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1) The production budget for Sergei Company revealed the following production
volume for the months of July - September. Each unit produced requires 2 hours of
direct labor. The direct labor rate is currently $16 per hour but is predicted to be $16.75
per hour in September. Prepare a direct labor budget for Sergei Company for July -
September.
2) A company established a petty cash fund in April of the current year and experienced
the following transactions affecting the fund during April. Prepare journal entries to
establish the fund on April 1, to replenish it on April 25, and to record the increase in
the fund on April 25.
3) Stride Along had total liabilities of $130 million and total assets of $375 million. Its
debt ratio was ______________.
4) Explain the purpose of financial statement analysis for both external and internal
users.
5) Identify and describe the four basic financial statements:
