On this sheet, fill in the 4th column with the appropriate Journal, Subjournal, Ledger, or Subledger where information should be recorded. Use the appropriate journal/subjournal to record journal entries. Transfer this information to the appropriate subledger/ledger. Update the General Ledger at the end of each day as indicated in the ‘Date’ column of this sheet. Do not enter values in the blue columns The values […]

The Sports Equipment Division of Duncan Donnegal Company is operated as a profit center. Sales for the division were budgeted for 2011 at $900,000. The only variable costs budgeted for the division was cost of goods sold ($440,000) and selling and administrative ($60,000). Fixed costs were budgeted at $100,000 for cost of goods sold, $90,000 for selling and administrative and $70,000 for no controllable fixed […]

Edge Equipment Co. manufactures and markets a number of rope products. Management is considering the future of Product XT, a special rope for hang gliding, that has not been as profitable as planned. Since Product XT is manufactured and marketed independently of the other products, its total costs can be precisely measured. Next year’s plans call for a $310 selling price per 100 yards of […]

There are many useful resources regarding budgeting available on websites. The following activity investigates the results of a comprehensive budgeting study. Address: http://www.accountingweb.com/whitepapers/centage_ioma.pdf, Instructions Go the address above and then answer the following questions. (a) What are cited as the two most common ?opain points?? of budgeting? (b) What percentage of companies that participated in the survey said that they prepare annual budgets? Of those […]

Weekly Roster and Costing No Name Mon Tue Wed Thu Fri Sat Sun Total Hours No Name Total Hours Rate of Pay Weekly Wage Super Annual Leave Sick Leave Total WeeklyCost Month Monthly Wage Cost 1 0 0 $0 $0 $0 $0 $0 January $0 2 0 0 $0 $0 $0 $0 $0 February $0 3 0 0 $0 $0 $0 $0 $0 March $0 […]

List and define four ethical standards (codes of professional conduct) that are part of the Australian Society of Certified Practising Accountant’s Code of Professional Conduct. Give an example of an imaginary situation where the management accountant would be in breach of each of these standards (one situation for each standard/code). Question 2: (Total 4 Marks) Consider any product/brand (for ‘a’) and the given service sector […]

4.A 60 day, 12% note for $10,000, dated May 1, is received from a customer on account. The maturity value of the note is Answer a. $10,200 b. $10,000 c. $11,200 d. $9,800 5. Who pays the freight cost when the terms are FOB destination? Answer a. the buyer b. either the buyer or the seller c. the customer d. the seller 6. Use the […]

On January 1, 2011 the Batista Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2011. ? The ending raw materials and finished goods inventories at December 31, 2010, follow the same percentage relationships to production and sales that occur in 2011.Three pounds of raw materials are required to make each unit of finished goods. Raw materials […]

4. Bartlow, Inc had the folling income statement for the month of May. Sales Revenue 428,000 Cost of goods sold 205,440 Gross Margin 222,560 Less: Selling Expenses 81,320 Administrative Expenses 72,760 Operating Income 68,480 What was the sales revenue percent? 1. 100% 2. 48% 3. 52% 4. 16% 5. Junko company makes typewriters. During the year Junko manufactured 97,000 typewriters. Finished goods Inventory had the […]

Organic Pastures is a 400 acre farm on the outskirts of the Kentucky Bluegrass, specializing in the boarding of broodmares and their foals. A recent economic downturn in the thoroughbred industry has led to a decline in breeding activities, and it has made the boarding business extremely competitive. To meet the competition, Organic Pastures planned in 2012 to entertain clients, advertise more extensively, and absorb […]