Exam3 - Case problem - ACCOUNTING 203 ON-LINE EXAM #3...

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ACCOUNTING 203 ON-LINE EXAM #3 CHAPTER 21 75 PTS. DUE DATE: Monday, November 19 Specific Course Outcomes Assessed: (See the Course Syllabus) To understand the need for, to prepare and to use operating budgets DATA: Carewood makes an environmentally friendly artificial fireplace log. You have been asked to prepare the company’s master budget for the first quarter of the year 2008 and have been provided with the following: a. The 12/31/2007 balance sheet data follows: ASSETS Cash $ 4,330 Accounts Receivable 8,450 Direct Materials Inventory (2,178 pounds) 436 Finished Goods Inventory (1,200 logs) 2,808 Plant and Equipment $220,000 Less Accumulated Depreciation (56,000) 164,000 Total Assets $180,024
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LIABILITIES AND STOCKHOLDER’S EQUITY Accounts Payable $ 1,109 Note Payable 20,000 Total Liabilities $ 21,109 Common Stock $100,000 Retained Earnings 58,915 158,915 Total Liabilities and Stockholder’s Equity $180,024 b. Each log requires the following standards for direct material and labor: c. 3.3 pounds of material mix at $.20
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Exam3 - Case problem - ACCOUNTING 203 ON-LINE EXAM #3...

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