# Question: NAME QUESTION 1-Amortization Methods (20 Marks) 1. On January 1, 2018, Donna Purchased A New Cash Register For \$5,400. This Register Has A Useful Life Of 10 Years And A Residual Value Of \$400. Using The Double-declining-balance Method, How Much Depreciation Expense Should Donna Recognize For 2019? (3 Marks) 2. Shavi Purchased Equipment Costing \$10,000. …

Get college assignment help at uniessay writers NAME QUESTION 1-Amortization Methods (20 Marks) 1. On January 1, 2018, Donna purchased a new cash register for \$5,400. This register has a useful life of 10 years and a residual value of \$400. Using the double-declining-balance method, how much depreciation expense should Donna recognize for 2019? (3 Marks) 2. Shavi purchased equipment costing \$10,000. The equipment has a residual value of \$1,000, and an estimated useful life of 5 years or 36,000 shoes. Actual units produced during the year were 7,000 units. (a) Calculate annual depreciation using the straight line method. (2 Marks) (b) Calculate annual depreciation using units of production method. (3 Marks) 3. On October 1, 2018, Prabhjot purchased a delivery van for \$23,000 with a residual value of \$3,000. The van has an estimated useful life of 5 years. Using straight-line depreciation and the half-year rule, how much depreciation expense should Prabhjot recognize on December 31 of this year? (2 Marks) 4. Mohit purchased a machine for \$190,000. The machine has a useful life of 8 years and a residual value of \$10,000. Mohit estimates that the machine could produce 750,000 units of product over its useful life. In the first year, 95,000 units were produced. In the second year, production increased to 111,000 units. Using the units-of-production method, what is the amount of depreciation that should be recorded for the first and second year? (3 Marks) 5. When originally purchased, a vehicle had cost \$23,000, with an estimated residual value of \$1,500, and an estimated useful life of 8 years. After 4 years of straight-line depreciation, the estimated useful life was revised from 8 to 6 years, but with zero residual value. The depreciation expense in year 5 should be: (3 Marks) 6. Equipment with an estimated life of 10 years and no expected residual value was purchased for \$60,000 on March 6, 2017. Assuming a year-end of December 31, calculate depreciation for 2017 and 2018 using the straight-line method: a. To the nearest whole month (2 Marks) b. Using the half-year convention (2 Marks)

## Question: \$52.530 \$26,030 .\$31.030 0/1 Point Question 7 Wn Ppingsales Bugt Maon Deed O Managements Best Estimate Of Sales Revenue For The Year Debtors Collection Schedule Balance Sheet The Purchases Budget 0/1 Point Question 8 The Purchasing Of Stock Advises That Each Month Must Have A Closing Stock Balance That Is Equal To Stan Stewarts Inventory Policy 40% …

\$52.530 \$26,030 .\$31.030 0/1 point Question 7 Wn ppingsales bugt maon deed o Managements best estimate of sales revenue for the year Debtors Collection Schedule Balance Sheet The Purchases Budget 0/1 point Question 8 the purchasing of stock advises that each month must have a closing stock balance that is equal to Stan Stewarts inventory policy 40% of the nest months sales Using the below information what is the closing stock for August 2018 Sales July 2017 4.000 units Sales August 2017 4200 units Sales September 2017 4150 its Sales October 2017 4300unts 0 0/1 eoint

## Question: 0/1 Point Question 9 A 12 Month Insurance Policy Of \$6.000 Was Paid On 1 April 2018 What Is The Amount Of Prepaid Insurance As At 30 June 2018? \$6,000 \$4.500 \$1.500 \$3,000 0/1 Point Question 10 A Company Has Budget Unit Sales For August Of 2.600 T Has Closing Stock Of 1,400 Units At 31 July, And The Closing Stock At 31 August Is Budgeted To Be 1.800 …

0/1 point Question 9 A 12 month insurance policy of \$6.000 was paid on 1 April 2018 What is the amount of Prepaid Insurance as at 30 June 2018? \$6,000 \$4.500 \$1.500 \$3,000 0/1 point Question 10 A company has budget unit sales for August of 2.600 t has closing stock of 1,400 units at 31 July, and the closing stock at 31 August is budgeted to be 1.800 units. What amount of units need to be purchased to meet budgeted sales 2.200 3.000 2.600 800

