Business
Privott, Inc., manufactures and sells two products: Product Z9 and Product N0. The company is considering adopting an activity-based costing system with the following activity cost pools, activity measures, and expected activity: Estimated Expected Activity Activity Overhead Measures Cost Product Z9 Product N0 Total Labor-related DLHs $328,018 6,800 3,400 10,200 Product testing tests 47,747 600 700 1,300 Order size MHs 473,108 4,400 4,700 9,100 $848,873 The activity rate for the Labor-Related activity cost pool under activity-based costing is closest to:______.a. $28.88 per DLH.b. $48.81 per DLH.c. $53.94 per DLH.d. $431.44 per DLH.
Tamarisk Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2022. 1. Purchased a 1-year insurance policy on June 1 for $1,980 cash. 2. Paid $6,760 on August 31 for 5 months rent in advance. 3. On September 4, received $3,780 cash in advance from a corporation to sponsor a game each month for a total of 9 months for the most improved students at a local school. 4. Signed a contract for cleaning services starting December 1 for $1,040 per month. Paid for the first 2 months on November 30. (Hint: Use the account Prepaid Cleaning to record prepayments.) 5. On December 5, received $1,560 in advance from a gaming club. Determined that on December 31, $495 of these games had not yet been played.For each of the above transactions, prepare the adjusting journal entry that is required on December 31.
Below are cash transactions for Goldman Incorporated, which provides consulting services related to mining of precious metals a. Cash used for purchase of office supplies, $1,650 b. Cash provided from consulting to customers, $43,100 c. Cash used for purchase of mining equipment, $68,000. d. Cash provided from long-term borrowing, $55,000 e. Cash used for payment of employee salaries, $23,500. f. Cash used for payment of office rent, $11,500 g. Cash provided from sale of equipment purchased in c. above, $22,000 h. Cash used to repay a portion of the long-term borrowing in d. above, $37,500 i. Cash used to pay office utilities, $3,800 j. Purchase of company vehicle, paying $9,500 cash and borrowing $14,500 Required: Calculate cash flows from investing activities. (List cash outflows as negative amounts.)
Long before a single vote is cast, candidates are hard at work weighing the costs and benefits of running for office. As a part of this calculus, a strong candidate will spend time crafting a winning strategy for each stage of the contemporary campaign process In the following dialogue, a candidate is considering making a run for office in Texas. She is meeting with a political consultant to discuss her chances in the upcoming election. Use the dropdown menus to complete their conversation CANDIDATE: Thank you for coming to my office today to discuss my viability as a candidate in the upcoming election. CONSULTANT: You're welcome. I have conducted some research with the help of my staff on your chances, and we feel that if you choose your issues carefully, mobilize groups properly, and advertise persuasively, you could win CANDIDATE: By "advertise persuasively," are you referring to 1. that I'm ready to sling mud just yet.a) Character b) Retail c) Negative CONSULTANT: I agree. It's best to get through the primary season without running attack ads Remember, because this is 2. and any registered voter may participate. The best-case scenario is that you'll win a clear majority of support. Options for 2. primary, voters don't have to declare their party identification, a) A closed b) An open c) Non-partisan CANDIDATE: Absolutely. I want to have a decisive victory and avoid 3. possible. In your opinion, what is the best way to accomplish this? a) A recall b) A runoff c) An initiative CONSULTANT: Name recognition is essential. Retail politics is still relevant, as is a good field organization. Our main focus, however, needs to be on the fundraising that will make it all possible. Without a lot of money in the bank, you will quickly be written off as unelectable because Texas campaigns are often quite.a) Lopsided b) Expensive c) Inexpensive
The cash account of Aguilar Co. showed a ledger balance of $3,969.85 on June 30, 2020. The bank statement as of that date showed a balance of $4,150. Upon comparing the statement with the cash records, the following facts were determined. 1. There were bank service charges for June of $25. 2. A bank memo stated that Bao Dais note for $1,200 and interest of $36 had been collected on June 29, and the bank had made a charge of $5.5 on the collection. (No entry had been made on Aguilars books when Bao Dais note was sent to the bank for collection.) 3. Receipts for June 30 for $3,390 were not deposited until July 2. 4. Checks outstanding on June 30 totaled $2,136.05. 5. The bank had charged the Aguilar Co.s account for a customers uncollectible check amounting to $253.2 on June 29. 6. A customers check for $90 (as payment on the customers Accounts Receivable) had been entered as $60 in the cash receipts journal by Aguilar on June 15. 7. Check no. 742 in the amount of $491 had been entered in the cash journal as $419, and check no. 747 in the amount of $58.2 had been entered as $582. Both checks had been issued to pay for purchases and were payments on Aguilars Accounts Payable.Required:a. Prepare a bank reconciliation dated June 30, 2020, proceeding to a correct cash balance. b. Prepare any entries necessary to make the books correct and complete.
At the beginning of 2020, Pronghorn Company acquired a mine for $1,732,800. Of this amount, $112,000 was ascribed to the land value and the remaining portion to the minerals in the mine. Surveys conducted by geologists have indicated that approximately 11,600,000 units of ore appear to be in the mine. Pronghorn incurred $190,400 of development costs associated with this mine prior to any extraction of minerals. It also determined that the fair value of its obligation to prepare the land for an alternative use when all of the mineral has been removed was $44,800. During 2020, 2,718,000 units of ore were extracted and 2,310,000 of these units were sold.Required:a. Compute the total amount of depletion for 2020.b. Compute the amount that is charged as an expense for 2014 for the cost of the minerals sold during 2020.
The Pet Store experienced the following events for the Year 1 accounting period:________. 1. Acquired $60,000 cash from the issue of common stock. 2. Purchased $65,000 of inventory on account. 3. Received goods purchased in Event 2 FOB shipping point; freight cost of $900 paid in cash. 4. Sold inventory on account that cost $38,000 for $71,000. 5. Freight cost on the goods sold in Event 4 was $620. The goods were shipped FOB destination. Cash was paid for the freight cost. 6. Customer in Event 4 returned $4,200 worth of goods that had a cost of $2,150. 7. Collected $58,300 cash from accounts receivable. 8. Paid $59,200 cash on accounts payable. 9. Paid $2,600 for advertising expense. 1. Paid $3,100 cash for insurance expense. Required: a. Which of these events affect period (selling and administrative) costs? Which result in product costs? If neither, label the transaction b. Record the above events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for NA. investment activity, FA for financing activity, NC for net change in cash and NA to indicate the element is not affected by the event. The beginning balances have been recorded as an example. Complete this question by entering your answers in the tabs below.Required A Required B Which of these events affect period (selling and administrative) costs? Which result in product costs? If neither, label the transaction NA. Transaction Cost 1 2 3 4 5 6 7 8 9 10