Questions from General Accounting

Q: During the year ended December 31, 2011, Gluco, Inc., split

During the year ended December 31, 2011, Gluco, Inc., split its stock on a 3-for-1 basis. In its annual report for 2010, the firm reported net income of $3,703,920 for 2010, with an average 268,400 sh...

Q: Enter the following column headings across the top of a

Enter the following column headings across the top of a sheet of paper:Enter the transaction / situation letter in the first column and show the effect, if any, of the transaction entry or adjustment...

Q: For several years Orbon, Inc. has followed a policy of

For several years Orbon, Inc. has followed a policy of paying a cash dividend of $1.20 per share and having a 10% stock dividend. In the 2011 annual report, Orbon reported restated earnings per share...

Q: The following data have been extracted from the records of

The following data have been extracted from the records of Riddle Co.:Required:a. Calculate the missing costs.b. Calculate the cost formula for mixed cost using the high–low method.c...

Q: Presented here are the comparative balance sheets of Hames, Inc.,

Presented here are the comparative balance sheets of Hames, Inc., at December 31, 2011 and 2010. Sales for the year ended December 31, 2011, totaled $580,000.Required:a. Calculate ROI for 2011. Round...

Q: Shown here is an income statement in the traditional format

Shown here is an income statement in the traditional format for a firm with a sales volume of 20,000 units:Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....

Q: The standards for one case of liquid weed killer are:

The standards for one case of liquid weed killer are:Direct materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 lbs. @ $ 6.00/lb.Direct labor . . . . . . . . . . . ....

Q: Hank Itzek manufactures and sells homemade wine, and he wants

Hank Itzek manufactures and sells homemade wine, and he wants to develop a standard cost per gallon. The following are required for production of a 50-gallon batch.3,000 ounces of grape concentrate at...

Q: The Green Acres Inn is trying to determine its break-even

The Green Acres Inn is trying to determine its break-even point. The inn has 50 rooms that it rents at $60 a night. Operating costs are as follows.Salaries ……………………………….6200 per monthUtilities …………………...

Q: Stahl Inc. produces three separate products from a common process

Stahl Inc. produces three separate products from a common process costing $100,000. Each of the products can be sold at the split-off point or can be processed further and then sold for a higher price...