## Question: ! Required Information Problem 23-1A Preparation And Analysis Of A Flexible Budget LO P1 [The Following Information Applies To The Questions Displayed Below.] Phoenix Company’s 2017 Master Budget Included The Following Fixed Budget Report. It Is Based On An Expected Production And Sales Volume Of 15,000 Units PHOENIX COMPAN Fixed Budget Report For Year …

! Required information Problem 23-1A Preparation and analysis of a flexible budget LO P1 [The following information applies to the questions displayed below.] Phoenix Company’s 2017 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units PHOENIX COMPAN Fixed Budget Report For Year Ended December 31, 2017 Sales \$3, 150, 000 Cost of goods sold Direct materials 975, 000 225, 000 60, 000 Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities \$45, 000 is variable) Plant managem ent salaries Gross profit Selling expenses Packaging Shipping Sales salary (fixed annual amount) General and administrative expenses Advertising expense 315, 000 210, 000 1,995, 000 210, 000 1, 155, 000 75, 000 90, 000 235, 000 400, 000 125, 000 Salaries 230, 000 Entertainment expense 435, 000 80, 000 Income from operations \$ 320, 000 Problem 23-1A Part 1

## Question: ! Required Information Problem 23-1A Preparation And Analysis Of A Flexible Budget LO P1 [The Following Information Applies To The Questions Displayed Below.] Phoenix Company’s 2017 Master Budget Included The Following Fixed Budget Report. It Is Based On An Expected Production And Sales Volume Of 15,000 Units PHOENIX COMPAN Fixed Budget Report For Year …

! Required information Problem 23-1A Preparation and analysis of a flexible budget LO P1 [The following information applies to the questions displayed below.] Phoenix Company’s 2017 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units PHOENIX COMPAN Fixed Budget Report For Year Ended December 31, 2017 Sales \$3, 150, 000 Cost of goods sold Direct materials 975, 000 225, 000 60, 000 Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities \$45, 000 is variable) Plant managem ent salaries Gross profit Selling expenses Packaging Shipping Sales salary (fixed annual amount) General and administrative expenses Advertising expense 315, 000 210, 000 1,995, 000 210, 000 1, 155, 000 75, 000 90, 000 235, 000 400, 000 125, 000 Salaries 230, 000 Entertainment expense 435, 000 80, 000 Income from operations \$ 320, 000 Problem 23-1A Part 3 3. The company’s business conditions confident that this volume is within the relevant range of existing capacity. How much would operating income increase over the 2017 budgeted amount of \$320,000 if this level is reached without increasing capacity? improving. One possible result is a sales volume of 18,000 units. The company president is are PHOENIX COMPANY Forecasted Contribution Margin Income Statement For Year Ended December 31, 2017 Sales (in units) 15,000 18,000 Contribution margin (per unit) Contribution margin Fixed costs Operating income

## Question: ! Required Information Problem 23-1A Preparation And Analysis Of A Flexible Budget LO P1 [The Following Information Applies To The Questions Displayed Below.] Phoenix Company’s 2017 Master Budget Included The Following Fixed Budget Report. It Is Based On An Expected Production And Sales Volume Of 15,000 Units PHOENIX COMPAN Fixed Budget Report For Year …

! Required information Problem 23-1A Preparation and analysis of a flexible budget LO P1 [The following information applies to the questions displayed below.] Phoenix Company’s 2017 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units PHOENIX COMPAN Fixed Budget Report For Year Ended December 31, 2017 Sales \$3, 150, 000 Cost of goods sold Direct materials 975, 000 225, 000 60, 000 Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities \$45, 000 is variable) Plant managem ent salaries Gross profit Selling expenses Packaging Shipping Sales salary (fixed annual amount) General and administrative expenses Advertising expense 315, 000 210, 000 1,995, 000 210, 000 1, 155, 000 75, 000 90, 000 235, 000 400, 000 125, 000 Salaries 230, 000 Entertainment expense 435, 000 80, 000 Income from operations \$ 320, 000 Problem 23-1A Part 4 4. An unfavorable change in business is remotely possible; in this case, production and sales volume for 2017 could fall to 12,000 units. How much income (or loss) from operations would occur if sales volume falls to this level? (Enter any loss with minus sign.) PHOENIX COMPANY Forecasted Contribution Margin Income Statement For Year Ended December 31, 2017 Sales (in units) 15,000 12,000 Contribution margin (per unit) Contribution margin Fixed costs Operating income (loss)

