ACC 561 Final Guide (New, with Excel File)
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ACC 561 Final Guide (New, with Excel File)

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This Tutorial contains Excel Sheet to solve Problem for any Values Exercise 1-6 (Part Level Submission) Calculate the net income. Prepare the 2017 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, 2017 Additional information: The net cash provided by operating activities for 2017 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 2017. Compute the amount and percentage change from 2017 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 2017: 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. 1) 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 2017 2016 2017 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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