Contents Summary of Case 1 Question: 2 Answer: 3 Summary of Case Pittman Company is a small but growing manufacturer of telecommunications equipment. The company has no sales force of its own; rather‚ it relies completely on independent sales agents to market its products. These agents are paid a commission of 15% of selling price for all item sold. The company’s budgeted income statement for next year follows: Pittman Company Budgeted Income Statement For the Year Ended December
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1. The Allen Company uses a job-order costing system. The following activity took place during the month of March: Required: Prepare journal entries to record the information above. Key your entries by the letters a through i. Assume all purchases are made on account. 1 2 2. Hirpara Inc. has provided the following data for July: Required: Prepare T-accounts for Raw Materials‚ Work in Process‚ Finished Goods‚ and Manufacturing Overhead‚ and Cost of Goods Sold. Record the beginning
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3-27 (30 min.) Sales mix‚ new and upgrade customers. 1. | NewCustomers | UpgradeCustomers | SPVCUCMU | $275 100 175 | $100 50 50 | The 60%/40% sales mix implies that‚ in each bundle‚ 3 units are sold to new customers and 2 units are sold to upgrade customers. Contribution margin of the bundle = 3 $175 + 2 $50 = $525 + $100 = $625 Breakeven point in bundles = = 24‚000 bundles Breakeven point in units is: Sales to new customers: | 24‚000 bundles
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Quiz 2 Answers (10 POINTS) Question 1 (2 points) The Hansen Company has 3 product lines of tires - X‚ Y‚ and Z with contribution margins of $3‚ $5‚ and $7 respectively. Management expects a sales mix as follows: 90‚000 units of tire X‚ 60‚000 units of tire Y‚ and 50‚000 tires of Z in September 2009. Hansen’s fixed costs are expected to be $552‚000 for the same month. 1. Determine the breakeven point in units for X‚ Y‚ and Z respectively 2. Determine the operating income at a total sales level
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1. award: 5 out of 5.00 points Manufacturing overhead consists of: indirect materials but not indirect labor. all manufacturing costs‚ except direct materials and direct labor. all manufacturing costs. indirect labor but not indirect materials. 2. award: 6 out of 6.00 points Salvadore Inc.‚ a local retailer‚ has provided the following data for the month of September: Merchandise inventory‚ beginning balance $ 87‚480 Merchandise inventory‚ ending balance $ 86‚400 Sales $ 540
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K 60. 3 C 83. 4 K 106. 4 AP 129. 6 C 61. 3 C 84. 4 K 107. 4 AP 130. 7 C Brief Exercises 150. 1 AP 152. 4 AP 154. 5 AP 156. 5 AP a158. 9 AP 151. 3 AP 153. 4 AP 155. 5 AP 157. 5 AP a159. 9 AP sg This question also appears in the Study Guide. st This question also appears in a self-test at the student companion website. a This question covers a topic in an appendix to the chapter. 25 - 2 Test Bank for Accounting Principles‚ Eighth Edition SUMMARY OF QUESTIONS BY STUDY OBJECTIVES AND BLOOM’S
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Although the conviction was overturned on May 31‚ 2005 by the Supreme Court of the United States‚ the firm ceased performing audits and is currently unwinding its business operations. On July 9‚ 2002 George W. Bush gave a speech about recent accounting scandals that had been uncovered. In spite of its stern tone‚ the speech did not focus on establishing new policy‚ but instead focused on actually enforcing current laws‚ which include holding CEOs and directors personally responsible for accountancy
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A. What is the difference between accrual-basis accounting and cash-basis accounting? The difference between the two types of accounting is when revenues and expenses are recorded. In cash basis accounting revenues are recorded when cash is actually received and expenses are recorded when the expenses are actually paid. B. Why would politicians prefer the cash basis over the accrual basis? The accrual basis system deals with deprecation of the value of equipment‚ land and such. Politicians would
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Sociocultural Influence’s on a person’s attitude towards Physical Exercise and Health. Humans are by nature social beings. In trying to determine what makes us feel fulfilled‚ psychologists have found that a feeling of social connection or relatedness is near the top of the list of what we need to experience. We appear to be happiest when we successfully connect with others. Much of what we say and do is motivated by a desire to appear likeable‚ to gain social approval‚ to solidify group membership
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← Abstract Faced with various issues of international accounting in cultural‚ economic‚ ethical and social level‚ after comparing US with China about the GAAP‚ analyzing the differences and difficulties in global accounting standard‚ it’s necessary to separate different accounting standards because of the diversification in different countries‚ it shows that accountancy professions play an important role in capital market‚ which can provide useful‚ relevant and reliable information to interested
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