## Question: 511 QUICKBOOKS ONLINE PLUS: A Complete Course 2017 FILL-IN IN THE SPACE PROVIDED, WRITE THE ANSWER THAT MOST APPROPRIATELY COMPLETES THE SENTENCE 7.21. If You Only Receive Part Of The Merchandise Ordered, You Prepare A(n) The Original Purchase Order For The Missing Amount. Of 7.22 To View The Bills Paid By Check And Credit Card You Prepare The Report. …

511 QUICKBOOKS ONLINE PLUS: A Complete Course 2017 FILL-IN IN THE SPACE PROVIDED, WRITE THE ANSWER THAT MOST APPROPRIATELY COMPLETES THE SENTENCE 7.21. If you only receive part of the merchandise ordered, you prepare a(n) the original purchase order for the missing amount. of 7.22 To view the bills paid by check and credit card you prepare the report. A fast way to find your latest Purchase Orders is to click the Purchase Order. 7.23. in a blank 7.24 The names of the three discounts used in the text are and Discounts.

## Question: Tion 4 0 Out Of 1 Points A Company Purchased A Pece Of Equipment For \$500,000 And The Equipment Has An Expected Useful Ife Ot Fve Vears, Its Residual Value Is Estimated To Be \$4.000 The Depreciation Expense For The Equipment For The Second Full Year? Assuming The Company Uses The Double Decining Baance Depreciation Method, Whet Is Selected Answer O …

tion 4 0 out of 1 points A company purchased a pece of equipment for \$500,000 and the equipment has an expected useful ife ot fve vears, its residual value is estimated to be \$4.000 the depreciation expense for the equipment for the second full year? Assuming the company uses the double decining baance depreciation method, whet is Selected Answer O None Given Answers o \$12 000 s9.040

## Question: Activity-based Costing System With Three Activity Cost Pools- Somani Corporation Has An Machining, Setting Up, And Other. The Company’s Overhead Costs, Which Consist Of Equipment Depreciation And Indirect Labor, Have Been Allocated To The Cost Pools Already And Are Provided In The Table Below. Activity Cost Pools Machining \$54,000 300 \$54,300 Setting …

Get college assignment help at uniessay writers activity-based costing system with three activity cost pools- Somani Corporation has an Machining, Setting Up, and Other. The company’s overhead costs, which consist of equipment depreciation and indirect labor, have been allocated to the cost pools already and are provided in the table below. Activity Cost Pools Machining \$54,000 300 \$54,300 Setting Up \$9,000 \$27,000 \$90,000 2,100 \$11.100 \$27.600 \$93.000 Other Total Equipment depreciation Indirect labor .. Total.. 600 3000 Costs in the Mach ining cost pool are assigned to products based on machine-hours (MHs) assigned to products based on the number of batches. Costs in the Other cost pool are not assigned to products. Data concerning the two and costs in the Setting Up cost pool are products and the company’s costs appear below: MHs 4,700 5.300 10.000 Batches 300 Product M8 Product K3 Total 1.700 2,000 Product M8 \$220,500 \$109,000 \$76, 100 Product K3 \$318,900 \$130,300 \$141,200 Sales (total). Direct materials (total). Direct labor (total).. Required: a. Calculate activity rates for each activity cost pool using activity-based costing. b. Determine the amount of overhead cost that would be assigned to each product using activity-based costing c. Determine the product margins for each product using activity-based costing. 6. CR Corporation has the following estimated costs for the next year: Direct materials… Direct labor… Rent on factory building. Sales salaries Depreciation on factory equipment…. Indirect labor.. Production supervisor’s salary \$000 \$20,000 \$15,000 \$25,000 \$8,000 \$10,000 \$12,000 CR Corporation estimates that 20,000 labor-hours will be worked during the year. If overhead is applied on the basis of direct labor-hours, the overhead rate per hour will be:

## Question: Levy Co. Sold \$1,200,000, 99%, 10-year Bonds On January 1, 2020. The Bonds Were Dated January 1, 2020, And Interest Is Paid On January 1. The Bonds Were Sold At 104. Levy Co. Uses The Straight-line Method To Amorize Bond Premium Or Discount Instructions 1) Prepare The Joumal Entry To Record The Issuance Of The Bonds 2) Prepare The Adjusting Entry To …

