Entries by Hannah Wangui

. . The following are the account balances from the Adjusted Trial Balance of SGA Incorporated as of Jan 31, 2010. Use the account balances and Prepare 1. INCOME STATEMENT for the month of January 2- The STATEMENT of RETAINED EARNINGS as of January 31 3- BALANCE SHEET as of January 31. Cash 60,000 Rent Expense 5,000 Equipment 30,000 Supplies Expense 9,000 Accumulated Depreciation :Equip. 5,000 Salaries Expense 4,000 Unearned Fees 6,000 Utilities Expense 5,000 Interest Receivable 1,000 Retained Earnings, Jan 1 14,000 Supplies 13,000 Insurance Expense 1,000 Accounts Receivable 10,000 Advertising expense 3,000 Unexpired Insurance 3,000 Depreciation expense 1, 000 Capital Stock 47,000 Prepaid Rent 60, 000 Dividends 7,000 Fees Earned 130, 000 Accounts Payable 10,000 INCOME STATEMENT for the month of January 2- The STATEMENT of RETAINED EARNINGS as of January 31 3- BALANCE SHEET as of January 31. Cash 60,000 Rent Expense 5,000 Equipment 30,000 Supplies Expense 9,000 Accumulated Depreciation :Equip. 5,000 Salaries Expense 4,000 Unearned Fees 6,000 Utilities Expense 5,000 Interest Receivable 1,000 Retained Earnings, Jan 1 14,000 Supplies 13,000 Insurance Expense 1,000 Accounts Receivable 10,000 Advertising expense 3,000 Unexpired Insurance 3,000 Depreciation expense 1, 000 Capital Stock 47,000 Prepaid Rent 60, 000 Dividends 7,000 Fees Earned 130, 000 Accounts Payable 10,000

August 13, 2019 in /by

. The following are the account balances from the Adjusted Trial Balance of SGA Incorporated as of Jan 31, 2010. Use the account balances and Prepare 1. INCOME STATEMENT for the month of January 2- The STATEMENT of RETAINED EARNINGS as of January 31 3- BALANCE SHEET as of January 31. Cash  60,000 Rent Expense    5,000 Equipment […]

 

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50 and 51 use the following information: TEB, Inc., which manufactures video games, consists of two divisions, each operating as a profit center. Division A makes a component that is needed by Division B; however, if the price from Division A is too high, Division B has indicated it would purchase the component from an outside supplier. Additional information related to the divisions is: Division Bâs annual needs for component 10,000 units Division As variable cost per unit $150 Division Aâs annual fixed cost $1,500,000 Price per unit from outside supplier $160 Assume Division A sells units to outsiders for $170 each and has over 10,000 units of excess capacity which it cannot use to sell components to outsiders. Also assume both divisions know the overall company will save money by producing the units internally and transferring them from Division A to Division B. 50. The most logical minimum acceptable transfer price is __________? 51. The most logical maximum acceptable transfer price is __________?. Division A makes a component that is needed by Division B; however, if the price from Division A is too high, Division B has indicated it would purchase the component from an outside supplier. Additional information related to the divisions is: Division Bâs annual needs for component 10,000 units Division As variable cost per unit $150 Division Aâs annual fixed cost $1,500,000 Price per unit from outside supplier $160 Assume Division A sells units to outsiders for $170 each and has over 10,000 units of excess capacity which it cannot use to sell components to outsiders. Also assume both divisions know the overall company will save money by producing the units internally and transferring them from Division A to Division B. 50. The most logical minimum acceptable transfer price is __________? 51. The most logical maximum acceptable transfer price is __________?

August 13, 2019 in /by

50 and 51 use the following information: TEB, Inc., which manufactures video games, consists of two divisions, each operating as a profit center. Division A makes a component that is needed by Division B; however, if the price from Division A is too high, Division B has indicated it would purchase the component from an outside […]

 

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Use the following to answer questions 36-38: style=”color:#000000;”>Chicken Nuggets, LLC, provides chicken nuggets to fast food restaurants. The standard cost card for chicken nuggets indicates each nugget takes two ounces of chicken meat at $0.03 per ounce, 30 seconds of direct labor at $12.00 per hour, and 30 seconds of overhead at $6.00 per hour, for a total standard cost of $0.21 per nugget. Current production cost for 200,000 nuggets show material cost of $11,024 for 424,000 ounces of chicken at $0.026 per ounce; $19,380 for 1,700 hours of direct labor at $11.40 per hour; and $9,600 of overhead applied for 1,600 hours at $6.00 per hour. Legend: U = Unfavorable F = Favorable (Include U or F, after the amount) 36. (10) The direct material quantity (usage) variance is calculated to be ________? 37. (10) The direct labor efficiency variance is calculated to be ________? 38. (10) The direct labor rate variance is calculated to be ______style=”color:#000000;”>Chicken Nuggets, LLC, provides chicken nuggets to fast food restaurants. The standard cost card for chicken nuggets indicates each nugget takes two ounces of chicken meat at $0.03 per ounce, 30 seconds of direct labor at $12.00 per hour, and 30 seconds of overhead at $6.00 per hour, for a total standard cost of $0.21 per nugget. Current production cost for 200,000 nuggets show material cost of $11,024 for 424,000 ounces of chicken at $0.026 per ounce; $19,380 for 1,700 hours of direct labor at $11.40 per hour; and $9,600 of overhead applied for 1,600 hours at $6.00 per hour. Legend: U = Unfavorable F = Favorable (Include U or F, after the amount) 36. (10) The direct material quantity (usage) variance is calculated to be ________? 37. (10) The direct labor efficiency variance is calculated to be ________? 38. (10) The direct labor rate variance is calculated to be ______

