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(Solved by Expert Tutors) 23.? ???? The following report compares budgeted and actual costs


23.? ???? The following report compares budgeted and actual costs and production for the milling

department of the Stuart Company for the month of July 2016:

??????????????????????????????????? ?????????????Planned???????? Actual

Units of production..............?? 200,000???????? 196,000

??????????????????????????????????

Materials............................? $300,000??????? $296,400

Direct Labor........................?? 100,000???????? 100,600

Supplies...............................??? 40,000????????? 40,200

Maintenance........................??? 20,000????????? 22,000

Taxes....................................???? 1,000?????????? 1,100

Materials, direct labor, and supplies are considered completely variable costs.? Maintenance was originally budgeted at $6,000 plus $0.07 per unit of output.

Using the data given above to evaluate the performance of the milling department in the month of July, which of the following statements is TRUE?

A.? ????? There is actually an unfavorable variance for materials of $2,400.

B.? ????? There is actually an unfavorable variance for direct labor of $2,600.

C.? ????? There is actually an unfavorable variance in maintenance costs incurred of $2,280.

D.? ????? All of the other answers are true.


24.? ???? The current sales for Richard Corporation are $350,000 and break-even units are 10,000 at a price of $25 per unit.? What is the margin of safety?

??????????????????????????????????? A.? ????? $ 25,000

??????????????????????????????????? B.? ????? $ 50,000

??????????????????????????????????? C.? ????? $100,000

??????????????????????????????????? D.? ????? $250,000


29.? ???? The Redwood Company is considering the purchase of a new machine. The machine costs $200,000 and has an estimated useful life of five years with no salvage value. It is expected to save $56,000 cash per year for five years.

The approximate Internal Rate of Return is:

??????????????????????????????????? A.? ????? 4%.

??????????????????????????????????? B.? ????? 12.4%.

??????????????????????????????????? C.? ????? 13.0%.

??????????????????????????????????? D.? ????? 13.5%.


30.? If you were to receive $2,000 per year for the next 40 years and you invested that in an investment that earned 13% per year, how much would you have at the end of the 40 years?

A.? ????? $15,268.75

B.? ????? $265,563.10

C.? ????? $82,061.80

D.? ????? $2,027,408.49


31.? The following Balance Sheet is given for Webster, Inc:

Webster, Inc.

Balance Sheets

December 31, 2017 and 2016

2017

2016

Assets

Current assets:

Cash

$114,000

$96,000

Accounts receivable

190,000

178,000

Inventory

146,000

164,000

Prepaid expenses

? 188,000

? 176,000

? Total current assets

$638,000

$614,000

Property, plant, and equipment

124,000

110,000

Intangible assets

??? 64,000

??? 54,000

? Total assets

$826,000

$778,000

Liabilities and Stockholders? Equity

Liabilities:

Current liabilities

$140,000

$136,000

Long-term liabilities-8% bonds

??? 60,000

??? 60,000

? Total liabilities

$200,000

$196,000

Stockholders? equity:

6% preferred stock, $50 par; 800

? shares authorized and outstanding

$80,000

$80,000

Common stock, $25 par

100,000

100,000

Paid-in capital in excess of par

44,000

44,000

Retained earnings

? 402,000

? 358,000

? Total stockholders? equity

$626,000

$582,000

? Total liabilities and stockholders?

??? equity

$826,000

$778,000

???????? The current ratio for 2017 is:

????????? ?????A.???? 4.47:1

??????????? ??? B.??? 4.56:1

??????????? ??? C.??? 4.51:1

??????????? ??? D.??? .219:1

 


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Apr 19, 2020

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