Levy Co. sold \$1,200,000, 99%, 10-year bonds on January 1, 2020. The bonds were dated January 1, 2020, and interest is paid on January 1. The bonds were sold at 104. Levy Co. uses the straight-line method to amorize bond premium or discount Instructions 1) Prepare the joumal entry to record the issuance of the bonds 2) Prepare the adjusting entry to record the accrual of interest on December 31, 2020. 3) Show the balance sheet presentation on December 31, 2020. 4) Prepare the joumal entry to record payment of interest on January 1, 2021 5) On January 1, 2022, when the carying value of the bonds was \$1,190,400, the company redeemed the bonds at 102. Record the redemption of the bonds assuming that interest for the period has already been paid. General Journal Accounts tiltes

## Question: Part II (10 Points) 1 Revenue Is Recognized “booked” In The Period In Which TheesScnause Daigethen S Met. (1point) 2. Disclosuc The Principle States That Financial Statements Should Provide Information That Would Influence The Decision Of An Informed Investor. (1.5 Points) 3 The Accounting Principle Of States That Companies Should Provide For All Losses …

Part II (10 points) 1 Revenue is recognized “booked” in the period in which theesScnause daigethen s met. (1point) 2. disclosuc The principle states that financial statements should provide information that would influence the decision of an informed investor. (1.5 points) 3 The accounting principle of states that companies should provide for all losses and anticipate mno gains. (1 point) ecored 4 accounting specifies that expenses are to be does not have to when they are meucred and be involved! (1.5 points) The primary qualities of financial statements are 5 (1.5 points) and which Marketable securities are carried at their 6. principle (1.5pts) the s an exception at the end of the period. They include: lored Nominal accounts are 7. and (2 points) C/Acct 301 quickie #1

## Question: Pr2bm13h.Ch12,3.01 Questions Question 1 Of 3 1. 2 In Late 2013, Sony Successfully Launched The PSa Gaming Console At Roughly The Same Time Microsoft Launched Xbox One. 3. The PSa Was Priced At \$399, While Xbox One Was Priced At S499. Sony Intended This To Be A “consumer Friendly” Price For Gamers. What Value Did Sony Bring To Their Customers? E A. The …

pr2bm13h.Ch12,3.01 Questions Question 1 of 3 1. 2 In late 2013, Sony successfully launched the PSa gaming console at roughly the same time Microsoft launched Xbox One. 3. The PSa was priced at \$399, while Xbox One was priced at S499. Sony intended this to be a “consumer friendly” price for gamers. What value did Sony bring to their customers? e a. The right product b. The right price C c. The right piace and time

## Question: Wconnect.mheducation.com/fow/coneecthtm Iz 2 Seved Seve Help Richard Redden Contributed \$86.000 In Cash And Land Worth \$162.000 To Open A New Business, RR Consulting Which Of The Following General Journal Endries Will RR Consulting Make To Record This Transaction? Muticle Choce Debit Cash \$86.000 Db Land \$62000 Credt Redden Capeal \$248000 Debt Cah And …

wconnect.mheducation.com/fow/coneecthtm iz 2 Seved Seve Help Richard Redden contributed \$86.000 In cash and land worth \$162.000 to open a new business, RR Consulting Which of the following general journal endries will RR Consulting make to record this transaction? Muticle Choce Debit cash \$86.000 db land \$62000 Credt Redden Capeal \$248000 Debt Cah and and \$248.000 Credt edden Captl \$248000 Debe Redden Capes \$24 000 credt ossets \$248 000 Dobe ss 524000 Credt edden Ceot2000 Debt Redden Cope \$24000 credt ch Ses000 credt wtS2000 < Prey 21 Nt e here to seanch 9 U H D G K B Chapter 2 Ou C shed Fong a he newconnect.mheducation.com/ow/connect h Quiz 2 Help Sev A law firm collected \$1100 on account for work performed in the peevious month Which of the following general journal entries will the fm make to record the transaction? Muple Choce Debt Cash \$3300, credt Accounes ecevable \$o0 Deb Lege Fees Revenue \$3s00, cred Acceunts ceable \$3300 Debt Accouts Recette \$3100 cred Uneaned Leg Fees Revere 300 Debe Accoures Rece \$3300 cede Lenel Foes oveue \$3300 Deb Cash \$300 crede Unemed Legel Fees Revenue \$300

