Wiley Plus Assignment

| October 22, 2018

Problem 6-1A
Fredonia Inc. had a bad year in 2013. For the first time in its
history, it operated at a loss. The company’s income statement showed the
following results from selling 79,100 units of product: Net sales
$1,542,450; total costs and expenses $1,750,700; and net loss $208,250. Costs
and expenses consisted of the following.

Total

Variable

Fixed

Cost of goods sold

$1,197,800

$776,100

$421,700

Selling expenses

427,300

79,600

347,700

Administrative expenses

125,600

53,800

71,800

$1,750,700

$909,500

$841,200

Management is considering the following independent alternatives for 2014.

1.

Increase unit selling price 22% with no change in costs and
expenses.

2.

Change the compensation of salespersons from fixed annual
salaries totaling $200,000 to total salaries of $36,100 plus a 5%
commission on net sales.

3.

Purchase new high-tech factory machinery that will change the
proportion between variable and fixed cost of goods sold to 50:50.

(a)Compute
the break-even point in dollars for 2014.(Round
contribution margin ratio to 4 decimal places e.g. 0.2512 and final answers to
0 decimal places, e.g. 2,510.)

Break-even point

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(b)Compute
the break-even point in dollars under each of the alternative courses of
action.(Round
contribution margin ratio to 4 decimal places e.g. 0.2512 and final answers to
0 decimal places, e.g. 2,510.)

Break-even point

1.

Increase selling price

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2.

Change compensation

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3.

Purchase machinery

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Which course of action do you recommend? .gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>

Alternative 1
Alternative 2
Alternative 3

Exercise 7-2 (Part
Level Submission)
Gruden
Company produces golf discs which it normally sells to retailers for
$6.90 each. The cost of manufacturing 20,700 golf discs is:

Materials

$9,729

Labor

30,636

Variable overhead

22,149

Fixed overhead

40,572

Total

$103,086

Gruden also incurs 8% sales commission ($0.55) on each disc sold.

McGee Corporation offers Gruden $5 per disc for 4,700
discs. McGee would sell the discs under its own brand name in foreign
markets not yet served by Gruden. If Gruden accepts the offer, its fixed
overhead will increase from $40,572 to $46,294 due to the purchase of a
new imprinting machine. No sales commission will result from the special
order.

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(a)

Prepare
an incremental analysis for the special order.(Enter negative amounts using either a negative sign preceding
the number e.g. -45 or parentheses e.g. (45).)

Reject
Order

Accept
Order

Net Income
Increase
(Decrease)

Revenues

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Materials

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Labor

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Variable overhead

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Fixed overhead

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Sales commissions

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Net income

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Exercise 7-5 (Part
Level Submission)
Schopp Inc. has been
manufacturing its own shades for its table lamps. The company is
currently operating at 100% of capacity, and variable manufacturing
overhead is charged to production at the rate of 70% of direct labor
cost. The direct materials and direct labor cost per unit to make the
lamp shades are $3.94 and $4.60, respectively. Normal production is
32,300 table lamps per year.
A supplier offers to make the lamp shades at a price of
$12.90 per unit. If Schopp Inc. accepts the supplier’s offer, all variable
manufacturing costs will be eliminated, but the $45,880 of fixed
manufacturing overhead currently being charged to the lamp shades will
have to be absorbed by other products.

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(a)

Prepare the incremental analysis for the decision to make or
buy the lamp shades.(Enter negative amounts using either a negative sign preceding
the number e.g. -45 or parentheses e.g. (45).)

Make

Buy

Net Income
Increase (Decrease)

Direct materials

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Direct labor

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Variable overhead costs

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Fixed manufacturing
costs

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Purchase price

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Total annual cost

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Problem 7-1A (Part
Level Submission)
ShurShot
Sports Inc. manufactures basketballs for the National Basketball
Association (NBA). For the first 6 months of 2014, the company reported
the following operating results while operating at 80% of plant capacity
and producing 120,000 units.

