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Type: Posts; User: rehmanvohra

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  1. Answers
    2
    Views
    767

    Dear ma - this question has been taken from a...

    Dear ma - this question has been taken from a very famous text book. This book has been adopted by many universities and colleges in the US. Through group study a student gets to learn better than...
  2. Answers
    2
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    457

    a. The material total variance Std Qty allowed:...

    a. The material total variance
    Std Qty allowed: 1200 x 15 x 8 = 144000
    Actual cost 147500
    Total variance 3500 (Unfavorable)

    b. The material price variance
    Act qty x std price: 19200 x 8 =...
  3. 200 ml = 2 million shares x $100 par value

    200 ml = 2 million shares x $100 par value
  4. Sorry, capital employed is 660000 and ratio is...

    Sorry, capital employed is 660000 and ratio is 17.72%.

    .
  5. Acid test ratio: (Current assets - Closing...

    Acid test ratio:
    (Current assets - Closing stock)/Current liabilities
    144000-55000=89000/34000= 2.62:1


    The return on capital employed for 2012 was 11%
    Calculate the ratio for 2013?Net profit...
  6. Answers
    2
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    621

    Indirect materials are a part of overheads and...

    Indirect materials are a part of overheads and the unit cost is always calculated for the overhead costs for the good production achieved.
  7. Answers
    3
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    480

    Relevant costs are those costs that will be...

    Relevant costs are those costs that will be incurred if the decision to go on the fishing trips is taken.
  8. Thanks. I am pleased to be of help.

    Thanks. I am pleased to be of help.
  9. Please refer to the following link. It might help...

    Please refer to the following link. It might help clearing confusion.

    http://www.accounting4management.com/statement_of_cash_flows.htm
  10. Cash outflow means increase in asset or decrease...

    Cash outflow means increase in asset or decrease in liabilities. Now study each of the options and decide which of them is an outflow.


    a. a new issue of bonds - increases cash
    b. a decrease in...
  11. Answers
    1
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    648

    Dividend yield: Dividend per share/market value...

    Dividend yield:
    Dividend per share/market value per share
    40000/10000 = $4 per share/$56
    Yield = 7.14%
  12. Answers
    1
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    662

    Unit sales price 6.95 Variable mfg...

    Unit sales price 6.95
    Variable mfg costs
    DM 26880
    DL 6720
    VOH 5920
    Total 39520
    Unit cost 39520/16000= (2.47)
    Sales commission 8% = (0.556)
    Contribution = 3.924
  13. Answers
    1
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    375

    December 1: Debit Prepaid advertising $600...

    December 1:
    Debit Prepaid advertising $600
    Credit Cash $600

    December 31
    Debit Advertising Expense 200
    Credit prepaid advertising 200
  14. Answers
    3
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    418

    Increase in net assets: 13,500 - 12,500 = 1,000...

    Increase in net assets: 13,500 - 12,500 = 1,000
    Add dividends 2,000
    Less Stock issuance 1,400
    Net Income 1,600
  15. Question: Accounting

    by rehmanvohra
    Answers
    3
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    1,556

    Ordinary shares receive nothing because Preferred...

    Ordinary shares receive nothing because Preferred stock is entitled to 2000 x $12=$24,000 x 11%= 2,640. $1600 will be paid to preferred stockholders
  16. Answers
    2
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    360

    a. 9 b. 9 c. 78 d. 64

    a. 9
    b. 9
    c. 78
    d. 64
  17. Answers
    1
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    6,412

    VALERICO COMPANY ...

    VALERICO COMPANY







    STATEMENT OF COST OF GOODS MANUFACTURED
  18. No need for any journal entry since the VAT...

    No need for any journal entry since the VAT account will show the credit balance as at the balance sheet date and will be reported as current liability. In January 2014, you will debit VAT account...
  19. Your question is incomplete. Details of balances...

    Your question is incomplete. Details of balances of non current assets is missing.
    There are other errors which will be disclosed when the question is complete.
  20. Answers
    1
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    1,517

    Schrager Company has two production departments:...

    Schrager Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,390, Work in Process—Cutting $3,560, work in Process—Assembly $11,080, and...
  21. Answers
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    487

    The ending balance in receivables will be 33% of...

    The ending balance in receivables will be 33% of this month's credit sales:
    805109*.33=265686
  22. Answers
    5
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    579

    I am glad was to be of help. Please do not...

    I am glad was to be of help. Please do not hesitate to contact me in case you need me.
  23. Answers
    5
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    579

    The date on which the asset is received. The HP...

    The date on which the asset is received. The HP contract entitles the entity to the possession of the asset for its use.
  24. Answers
    5
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    579

    Under Hire Purchase financing terms, does this...

    Under Hire Purchase financing terms, does this means I have to recognize the item as Fixed Asset? There is no Down payment and Security Deposit required.

    CORRECT: Under HP system, like finance...
  25. Answers
    1
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    1,361

    FALSE. Reversal entries are meant for prepayments...

    FALSE. Reversal entries are meant for prepayments and accruals. Accumulated depreciation is a contra asset account, like allowance for doubtful debts which reflect the book value of these assets.
  26. Question: Selling price

    by rehmanvohra
    Answers
    1
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    469

    You should sell at premium because you are...

    You should sell at premium because you are offering more interest than market rate. The selling price can be determined if the duration is available as well as repayment schedule, if any.
  27. I am glad I was of help. Thanks anyway, I was not...

