ACCT 504 New taken Final Exam

ACCT 504 New taken Final Exam

ACCT 504 New taken Final Exam
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• Question 1
5 out of 5 points

Product costs:

• Question 2
Use the following information and the indirect method to calculate the net cash provided or used by operating activities:
Cash paid for purchase of plant assets $15,000
Decrease in interest payable 2,000
Depreciation expense 30,000
Gain on retirement of bonds 32,000
Increase in accounts receivable 40,000
Loss on sale of plant assets 5,000
Net Income 76,000

• Question 3
0 out of 5 points

Actual fixed overhead for Kapok Company during March was $92,780. The flexible budget for fixed overhead this period is $89,000 based on a production level of 5,000 units. If the company actually produced 4,200 units what is the fixed overhead volume variance for March?

• Question 4
5 out of 5 points

A company's income statement showed the following: net income, $124,000; depreciation expense, $30,000; and gain on sale of plant assets, $14,000. An examination of the company's current assets and current liabilities showed the following changes as a result of operating activities: accounts receivable decreased $9,400; merchandise inventory increased $18,000; prepaid expenses decreased $6,200; accounts payable increased $3,400. Calculate the net cash provided or used by operating activities.

• Question 5
5 out of 5 points

Chance, Inc. sold 3,000 units of its product at a price of $72 per unit. Total variable cost per unit is $51, consisting of $32 in variable production cost and $19 in variable selling and administrative cost. Compute the manufacturing margin for the company under variable costing.

• Question 6
5 out of 5 points

A company has fixed costs of $90,000. Its contribution margin ratio is 30% and the product sells for $75 per unit. What is the company's break-even point in dollar sales?

• Question 7
5 out of 5 points...

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