Wiley plus chapter 6 | Accounting homework help

(a)

Prepare an incremental analysis for the special order. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

 RejectOrder AcceptOrder Net IncomeIncrease(Decrease) Revenues \$

(b)
Compute the labor price and quantity variances.

 Labor price variance \$ Labor quantity variance \$

(c)
Compute the labor price and quantity variances, assuming the standard is 4.18 hours of direct labor at \$12.29 per hour.

 Labor price variance \$ Labor quantity variance \$

Problem 11-1A

Costello Corporation manufactures a single product. The standard cost per unit of product is shown below.

 Direct materials—2 pound plastic at \$6.25 per pound \$ 12.50 Direct labor—2.00 hours at \$12.00 per hour 24.00 Variable manufacturing overhead 14.00 Fixed manufacturing overhead 6.00 Total standard cost per unit \$56.50

The predetermined manufacturing overhead rate is \$10 per direct labor hour (\$20.00 ÷ 2.00). It was computed from a master manufacturing overhead budget based on normal production of 11,400 direct labor hours (5,700 units) for the month. The master budget showed total variable costs of \$79,800 (\$7.00 per hour) and total fixed overhead costs of \$34,200 (\$3.00 per hour). Actual costs for October in producing 3,100 units were as follows.

 Direct materials (6,390 pounds) \$ 40,704 Direct labor (6,030 hours) 74,048 Variable overhead 44,080 Fixed overhead 20,070 Total manufacturing costs \$178,902

The purchasing department buys the quantities of raw materials that are expected to be used in production each month. Raw materials inventories, therefore, can be ignored.

(a) Compute all of the materials and labor variances. (Round answers to 0 decimal places, e.g. 125.)

 Total materials variance \$ Materials price variance \$ Materials quantity variance \$ Total labor variance \$ Labor price variance \$ Labor quantity variance \$

(b)

Bracewell Company reported net income of \$194,600 for 2014. Bracewell also reported depreciation expense of \$40,160 and a gain of \$5,580 on disposal of plant assets. The comparative balance sheet shows an increase in accounts receivable of \$15,210 for the year, a \$17,790 increase in accounts payable, and a \$3,400 decrease in prepaid expenses.

Prepare the operating activities section of the statement of cash flows for 2014. Use the indirect method. (Show amounts that decrease cash flow with either a – sign e.g. -15,000 or in parenthesis e.g. (15,000).)

 BRACEWELL COMPANYPartial Statement of Cash FlowsFor the Year Ended December 31, 2014 \$ \$ \$

Exercise 13-7

Meera Corporation’s comparative balance sheets are presented below.

 MEERA CORPORATIONComparative Balance SheetsDecember 31 2014 2013 Cash \$14,270 \$10,270 Accounts receivable 20,780 23,540 Land 20,320 25,530 Buildings 69,710 69,710 Accumulated depreciation—buildings (15,020 ) (10,720 ) Total \$110,060 \$118,330 Accounts payable \$12,270 \$27,790 Common stock 74,530 72,510 Retained earnings 23,260 18,030 Total \$110,060 \$118,330

 1 Net income was \$22,338. Dividends declared and paid were \$17,108. 2 All other changes in noncurrent account balances had a direct effect on cash flows, except the change in accumulated depreciation. The land was sold for \$4,850.

(a) Prepare a statement of cash flows for 2014 using the indirect method.
(Show amounts that decrease cash flow with either a – sign e.g. -15,000, or in parenthesis e.g. (15,000).)

 MEERA CORPORATIONStatement of Cash FlowsFor the Year Ended December 31, 2014 \$ \$ \$ \$ Dividends \$

(c) Indicate where each of the cash inflows or outflows identified in (b) would be classified on the statement of cash flows.

 Common stock Dividends Click if you would like to Show Work for this question: Open Show Work

Exercise 14-3

The comparative condensed balance sheets of Garcia Corporation are presented below.

 GARCIA CORPORATIONComparative Condensed Balance SheetsDecember 31 2014 2013 Assets Current assets \$ 74,450 \$ 80,690 Property, plant, and equipment (net) 98,370 90,210 Intangibles 25,460 38,040 Total assets \$198,280 \$208,940 Liabilities and stockholders’ equity Current liabilities \$ 42,300 \$ 49,060 Long-term liabilities 143,930 150,570 Stockholders’ equity 12,050 9,310 Total liabilities and stockholders’ equity \$198,280 \$208,940

(a) Prepare a horizontal analysis of the balance sheet data for Garcia Corporation using 2013 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000). (20%). Round percentages to 1 decimal place, e.g. 12.3%.)

 GARCIA CORPORATIONCondensed Balance SheetsDecember 31 2014 2013 Increase(Decrease) PercentageChange from 2013 Assets Current Assets \$74,450 \$80,690 \$ \$ \$[removed] [removed] % \$[removed] [removed] % Click if you would like to Show Work for this question: Open Show Work

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