1.  The appropriate cost accounting system to use when inventory items are produced on an assembly line is         weighted average.        job-order costing.        process costing.        perpetual method.   2.  As production occurs, materials, direct labor, and applied manufacturing overhead are recorded in         cost of goods sold.        work-in-process.   […]

  1. A broker told you the size of the grass area of the yard of the house you bought was 6,000 square feet. However, the grass covered only 5,000 square feet. The lawn size meant nothing to you; you didn’t want a big yard anyway because you hated mowing the lawn.You liked the house because it was near a mall and good schools. But […]

1.  After the adjusting entries are journalized and posted to the accounts in the general ledger, the balance of each accounts should agree with the balance shown on the    a.The general journal b.Post closing trial balance adjusted trial balance c. adjusted trial balance d.Adjustment column of the worksheet   2.  The net income ( or loss ) for the period   a. cannot be […]

Perfect systems borrow $94,000 cash on May 15, 2011, by signing a 60-day, 12% notes. 1. On what date this note mature2. Suppose the face value of note equals $94,000, the principal of the loan. Prepare the journal entries to record (a) issuance of the note and (b) payment of the note at maturity. 10-1Note round amounts to the nearest whole dollar; assume no reversing […]

1. Dalian Company provides the following information:   Price per unit: $20 Variable cost per unit: $8 Fixed costs per month: $15,000   What is the breakeven point in terms of sales revenues?     $18,500  $25,000     $37,500  $22,750   2. Activity-based costing focuses on a single predetermined overhead rate for cost analysis.     True   False     3. Peterson Company has both fixed and […]

Sharon Feldman, president of Allied Company, considers $20,000 to be a minimum cash balancefor operating purposes. As can be seen from the following statements, only $15,000 in cash wasavailable at the end of 2011. Because the company reported a large net income for the year, andalso issued bonds and sold some long-term investments, the sharp decline in cash is puzzling toMs. Feldman. AssetsCurrent assets:Allied CompanyComparative […]

ABC Corporation is a new company that buys and sells office supplies.  Business began on January 1, 2012. Given on the first two tabs are ABC’s 12/31/12 Unadjusted Trial Balance and a list of needed adjustments. 1.  Make all 16 adjustments on the “Adjusting Journal Entries” tab.  Remember to include a description under each journal entry. 2.  Post the adjustments to the general ledger on […]

Brown, CPA, is evaluating the risk of material misstatement (RMM) on an engagement. For each of the following, identify the risk component most directly affected matching the risk component from the list provided. Also indicate what effect the situation described would have on this risk by matching the appropriate option from the list provided. All answers are used, some are used more than once.  Using […]

    Compete the Pacific Trails Resort Case Study from Chapter 4. Create an external style sheet to configure color for your Pacific Trails Resort web site.       Pre-Requisites       You will need your textbook, Basics of Web Design, Notepad++ or TextWrangler, a browser and an Internet connection to complete this assignment.       Set up your Folders and Hands-On […]

      1.                   Prepare an analysis of the automobile manufacturing industry using Porter’s five forces framework. For each component force provide support for your conclusion. In addition, at the completion of your analysis provide a conclusion, along with support, of whether you expect the automobile industry to report high or low profitability in the near future.                 2.Tremble Company manufactures outdoors wear for […]