Amount

Sales

$4,800,000

Cost of goods sold

3,689,600

Selling and
administrative expenses

578,400

Net income

$532,000

Fixed costs for the period were cost of goods sold $1,079,600, and
selling and administrative expenses $289,200.

In July, normally a slack manufacturing month, ShurShot
Sports receives a special order for 10,800 basketballs at $28 each from
the Greek Basketball Association (GBA). Acceptance of the order would
increase variable selling and administrative expenses $0.51 per unit
because of shipping costs but would not increase fixed costs and
expenses.

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(a)

Prepare
an incremental analysis for the special order.(Round all per unit computations to 2 decimal places, e.g.
15.25.Enter
negative amounts using either a negative sign preceding the number e.g.
-45 or parentheses e.g. (45).)

Reject
Order

Accept
Order

Net Income
Increase
(Decrease)

Revenues

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Cost of goods sold

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Selling and
administrative expenses

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Net income

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Chapter 6
Exercise 11-3
Kimm
Company has gathered the following information about its product.

Direct materials: Each unit of product contains 4.10 pounds of
materials. The average waste and spoilage per unit produced under normal
conditions is 0.70 pounds. Materials cost $3 per pound, but Kimm
always takes the 3.96% cash discount all of its suppliers offer. Freight
costs average $0.30 per pound.

Direct labor.Each unit
requires 2.40 hours of labor. Setup, cleanup, and downtime
average 0.30 hours per unit. The average hourly pay rate of Kimm’s
employees is $11.80. Payroll taxes and fringe benefits are an additional
$3.40 per hour.

Manufacturing overhead.Overhead
is applied at a rate of $6.10 per direct labor hour.

Compute Kimm’s total standard cost per unit.(Round
answer to 2 decimal places, e.g. 1.25.)

Total standard cost per unit

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Lewis Company’s standard labor cost of producing
one unit of Product DD is 3.90 hours at the rate of $12.00 per
hour. During August, 40,800 hours of labor are incurred at a cost of
$12.14 per hour to produce 10,300 units of Product DD.

(a)Compute the total labor variance.

Total labor variance

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Unfavorable
Favorable
Neither favorable nor unfavorable

(b)Compute the labor price and quantity variances.

Labor price variance

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Favorable
Neither favorable nor unfavorable
Unfavorable

Labor quantity variance

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Unfavorable
Favorable
Neither favorable nor unfavorable

(c)Compute the labor price and quantity variances,
assuming the standard is 4.18 hours of direct labor at
$12.29 per hour.

Labor price variance

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Neither favorable nor unfavorable
Favorable
Unfavorable

Labor quantity variance

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Favorable
Unfavorable
Neither favorable nor unfavorable

Problem 11-1A
Costello
Corporation manufactures a single product. The standard cost per unit of
product is shown below.

Direct materials—2 pound plastic at $6.25 per pound

$ 12.50

Direct labor—2.00 hours at $12.00 per hour

24.00

Variable manufacturing overhead

14.00

Fixed manufacturing overhead

6.00

Total standard cost per unit

$56.50

The predetermined manufacturing overhead rate is $10 per direct labor hour
($20.00 ÷ 2.00). It was computed from a master manufacturing overhead
budget based on normal production of 11,400 direct labor hours
(5,700 units) for the month. The master budget showed total variable costs
of $79,800 ($7.00 per hour) and total fixed overhead costs of $34,200 ($3.00 per
hour). Actual costs for October in producing 3,100 units were as
follows.

Direct materials (6,390 pounds)

$ 40,704

Direct labor (6,030 hours)

74,048

Variable overhead

44,080

Fixed overhead

20,070

Total manufacturing costs

$178,902

The purchasing department buys the quantities of raw materials that are
expected to be used in production each month. Raw materials inventories,
therefore, can be ignored.

(a)Compute
all of the materials and labor variances.(Round
answers to 0 decimal places, e.g. 125.)

