Marley Corporation desires to earn target net income of $180,000. If the selling price per unit is $30, unit variable cost is $24, and total fixed costs are $720,000, the number of units that the company must sell to earn its target net income is:
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Question 4 (1 point)
Oscar Corporation uses a process cost accounting system. Given the following data, compute the number of units transferred out during the current period.
Beginning Work in process
10,000 units (½ complete)
Ending Work in Process
12,500 units (? complete)
Started into Production
75,000 units
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Question 5 (1 point)
Pilgrim Company applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under- or overapplication of overhead for the period:
Estimated annual overhead cost
$1,200,000
Actual annual overhead cost
$1,150,000
Estimated machine hours
300,000
Actual machine hours
280,000
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Question 6 (1 point)
The following data has been collected for use in analyzing the behavior of maintenance costs of Sterling Corporation:
Month
Maintenance Costs
Machine Hours
January
$121,000
20,000
February
125,000
23,000
March
128,000
24,000
April
159,000
34,000
May
168,000
36,000
June
178,000
38,000
July
181,000
40,000
Using the high-low method to separate the maintenance costs into their variable and fixed cost components, these components are:
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Question 7 (1 point)
Given the following data for Carlson Company, compute (A) total manufacturing costs and (B) costs of goods manufactured:
Direct materials used
$120,000
Beginning work in process
$20,000
Direct labor
50,000
Ending work in process
10,000
Manufacturing overhead
150,000
Beginning finished goods
25,000
Operating expenses
175,000
Ending finished goods
15,000
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Question 8 (1 point)
The production cost report shows both quantities and costs. Costs are reported in three sections: (1) costs accounted for, (2) unit costs, and (3) costs charged to department. The sections are listed in the following order:
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Question 9 (1 point)
The starting point of a master budget is the preparation of the:
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Question 10 (1 point)
The most useful measure for evaluating the performance of the manager of an investment center is:
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Question 11 (1 point)
The cost classification scheme most relevant to responsibility accounting is:
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Question 12 (1 point)
Carter Company estimates its sales at 30,000 units in the first quarter and that sales will increase by 6,000 units each quarter over the year. It has, and desires, a 25% ending inventory of finished goods. Each unit sells for $25. 40% of the sales are for cash. 70% of the credit customers pay within the quarter. The remainder is received in the quarter following sale. Cash collections for the third quarter are budgeted at:
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Question 13 (1 point)
Carter Company estimates its sales at 30,000 units in the first quarter and that sales will increase by 6,000 units each quarter over the year. It has, and desires, a 25% ending inventory of finished goods. Each unit sells for $25. 40% of the sales are for cash. 70% of the credit customers pay within the quarter. The remainder is received in the quarter following sale. Production in units for the third quarter should be budgeted at:
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Question 14 (1 point)
Kemp Company incurs the following costs in producing 50,000 units of product:
Direct materials
$200,000
Direct labor
100,000
Variable manufacturing overhead
200,000
Fixed manufacturing overhead
600,000
An outside supplier has offered to supply the 50,000 units at $14.00 each. All of Kemp’s related variable costs, but only $400,000 of the fixed costs would be eliminated if the offer is accepted. Acceptance will result in a:
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Question 15 (1 point)
To be classified as a short-term investment, an investment must meet the following criteria:
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Question 16 (1 point)
Lyndon Company has a production process where two products result from a joint processing procedure; both can be sold immediately or processed further. Given the following additional per unit information, determine which of the products should be processed further.
Product
Allocated Joint Cost
Selling Price
Additional Processing Cost
New Selling Price
A
$50
$100
$90
$200
B
$30
$50
$25
$80
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Question 17 (1 point)
A flexible budget:
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Question 18 (1 point)
Leah Company’s equipment account increased $400,000 during the period; the related accumulated depreciation increased $30,000. New equipment was purchased at a cost of $700,000 and used equipment was sold at a loss of $20,000. Depreciation expense was $100,000. Proceeds from the sale of the used equipment were:
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Question 19 (1 point)
Which of the following would not be included in the operating activities section of a statement of cash flows?
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Question 20 (1 point)
The concept of significant influence must be satisfied before which accounting method can be used by an investor?
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Question 21 (1 point)
Which of the following pairs of terms in the area of financial statement analysis are synonymous?
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Question 22 (1 point)
Which of the following statements is true?
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Question 23 (1 point)
Dividends received are credited to what account under the equity method and cost method, respectively?
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Question 24 (1 point)
In accounting for available-for-sale securities, the Unrealized Loss on Available-for-Securities account should be classified as a:
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Question 25 (1 point)
ReportingINVESTMENTS at fair value is applicable to:
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Question 26 (1 point)
Sailor Corporation has the following stock outstanding:
6% Preferred, $100 par
$1,000,000
Common Stock, $50 par
2,000,000
No dividends were paid the previous 2 years. If Sailor declares $250,000 of dividends in the current year, how much will common stockholders receive if the preferred stock is cumulative?
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Question 27 (1 point)
The statement of cash flows is a(n):
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Question 28 (1 point)
The directors of Bennett Corp. are trying to decide whether they should issue par or no par stock. They are considering three alternatives for their new stock, which they are assuming will be issued at $8 per share. The alternatives are: (A) $5 par value, (B) no par with a $1 stated value, and (C) no par, no stated value. If 60,000 shares are issued, what amount will be credited to the common stock account in each of these cases?
