Monthly Archives: February 2012

Lindon Company uses 4,500 units of Part X each year as a component in the assembly of one of its products

Lindon Company uses 4,500 units of Part X each year as a component in the assembly of one of its products. The company is presently producing Part X internally at a total cost of $69,000 as follows: Direct Materials…… $16,000 … Continue reading

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E13-12 McGee Company has the following data at December 31, 2008

E13-12 McGee Company has the following data at December 31, 2008. Securities Cost Fair Value Trading $120,000 $124,000 Available-for-sale 100,000 94,000 The available-for-sale securities are held as a long-term investment. Instructions (a) Prepare the adjusting entries to report each class … Continue reading

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Birmingham Bowling Ball Company (BBBC) uses a job-order costing system to accumulate manufacturing costs

Birmingham Bowling Ball Company (BBBC) uses a job-order costing system to accumulate manufacturing costs. The company‚Äôs work-in-process on December 31, 20×3, consisted of one job (no. 3088), which was carried on the year-end balance sheet at $78,400. There was no … Continue reading

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4-28 Barbara Whitley had great expectations about her future as she sat in her graduation ceremony in May 2010

4-28 Barbara Whitley had great expectations about her future as she sat in her graduation ceremony in May 2010. She was about to receive her Master of Accountancy degree, and next week she would begin her career on the audit … Continue reading

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Bumper Enterprises purchases $4,562,500 in goods per year from its sole supplier on terms of 1.5/15, net 40

Bumper Enterprises purchases $4,562,500 in goods per year from its sole supplier on terms of 1.5/15, net 40. If the firm chooses to pay on time but does not take the discount, assuming a 365 day-year, what is the a. … Continue reading

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Dynamic Systems has the following balance sheet for 2010 and 2011 in $M

Dynamic Systems has the following balance sheet for 2010 and 2011 in $M. The depreciation for 2011 is $310M, the marginal tax rate is 35% and net Income for 2011 is $450M. Years 2010 2011 2010 2011 Cash $ 100 … Continue reading

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Seneca Inc. had the following data for 2010 (in millions)

Seneca Inc. had the following data for 2010 (in millions). The new CFO believes that the company could improve its working capital management sufficiently to bring its NWC and CCC up to the benchmark companies’ level without affecting either sales … Continue reading

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5-42 (Monitoring Activities) Companies can gain efficiencies by implementing effective monitoring of their internal control processes

5-42 (Monitoring Activities, LO 2) Companies can gain efficiencies by implementing effective monitoring of their internal control processes. Required: a. Explain the importance of monitoring and provide examples of monitoring. b. Identify the important monitoring procedures that a company might … Continue reading

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13-36 (Prepare Budgeted Financial Statements) The following information is available for year 1 for Dancer Components

13-36 (Prepare Budgeted Financial Statements) The following information is available for year 1 for Dancer Components: Revenues (300,000 units). . . . . . . . . . $5,700,000 Manufacturing costs Materials . . . . . . . . … Continue reading

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4-62 (Lincoln Federal Savings and Loan)

4-62 (Lincoln Federal Savings and Loan) The following is a description of various factors that affected the operations of Lincoln Federal Savings and Loan, a California savings and loan (S&L) that was a subsidiary of American Continental Company, a real … Continue reading

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