To be considered “tax qualified” an employer sponsored retirement plan must meet the following general requirements: . . . . (1) It must be for the exclusive benefit of the participants and their beneficiaries. . . . . (2) It must meet IRS requirements for vesting. . . . . (3) The employer must assume the investment risk. . . . . (4) The plan […]
What is the amount of overapplied or underapplied manufacturing overhead at the end of the year? A. $17,000 overapplied. B. $17,000 underapplied. C. $9,200 overapplied. D. $9,200 underapplied. ANS: D DIF: Difficult OBJ: 19-02 NAT: AACSB Analytic | IMA-Cost Management 68. A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would […]
ANS: B DIF: Easy OBJ: 19-01 NAT: AACSB Analytic | IMA-Cost Management 10. Which of the following is not true about why a service firm will use the job order costing system? 11. Which of the following costs are NOT included in finished goods inventory? A. Direct labor b. Factory overhead c. Company president”s salary d. Direct materials ANS: C DIF: Easy OBJ: 19-02 NAT: […]
A. Overapplied, deferred credit b. Underapplied, deferred debit c. Underapplied, deferred credit d. Overapplied, deferred debit ANS: B DIF: Moderate OBJ: 19-02 NAT: AACSB Analytic | IMA-Cost Management 29. At the end of the fiscal year, the balance in Factory Overhead is small. Which of the following describes the nature of this balance and how it would be reported on the interim balance sheet? A. […]
MULTIPLE CHOICE 1. Which of the following are the two main types of cost accounting systems for manufacturing operations? ANS: B DIF: Easy OBJ: 19-01 NAT: AACSB Analytic | IMA-Cost Management 2. Which of the following would most likely use a job order costing system? ANS: B DIF: Easy OBJ: 19-01 NAT: AACSB Analytic | IMA-Cost Management 3. Which of the following would be most […]
Valdes Enterprises is considering issuing a 10-year convertible bond that would be priced at its $1,000 par value. The bonds would have an 8.00% annual coupon, and each bond could be converted into 20 shares of common stock. The required rate of return on an otherwise similar nonconvertible bond is 10.00%. The stock currently sells for $40.00 a share, has an expected dividend in the […]
A. Predetermined factory overhead rate times estimated activity base. A. Jan 15 Work in Process 1,875 Cash 1,875 b. Jan 15 Work in Process 1,250 Raw Material Inventory 1,250 c. Jan 15 Work in Process 1,875 Raw Material Inventory 1,875 d. Jan 15 Work in Process 1,250 Cash 1,250 ANS: C DIF: Moderate OBJ: 19-02 NAT: AACSB Analytic | IMA-Cost Management 64. Which of the […]
Navigation Systems Inc. now has total worldwide revenues of over $500 million forecast for this coming year. You have operations in the United States of $300 million with a 10% ROS (return on sales, which is the same as net income on an income statement); operations in Germany of €100 million with an ROS of 12%; and operations in Shanghai, China of 650 million Yuan […]
On November 21, 2011, a fire at Hodge Company’s warehouse caused severe damage to its entire inventory of Product Tex. Hodge estimates that all usable damaged goods can be sold for $12,720. The following information was available from the records of Hodge’s periodic inventory system:233,200 Based on recent history, Hodge’s gross profit ratio on Product Tex is 36% of net sales. Calculate the estimated loss […]
4-5 pagesYou have held conversations with Precision Part’s leaders and obtained the following information, which you want to use in the development of a 4-year strategic management plan.PPQ Parts employees now number 5,000, and all are currently employed in the United States. It plans to grow to 10,000 employees in 4 years.New facilities will be needed in international expansion, and PPQ Parts anticipates building most […]
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