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Raisen, Inc.s budget included the following overhead costs for the current year
assuming operations at 80% of capacity, or 40,000 units:
The standard cost per unit when operating at this same 80% capacity level is:
The actual production achieved in the current year was 60% of capacity, or 30,000
units. The actual costs were:
Calculate the following variances and indicate whether each is favorable or
unfavorable:
Answer:
Identify whether each of the following items would on appear on the bank side or the
book side of a bank reconciliation:
Answer:
Direct labor, direct materials, and manufacturing overhead are all product costs. Why is
overhead more difficult to account for than either direct labor or direct materials?
Answer:
You hope to retire in 10 years. Regrettably you are only just now beginning to save
money for this purpose. You expect to save $6,000 a year at an annual rate of 8%. How
much will you have accumulated when you retire?
Answer:
When applying the lower of cost or market method of inventory valuation, market is
defined as the ______________________.
Answer:
What costs are treated as product costs under the variable costing method?
Answer:
The budget process is usually administered by a _____________________.
Answer:
On April 1 of the current year, a company paid $150,000 to purchase 7%, 10-year
bonds that had a par value of $150,000 and paid interest semiannually each April 1 and
October 1. The company intends to hold the bonds until they mature. Prepare the
journal entry to record the receipt of the first semiannual interest payment on October 1
of the current year.
Answer:
Define a note receivable and explain how interest is calculated on a short-term note
receivable.
Answer:
Data for Madison Realty are as follows:
Madison Realty paid dividends of $30,000 during 2014. From the above data, prepare
Madison Realty's statement of retained earnings for the year ended December 31, 2014.
Answer:
The process of systematically reducing a bond discount to zero over the life of the
bond is called ______________________________.
Answer:
The document that is an itemized statement of goods prepared by the vendor listing the
customer's name, items sold, sales prices, and terms of the sale is the
__________________________.
Answer:
A(n) _______________________ is a listing of all of the accounts in the ledger with
their account balances before adjustments are made.
Answer:
Marquis and Bose agree to accept Sherman into their partnership. Sherman will
contribute $25,000 in cash. Prepare the journal entry to record this transaction.
Answer:
A company reports the following comparative income statements:
What are the costs of goods sold in common-size percents for 2013 and 2014,
respectively?
Answer:
