Mink make?
  2. A company decided to replace an old machine with a new machine. Which of the following is considered a relevant cost?

 

ACC 561 Final Exam

 

  1. Which of the following is an advantage of corporations relative to partnerships and sole proprietorships?
  2. The group of users of accounting information charged with achieving the goals of the business is its
  3. Which of the following financial statements is cornered with the company at a point in time?
  4. An income statement
  5. The most important information needed to determine if companies can pay their current obligations is the 
  6. A liquidity ratio measures the
  7. The convention of consistency refers to consistent use of accounting principles
  8. Horizontal analysis is also known as
  9. Horizontal analysis is a technique for evaluating a series of financial statement data over a period of time
  10. Vertical analysis is a technique that expresses each item in a financial statement
  11. Process costing is used when
  12. An important feature of a job order cost system is that each job
  13. In a process cost system, product costs are summarized:
  14. An activity that has a direct cause-effect relationship with the resources consumed is a(n)
  15. Activity-based costing
  16. A cost which remains constant per unit at various levels of activity is a 
  17. Fixed costs are $600,000 and the contribution margin per unit is $150. What is the break-even point?
  18. The break-even point is where
  19. When a company assigns the costs of direct materials, direct labor, and both variable and fixed manufacturing overhead to products, that company is using
  20. If a division manager’s compensation is based upon the division’s net income, the manager may decide to meet the net income targets by increasing production when using
  21. An unrealistic budget is more likely to result when it
  22. A major element in budgetary control is
  23. The purpose of the sales budget report is to
  24. The accumulation of accounting data on the basis of the individual manager who has the authority to make day-to-day decisions about activities in an area is called
  25. Variance reports are
  26. Internal reports that review the actual impact of decisions are prepared by
  27. The process of evaluating financial data that change under alternative courses of action is called
  28. Seasons Manufacturing manufactures a product with a unit variable cost of $100 and a unit sales price of $176. Fixed manufacturing costs were $480,000 when 10,000 units were produced and sold. The company has a one-time opportunity to sell an additional 1,000 units at $140 each in a foreign market which would not affect its present sales. If the company has sufficient capacity to produce the additional units, acceptance of the special order would affect net income as follows:
  29. Carter, Inc. can make 100 units of a necessary component part with the following costs:

Direct Materials $120,000

Direct Labor 20,000

Variable Overhead 60,000

Fixed Overhead 40,000

 

If Carter can purchase the component externally for $220,000 and only $10,000 of the fixed costs can be avoided, what is the correct make-or-buy decision?

 

  1. A company has a process that results in 15,000 pounds of Product A that can be sold for $16 per pound. An alternative would be to process Product A further at a cost of $200,000 and then sell it for $28 per pound. Should management sell Product A now or should Product A be processed further and then sold? What is the effect of the action?

 

ACC 561 Final Exam

 

This Tutorial contains Excel Sheet to solve Problem for any Values

 

 

Exercise 1-6 (Part Level Submission)

Calculate the net income.

Prepare the 2018 retained earnings statement for Metlock.Inc

 

Exercise 1-14

Wayne Holtz is the bookkeeper for Bramble Corp.. Wayne has been trying to get the balance sheet of Bramble Corp. to balance. It finally balanced, but now he’s not sure it is correct

Exercise 2-9

Nordstorm, Inc. operates department stores in numerous states. Suppose selected financial statement data (in millions of dollars) for a recent year follows.               Compute working capital and current ratio at the beginning of the year and at the end of the year.

 

P2-5A

Problem 2-5A

The following are financial statements of Nash's Trading Post, LLC.

 

Nash's Trading Post, LLC

Income Statement

For the Year Ended December 31, 2018

 

 

 

 

 

 

 

Additional information: The net cash provided by operating activities for 2018 was $201,600. The cash used for capital expenditures was $110,700. The cash used for dividends was $32,630. The weighted-average number of shares outstanding during the year was 50,000.

