Homework Answers
| VAUGHN CO. | ||
| Income statement | ||
| For the year ended December 31, 2020 | ||
| Revenues | ||
| Net sales | 558700 | |
| Expenses | ||
| Cost of goods sold | 325300 | |
| Salaries and wages expense | 128000 | |
| Other operating expenses | 10710 | |
| Income tax expenses | 25690 | |
| Total expenses | 489700 | |
| Net income / (Loss) | 69000 | |
| Earnings per share [ Net income / Shares of stock outstanding = 69000 / 109800 ] | 0.63 | |
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Send to Gradebook Question 1 View Policies Current Attempt in Progress Vaughn Co. had sales revenue...
Send to Gradebook < Prev Next > Question 10 View Policies Current Attempt in Progress At...
Send to Gradebook < Prev Next > Question 10 View Policies Current Attempt in Progress At the beginning of 2020, Bridgeport Company acquired a mine for $2,398,400. Of this amount, $116,000 was ascribed to the land value and the remaining portion to the minerals in the mine. Surveys conducted by geologists have indicated that approximately 12,630,000 units of ore appear to be in the mine. Bridgeport incurred $197,200 of development costs associated with this mine prior to any extraction of...
Send to Gradebook ting Question 2 View Policies Current Attempt in Progress Indicate whether the following...
Send to Gradebook ting Question 2 View Policies Current Attempt in Progress Indicate whether the following items would appear on the income statement, balance sheet, or retained earnings statement. upport (a) Notes payable (b) Advertising expense Income statement (c) Common stock Balance sheet (d) Cash (e) Service revenue Income statement (f) Dividends e Textbook and Media Save for Later Last saved 1 second ago.
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Send to Gradebook < Prev Next Question 6 View Policies Current Attempt in Progress Sheffield Company purchased equipment for $237,200 on October 1, 2020. It is estimated that the equipment will have a useful life of 8 years and a salvage value of $14,000. Estimated production is 36,000 units and estimated working hours are 20,0 During 2020, Sheffield uses the equipment for 500 hours and the equipment produces 1,000 units. Compute depreciation expense under each of the following methods. Sheffield...
Send to Gradebook Next > Question 5 View Policies Current Attempt in Progress In October, Pine...
Send to Gradebook Next > Question 5 View Policies Current Attempt in Progress In October, Pine Company reports 21,300 actual direct labor hours, and it incurs $113,850 of manufacturing overhead costs. Standard hours allowed for the work done is 25,300 hours The predetermined overhead rate is $4.25 per direct labor hour. Compute the total overhead variance. Total Overhead Variance $ e Textbook and Media Attempts: 0 of 3 used Save for Later Submit Answer Send to Gradebook Nect>
Ch 2: Homework Send to Gradebook Next > Question 11 View Policies Current Attempt in Progress...
Ch 2: Homework Send to Gradebook Next > Question 11 View Policies Current Attempt in Progress Suppose the following information (in millions of dollars) is available for Limited Brands for a recent year: sales revenue $8,780, net income $153, preferred dividend $0, and weighted average common shares outstanding 300 million Compute the earnings per share for Limited Brands. (Round answer to 2 decimal places, eg. 15.25.) -ort Earnings per share $ e Textbook and Media Save for Later Attempts: 0...
Send to Gradebook < Prev Next Question 5 View Policies Current Attempt in Progress Marigold Corp....
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Send to Gradebook Question 13 View Policies Current Attempt in Progress Manufacturing overhead data for the...
Send to Gradebook Question 13 View Policies Current Attempt in Progress Manufacturing overhead data for the production of Product H by Shakira Company, assuming the company uses a standard cost system, are as follows Overhead incurred for 50,600 actual direct labor hours worked Overhead rate (variable $8: fixed $1) at normal capacity of 54,800 direct labor hours Standard hours allowed for work done $461,340 $9 51,560 Compute the total overhead variance. Total overhead variance $ e Textbook and Media Send...
CH 12 Homework = Send to Gradebook Prey Next > Question 3 View Policies Current Attempt in Progress The Ivanhoe...
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Send to Gradebook Question 8 View Policies Current Attempt in Progress Presented below are three receivables...
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Send to Gradebook < Prev Next > Question 1 View Policies Current Attempt in Progress Hank...
Send to Gradebook < Prev Next > Question 1 View Policies Current Attempt in Progress Hank Itzek manufactures and sells homemade wine, and he wants to develop a standard cost per gallon. The following are required for production of a 190-gallon batch. 2,700 ounces of grape concentrate at $0.04 per ounce 285 pounds of granulated sugar at $0.56 per pound 323 lemons at $0.87 each 950 yeast tablets at $0.29 each 190 nutrient tablets at $0.14 each 2,700 ounces of...