Total materials variance

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Favorable
Neither favorable nor unfavorable
Unfavorable

Materials price variance

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Neither favorable nor unfavorable
Favorable
Unfavorable

Materials quantity variance

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Neither favorable nor unfavorable
Unfavorable
Favorable

Total labor variance

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Favorable
Unfavorable
Neither favorable nor unfavorable

Labor price variance

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Favorable
Neither favorable nor unfavorable
Unfavorable

Labor quantity variance

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Favorable
Unfavorable
Neither favorable nor unfavorable

(b)Compute
the total overhead variance.

Total overhead variance

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Unfavorable
Favorable
Neither favorable nor unfavorable

Bracewell Company reported net income of
$194,600 for 2014. Bracewell also reported depreciation expense of
$40,160 and a gain of $5,580 on disposal of plant assets. The
comparative balance sheet shows an increase in accounts receivable of
$15,210 for the year, a $17,790 increase in accounts payable, and a
$3,400 decrease in prepaid expenses.

Prepare the operating activities section of the
statement of cash flows for 2014. Use the indirect method.(Show amounts that decrease cash flow with either a
– sign e.g. -15,000 or in parenthesis e.g. (15,000).)

BRACEWELL COMPANY
Partial Statement of Cash Flows
For the Year Ended December 31, 2014

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Cash at Beginning of Period
Cash at End of Period
Cash Flows from Financing Activities
Cash Flows from Investing Activities
Cash Flows from Operating Activities
Net Cash Provided by Financing Activities
Net Cash Provided by Investing Activities
Net Cash Provided by Operating Activities
Net Cash Used by Financing Activities
Net Cash Used by Investing Activities
Net Cash Used by Operating Activities
Net Decrease in Cash
Net Increase in Cash

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Decrease in Accounts Receivable
Decrease in Accounts Payable
Depreciation Expense
Decrease in Prepaid Expenses
Increase in Prepaid Expenses
Gain on Disposal of Plant Assets
Increase in Accounts Receivable
Net Income
Increase in Accounts Payable

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Adjustments to reconcile net income to

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Cash at Beginning of Period
Cash at End of Period
Cash Flows from Financing Activities
Cash Flows from Investing Activities
Cash Flows from Operating Activities
Net Cash Provided by Financing Activities
Net Cash Provided by Investing Activities
Net Cash Provided by Operating Activities
Net Cash Used by Financing Activities
Net Cash Used by Investing Activities
Net Cash Used by Operating Activities
Net Decrease in Cash
Net Increase in Cash

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Decrease in Accounts Payable
Decrease in Accounts Receivable
Gain on Disposal of Plant Assets
Increase in Accounts Payable
Net Income
Depreciation Expense
Increase in Accounts Receivable
Increase in Prepaid Expenses
Decrease in Prepaid Expenses

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Increase in Prepaid Expenses
Net Income
Gain on Disposal of Plant Assets
Decrease in Prepaid Expenses
Depreciation Expense
Decrease in Accounts Payable
Increase in Accounts Payable
Increase in Accounts Receivable
Decrease in Accounts Receivable

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Increase in Accounts Payable
Increase in Prepaid Expenses
Decrease in Accounts Receivable
Decrease in Accounts Payable
Decrease in Prepaid Expenses
Net Income
Depreciation Expense
Gain on Disposal of Plant Assets
Increase in Accounts Receivable

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.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>

Gain on Disposal of Plant Assets
Increase in Accounts Payable
Increase in Prepaid Expenses
Net Income
Decrease in Accounts Receivable
Decrease in Accounts Payable
Decrease in Prepaid Expenses
Depreciation Expense
Increase in Accounts Receivable

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.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>

Gain on Disposal of Plant Assets
Decrease in Accounts Payable
Decrease in Accounts Receivable
Increase in Accounts Receivable
Decrease in Prepaid Expenses
Depreciation Expense
Increase in Prepaid Expenses
Net Income
Increase in Accounts Payable

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Cash at Beginning of Period
Cash at End of Period
Cash Flows from Financing Activities
Cash Flows from Investing Activities
Cash Flows from Operating Activities
Net Cash Provided by Financing Activities
Net Cash Provided by Investing Activities
Net Cash Provided by Operating Activities
Net Cash Used by Financing Activities
Net Cash Used by Investing Activities
Net Cash Used by Operating Activities
Net Decrease in Cash
Net Increase in Cash

$

Exercise 13-7
Meera Corporation’s comparative balance sheets are presented
below.

