Homework Answers
Net income using cash basis accounting = Collections for services - Salaries paid - Airlines ticket purchased
= 32,000 - 10,000 - 4,000
= 18,000
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Multiple Choice Question 92 Wing Company had the following transactions during 2016: • Sales of $72,000...
*Do It! Review 22-2 In Pargo Company's flexible budget graph, the fixed cost line and the...
*Do It! Review 22-2 In Pargo Company's flexible budget graph, the fixed cost line and the total budgeted cost line intersect the vertical axis at $94,200. The total budgeted cost line is $366,980 at an activity level of 59,300 direct labor hours. Compute total budgeted costs at 75,000 direct labor hours. Total budgeted costs 361980 Question Attempts: 0 of 3 used Copyright © 2000-2020 by John Wiley & Sons, Inc. or related companies. Al rights reserved. Variable coste PER unit...
Multiple Choice Question 42 Monty Inc. is contemplating a capital investment of $88000. The cash flows...
Multiple Choice Question 42 Monty Inc. is contemplating a capital investment of $88000. The cash flows over the project's four years are: Expected Annual Expected Annual Year Cash Outflows Cash Inflows 1 $40000 $13000 45000 2 17000 40000 22000 4 50000 20000 The cash payback period is 3.08 years 3.99 years 3.50 years 2.17 years. Open Show Work Click if you would like to Show Work for this question: LINK TO TEXT 2000-2019 John Wiley & Sons, Inc. All Rights...
Accounting Cycle Review Problem 0-14A On November 1, 2017, the following were the account balances of...
Accounting Cycle Review Problem 0-14A On November 1, 2017, the following were the account balances of Soho Equipment Repair. Cash Accounts Receivable Supplies Equipment Debit $ 3,250 3,080 1,580 10,460 Accumulated Depreciation Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $ 500 2,760 400 790 10,460 3,460 $18,370 $18,370 During November, the following summary transactions were completed. Nov. 8 Paid $1,220 for salaries due employees, of which $430 is for November and $790...
Multiple Choice Question 208 The accountant for Metlock, Inc. should have recorded the following correct entry:...
Multiple Choice Question 208 The accountant for Metlock, Inc. should have recorded the following correct entry: 219 Jan. 15 Notes Receivable Equipment 219 Instead, he misunderstood the transaction and recorded an incorrect entry. Which of the following wrong entries pertaining to this transaction could have been detected as erroneous when using a trial balance? Jan 15 219 Equipment Notes Receivable 219 Jan 15 219 Notes Receivable Equipment 211 Jan 15 219 Notes Payable Cash 219 Jan 15 211 Notes Receivable...
CALCULATOR FULL SCREEN PRINTER VERSION BACH Exercise 19-03 Barnes Company reports the following operating results for...
CALCULATOR FULL SCREEN PRINTER VERSION BACH Exercise 19-03 Barnes Company reports the following operating results for the month of August: sales $300,000 (units 5,000); variable costs $217,000; and fixed costs $71,800. Management is considering the following independent courses of action to increase net income. Compute the net income to be earned under each alternative. 1. Increase selling price by 10% with no change in total variable costs or sales volume. Net Income 2. Reduce variable costs to 56% of sales....
pt.b *Brief Exercise 19-07 a-b (Part Level Submission) Coronado Company has the following data: direct labor $248,0...
pt.b
*Brief Exercise 19-07 a-b (Part Level Submission) Coronado Company has the following data: direct labor $248,000, direct materials used $188,000, total manufacturing overhead $253,000, and beginning work in process $36,000. *(a) Your answer is correct. Compute total manufacturing costs. Total manufacturing costs $1689,000 Attempts: 2 of 3 used *(b) Your answer is incorrect. Try again. Compute total cost of work in process. Total cost of work in process o 472,000 Attempts: 1 of 3 used Copyright © 2000-2019 by...
. Smith Company had the following transactions during 2020: Sales of $10,800 on account Collected $4,800...
. Smith Company had the following transactions during 2020: Sales of $10,800 on account Collected $4,800 for services to be performed in 2021 Paid $2,800 cash in salaries Purchased airline tickets for $500 in December for a trip to take place in 2021 . . What is Smith's 2020 net income using cash basis accounting? $1,500 $2,800 $4,300 $4,800
. Minnie Mouse Company had the following transactions during 2020. Sales of $9,000 on account Collected...
. Minnie Mouse Company had the following transactions during 2020. Sales of $9,000 on account Collected $4,000 for services to be performed in 2021 Paid $2,650 cash in salaries Purchased airline tickets for $350 in December for a trip to take place in 2021 . . What is Minnie Mouse's 2020 net income using cash basis accounting? $10,000 $1,000 $9,850 $850
*Problem 12-16 (Part Level Submission) The following information in $ millions) was taken from the recent...
*Problem 12-16 (Part Level Submission) The following information in $ millions) was taken from the recent annual reports of two companies. Cost of goods sold Average inventory Company A Company B $26,541 $25,377 $2,514 $4,903 *(a1) Your answer is correct. Calculate each company's inventory turnover. (Round answers to 1 decimal place, e.g. 2.5.) Company A Company B Inventory turnover 710.6 times 75.2 times Attempts: 1 of 2 used *(a2) Calculate each company's average days to sell inventory. (Round answers to...
