Wiley plus chapter 6 | Accounting homework help

 

Collapse question part

(a)

 

Prepare an incremental analysis for the special order. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

   

Reject
Order

 

Accept
Order

 

Net Income
Increase
(Decrease)

 

Revenues

 

$http://edugen.wiley.com/edugen/art2/common/pixel.gif


(b)
 Compute the labor price and quantity variances.

Labor price variance

 

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

Labor quantity variance

 

$http://edugen.wiley.com/edugen/art2/common/pixel.gif


(c)
 Compute the labor price and quantity variances, assuming the standard is 4.18 hours of direct labor at $12.29 per hour.

Labor price variance

 

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

Labor quantity variance

 

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

 

Problem 11-1A

Costello Corporation manufactures a single product. The standard cost per unit of product is shown below.

Direct materials—2 pound plastic at $6.25 per pound

 

$ 12.50

Direct labor—2.00 hours at $12.00 per hour

 

24.00

Variable manufacturing overhead

 

14.00

Fixed manufacturing overhead

 

6.00

Total standard cost per unit

 

$56.50


The predetermined manufacturing overhead rate is $10 per direct labor hour ($20.00 ÷ 2.00). It was computed from a master manufacturing overhead budget based on normal production of 11,400 direct labor hours (5,700 units) for the month. The master budget showed total variable costs of $79,800 ($7.00 per hour) and total fixed overhead costs of $34,200 ($3.00 per hour). Actual costs for October in producing 3,100 units were as follows.

Direct materials (6,390 pounds)

 

$ 40,704

Direct labor (6,030 hours)

 

74,048

Variable overhead

 

44,080

Fixed overhead

 

20,070

    Total manufacturing costs

 

$178,902


The purchasing department buys the quantities of raw materials that are expected to be used in production each month. Raw materials inventories, therefore, can be ignored.

(a) Compute all of the materials and labor variances. (Round answers to 0 decimal places, e.g. 125.)

Total materials variance

 

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

Materials price variance

 

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

Materials quantity variance

 

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

Total labor variance

 

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

Labor price variance

 

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

Labor quantity variance

 

$http://edugen.wiley.com/edugen/art2/common/pixel.gif


(b)
 Compute the total overhead variance.

Total overhead variance

 

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

 

Bracewell Company reported net income of $194,600 for 2014. Bracewell also reported depreciation expense of $40,160 and a gain of $5,580 on disposal of plant assets. The comparative balance sheet shows an increase in accounts receivable of $15,210 for the year, a $17,790 increase in accounts payable, and a $3,400 decrease in prepaid expenses.

Prepare the operating activities section of the statement of cash flows for 2014. Use the indirect method. (Show amounts that decrease cash flow with either a – sign e.g. -15,000 or in parenthesis e.g. (15,000).)

BRACEWELL COMPANY
Partial Statement of Cash Flows
For the Year Ended December 31, 2014

http://edugen.wiley.com/edugen/art2/common/pixel.gif

   

http://edugen.wiley.com/edugen/art2/common/pixel.gif

 

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

   

http://edugen.wiley.com/edugen/art2/common/pixel.gif

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

http://edugen.wiley.com/edugen/art2/common/pixel.gif

http://edugen.wiley.com/edugen/art2/common/pixel.gif

http://edugen.wiley.com/edugen/art2/common/pixel.gif

http://edugen.wiley.com/edugen/art2/common/pixel.gif

 

$

 

 

 

 

 

 

 

 

 

 

 

Exercise 13-7

Meera Corporation’s comparative balance sheets are presented below.

MEERA CORPORATION
Comparative Balance Sheets
December 31

   

2014

 

2013

Cash

 

$14,270

   

$10,270

 

Accounts receivable

 

20,780

   

23,540

 

Land

 

20,320

   

25,530

 

Buildings

 

69,710

   

69,710

 

Accumulated depreciation—buildings

 

(15,020

)

 

(10,720

)

   Total

 

$110,060

 

 

$118,330

 

 

           

Accounts payable

 

$12,270

   

$27,790

 

Common stock

 

74,530

   

72,510

 

Retained earnings

 

23,260

 

 

18,030

 

   Total

 

$110,060

 

 

$118,330

 


Additional information:

1.