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Question 29 (1 point)
Victor Corp. reacquired, but did not retire, 20,000 shares of its $2 par common stock at a cost of $13 per share on April 30, 2014. The stock was originally issued at $11 per share. On January 10, 2015, the 20,000 shares were sold at $16 per share. The sales entry should include a credit to Paid-in Capital from Treasury Stock for:
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Question 30 (1 point)
What is the effect on total paid-in capital of a stock dividend and a stock split, respectively?
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Question 31 (1 point)
Which of the following is reported in the retained earnings statement as an adjustment to the beginning balance?
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Question 32 (1 point)
Which of the following should be classified as an extraordinary item?
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Question 33 (1 point)
Bonds that mature in installments are called:
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Question 34 (1 point)
A Discount on Bonds Payable account:
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Question 35 (1 point)
Dina Corp. had 500,000 shares of common stock outstanding throughout the year. Dina reported net income of $2,400,000 and declared preferred stock dividends of $400,000 during the year. Dina should present earnings per share of:
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Question 36 (1 point)
In order to be considered extraordinary, an item must be:
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Question 37 (1 point)
If the market rate of interest is lower than the stated rate, bonds will sell at an amount:
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Question 38 (1 point)
Which of the following combinations presents correct examples of liquidity, profitability, and solvency ratios, respectively?
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Question 39 (16 points)
Match the term that best represents the definition or statement given below. No term should be used more than once, and not all terms will be used.
Events and transactions that are unusual in nature and infrequent in occurrence.
The net income earned by each share of outstanding common stock.
Standards based on optimum levels of performance under perfect operating conditions.
An accounting method in which the investment in stock is initially recorded at cost and cash dividends are credited to Dividend Revenue.
The differences between actual costs and standard costs.
The amount of revenue remaining after deducting variable costs.
The disposal of a significant segment of a business.
Costs that a manager has the authority to incur within a given period of time.
The correction of an error in previously issued financial statements.
The portion of retained earnings that is currently unavailable for dividend declarations.
Measures the ability of the company to survive over a long period of time.
A pro rata distribution of the corporation’s own stock to stockholders.
The difference between actual overhead and budgeted overhead at actual production level.
Measures of the short-term ability of an enterprise to pay its maturing obligations and to meet unexpected needs for cash.
Debt securities that the investor has the intent and ability to hold to maturity.
Costs that vary in total directly and proportionately with changes in the activity level.
Accounts receivable
Book value per share
Capital lease
Contribution margin
Contribution margin ratio
Controllable costs
Cost accounting
Cost method
Discontinued operations
Earnings per share
Equity method
Extraordinary items
Fixed costs
Held-to-maturity securities
Horizontal analysis
Ideal standards
Liquidity ratios
Noncontrollable costs
Normal standards
Operating lease
Overhead budget variance
Overhead volume variance
Parent company
Period costs
Prior period adjustment
Product costs
Retained earnings appropriation
Solvency ratios
Stock dividend
Stock split
Variable costs
Variances
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Question 40 (1 point)
Matthew Corporation manufactures paper shredding equipment. Each paper shredder has a standard materials cost of 20 pounds at $7.50 per pound or $150.00 in total. 40,000 pounds of materials were purchased for $320,000 during the period and 39,000 pounds were used in the production of 2,000 good units. What is the direct materials price variance?
Use “U” or “F” to indicate whether the variance is unfavorable or favorable. Do not show your work or include any additional text with your answer. For example, if your answer is $100,000 unfavorable, you should enter $100,000 U.
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Question 41 (1 point)
Matthew Corporation manufactures paper shredding equipment. Each paper shredder has a standard materials cost of 20 pounds at $7.50 per pound or $150.00 in total. 40,000 pounds of materials were purchased for $320,000 during the period and 39,000 pounds were used in the production of 2,000 good units. What is the direct materials usage variance?
Use “U” or “F” to indicate whether the variance is unfavorable or favorable. Do not show your work or include any additional text with your answer. For example, if your answer is $100,000 unfavorable, you should enter $100,000 U.
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Question 42 (1 point)
Matthew Corporation manufactures paper shredding equipment and uses a process costing system. 2,000 units were in process at the beginning of the period, 60% complete. 20,000 units were started into production during the period; 1,000 were in process at the end of the period, 60% complete. What are the equivalent units for conversion costs?
Do not show your work or include any additional text with your answer. For example, if your answer is 10,000, you should enter10,000.
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Question 43 (1 point)
Matthew Corporation manufactures paper shredding equipment and sells each unit for $500. Variable costs per unit equal $300. Total fixed costs equal $800,000. Matthew is currently selling 5,000 units per period and would like to earn net income of $400,000. What is the breakeven point in dollars?
Do not show your work or include any additional text with your answer. For example, if your answer is $10,000, you should enter$10,000.
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Question 44 (1 point)
Matthew Corporation manufactures paper shredding equipment and sells each unit for $500. Variable costs per unit equal $300. Total fixed costs equal $800,000. Matthew is currently selling 5,000 units per period and would like to earn net income of $400,000. How many sales units are necessary to attain the desired income?
Do not show your work or include any additional text with your answer. For example, if your answer is 10,000, you should enter10,000.
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Question 45 (1 point)
Matthew Corporation manufactures paper shredding equipment and sells each unit for $500. Variable costs per unit equal $300. Total fixed costs equal $800,000. Matthew is currently selling 5,000 units per period and would like to earn net income of $400,000. What is the margin of safety ratio for current operations?
Express your answer as a percentage, and do not show your work or include any additional text with your answer. For example, if your answer is 60%, you should enter 60%.
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