(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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