iPad ~ 1:06 AM $ 50% A my.tccd.edu 6. Data from the financial statements of Crafty Crafts and Hobbies, Inc. are presented below (in millions) Crafty
This question has been answered
Question

Chris Koplinski has prepared the following list of statements about managerial accounting and financial accounting.

1. Financial accounting focuses on providing information to internal users.

2. Analyzing cost-volume-profit relationships is part of managerial accounting.

3. Preparation of budgets is part of financial accounting.

4. Managerial accounting applies only to merchandising and manufacturing companies.

5. Both managerial accounting and financial accounting deal with many of the same economic events.

6. Managerial accounting reports are prepared only quarterly and annually.

7. Financial accounting reports are general-purpose reports.

8. Managerial accounting reports pertain to subunits of the business.

9. Managerial accounting reports must comply with generally accepted accounting principles.

10. Although managerial accountants are expected to behave ethically, there is no code of ethical standards for managerial accountants.


Identify each statement as true or false. If false, indicate how to correct the statement..


IMG-20210423-WA0014.jpgIMG-20210423-WA0034.jpgIMG-20210423-WA0028.jpg

Image transcriptions

iPad ~ 1:06 AM $ 50% A my.tccd.edu 6. Data from the financial statements of Crafty Crafts and Hobbies, Inc. are presented below (in millions) Crafty Crafts Hobbies, Inc. Total liabilities, 2016 $31,957 $25,461 Total liabilities, 2015 36,104 30,046 Total assets, 2016 50,186 36,872 Total assets, 2015 47.054 35,208 Revenue, 2016 153,466 81,702 Net income. 2016 210 1,179 To the nearest hundredth, what is the 2016 debt-to-total-assets ratio for Crafty Crafts? A 0.64 Bi 0.26 C) 3.78 D) 44.16 7. Autok Ball Bearings has a debt-to-total-assets ratio of 0.61 and Aladdin Automotive has 0.99. Which of the following statements is true? A Aladdin Automotive reported more dollars of profit than Autok Ball Bearings. B) Aladdin Automotive has more total debt than does Autok Ball Bearings. Aladdin Automotive is able to bring its product to market more efficiently than Autok Ball Bearings. D) Autok Ball Bearings would likely be able to borrow money at a lower interest rate than would Aladdin Automotive. 8. The current ratio is computed as: A) Current liabilities divided by current assets B) Current assets divided by current liabilities C) Current assets minus current liabilities D) Current assets divided by total assets 3. Data from the financial statements of Crafty Crafts and Hobbies, Inc. are presented below (in millions) Crafty Crafts Hobbies, Inc. Total liabilities, 2016 $31,957 $25,46

FULL SCREEN PRINTER VERSTO Question 14 Bramble Corporation has the following shareholders' equity on December 31, 2021: Shareholders equity Share capital $10 convertible preferred shares, 10,000 shares authorized, 5000 shares issued $573000 Common shares, 200,000 shares authorized, 80000 shares Issued 1760000 Total share capital 2333000 Retained earnings 448000 Total shareholders' equity $2781000. The average per common share amount is $5.73. $11.46. $8.98. $22.00 By accessing this Question Assistance, You will learn while you earn points based on the Point Potential Policy set by

PROBLEMS: SET A p2-1A Lott Company uses a job order cost system and applies overhead to production on Prepare entries in a job the basis of direct labor costs. On January 1, 2017, Job 50 was the only job in process. The cost system and job co costs incurred prior to January 1 on this job were as follows: direct materials $20,000, sheets. direct labor $12,000, and manufacturing overhead $16,000. As of January uary 1. Job 49 had (LO 1, 2, 3, 4, 5), AP been completed at a cost of $90,000 and was part of finished goods inventory. There was a $15,000 balance in the Raw Materials Inventory account. During the month of January, Lott Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were also sold on account during the month for $122,000 and $158,000, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $90,000 on account. 2. Incurred factory labor costs of $70,000. Of this amount $16,000 related to employer payroll taxes. 3. Incurred manufacturing overhead costs as follows: indirect materials $17,000, indirect labor $20,000, depreciation expense on equipment $12,000, and various other manu- facturing overhead costs on account $16,000. 4. Assigned direct materials and direct labor to jobs as follows. Job No. Direct Materials Direct Labor 50 $10,000 $ 5,000 51 39,000 25,000 52 30,000 20,000 Instructions (a) Calculate the predetermined overhead rate for 2017, assuming Lott Company esti- mates total manufacturing overhead costs of $840,000, direct labor costs of $700,000, and direct labor hours of 20,000 for the year. (b) Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job 50. (c) Prepare the journal entries to record the purchase of raw materials, the factory labor costs incurred, and the manufacturing overhead costs incurred during the month of January. (d) Prepare the journal entries to record the assignment of direct materials, direct labor, and manufacturing overhead costs to production. In assigning manufacturing over- head costs, use the overhead rate calculated in (a). Post all costs to the job cost sheets as necessary. (e) Total the job cost sheets for any job(s) completed during the month. Prepare the jour- (e) Job 5 Job 5 nal entry (or entries) to record the completion of any job(s) during the month. (f) Prepare the journal entry (or entries) to record the sale of any job(s) during the month. (g) What is the balance in the Finished Goods Inventory account at the end of the month? What does this balance consist of? (h) What is the amount of over- or underapplied overhead?

Answered by Expert Tutors

Fusce dui

gue

et, cons

amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis.

congue

risus

s ante, dapibus a molestie consequa

usce dui

onec aliquet. Lorem ipsum dolor sit

molestie

ongue vel

congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lore

, dictum

ipiscing

, dictum

ctum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetu

lestie co

ec aliquet. Lorem ipsum dolor sit amet, consectetur adipisci

gue

ipsum d

gue

cing elit. Nam lacinia pulvinar tortor nec facilisis. Pel

ur laoreet. Nam risus ante, dapibus a molestie consequat, ultr

et, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur

gue

Step-by-step explanation

itur laorees

gue

e vel laoreet ac, dic

icitur laoreet. Nam risus ante, dapibus a molesti

lestie consequat, ultrices ac magn

dictum vitae o

gue

ce dui lectus,

cing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel

Subject: Business, Finance
Get unstuck

336,246 students got unstuck by Course
Hero in the last week

step by step solutions

Our Expert Tutors provide step by step solutions to help you excel in your courses