 

Expand Your Critical Thinking 13-4

 

The Coca-Cola company and PepsiCo, Inc. Provide refreshments to every corner of the world. Suppose selected data from recent consolidated financial statements for The Coca-Cola company and for PepsiCo, Inc. are presented here (in millions).

 

Brief Exercise 212 (Part Level Submission)

 

The following items were taken from the financial statements of Mint, Inc., over a three-year period:        

 Compute the amount and percentage change from 2016 to 2018.

 Compute the amount and percentage change from 2018 to 2018.

 

Exercise 15-4

 

Manufacturing cost data for Orlando Company, which uses a job order cost system, are presented below.

 

Indicate the missing amount for each letter. Assume that in all cases manufacturing overhead is applied on the basis of direct labor cost and the rate is the same.

 

Multiple Choice Question 83

 

Barr Mfg. provided the following information from its accounting records for 2018:

Expected production  60,000 labor hours

Actual production       56,000 labor hours

Budgeted overhead    $900,000

Actual overhead          $870,000

 

How much is the overhead application rate if Barr bases the rate on direct labor hours?

 

Multiple Choice Question 94

 

If annual overhead costs are expected to be $750,000 and direct labor costs are expected to be $1,000,000, then if the activity base is direct labor costs:

 

Multiple Choice Question 112

Gulick Company developed the following data for the current year:

Beginning work in process inventory

$240,000

Direct materials used

144,000

Actual overhead

288,000

Overhead applied

216,000

Cost of goods manufactured

264,000

Total manufacturing costs

720,000

Gulick Company's ending work in process inventory is

 

Multiple Choice Question 43

Hartley Company produces two products, Flower and Planter. Flower is a high-volume item totaling 20,000 units annually. Planter is a low-volume item totaling only 6,000 units per year. Flower requires one hour of direct labor for completion, while each unit of Planter requires 2 hours. Therefore, total annual direct labor hours are 32,000 (20,000 + 12,000). Expected annual manufacturing overhead costs are $960,000. Hartley uses a traditional costing system and assigns overhead based on direct labor hours. Each unit of Planter would be assigned overhead of

 

Exercise 17-1

 

Saddle Inc. has two types of handbags: standard and custom. The controller has decided to use a plantwide overhead rate based on direct labor costs. The president has heard of activity-based costing and wants to see how the results would differ if this system were used. Two activity cost pools were developed: machining and machine setup. Presented below is information related to the company’s operations.

            Standard                     Custom

Direct labor costs                    $50,000                       $119,000

Machine hours             1,390               1,280

Setup hours                 105                  380

Total estimated overhead costs are $306,000. Overhead cost allocated to the machining activity cost pool is $197,000, and $109,000 is allocated to the machine setup activity cost pool.

Compute the overhead rate using the traditional (plantwide) approach. (Round answer to 2 decimal places, e.g. 12.25.)

Predetermined overhead rate             

 % of direct labor cost

Compute the overhead rates using the activity-based costing approach. 

Determine the difference in allocation between the two approaches

 

Exercise 17-9

Air United, Inc. manufactures two products: missile range instruments and space pressure gauges. During April, 46 range instruments and 296 pressure gauges were produced, and overhead costs of $84,100 were estimated. An analysis of estimated overhead costs reveals the following activities.

Perdon Corporation manufactures safes—large mobile safes, and large walk-in stationary bank safes. As part of its annual budgeting process, Perdon is analyzing the profitability of its two products. Part of this analysis involves estimating the amount of overhead to be allocated to each product line. The information shown below relates to overhead.