MEERA CORPORATION
Comparative Balance Sheets
December 31

2014

2013

Cash

$14,270

$10,270

Accounts receivable

20,780

23,540

Land

20,320

25,530

Buildings

69,710

69,710

Accumulated depreciation—buildings

(15,020

)

(10,720

)

Total

$110,060

$118,330

Accounts payable

$12,270

$27,790

Common stock

74,530

72,510

Retained earnings

23,260

18,030

Total

$110,060

$118,330

Additional information:

1.

Net income was $22,338. Dividends declared and paid were
$17,108.

2.

All other changes in noncurrent account balances had a direct
effect on cash flows, except the change in accumulated depreciation. The land
was sold for $4,850.

(a) Prepare a statement of cash flows for 2014 using the indirect method.(Show amounts that decrease cash flow with either a – sign e.g.
-15,000, or in parenthesis e.g. (15,000).)

MEERA CORPORATION
Statement of Cash Flows
For the Year Ended December 31, 2014

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Cash at Beginning of Period
Cash at End of Period
Cash Flows from Financing Activities
Cash Flows from Investing Activities
Cash Flows from Operating Activities
Net Cash Provided by Financing Activities
Net Cash Provided by Investing Activities
Net Cash Provided by Operating Activities
Net Cash Used by Financing Activities
Net Cash Used by Investing Activities
Net Cash Used by Operating Activities
Net Decrease in Cash
Net Increase in Cash

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Net Income
Sale of Land
Decrease in Accounts Receivable
Increase in Accounts Receivable
Decrease in Accounts Payable
Increase in Accounts Payable
Payment of Dividends
Issuance of Common Stock
Depreciation Expense
Loss on Sale of Land

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Adjustments to reconcile net income to

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Cash at Beginning of Period
Cash at End of Period
Cash Flows from Financing Activities
Cash Flows from Investing Activities
Cash Flows from Operating Activities
Net Cash Provided by Financing Activities
Net Cash Provided by Investing Activities
Net Cash Provided by Operating Activities
Net Cash Used by Financing Activities
Net Cash Used by Investing Activities
Net Cash Used by Operating Activities
Net Decrease in Cash
Net Increase in Cash

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Decrease in Accounts Payable
Sale of Land
Increase in Accounts Payable
Issuance of Common Stock
Payment of Dividends
Net Income
Depreciation Expense
Loss on Sale of Land
Decrease in Accounts Receivable
Increase in Accounts Receivable

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Issuance of Common Stock
Payment of Dividends
Net Income
Depreciation Expense
Sale of Land
Loss on Sale of Land
Decrease in Accounts Receivable
Decrease in Accounts Payable
Increase in Accounts Receivable
Increase in Accounts Payable

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Payment of Dividends
Net Income
Issuance of Common Stock
Depreciation Expense
Loss on Sale of Land
Increase in Accounts Payable
Sale of Land
Increase in Accounts Receivable
Decrease in Accounts Receivable
Decrease in Accounts Payable

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.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>

Decrease in Accounts Receivable
Payment of Dividends
Increase in Accounts Receivable
Increase in Accounts Payable
Issuance of Common Stock
Net Income
Decrease in Accounts Payable
Loss on Sale of Land
Depreciation Expense
Sale of Land

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Cash at Beginning of Period
Cash at End of Period
Cash Flows from Financing Activities
Cash Flows from Investing Activities
Cash Flows from Operating Activities
Net Cash Provided by Financing Activities
Net Cash Provided by Investing Activities
Net Cash Provided by Operating Activities
Net Cash Used by Financing Activities
Net Cash Used by Investing Activities
Net Cash Used by Operating Activities
Net Decrease in Cash
Net Increase in Cash

