Accounting Chapter 25 Homework
Exercises 1, 3, & 4
(a) 2000 x 3 = 6000lbs needed
6000 x 5 = $30,000 materials
1000 x 5 = $16,000 direct labor
$16,000 x 70% = $11,200 manufacturing overhead
(b) $28.60/ unit
(c) Standards costs give a company a good
E24-3 Prepare flexible manufacturing overhead budget
Myers Company uses a flexible budget for manufacturing overhead based on direct labor hours.
Variable manufacturing overhead costs per direct labor hour are as follows.
Cost of Goods Sold
Controlled Fixed Costs
Selling and Admin. Costs
Controlled Fixed Costs
Responsibility Report for Year Ending December 31, 2017
Running head: NIKE
Company Analysis Paper: NIKE, Inc.
NIKE, Inc. started out as a Japanese shoe distributer for the Onitsu ka Tiger Co.
(referenceforbusiness.com). Founder Philip
Knapp Case 2.2 Golden Bear Golf
1. Professional auditing standards identify the management assertions that commonly underlie a
set of financial statements. Which of these assertions were relevant to Paragons construction
projects? For each of
I chose accounting as a major, on a whim, about a year ago. I had no idea what
accountants do every day, all I knew was that the job market was good, and that was enough to
satisfy me. So many other students have the same experien
Crazy Eddie, Inc.
1) Compute key ratios and other financial measures for Crazy Eddie during the period 1984-1987.
Identify and briefly explain the red flags in Crazy Eddies financial statements that suggested the firm
posed a higher
1. List what you believe should have been the three to five key internal control objectives of
Goodners Huntington sales office.
a. Goodners Huntington sales office should have had several internal control objectives.
The first object
Knapp Case 7.5
1. Observers of the accounting profession suggest that many courts attempt to socialize
investment losses by extending auditors liability to third-party financial statement users. Discuss
the benefits and costs of such a policy
Discussion 1-11, 15
1. Describe the major differences between a proprietorship and a partnership.
a. Proprietorship is the sole owner of the business and has the full power to make any
decision for the business without any harm to it. However, t
Study Guide Test 1 (Chapter 1 4)
Homework questions assigned for each chapter
Specifically, be able to discuss/define:
A successful entrepreneur:
o Sees and seizes a commercial opportunity
o Tends to be doggedly optimisti
2. What is meant by the statement that a balance sheet provides a snapshot of a ventures financial
position as of a point in time? Why must a balance sheet be in balance?
2-4. What are the components of a sound business model?
The business model must generate revenues and expected to continue to generate revenues and
the model must also make after tax operating profits. The model must
1. What is the entrepreneurial process?
It comprises: developing opportunities, gathering resources, and managing and building
operations, all with the goal of creating value.
2. What is entrepreneurship? What are some basic
3. Briefly describe venture debt capital and venture equity capital.
In general, early-stage ventures raise debt capital from individuals, venture lenders, and when
3. What are the three types of comparisons that can be made when conducting ratios analyses?
The three type of comparisons:
Trend analysis is to examination of a ventures performance over time.
Cash Flow from Operating Activities
Increase in receivable
Increase in in inventories
Increase in Payable
Increase in Accrued wages
Net cash flow from operation activities