ACCT505 Part B Capital Budgeting problem Data: Cost of new equipment Expected life of equipment in years Disposal value in 5 years Life production - number of cans Annual production or purchase needs Initial training costs Number of workers needed Annual hours to be worked per employee Earnings per hour for employees Annual health benefits per employee Other annual benefits per employee-% of wages Cost of raw materials per can Other variable production costs per can Costs to purchase cans - per can
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ACC 403 Week 4 quiz 3 Question 1 If an auditor fails to fulfill a certain requirement in the contract‚ they may be guilty of: Answer Selected Answer: breach of contract. Correct Answer: breach of contract. Question 2 The assessment against a defendant of that portion of the damage caused by the defendant’s negligence is called: Answer Selected Answer: separate and proportionate liability. Correct Answer: separate and proportionate liability. Question 3
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ACC 403 week 6 quiz Question 1 2 out of 2 points When dealing with audit risk: Answer Selected Answer: auditors accept some level of risk in performing the audit function. Correct Answer: auditors accept some level of risk in performing the audit function. Question 2 2 out of 2 points ________ misstatements are those where the auditor can determine the amount of the misstatement in the account. Answer Selected Answer: Known Correct Answer: Known Question 3 2 out
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Khalia Brewer ACCT 555 Week 6 Homework 14-21 A. (2)- Occurrence B. (1)- Accuracy C. (3)- Monthly statements are sent to customers and any discrepancies are resolved by someone independent of cash handling and accounting. D. (4)- existing cash receipts are recorded. 14-22 A.(4)- Receiving reports are prepared for all materials received and such reports are accounted for on a timely basis. B.(3)- Employees involved in the credit-granting function are separated from the sales function C.(1)-
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Quiz 6 Question 1 of 12 4.0/ 4.0 Points Which of these compounds would you expect to be least soluble in water? A.NH3 B.NaCl C.CH3OH Correct D.N2 E.not enough information Answer Key: D Question 2 of 12 0.0/ 4.0 Points Which of the following substances is NOT a solution? A.brass B.air C.vodka D.copper Incorrect E.All of the above are solutions. Answer Key: D Question 3 of 12 4.0/ 4.0 Points Hexane‚ a nonpolar solvent‚ will dissolve which of the following substances? A.ammonium
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AC505 Practice Quiz #1 1. For which of the businesses would the job order cost system be appropriate? a. Auto repair shop b. Crude Oil refinery. c. Drug Manufacturer. d. Root beer producer. 2. Which of the following companies would most likely use job costing? a. Paper manufacturer. b. Paint Producer. c. Breakfast cereal maker. d. Advertising agency. 3. An equivalent unit of conversion costs is equal to the amount of conversion costs required to: a. Start a unit. b. Start and complete
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services to customers. Answer Key: A Question 5 of 20 5.0/ 5.0 Points Sales discounts are granted by the seller to customers for payment at the end of the month. Correct A. True B. False Answer Key: False Question 6 of 20 5.0/ 5.0 Points If payment is due by the end of the month in which the sale is made‚ the invoice terms are expressed as n/eom.Correct A. True B. False Answer Key: True Question 7 of 20 5.0/ 5.0 Points Since merchandise
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ACCT505 Part B Capital Budgeting problem Clark Paints Data: Cost of new equipment $200‚000 Expected life of equipment in years 5 yrs Disposal value in 5 years $40‚000 Life production - number of cans 5‚500‚000 Annual production or purchase needs $1‚100‚000 Initial training costs Number of workers needed 3 Annual hours to be worked per employee 2000 hrs Earnings
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Case Study I Solution The following cost items are needed before a schedule of cost of goods manufactured can be prepared: Materials used in production: Prime Costs $545‚000.00 Less Direct Labor Cost $220‚000.00 Direct Materials Cost $325‚000.00 Manufacturing Overhead Cost: Direct Labor Cost/ Percentage of Conversion Cost: rounded to nearest dollar ( this is total
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for the period is determined by subtracting total expenses and dividends from revenues. FALSE 4. The heading for the income statement might include the line “As of December 31‚ 20xx.” TRUE 5. Net income is another term for revenue. FALSE 6. The primary purpose of the statement of cash flows is to provide information about the cash receipts and cash payments of a company for a specific period of time. TRUE 7. The balance sheet reports assets and claims to those assets at a specific
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