Send to Gradebook < Prev Next > Question 10 View Policies Current Attempt in Progress At the beginning of 2020, Bridgeport Company acquired a mine for $2,398,400. Of this amount, $116,000 was ascribed to the land value and the remaining portion to the minerals in the mine. Surveys conducted by geologists have indicated that approximately 12,630,000 units of ore appear to be in the mine. Bridgeport incurred $197,200 of development costs associated with this mine prior to any extraction of...
Send to Gradebook ting Question 2 View Policies Current Attempt in Progress Indicate whether the following items would appear on the income statement, balance sheet, or retained earnings statement. upport (a) Notes payable (b) Advertising expense Income statement (c) Common stock Balance sheet (d) Cash (e) Service revenue Income statement (f) Dividends e Textbook and Media Save for Later Last saved 1 second ago.
Send to Gradebook < Prev Next Question 6 View Policies Current Attempt in Progress Sheffield Company purchased equipment for $237,200 on October 1, 2020. It is estimated that the equipment will have a useful life of 8 years and a salvage value of $14,000. Estimated production is 36,000 units and estimated working hours are 20,0 During 2020, Sheffield uses the equipment for 500 hours and the equipment produces 1,000 units. Compute depreciation expense under each of the following methods. Sheffield...
Send to Gradebook Next > Question 5 View Policies Current Attempt in Progress In October, Pine Company reports 21,300 actual direct labor hours, and it incurs $113,850 of manufacturing overhead costs. Standard hours allowed for the work done is 25,300 hours The predetermined overhead rate is $4.25 per direct labor hour. Compute the total overhead variance. Total Overhead Variance $ e Textbook and Media Attempts: 0 of 3 used Save for Later Submit Answer Send to Gradebook Nect>
Ch 2: Homework Send to Gradebook Next > Question 11 View Policies Current Attempt in Progress Suppose the following information (in millions of dollars) is available for Limited Brands for a recent year: sales revenue $8,780, net income $153, preferred dividend $0, and weighted average common shares outstanding 300 million Compute the earnings per share for Limited Brands. (Round answer to 2 decimal places, eg. 15.25.) -ort Earnings per share $ e Textbook and Media Save for Later Attempts: 0...
Send to Gradebook < Prev Next Question 5 View Policies Current Attempt in Progress Marigold Corp. purchased machinery for $313,500 on May 1, 2020. It is estimated that it will have a useful life of 10 years, salvage value of $16,500, production of 237,600 units, and working hours of 25,000. During 2021, Marigold Corp. uses the machinery for 2,650 hours, and the machinery produces 26,520 units. From the information given, compute the depreciation charge for 2021 under each of the...
Send to Gradebook Question 13 View Policies Current Attempt in Progress Manufacturing overhead data for the production of Product H by Shakira Company, assuming the company uses a standard cost system, are as follows Overhead incurred for 50,600 actual direct labor hours worked Overhead rate (variable $8: fixed $1) at normal capacity of 54,800 direct labor hours Standard hours allowed for work done $461,340 $9 51,560 Compute the total overhead variance. Total overhead variance $ e Textbook and Media Send...
CH 12 Homework = Send to Gradebook Prey Next > Question 3 View Policies Current Attempt in Progress The Ivanhoe Co. is going to take on a project that is expected to increase its EBIT by $87,000, its fixed cost cash expenditures by $104,000 and its depreciation and amortization by $73,000 next year. If the project yields an additional 10 percent in revenue, what percentage increase in the project's EBIT will result from the additional revenue? (Round answer to 1...
Send to Gradebook Question 8 View Policies Current Attempt in Progress Presented below are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes recevable, or other receivables on a balance sheet. (a) Advanced $10,000 to an employee. (b) Received a promissory note of $34,000 for services performed. (d) Sold merchandise on account for $60,000 to a customer. e Textbook and Media List of Accounts Attempts: 0 of 3 used Save for Later Su
Send to Gradebook < Prev Next > Question 1 View Policies Current Attempt in Progress Hank Itzek manufactures and sells homemade wine, and he wants to develop a standard cost per gallon. The following are required for production of a 190-gallon batch. 2,700 ounces of grape concentrate at $0.04 per ounce 285 pounds of granulated sugar at $0.56 per pound 323 lemons at $0.87 each 950 yeast tablets at $0.29 each 190 nutrient tablets at $0.14 each 2,700 ounces of...
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