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Cash at Beginning of Period
Cash at End of Period
Cash Flows from Financing Activities
Cash Flows from Investing Activities
Cash Flows from Operating Activities
Net Cash Provided by Financing Activities
Net Cash Provided by Investing Activities
Net Cash Provided by Operating Activities
Net Cash Used by Financing Activities
Net Cash Used by Investing Activities
Net Cash Used by Operating Activities
Net Decrease in Cash
Net Increase in Cash

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Increase in Accounts Receivable
Loss on Sale of Land
Decrease in Accounts Payable
Depreciation Expense
Sale of Land
Decrease in Accounts Receivable
Increase in Accounts Payable
Issuance of Common Stock
Payment of Dividends
Net Income

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Cash at Beginning of Period
Cash at End of Period
Cash Flows from Financing Activities
Cash Flows from Investing Activities
Cash Flows from Operating Activities
Net Cash Provided by Financing Activities
Net Cash Provided by Investing Activities
Net Cash Provided by Operating Activities
Net Cash Used by Financing Activities
Net Cash Used by Investing Activities
Net Cash Used by Operating Activities
Net Decrease in Cash
Net Increase in Cash

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Increase in Accounts Payable
Increase in Accounts Receivable
Issuance of Common Stock
Decrease in Accounts Receivable
Depreciation Expense
Loss on Sale of Land
Payment of Dividends
Sale of Land
Net Income
Decrease in Accounts Payable

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Depreciation Expense
Loss on Sale of Land
Decrease in Accounts Receivable
Payment of Dividends
Issuance of Common Stock
Sale of Land
Decrease in Accounts Payable
Net Income
Increase in Accounts Receivable
Increase in Accounts Payable

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Cash at Beginning of Period
Cash at End of Period
Cash Flows from Financing Activities
Cash Flows from Investing Activities
Cash Flows from Operating Activities
Net Cash Provided by Financing Activities
Net Cash Provided by Investing Activities
Net Cash Provided by Operating Activities
Net Cash Used by Financing Activities
Net Cash Used by Investing Activities
Net Cash Used by Operating Activities
Net Decrease in Cash
Net Increase in Cash

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.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>

Cash at Beginning of Period
Cash at End of Period
Cash Flows from Financing Activities
Cash Flows from Investing Activities
Cash Flows from Operating Activities
Net Cash Provided by Financing Activities
Net Cash Provided by Investing Activities
Net Cash Provided by Operating Activities
Net Cash Used by Financing Activities
Net Cash Used by Investing Activities
Net Cash Used by Operating Activities
Net Decrease in Cash
Net Increase in Cash

.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>

.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>

Cash at Beginning of Period
Cash at End of Period
Cash Flows from Financing Activities
Cash Flows from Investing Activities
Cash Flows from Operating Activities
Net Cash Provided by Financing Activities
Net Cash Provided by Investing Activities
Net Cash Provided by Operating Activities
Net Cash Used by Financing Activities
Net Cash Used by Investing Activities
Net Cash Used by Operating Activities
Net Decrease in Cash
Net Increase in Cash

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.gif” alt=”http://edugen.wiley.com/edugen/art2/common/pixel.gif”>

Cash at Beginning of Period
Cash at End of Period
Cash Flows from Financing Activities
Cash Flows from Investing Activities
Cash Flows from Operating Activities
Net Cash Provided by Financing Activities
Net Cash Provided by Investing Activities
Net Cash Provided by Operating Activities
Net Cash Used by Financing Activities
Net Cash Used by Investing Activities
Net Cash Used by Operating Activities
Net Decrease in Cash
Net Increase in Cash

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(b) Compute free cash flow.

Free cash flow

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Click if you would like to Show Work for this question:

Open Show Work

Problem 13-2A
The following account balances relate to the stockholders’ equity
accounts of Chipo Corp. at year-end.