## Question: Standard Product Cost, Direct Materials Variance ,500 Pounds) Has The Following Standards: Condiments Company Uses Standards To Control Its Materials Costs. Assume That A Batch Ketchup Standard Quantity Standard Price Whole Tomatoes 4,200 Lbs. \$0.48 Per Lb. \$2.90 Per Gal. Vinegar 230 Gal. \$ 10.70 Per Gal. 20 Gal. Corn Syrup 2.70 Per Lb Salt 2 Lbs. The …

Standard Product Cost, Direct Materials Variance ,500 pounds) has the following standards: Condiments Company uses standards to control its materials costs. Assume that a batch ketchup Standard Quantity Standard Price Whole tomatoes 4,200 lbs. \$0.48 per lb. \$2.90 per gal. Vinegar 230 gal. \$ 10.70 per gal. 20 gal. Corn syrup 2.70 per lb Salt 2 lbs. The actual materials i a batch may vary from the standard due to tomato characteristics. Assume that the actual quantities of materials for batch K-111 were as follows: 4.400 lbs, of tomatoes 221 gal, of vinegar 21 gal, of corn syrup 91 lbs. of salt a. Determine the standard unit materials cost per pound for a standard batch. If required, round amount the nearest cent Standard Cost per Batch Ingredient Whole tomatoes Vinegar Corn syrup Salt Total Standard unit materials cost per pound b. Determine the direct materials quantity variance for batch K-111. If required, round amounts to the nearest cent. Enter a favorable variance s a negative number using a minus sign and an unfavorable variance as a positive number Materials Quantity Variance Ingredient Favorable/Unfavorable Unfavorable whole tomatoes Favorable vinegar Unfavorable Com syrup Favorable Salt Total direct materials quantity variance Unfavorable

## Question: Direct Labor Variances The Following Data Relate To Labor Cost For Production Of O,400 Cellular Telephones: 4,310 Hrs \$ 15.9 Actual Standard 4,240 Hrs. At \$16.1 Untaverable Variance As A Positive Number Detemine The Direct Labor Rate Variance, Direct Labor Time Variance, And Total Direct Labor Cost Variance, Enter A Favorable Variance As A Negative …

Direct Labor Variances The following data relate to labor cost for production of o,400 cellular telephones: 4,310 hrs \$ 15.9 Actual Standard 4,240 hrs. at \$16.1 untaverable variance as a positive number Detemine the direct labor rate variance, direct labor time variance, and total direct labor cost variance, Enter a favorable variance as a negative number using a minus sion and Rate vardance Favorable Unfavorable Time uarisnco Total diract labor cost varianca Unlayorable b. The employees may have been less-experienced or poorly trained, thereby resulting in a lower labor rate than planned. The lower level of experience or training may have resulted in less eficient performance. Thus, the actual time required was more than standard.

## Question: Question 2 Of 3 In Late 2013, Sony Successfully Launched The PS4 Gaming Console At Roughly The Same Time Microsoft Launched Xbox One. One Million People Were Able To Buy PS4 Within The First Four Hours Of Availability, Either By Purchasing Online Or At A Local Retailer. What Value Did Sony Bring To Their Customers? D A. The Righit Product B. The Right …

Question 2 of 3 In late 2013, Sony successfully launched the PS4 gaming console at roughly the same time Microsoft launched Xbox One. One million people were able to buy PS4 within the first four hours of availability, either by purchasing online or at a local retailer. What value did Sony bring to their customers? D a. The righit product b. The right price c. The right place and time Question 3 of3 pr2bm13h.Ch12.3.03 Questions 1 2 In late 2013, Sony successfully launched the PS4 gaming console at roughly the same time Microsoft launched Xbox One. 3. The launch strategy for PS4 began 5 years before launch. According to Jack Tretton (CEO of Sony Computer Entertainment America), “We spent a lot of time talking to consumers. We also spent a lot of time talking with the development community, asking what they wanted.” What value did Sony bring to their customers? a. The right product b. The righit price c. The right place and time