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Question
The carrying value of a long-term note payable is computed as:A.The future value of all remaining payments, using the market rate of interest.
B. The face value of the long-term note less the total of all future interest payments.
C.The present value of all remaining payments, discounted using the market rate of interest at the time of issuance.
D.The present value of all remaining interest payments, discounted using the note's rate of interest.
E.The face value of the long-term note plus the total of all future interest payments.
Answer
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When expenses exceed revenues, the resulting change in equity is:
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Q:
A company is currently operating at 70% capacity producing 8,000 units. Cost information relating to this current production is shown in the following table:
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Direct labor X X
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Variable manufacturing overhead
Q:
Direct materials
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Match the following
Q:
Given the following data, calculate product cost per unit under variable costing.
Direct labor $8 per unit
Direct materials $3 per unit
Overhead
Total variable overhead $30,000
Total fixed overhead $85,000
Expected units to be produced 50,000 units
A. $7 per unit
B. $13.30 per unit
C. $11.00 per unit
D. $11.60 per unit
E. $16.50 per unit
Q:
Tim's Tools, a manufacturer of cordless drills, began operations this year. During this year, the company produced 20,000 units and sold 18,000 units. At year-end the company reported the following income statement using absorption costing:
Sales (18,000 $30) $540,000
Cost of goods sold (18,000 $14) 252,000
Gross margin $288,000
Selling and administrative expenses 90,000
Net income $198,000
Production costs per unit total $14, which consists of $12.90 in variable production costs and $1.10 in fixed production costs (based on the 20,000 units produced). 60% of total selling and administrative expenses are variable. Compute net income under variable costing.
A. $307,800
B. $198,000
C. $195,800
D. $288,000
E. $220,000
Q:
Decko Industries reported the following monthly data:
Units produced 52,000 units
Sales price $33 per unit
Direct materials $1.50 per unit
Direct labor $2.50 per unit
Variable overhead $3.50 per unit
Fixed overhead $234,000 in total
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B. $1,716,000
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D. $1,650,000
E. $1,450,000
Q:
What is the Red and White's contribution margin for this month if 980 units were sold?
A. $38,000
B. $18,620
C. $24,500
D. $50,000
E. $21,560
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Given the Cool Pools Company data, what is net income using absorption costing?
A. $1,649,480
B. $1,648,600
C. $1,627,150
D. $1,709,480
E. $1,708,600
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Given the Scavenger Company data, what is net income using variable costing?
A. $201,250
B. $181,250
C. $150,000
D. $177,600
E. $276,250
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Given the Galaxy, Inc. data, what is net income using absorption costing?
A. $11,275,000
B. $17,400,000
C. $16,360,000
D. $16,800,000
E. $16,220,000