BBG Corp is a manufacturer of a synthetic chemical. Gary Voss, president of the company, has been eager to get the operating results for the just-completed fiscal year. He was surprised when the income statement revealed that income before taxes had dropped to $885,500 from $900,000, even though sales volume had increased by 100,000 kilograms. […]

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Bebe Jackson is a successful, 30-year old attorney, social security no. 255-10-0000.   She has a law office on Smith Court, but also has an office in her home, which is a 4-bedroom colonial in Slidell, Louisiana.   Her house is 2,400 square feet. One room, a den, 300 square feet, is used for the law office.    […]

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Becton Labs, Inc., produces various chemical compounds for industrial use. One compound, called Fludex, is prepared using an elaborate distilling process. The company has developed standard costs for one unit of Fludex, as follows: Standard Quantity Standard Price or Rate Standard Cost   Direct materials    2.30 ounces $ 26.00 per ounce $ 59.80      Direct labor […]

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Beech Company produced and sold 105,000 units of its product in May. For the level of production achieved in May, the budgeted amounts were: sales, $1,300,000; variable costs, $750,000; and fixed costs, $300,000. The following actual financial results are available for May.     Actual   Sales (105,000 units) $ 1,275,000   Variable costs   712,500     Fixed costs   300,000   […]

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As of the beginning of 2013, the company had equipment totaling $900,000 which was depreciated at $75,000 per year. If the company makes the appropriate adjusting entry at year end, which of the following is one part of the journal entry that will be made? Credit Depreciation Expense for $75,000 Debit Accumulated Depreciation for $75,000 […]

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At the beginning of 2014, Metatec Inc. acquired Ellison Technology Corporation for $500 million. In addition to cash, receivables, and inventory, the following assets and their fair values were also acquired:   Plant and equipment (depreciable assets) $ 140 million   Patent 30 million   Goodwill 120 million      The plant and equipment are depreciated over a 10-year useful […]

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Beginning in 2017, city hall, administrative offices, and municipal courts in the city of El Paso, Texas will go on a 10 hour/day, 4-day workweek from the beginning of May through the end of September. The shortened workweek will affect 35% of the city’s 5800 employees and will save $54, 500 per month for those […]

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At the beginning of 2017, Wildhorse Company acquired a mine for $2, 053, 400. Of this amount, $116,000 was ascribed to the land value and the remaining portion to the minerals in the mine. Surveys conducted by geologists have indicated that approximately 6, 960,000 tons of the one appear to be in the mine. Wildhorse […]

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At the beginning of August 2017, Mullin Athletics had a $0 balance in Accounts Receivable. In the month of August, they signed three contracts with different schools to provide athletic apparel: 1: Provide 150 football uniforms at a selling price of $75 each and a cost of $40 each, delivered on August 12. 2: Provide […]

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The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period ending March 31, 2016, are as follows: Date Transaction Number of Units Per Unit Total Jan. 1 Inventory 2,500 $70.00 $175,000 10 Purchase 8,000 78.00 624,000 28 Sale 3,800 140.00 532,000 30 Sale 1,250 140.00 175,000 Feb. 5 […]

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