Multiple Choice Question 55

An example of a cost which would not be assigned to an overhead cost pool is

Multiple Choice Question 71

 

Boswell Company manufactures two products, Regular and Supreme. Boswell’s overhead costs consist of machining, $3,000,000; and assembling, $1,500,000. Information on the two products is:

            Regular            Supreme

Direct labor hours       10,000 15,000

Machine hours 10,000 30,000

   Number of parts 90,000 160,000

Overhead applied to Supreme using activity-based costing is

Multiple Choice Question 124

Kingbird, Inc. began the year with retained earnings of $925000. During the year, the company issued $1274000 of common stock, recorded expenses of $3650000, and paid dividends of $242000. If Kingbird ending retained earnings was $985000, what was the company’s revenue for the year?

 

Multiple Choice Question 122

Sheffield Corp. began the year by issuing $106000 of common stock for cash. The company recorded revenues of $1214000, expenses of $965000, and paid dividends of $56000. What was Sheffield net income for the year?

 

Multiple Choice Question 131

Pharoah Company started the year with total assets of $219000 and total liabilities of $129000. During the year the business recorded $334000 in revenues, $171000 in expenses, and dividends of $54000. The net income reported by Pharoah Company for the year was

 

Multiple Choice Question 135

If total liabilities decreased by $131500 and stockholders’ equity decreased by $42000 during a period of time, then total assets must change by what amount and direction during that same period?

 

Multiple Choice Question 80

Use the following data to determine the total dollar amount of assets to be classified as current assets.

Multiple Choice Question 78

Use the following data to determine the total amount of working capital.

Multiple Choice Question 86

Swifty Corporation has assets of $3590000, common stock of $941000, and retained earnings of $600000. What are the creditors’ claims on their assets?

Multiple Choice Question 102

The following information is available for Bradshaw Corporation and Newell Corporation:

(in millions)     Bradshaw Corporation            Newell Corporation

            2018    2016    2018    2016

Preferred dividends    25        10        0          30

Net income            500      480      490      520

Shares outstanding at the end of the year      200      180      150      200

Shares outstanding at the beginning at the year         180      150      200      220

Based on the information for both Bradshaw and Newell over the two-year period, the earnings per share calculations (rounded to two decimals) indicate that

Multiple Choice Question 128

A company with $60,000 in current assets and $35,000 in current liabilities pays a $1,000 current liability. As a result of this transaction, the current ratio and working capital will
 

Multiple Choice Question 131

Splish Brothers Inc. had a balance in the Accounts Receivable account of $766000 at the beginning of the year and a balance of $864000 at the end of the year. Net credit sales during the year amounted to $6417000. The accounts receivable turnover was

 

Multiple Choice Question 80

Use the following data to determine the total dollar amount of assets to be classified as current assets.  Oriole Company Balance Sheet

Multiple Choice Question 78

Use the following data to determine the total dollar amount of assets to be classified as current assets.  Novak Corp. Balance Sheet

Multiple Choice Question 86

Swifty Corporation has assets of $3590000, common stock of $941000, and retained earnings of $600000. What are the creditors’ claims on their assets?

Multiple Choice Question 102

Based on the information for both Bradshaw and Newell over the two-year period, the earnings per share calculations (rounded to two decimals) indicate that

 

Multiple Choice Question 128

A company with $60,000 in current assets and $35,000 in current liabilities pays a $1,000 current liability. As a result of this transaction, the current ratio and working capital will

 

Multiple Choice Question 131

Splish Brothers Inc. had a balance in the Accounts Receivable account of $766000 at the beginning of the year and a balance of $864000 at the end of the year. Net credit sales during the year amounted to $6417000. The accounts receivable turnover was

 

Multiple Choice Question 134

Novak Corp. had a balance in the Accounts Receivable account of $813000 at the beginning of the year and a balance of $906000 at the end of the year. Net credit sales during the year amounted to $8068000. The accounts receivable turnover was

 

Exercise 171

Moresan Co. gathered the following information on power costs and factory machine usage for the last six months:

Exercise 19-18

Langdon Company produced 9,600 units during the past year, but only 8,500 of the units were sold. The following additional information is also available.  There was no work in process inventory at the beginning and end of the year, nor did Langdon have any beginning finished goods inventory.

 

 

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