    I am glad I was of help. Thanks anyway, I was not offended by your earlier response.
  28. Question: Par Value

    by rehmanvohra
    Answers
    2
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    400

    It would be helpful if you were to give an...

    It would be helpful if you were to give an example.
  29. Question: Homework help

    by rehmanvohra
    Answers
    1
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    561

    1. Month end was exactly one quarter of the way...

    1.
    Month end was exactly one quarter of the way through a pay period. No wages have been paid yet, but on the next pay day the salaries paid will be: 11,900.00

    Debit salaries expense and credit...
  30. The steps for preparing a bank reconciliation...

    The steps for preparing a bank reconciliation statement are:
    a. Adjust cash book to reflect items appearing in the bank statement but not in the bank account. - (CB)
    b. Adjust bank statement...
  31. The adjusted cash book balance is 620 whereas...

    The adjusted cash book balance is 620 whereas bank reconciliation shows 590. There is a difference of 30
  32. Answers
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    452

    ROI = Profit/Avg Total Assets

    ROI = Profit/Avg Total Assets
  33. Answers
    63
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    16,357

    Apply the following formula: Beg Inv + Purchases...

    Apply the following formula:
    Beg Inv + Purchases + Frt In - Returns - Disc- End Inv = COGS
    Sales - COGS = GP
  34. Answers
    63
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    16,357

    Apply the following formula: Beg Inv + Purchases...

    Apply the following formula:
    Beg Inv + Purchases + Frt In - Returns - Disc- End Inv = COGS
    Sales - COGS = GP
  35. Answers
    63
    Views
    16,357

    Apply the following formula: Beg Inv + Purchases...

    Apply the following formula:
    Beg Inv + Purchases + Frt In - Returns - Disc- End Inv = COGS
    Sales - COGS = GP
  36. Answers
    63
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    16,357

    COGS : 237 Freight In : 22 Ending Inventory :...

    COGS : 237
    Freight In : 22
    Ending Inventory : 147
    Gross Purchases : 300
    Sales : 400
    Purchase Discounts : ?
    Beginning Inventory : 150
    Gross Profit : 163
    Purchase Returns : 50
  37. Prepare a T account and post known entries on...

    Prepare a T account and post known entries on relevant sides and you will get the answer as 45,000
  38. Complex journal entries as givrn in example is...

    Complex journal entries as givrn in example is just one type. There can be more accounts affected for one transaction.

    For example, consider a case where a non current asset is disposed for cash....
  39. Question: Accounting

    by rehmanvohra
    Answers
    4
    Views
    735

    Are all general ledger accounts adjusted and...

    Are all general ledger accounts adjusted and closed at the end of the accounting cycle?
    My answer, no because all temporary accounts are closed. I'm slightly confused on this one.
    Correct

    Does...
  40. There are two types of journal entries complex...

    There are two types of journal entries complex and simple?
    My answer is no, I believe there are more such as Special.
    Complex entries involve more than one account while simple entries have only...
  41. Question: Accounting

    by rehmanvohra
    Answers
    4
    Views
    735

    Is a business with no cash considered insolvent?...

    Is a business with no cash considered insolvent? Yes or No
    My answer is no, because the business could have assets that can be turned into cash if needed. CORRECT

    A business is considered...
  42. High December 4900 26,000 Low July 3500 20,500...

    High December 4900 26,000
    Low July 3500 20,500
    Difference 1400 5500
    Variable rate 3.92856 per meal

    Total costs 26000
    Less variable 4900 x 3.92856 = 19250
    Fixed costs 6750

    BEP can not be...
  43. Answers
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    317

    Deduct extra ordinary items such as non recurring...

    Deduct extra ordinary items such as non recurring transactions, e.g. fire claim
  44. Question: Acc/291 P9-5A

    by rehmanvohra
    Answers
    3
    Views
    1,957

    Can you at least post the attempt you made so...

    Can you at least post the attempt you made so far? It will help us to identify the mistake area and it will be easier for you to understand.
  45. Answers
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    2,951

    Per Unit Variable Cost Fixed Cost Direct...

    Per Unit Variable Cost Fixed Cost
    Direct materials $4.50 $ —
    Direct labor 6.5 —
    Factory overhead 9 50,000
    Production and sales totaled 20,000 rolls and 17,000 rolls, respectively There is no work...
  46. Answers
    1
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    774

    What is the net price of the net price...

    What is the net price of the net price $141,771.00 with a 29% trade discount?
    Do you mean list price $141,771? Or you wish to find the list price of the net price 141,771?
    If 141,771 is the list...
  47. Answers
    63
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    16,357

    Merchandise inventory, 7/1/12 32,000 Purchases...

    Merchandise inventory, 7/1/12 32,000
    Purchases 240,000
    Purchase discounts (6,000)
    Purchase returns (10,000)
    Freight-in 17,000
    Inventory balance (40,000).
    Cost of goods sold 233,000
  48. Question: Trial Balance

    by rehmanvohra
    Answers
    4
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    472

    It appears that you are omitting net profit...

    It appears that you are omitting net profit £5200, which must be included in the trial balance.
  49. Answers
    1
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    2,690

    Please see your other post - Retail Method. The...

    Please see your other post - Retail Method.
    The only new point in this post is normal and abnormal spoilage.
    Here is the treatment:
    Normal spoilage should be deducted from the retail column after...
  50. Question: Retail Method

    by rehmanvohra
    Answers
    1
    Views
    2,752

    AVERAGE COST ...

    AVERAGE COST

    Cost Retail
    Beginning inventory $80 $125
    Purchases ...
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