Monthly Archives: July 2015

The marketing department of Jessi Corporation has submitted the following sales

The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are on account): 1st Quarter     2nd Quarter     3rd Quarter     4th Quarter Budgeted unit sales     12,000             … Continue reading

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Homestead Jeans Co. has an annual plant capacity

Homestead Jeans Co. has an annual plant capacity of 65,000 units, and current production is 45,000 units. Monthly fixed costs are $54,000, and variable costs are $29 per unit. The present selling price is $42 per unit. On November 12, … Continue reading

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Bailey is considering buying a car for $25,000. She will put $1,000 down

M27 ♦ LOAN PAYMENT SCHEDULE Bailey is considering buying a car for $25,000. She will put $1,000 down and get a loan for the rest. She can get a 48-month loan at 8% annual interest. The purchase will take place … Continue reading

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Odie manages several rental properties for real estate investors

M15 ♦ VERTICAL ANALYSIS Odie manages several rental properties for real estate investors. Each month, he reviews the cash flow statements from each property to look for trouble spots. Information for one of the properties, Eastwick Apartments, is as follows … Continue reading

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The following data were selected from the records of Magnus Incorporated for the month ended February 28

M10 ♦ CORPORATE INCOME STATEMENT The following data were selected from the records of Magnus Incorporated for the month ended February 28: Advertising expense    $10,100    Insurance expense    $500 Depreciation expense—office equipment    500    Interest expense    2,500 Depreciation expense—store equipment    2,500    Loss … Continue reading

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The ledger of Skitch Corp. showed the following balances after adjustment

M2 ♦ SERVICE COMPANY FINANCIAL STATEMENTS Note: For a problem using the sole proprietorship form of business organization, download PFS from the website for this book found at cengagebrain.com. Accounts payable    $ 55,600    General expenses    $112,350 Accounts receivable    103,890    Interest … Continue reading

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The general ledger of Jay Consulting shows the following balances at July 31

M1 ♦ TRIAL BALANCE The general ledger of Jay Consulting shows the following balances at July 31: Cash    $4,440 Accounts receivable    5,780 Prepaid rent    1,200 Accounts payable    2,850 Salaries payable    475 Jay Blue, capital    7,486 Jay Blue, drawing    2,000 Consulting … Continue reading

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Montana Manufacturing Co. normally produces 10,000 units of product X each month

Montana Manufacturing Co. normally produces 10,000 units of product X each month. Each unit requires 2 hours of direct labor, and factory overhead is applied on a direct labor hour basis. Fixed costs and variable costs in factory overhead at … Continue reading

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Marblehead Manufacturing, Inc., has two departments, Mixing and Blending

Marblehead Manufacturing, Inc., has two departments, Mixing and Blending. When goods are completed in Mixing, they are transferred to Blending and then to the finished goods storeroom. There was no beginning or ending work in process in either department. Listed … Continue reading

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The normal capacity of Austin Adhesives, Inc., is 40,000 direct labor hours and 20,000 units

The normal capacity of Austin Adhesives, Inc., is 40,000 direct labor hours and 20,000 units per month. A finished unit requires 6 pounds of materials at an estimated cost of $2 per pound. The estimated cost of labor is $10.00 … Continue reading

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