2014

2013

Common stock, 10,500 and 10,000 shares,

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…Company xxxxxxxx net xxxxxx of $194,600 xxx 2014 Bracewell xxxx reported xxxxxxxxxxxx xxxxxxx of xxxxxxx and a xxxx of $5,580 xx disposal xx xxxxx assets xxx comparative balance xxxxx shows an xxxxxxxx in xxxxxxxx xxxxxxxxxx of xxxxxxx for the xxxxx a $17,790 xxxxxxxx in xxxxxxxx xxxxxxxx and x $3,400 decrease xx prepaid expenses xxxxxxx the xxxxxxxxx xxxxxxxxxx section xx the statement xx cash flows xxx 2014 xxx xxx indirect xxxxxx (Show amounts xxxx decrease cash xxxx with xxxxxx x – xxxx e g xxxxxxx or in xxxxxxxxxxx e x xxxxxxxx ) xxxxxxxxx COMPANY Partial xxxxxxxxx of Cash xxxxx For xxx xxxx Ended xxxxxxxx 31, 2014 xxxx at Beginning xx Period xxxx xx End xx Period Cash xxxxx from Financing xxxxxxxxxx Cash xxxxx xxxx Investing xxxxxxxxxx Cash Flows xxxx Operating Activities xxx Cash xxxxxxxx xx Financing xxxxxxxxxx Net Cash xxxxxxxx by Investing xxxxxxxxxx Net xxxx xxxxxxxx by xxxxxxxxx Activities Net xxxx Used by xxxxxxxxx Activities xxx xxxx Used xx Investing Activities xxx Cash Used xx Operating xxxxxxxxxx xxx Decrease xx Cash Net xxxxxxxx in Cash xxxxxxxx in xxxxxxxx xxxxxxxxxx Decrease xx Accounts Payable xxxxxxxxxxxx Expense Decrease xx Prepaid xxxxxxxx xxxxxxxx in xxxxxxx Expenses Gain xx Disposal of xxxxx Assets xxxxxxxx xx Accounts xxxxxxxxxx Net Income xxxxxxxx in Accounts xxxxxxx $ xxxxxxxxxxx xx reconcile xxx income to xxxx at Beginning xx Period xxxx xx End xx Period Cash xxxxx from Financing xxxxxxxxxx Cash xxxxx xxxx Investing xxxxxxxxxx Cash Flows xxxx Operating Activities xxx Cash xxxxxxxx xx Financing xxxxxxxxxx Net Cash xxxxxxxx by Investing xxxxxxxxxx Net xxxx xxxxxxxx by xxxxxxxxx Activities Net xxxx Used by xxxxxxxxx Activities xxx xxxx Used xx Investing Activities xxx Cash Used xx Operating xxxxxxxxxx xxx Decrease xx Cash Net xxxxxxxx in Cash xxxxxxxx in xxxxxxxx xxxxxxx Decrease xx Accounts Receivable xxxx on Disposal xx Plant xxxxxx xxxxxxxx in xxxxxxxx Payable Net xxxxxx Depreciation