132) Smithson Corporation had the following selected balance sheet changes for the past year: Assets and contra-assetsIncrease/(Decrease) Cash$47,000 Accounts receivable$10,000 Inventory$15,000 Prepaid expenses$ (7,000) Accumulated depreciation$11,000 Liabilities    Increase/(Decrease) Accounts payable$20,000 Wages payable$ (12,000) Taxes payable$9,000 The company's operating income during the year was $35,000. What is the net cash provided by operating activities during last year on the statement of cash flows for Smithson Corporation (using the indirect method)? A) $25,000 B) $45,000 C) $92,000 D) $10,000 133) The following information is available for three companies. The information relates to the companies' plant assets. For each of the companies, determine the […]

Selling price per unit$225 Sales$360,000 Direct materials used$176,000 Direct labor$100,000 Variable factory overhead$44,000 Fixed factory overhead$80,000 Variable selling and administrative expenses$20,000 Fixed selling and administrative expenses$10,000 Ending inventory, Direct Materials0 Ending inventory, Work-in-process0 Ending inventory, Finished Goods400 units Under variable costing, the variable manufacturing cost of goods sold is ________. A) $256,000 B) $272,000 C) $320,000 D) $360,000 12) Iowa Company reported the following information about the production and sale of its only product during the first month of operations: Selling price per unit$225 Sales$360,000 Direct materials used$176,000 Direct labor$100,000 Variable factory overhead$44,000 Fixed factory overhead$80,000 Variable selling and administrative […]

1.How do you access the screen to add a user and password?A.Company menu > Set Up Users and Passwords > Set Up UsersB.Employees > Employee CenterC.Edit menu > Preferences > EmployeesD.Company menu > Company Information 2.What does the Chart of Accounts list?A.Assets, liabilities and owner's equity accountsB.Income and expense accountsC.Owner's contributionsD.All of these 3.Which account below is not an Expense account?A.UtilitiesB.RentC.Accounts PayableD.Advertising 4.What are assets?A.Resources that a company owns with future benefitB.Net worth of a companyC.Amounts paid to ownersD.Amounts owed to others and are future obligations 5.The Income Statement:A.lists the accounts and account numbersB.lists a company's assetsC.summarizes what a company […]

234) Moe's Pizza Shop sells a large pizza for $11.50. Unit variable expenses total $5.50. The breakeven sales in units is 5,000 and budgeted sales in units is 9,500. What is the margin of safety in dollars? A) $51,750 B) $391 C) $166,750 D) $4,500 235) Matthew's Fish Fry has a monthly target operating income of $7,200. Variable expenses are 60% of sales and monthly fixed expenses are $1,800. What is the monthly margin of safety in dollars if the business achieves its operating income goal? A) $22,500 B) $18,000 C) $27,000 D) $13,500 236) Matthew's Fish Fry has a […]

Pr. 21-59Accounting for accounting changes and error corrections Parrot Corp. reported net incomes for the last three years as follows: 2017   2016   2015    $240,000$225,000$180,000 During the 2017 year-end audit, the following items come to your attention: 1.Parrot bought a truck on January 1, 2014 for $98,000 cash, with an $8,000 estimated residual value and a six-year life. The company debited an expense account for the entire cost of the asset. Parrot uses straight-line depreciation for all trucks. 2.During 2017, Parrot changed from straight-line depreciation for its cement plant to double declining balance. The following calculations present depreciation on both bases: 2017 2016 2015  Straight-line$18,000$18,000$18,000 […]