Super Bakery Inc. Strategies Super Bakery... Save Paper Costing Methods system will work and be effective. A job order cost system and a process order cost system would not work for Super Bakery‚ Inc. for different reasons. A... Save Paper Cost Accounting Test Name: ________________________ ID: A 47. KCT Printing Company uses a job order cost system. (a) Indicate the source of the data for debiting Work in Process... Save Paper Costing Methods Paper that identifies abuse by customers‚ brokers
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CASE 4-33 ACCOUNTING | 15% Commission | 20% Commission | Own Sales Force @ 7.5% | Sales | $ 16‚000‚000 | 100% | $ 16‚000‚000 | 100% | $ 16‚000‚000 | 100% | Variable Expenses: | | | | | | | Manufacturing | $ 7‚200‚000 | | $ 7‚200‚000 | | $ 7‚200‚000 | | Commissions | $ 2‚400‚000 | | $ 3‚200‚000 | | $ 1‚200‚000 | | Total Variable Expenses | $ 9‚600‚000 | 60% | $ 10‚400‚000 | 65% | $ 8‚400‚000 | 52.5% | Contribution
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—Conceptual 21.Which of the following is not considered cash for financial reporting purposes? a.Petty cash funds and change funds b.Money orders‚ certified checks‚ and personal checks c.Coin‚ currency‚ and available funds d.Postdated checks and I.O.U. ’s 22.Which of the following is considered cash? a.Certificates of deposit (CDs) b.Money market checking accounts c.Money market savings certificates d.Postdated checks 23.Travel advances should be reported as a.supplies. b.cash because
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Memo To: From: Date: October 7‚ 2012 Re: Hiring a managerial accountant for internal accounting The purpose of hiring a managerial accountant is to focus on the internal accounting system. His or her goal will be to comply with the outside demand of bankers as well as summarize the data that will be used to manage and control the business better. He or she will be responsible for paying close attention to short-term goals on day to day basis and make sure that the long-term goals of the
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Chapter 1 Financial Accounting and Accounting Standards Intermediate Accounting‚ 15th Edition Kieso‚ Weygandt‚ and Warfield 1 Financial Statements and Financial Reporting • Goals or purpose of (financial) accounting – Identification‚ measurement‚ and communication of financial information about – An economic entity to – Interested Parties (internal and external) • Creditors‚ managers‚ unions‚ government agencies Financial reports (statements) & notes 2 Financial Statements
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Chapter 3: Cost-Volume-Profit Analysis 95 Chapter 3 Cost-Volume-Profit Analysis SOLUTIONS LEARNING OBJECTIVES Chapter 3 addresses the following learning objectives: LO1 LO2 LO3 LO4 LO5 LO6 Explain the concepts of cost-volume-profit (CVP) analysis in decision making Apply CVP calculations for a single product Apply CVP calculations multiple products Describe the assumptions and limitations that mangers consider when using CVP analysis Assess operational risk using margin of
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detective actions. Some examples of preventative actions that Toll Brothers can do are separation of duties‚ proper authorization‚ adequate documentation‚ and physical control over assets. In terms of detective actions‚ Toll Brothers can perform reviews‚ analyses‚ variance analyses‚ reconciliations‚ physical inventories and audits. By performing these actions‚ Toll Brothers could potentially reduce their risks‚ have a more accurate idea of their finances and could potentially prevent undesirable
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Question 1 Use the data below to answer Parts (a) through (c). Show all calculations in your solutions. On January 1‚ 20X2‚ Haika Inc. purchased 60% of the outstanding voting shares of Selina Co. for $3‚000‚000. On that date‚ Selina’s shareholders’ equity consisted of retained earnings of $2‚000‚000 and ordinary shares of $1‚000‚000. Selina’s identifiable assets and liabilities had fair values that were equal to their carrying values on January 1‚ 20X2‚ except for the following: | Fair value
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costs Labor costs of assembly-line workers $110‚000 – Direct labor Sales commissions $35‚000 – Period costs Factory supplies used $13‚000 – Direct materials Salaries paid to sales clerks $50‚000 – Period costs (b) Explain the basic difference in accounting for product costs and period costs. Product costs are manufacturing costs‚ direct components‚ direct labor and manufacturing overhead‚ do not become expenditures until the company sells inventory. Period costs are non-manufacturing costs‚ including
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Comparing Accounting Software Programs to Manual Accounting Manual accounting uses several paper ledgers to record financial transactions. It is very time consuming to record each single transaction onto paper‚ being very cautious not to make an error. There are several ledgers for each part of the accounting system‚ such as accounts payable‚ accounts receivable‚ and revenue accounts. Combining these ledgers into one general ledger‚ provide the balance for each ledger. The general ledger
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