Expense xxxxxxxx in xxxxxxxx xxxxxxxxxx Increase xx Prepaid Expenses xxxxxxxx in Prepaid xxxxxxxx $ xxxxxxxx xx Prepaid xxxxxxxx Net Income xxxx on Disposal xx Plant xxxxxx xxxxxxxx in xxxxxxx Expenses Depreciation xxxxxxx Decrease in xxxxxxxx Payable xxxxxxxx xx Accounts xxxxxxx Increase in xxxxxxxx Receivable Decrease xx Accounts xxxxxxxxxx xxxxxxxx in xxxxxxxx Payable Increase xx Prepaid Expenses xxxxxxxx in xxxxxxxx xxxxxxxxxx Decrease xx Accounts Payable xxxxxxxx in Prepaid xxxxxxxx Net xxxxxx xxxxxxxxxxxx Expense xxxx on Disposal xx Plant Assets xxxxxxxx in xxxxxxxx xxxxxxxxxx Gain xx Disposal of xxxxx Assets Increase xx Accounts xxxxxxx xxxxxxxx in xxxxxxx Expenses Net xxxxxx Decrease in xxxxxxxx Receivable xxxxxxxx xx Accounts xxxxxxx Decrease in xxxxxxx Expenses Depreciation xxxxxxx Increase xx xxxxxxxx Receivable xxxx on Disposal xx Plant Assets xxxxxxxx in xxxxxxxx xxxxxxx Decrease xx Accounts Receivable xxxxxxxx in Accounts xxxxxxxxxx Decrease xx xxxxxxx Expenses xxxxxxxxxxxx Expense Increase xx Prepaid Expenses xxx Income xxxxxxxx xx Accounts xxxxxxx Cash at xxxxxxxxx of Period xxxx at xxx xx Period xxxx Flows from xxxxxxxxx Activities Cash xxxxx from xxxxxxxxx xxxxxxxxxx Cash xxxxx from Operating xxxxxxxxxx Net Cash xxxxxxxx by xxxxxxxxx xxxxxxxxxx Net xxxx Provided by xxxxxxxxx Activities Net xxxx Provided xx xxxxxxxxx Activities xxx Cash Used xx Financing Activities xxx Cash xxxx xx Investing xxxxxxxxxx Net Cash xxxx by Operating xxxxxxxxxx Net xxxxxxxx xx Cash xxx Increase in xxxx $ Exercise xxxx Meera xxxxxxxxxxxxxxx xxxxxxxxxxx balance xxxxxx are presented xxxxx MEERA CORPORATION xxxxxxxxxxx Balance xxxxxx xxxxxxxx 31 xxxx 2013 Cash xxxxxxx $10,270 Accounts xxxxxxxxxx 20,780 xxxxxx xxxx 20,320 xxxxxx Buildings 69,710 xxxxxx Accumulated depreciation—buildings xxxxxxx ) xxxxxxx x Total xxxxxxxx $118,330 Accounts xxxxxxx $12,270 $27,790 xxxxxx stock xxxxxx xxxxxx Retained xxxxxxxx 23,260 18,030 xxxxx $110,060 $118,330 xxxxxxxxxx information: x xxx income xxx $22,338 Dividends xxxxxxxx and paid xxxx $17,108 …

