Monthly Archives: February 2014

Soprano Co. is in the process of preparing the second quarter budget for 2010, and the following data have been assembled (A+)

Soprano Co. is in the process of preparing the second quarter budget for 2010, and the following data have been assembled: • The company sells a single product at a selling price of $44 per unit. The estimated sales volume … Continue reading

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Following are the budgeted income statements for the second quarter of 2010 for Marine Tech, Inc (A+)

Following are the budgeted income statements for the second quarter of 2010 for Marine Tech, Inc.: April May June Sales $266,000 $323,000 $361,000 Cost of goods sold* 182,400 216,600 239,400 Gross profit $83,600 $106,400 $121,600 Operating expenses† 41,800 47,500 51,300 … Continue reading

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Brass Creations Co. makes decorative candle pedestals (A+)

Brass Creations Co. makes decorative candle pedestals. An industrial engineer consultant developed ideal time standards for one unit of the Cambridge model pedestal. The standards follow, along with the cost accountant’s determination of current labor pay rates: Worktype 1 0.19 … Continue reading

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Osage Inc., has actual sales for June and July and forecast sales for August, September, October, and November as follows (A+)

Osage Inc., has actual sales for June and July and forecast sales for August, September, October, and November as follows: Actual: June 5,960 units July 6,210 units Forecasted: August 6,030 units September 6,710 units October 5,630 units November 5,280 units … Continue reading

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Olympia Productions, Inc., makes award medallions that are attached to ribbons (A+)

Olympia Productions, Inc., makes award medallions that are attached to ribbons. Each medallion requires 18 inches of ribbon. The sales forecast for February is 2,300 medallions. Estimated beginning inventories and desired ending inventories for February are: Estimated Beginning Inventory Desired … Continue reading

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Following are some transactions and events of Business Solutions (A+)

Following are some transactions and events of Business Solutions. Feb. 26 The Company paid cash to Lyn Addie for eight days’ work at $135 per day. Mar. 25 The Company sold merchandise with a $2,052 cost for $2,950 on credit … Continue reading

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Wrecker Computing sells merchandise for $5,000 cash on September 30 (cost of merchandise is $2,900) (A+)

Wrecker Computing sells merchandise for $5,000 cash on September 30 (cost of merchandise is $2,900). The sales tax law requires Wrecker to collect 4% sales tax on every dollar of merchandise sold. Record the entry for the $5,000 sale and … Continue reading

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2. Use the set of facts attached and addresses each of the following requirements (A+)

Use the set of facts attached and addresses each of the following requirements. . Journalize the March transactions. 2. Post the entries to the ledger “T” accounts. 3. Prepare the trial balance as of March 31. 4. Journalize adjusting entries. … Continue reading

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Freedom Village operates on the calendar year (A+)

Freedom Village operates on the calendar year. A $100,000 note (5-year 8%) to the Goodboy Bank was issued on January 10, 20X2. The proceeds of the note was recorded in a Capital Projects Fund. Interest and one-tenth of the principal … Continue reading

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For the city of Luranland record the following journal entries in the Building and Capital Purchases Capital Projects Fund for the year ended 20X2 (A+)

For the city of Luranland record the following journal entries in the Building and Capital Purchases Capital Projects Fund for the year ended 20X2. 1. Levied property taxes of 5,326,558 that are restricted for general government capital projects. Of the … Continue reading

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