(1) Simon Brothers pays $47,000 into a bond sinking fund each year to redeem the future
maturity of its bonds. During the first year, the fund earned $3,825. At the time of bond
redemption, the fund has a balance of $417,000. Of this, $400,000 was used to
A company observed a decrease in the cost per unit. All other things being equal, which of the following is probably true? The company is studying
a fixed cost, and total volume has increased.
A company's expected receipts from sales and planned disbursem
My Moodle /
Topic 4: Product and Hybrid Product Costing Systems /
Graded Exam #1
Started on Wednesday, May 24, 2017, 2:58 PM
Completed on Wednesday, May 24, 2017, 3:15 PM
Time taken 16 mins 11 secs
Grade 115.00 out of 125.00
Which of the following is the proper sequence of events in an activity-based costing system?
a. Identification of cost drivers, identification of cost pools, calculation of pool rates, assignment of cost to products.
(2) The partnership of Brandon and Ryan is being liquidated. All gains and losses are shared in a
3:1 ratio, respectively. Before liquidation, their balance sheet balances are as follows:Cash
$10,000Other Assets 8,000Liabilities 4,000Brandon, Capital 7,00
Part C (15 points each for a possible total of 30 points)
(1) Prepare a statement of retained earnings in proper form for White Corporation for the year
ended December 31, 2012, from the following:Retained Earnings, January 1, 2012
$2,000Dividends paid du
(2) Curtis Corporation's balance sheet included the following:Common Stock, $5 par value, 5,000
shares issuedand outstanding $25,000Retained Earnings 20,000Total Stockholders' Equity
$45,000Prepare journal entries for the following transactions.May 3 Issu
(4 points each for a possible total of 24 points)
From the following transactions, prepare the appropriate general journal entries
for the month of April.
1. Raw materials costing $60,000 were issued from the storeroom.
2. Direct labor of $53,000 w
(2 points each for a possible total of 10 points)
Selected data for Sticks Design are given as of December 31, Year 1 and Year 2
(rounded to the nearest hundredth).
Year 2 Year 1
Net Credit Sales $25,000 $30,000
Cost of Goods Sold 16,000 18,000
(2 points each for a possible total of 6 points)
The following information is given for Tripp Company, which uses the indirect
Net income $20,000
Depreciation expense 3,000
Increase in accounts receivable 2,000
Payment of dividends 2,000
Prepare an income statement showing departmental contribution margin based
on the following:
Dept. X Dept. Y Rent Expense
Space (square feet) 17,500 35,000
Net Sales $60,000 $40,000
Cost of Goods Sold 18,000 16,000
Rent Expense (allocat