August 13, 2019 in /by

Use the following to answer questions 36-38:         style=”color:#000000;”>Chicken Nuggets, LLC, provides chicken nuggets to fast food restaurants. The standard cost card for chicken nuggets indicates each nugget takes two ounces of chicken meat at $0.03 per ounce, 30 seconds of direct labor at $12.00 per hour, and 30 seconds of overhead at $6.00 per hour, […]

 

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Our company manufactures bird feeders. The budgeted sales price is $20 per unit, and the variable costs are $12 per unit. Budgeted fixed costs for the company are $25,000. What is the budgeted amount for operating income for 5,000 bird feeders? $8.00 per unit $45,000 $25,000 $15,000 Question 2 Our company manufactures bird feeders. The budgeted sales price is $30 per unit, and the variable costs are $12 per unit. Budgeted fixed costs for the company are $15,000. What is the budgeted amount for contribution margin for 5,000 bird feeders? $18.00 per unit $90,000 $75,000 $60,000 Question 3 The actual operating income for our company for the current year was $97,000. The flexible budgeted operating income for actual sales volume was $95,000, and the static budget for operating income was $96,000. What is the flexible budget variance for operating income on the Flexible Budget Performance Report? $2,000 favorable $2,000 unfavorable $1,000 favorable $1,000 unfavorable Question 4 The static budget for our company shows a sales volume of 2,000 units and a sales price of $60 per unit. Actual sales for the year totaled 2,100 units, and the actual sales price was $58 per unit. What is the flexible budget variance for sales revenue on the Flexible Budget Performance Report? $4,200 favorable $4,200 unfavorable $6,000 favorable $6,000 unfavorable Question 5 Which of the following would most likely be evaluated using residual income? cost center revenue center profit center investment center Question 6 A manager who is responsible for generating revenue and controlling costs is most likely the manager of: a cost center a revenue center a profit center an investment center Question 7 The following information is available for our company for the current year: operating income, $75,000; average total assets, $500,000; net sales, $750,000; and required rate of return, 12%. Calculate the return on investment (ROI) rounded to two decimal places. 6.67% 10.00% 15.00% 16.67% Question 8 The following information is available for our company for the current year: operating income, $45,000; average total assets, $400,000; net sales, $900,000; and required rate of return, 12%. Calculate the profit margin to two decimal places. 4.44% 5.00% 8.89% 11.25% Question 9 The following information is available for our company for the current year: operating income, $75,000; average total assets, $500,000; net sales, $750,000; and required rate of return, 12%. Calculate the asset turnover to two decimal places. 1.25 times 1.50 times 6.67 times 8.75 times Question 10 The following information is available for our company for the current year: operating income, $75,000; average total assets, $500,000; net sales, $750,000; and required rate of return, 12%. Calculate residual income. ($15,000) $15,000 ($60,000) $60,000. The budgeted sales price is $20 per unit, and the variable costs are $12 per unit. Budgeted fixed costs for the company are $25,000. What is the budgeted amount for operating income for 5,000 bird feeders? $8.00 per unit $45,000 $25,000 $15,000 Question 2 Our company manufactures bird feeders. The budgeted sales price is $30 per unit, and the variable costs are $12 per unit. Budgeted fixed costs for the company are $15,000. What is the budgeted amount for contribution margin for 5,000 bird feeders? $18.00 per unit $90,000 $75,000 $60,000 Question 3 The actual operating income for our company for the current year was $97,000. The flexible budgeted operating income for actual sales volume was $95,000, and the static budget for operating income was $96,000. What is the flexible budget variance for operating income on the Flexible Budget Performance Report? $2,000 favorable $2,000 unfavorable $1,000 favorable $1,000 unfavorable Question 4 The static budget for our company shows a sales volume of 2,000 units and a sales price of $60 per unit. Actual sales for the year totaled 2,100 units, and the actual sales price was $58 per unit. What is the flexible budget variance for sales revenue on the Flexible Budget Performance Report? $4,200 favorable $4,200 unfavorable $6,000 favorable $6,000 unfavorable Question 5 Which of the following would most likely be evaluated using residual income? cost center revenue center profit center investment center Question 6 A manager who is responsible for generating revenue and controlling costs is most likely the manager of: a cost center a revenue center a profit center an investment center Question 7 The following information is available for our company for the current year: operating income, $75,000; average total assets, $500,000; net sales, $750,000; and required rate of return, 12%. Calculate the return on investment (ROI) rounded to two decimal places. 6.67% 10.00% 15.00% 16.67% Question 8 The following information is available for our company for the current year: operating income, $45,000; average total assets, $400,000; net sales, $900,000; and required rate of return, 12%. Calculate the profit margin to two decimal places. 4.44% 5.00% 8.89% 11.25% Question 9 The following information is available for our company for the current year: operating income, $75,000; average total assets, $500,000; net sales, $750,000; and required rate of return, 12%. Calculate the asset turnover to two decimal places. 1.25 times 1.50 times 6.67 times 8.75 times Question 10 The following information is available for our company for the current year: operating income, $75,000; average total assets, $500,000; net sales, $750,000; and required rate of return, 12%. Calculate residual income. ($15,000) $15,000 ($60,000) $60,000

August 13, 2019 in /by

Our company manufactures bird feeders. The budgeted sales price is $20 per unit, and the variable costs are $12 per unit. Budgeted fixed costs for the company are $25,000. What is the budgeted amount for operating income for 5,000 bird feeders? $8.00 per unit $45,000 $25,000 $15,000 Question 2 Our company manufactures bird feeders. The budgeted sales […]

 

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