 

Net income was $22,338. Dividends declared and paid were $17,108.

2.

 

All other changes in noncurrent account balances had a direct effect on cash flows, except the change in accumulated depreciation. The land was sold for $4,850.


(a) Prepare a statement of cash flows for 2014 using the indirect method.
 (Show amounts that decrease cash flow with either a – sign e.g. -15,000, or in parenthesis e.g. (15,000).)

MEERA CORPORATION
Statement of Cash Flows
For the Year Ended December 31, 2014

http://edugen.wiley.com/edugen/art2/common/pixel.gif

   

http://edugen.wiley.com/edugen/art2/common/pixel.gif

 

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

   

http://edugen.wiley.com/edugen/art2/common/pixel.gif

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

http://edugen.wiley.com/edugen/art2/common/pixel.gif

http://edugen.wiley.com/edugen/art2/common/pixel.gif

http://edugen.wiley.com/edugen/art2/common/pixel.gif

 

http://edugen.wiley.com/edugen/art2/common/pixel.gif

   

http://edugen.wiley.com/edugen/art2/common/pixel.gif

 

http://edugen.wiley.com/edugen/art2/common/pixel.gif

   

http://edugen.wiley.com/edugen/art2/common/pixel.gif

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

http://edugen.wiley.com/edugen/art2/common/pixel.gif

 

http://edugen.wiley.com/edugen/art2/common/pixel.gif

 

http://edugen.wiley.com/edugen/art2/common/pixel.gif

 

http://edugen.wiley.com/edugen/art2/common/pixel.gif

 

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

 

Dividends

 

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

 


(c) Indicate where each of the cash inflows or outflows identified in (b) would be classified on the statement of cash flows.

Common stock

http://edugen.wiley.com/edugen/art2/common/pixel.gif

Dividends

http://edugen.wiley.com/edugen/art2/common/pixel.gif

Click if you would like to Show Work for this question:

Open Show Work

       

 

 

Exercise 14-3

The comparative condensed balance sheets of Garcia Corporation are presented below.

GARCIA CORPORATION
Comparative Condensed Balance Sheets
December 31

   

2014

 

2013

Assets

       

    Current assets

 

$ 74,450

 

$ 80,690

    Property, plant, and equipment (net)

 

98,370

 

90,210

    Intangibles

 

25,460

 

38,040

      Total assets

 

$198,280

 

$208,940

Liabilities and stockholders’ equity

       

    Current liabilities

 

$ 42,300

 

$ 49,060

    Long-term liabilities

 

143,930

 

150,570

    Stockholders’ equity

 

12,050

 

9,310

      Total liabilities and stockholders’ equity

 

$198,280

 

$208,940

(a) Prepare a horizontal analysis of the balance sheet data for Garcia Corporation using 2013 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000). (20%). Round percentages to 1 decimal place, e.g. 12.3%.)

GARCIA CORPORATION
Condensed Balance Sheets
December 31

   

2014

 

2013

   

Increase
(Decrease)

 

Percentage
Change from 2013

 

Assets

                   

   Current Assets

 

$74,450

 

$80,690

   

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

$http://edugen.wiley.com/edugen/art2/common/pixel.gif

http://edugen.wiley.com/edugen/art2/common/pixel.gif

http://edugen.wiley.com/edugen/art2/common/pixel.gif

http://edugen.wiley.com/edugen/art2/common/pixel.gif

http://edugen.wiley.com/edugen/art2/common/pixel.gif

             

http://edugen.wiley.com/edugen/art2/common/pixel.gif

http://edugen.wiley.com/edugen/art2/common/pixel.gif

http://edugen.wiley.com/edugen/art2/common/pixel.gif

http://edugen.wiley.com/edugen/art2/common/pixel.gif

$http://edugen.wiley.com/edugen/art2/common/pixel.gif[removed]

 

http://edugen.wiley.com/edugen/art2/common/pixel.gif[removed] %

 

$http://edugen.wiley.com/edugen/art2/common/pixel.gif[removed]

 

http://edugen.wiley.com/edugen/art2/common/pixel.gif[removed] %

Click if you would like to Show Work for this question:

Open Show Work

 

                   

 

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more