Blue Spruce Corp. had the following transactions during 2021. • Sales of $10440 on account •...
Blue Spruce Corp. had the following transactions during
2021.
• Sales of $10440 on account
• Collected $4640 for services to be performed in 2022
• Paid $3070 cash in salaries
• Purchased airline tickets for $580 in December for a trip to take
place in 2022
What is Blue Spruce's 2021 net income using cash basis
accounting?
$11430
$1570
$12010
$990
*Do It! Review 22-2 In Pargo Company's flexible budget graph, the fixed cost line and the total budgeted cost line intersect the vertical axis at $94,200. The total budgeted cost line is $366,980 at an activity level of 59,300 direct labor hours. Compute total budgeted costs at 75,000 direct labor hours. Total budgeted costs 361980 Question Attempts: 0 of 3 used Copyright © 2000-2020 by John Wiley & Sons, Inc. or related companies. Al rights reserved. Variable coste PER unit...
Multiple Choice Question 42 Monty Inc. is contemplating a capital investment of $88000. The cash flows over the project's four years are: Expected Annual Expected Annual Year Cash Outflows Cash Inflows 1 $40000 $13000 45000 2 17000 40000 22000 4 50000 20000 The cash payback period is 3.08 years 3.99 years 3.50 years 2.17 years. Open Show Work Click if you would like to Show Work for this question: LINK TO TEXT 2000-2019 John Wiley & Sons, Inc. All Rights...
Accounting Cycle Review Problem 0-14A On November 1, 2017, the following were the account balances of Soho Equipment Repair. Cash Accounts Receivable Supplies Equipment Debit $ 3,250 3,080 1,580 10,460 Accumulated Depreciation Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $ 500 2,760 400 790 10,460 3,460 $18,370 $18,370 During November, the following summary transactions were completed. Nov. 8 Paid $1,220 for salaries due employees, of which $430 is for November and $790...
Multiple Choice Question 208 The accountant for Metlock, Inc. should have recorded the following correct entry: 219 Jan. 15 Notes Receivable Equipment 219 Instead, he misunderstood the transaction and recorded an incorrect entry. Which of the following wrong entries pertaining to this transaction could have been detected as erroneous when using a trial balance? Jan 15 219 Equipment Notes Receivable 219 Jan 15 219 Notes Receivable Equipment 211 Jan 15 219 Notes Payable Cash 219 Jan 15 211 Notes Receivable...
CALCULATOR FULL SCREEN PRINTER VERSION BACH Exercise 19-03 Barnes Company reports the following operating results for the month of August: sales $300,000 (units 5,000); variable costs $217,000; and fixed costs $71,800. Management is considering the following independent courses of action to increase net income. Compute the net income to be earned under each alternative. 1. Increase selling price by 10% with no change in total variable costs or sales volume. Net Income 2. Reduce variable costs to 56% of sales....
pt.b
*Brief Exercise 19-07 a-b (Part Level Submission) Coronado Company has the following data: direct labor $248,000, direct materials used $188,000, total manufacturing overhead $253,000, and beginning work in process $36,000. *(a) Your answer is correct. Compute total manufacturing costs. Total manufacturing costs $1689,000 Attempts: 2 of 3 used *(b) Your answer is incorrect. Try again. Compute total cost of work in process. Total cost of work in process o 472,000 Attempts: 1 of 3 used Copyright © 2000-2019 by...
. Smith Company had the following transactions during 2020: Sales of $10,800 on account Collected $4,800 for services to be performed in 2021 Paid $2,800 cash in salaries Purchased airline tickets for $500 in December for a trip to take place in 2021 . . What is Smith's 2020 net income using cash basis accounting? $1,500 $2,800 $4,300 $4,800
. Minnie Mouse Company had the following transactions during 2020. Sales of $9,000 on account Collected $4,000 for services to be performed in 2021 Paid $2,650 cash in salaries Purchased airline tickets for $350 in December for a trip to take place in 2021 . . What is Minnie Mouse's 2020 net income using cash basis accounting? $10,000 $1,000 $9,850 $850
*Problem 12-16 (Part Level Submission) The following information in $ millions) was taken from the recent annual reports of two companies. Cost of goods sold Average inventory Company A Company B $26,541 $25,377 $2,514 $4,903 *(a1) Your answer is correct. Calculate each company's inventory turnover. (Round answers to 1 decimal place, e.g. 2.5.) Company A Company B Inventory turnover 710.6 times 75.2 times Attempts: 1 of 2 used *(a2) Calculate each company's average days to sell inventory. (Round answers to...
Blue Spruce Corp. had the following transactions during
2021.
• Sales of $10440 on account
• Collected $4640 for services to be performed in 2022
• Paid $3070 cash in salaries
• Purchased airline tickets for $580 in December for a trip to take
place in 2022
What is Blue Spruce's 2021 net income using cash basis
accounting?
$11430
$1570
$12010
$990
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