Attachments
76543.docx (401.93 KB)Preview: $0 xxxxxxxxx pound xxxxxx labor  Each xxxx requires 2 40 hours xx labor xxxxxx xxxxxxxx and xxxxxxxx average 0 30 hours xxx unit The xxxxxxx hourly xxx xxxx of xxxxxxxxxxxxx employees is xxx 80 Payroll xxxxx and xxxxxx xxxxxxxx are xx additional $3 xxxxxxxxx hour Manufacturing xxxxxxxx  Overhead xx xxxxxxx at x rate of xx 10 per direct xxxxx hour xxxxxxx xxxxxxxxxxxxx total xxxxxxxx cost per xxxx  (Round answer xx 2 xxxxxxx xxxxxxx e x 1 25 xxxxxx standard cost xxx unit$Click xx xxx would xxxx to Show xxxx for this xxxxxxxxxxxxx Show xxxxxxxxx xxxxxxxxxxxxxxxx standard xxxxx cost of xxxxxxxxx one unit xx Product xx xxxxxxx 90 hours xx the rate xx $12 00 per xxxx During xxxxxxxxxxxxxxxxxxxxxxxxxx xx labor xxx incurred at x cost of xxx 14 per xxxx xx produce 10,300 units xx Product DD xxxxxxxxxxxxxx the total xxxxx variance xxxxx xxxxx variance$(b) Compute xxx labor price xxx quantity variances xxxxx price xxxxxxxxxxxxxx xxxxxxxx variance$(c) Compute xxx labor price xxx quantity variances, xxxxxxxx the xxxxxxxx xxxxxxx 18 hours xx direct labor xx $12 29 per xxxx Labor xxxxx xxxxxxxxxxxxxx quantity xxxxxxxxxxxxxxxx 11-1ACostello Corporation xxxxxxxxxxxx a single xxxxxxx The xxxxxxxx xxxx per xxxx of product xx shown below xxxxxx materials—2 pound xxxxxxx xx $6 xxxxxxxxx pound$ 12 50Direct xxxxxxxxxxxxxx 00 hours at xxx 00 per xxxxxx xxxxxxxxxx manufacturing xxxxxxxxxx 00Fixed manufacturing xxxxxxxxx 00Total standard xxxx per xxxxxxx xxxxx predetermined xxxxxxxxxxxxx overhead rate xx $10 per direct xxxxx hour xxxx xxxxxxxxxxxxxxx 00) xx was computed xxxx a master xxxxxxxxxxxxx overhead xxxxxx xxxxx on xxxxxx production of 11,400 direct xxxxx hours (5,700 units) xxx the xxxxx xxx master xxxxxx showed total xxxxxxxx costs of xxxxxxxxxxxxxx 00 per xxxxx xxx total xxxxx overhead costs xx $34,200 ($3 00 per xxxxx Actual xxxxx xxx October xx producing 3,100 units were xx follows Direct xxxxxxxxx (6,390 pounds)$ 40,704Direct xxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx overhead44,080Fixed xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx manufacturing costs$178,902The xxxxxxxxxx department buys xxx quantities xx xxx materials xxxx are expected xx be used xx production xxxx xxxxx Raw xxxxxxxxx inventories, therefore, xxx be ignored xxxxxxxxxxxxxx all xx xxx materials xxx labor variances xxxxxxxxxx answers to x decimal xxxxxxx x g xxx )Total materials xxxxxxxxxxxxxxxxxx price variance$Materials xxxxxxxx variance$Total xxxxx xxxxxxxxxxxxxx price xxxxxxxxxxxxxx quantity variance$(b) Compute xxx total overhead xxxxxxxx Total xxxxxxxx xxxxxxxxxxxxxxxxxx Company xxxxxxxx net income xx $194,600 for 2014 xxxxxxxxx also xxxxxxxx xxxxxxxxxxxx expense xx $40,160 and a xxxx of $5,580 on xxxxxxxx of xxxxx xxxxxx The xxxxxxxxxxx balance sheet xxxxx an increase xx accounts xxxxxxxxxx xx $15,210 for xxx year, a xxxxxxxxxxxxxxxxxxx in accounts xxxxxxxx and x xxxxxxxxxxxxxxxxxx002341.docx (358.76 KB)Preview: unit xxxxxxxxxxxx to x decimal places, x g 15 xx  Enter xxxxxxxx xxxxxxx using xxxxxx a negative xxxx preceding the xxxxxx e x xxx or xxxxxxxxxxx e g xxxx )RejectOrderAcceptOrderNet IncomeIncrease(Decrease)Revenues$$$Cost xx goods xxxxxxxxxxx xxx administrative xxxxxxxxxxx income$$$Click if xxx would like xx Show xxxx xxx this xxxxxxxxxxxxx Show WorkChapter xxxxxxxxx 11-3Kimm Company xxx gathered xxx xxxxxxxxx information xxxxx its product xxxxxx materials: Each xxxx of xxxxxxx xxxxxxxxxxxxx 10 pounds xx materials The xxxxxxx waste and xxxxxxxx per xxxx xxxxxxxx under xxxxxx conditions is 0 xxxxxxxxxxxx Materials cost xxxxxxxxx pound, xxx xxxx always xxxxx the 3 96% xxxx discount all xx its xxxxxxxxx xxxxx Freight xxxxx average $0 xxxxxxxxx pound Direct xxxxx  Each xxxx xxxxxxxxxxxxx 40 hours xx labor Setup, xxxxxxxx and downtime xxxxxxxxxxxx 30 hours xxx xxxx The xxxxxxx hourly pay xxxx of Kimm’s xxxxxxxxx is xxx xx Payroll xxxxx and fringe xxxxxxxx are an xxxxxxxxxx $3 xxxxxxxxx xxxx Manufacturing xxxxxxxx  Overhead is xxxxxxx at a xxxx of xx xxxxxxxxx direct xxxxx hour Compute xxxxxxxxxxxxx total standard xxxx per xxxx xxxxxxxxxx answer xx 2 decimal xxxxxxx e g x 25 xxxxxx xxxxxxxx cost xxx unit$Click if xxx would like xx Show xxxx xxx this xxxxxxxxxxxxx Show WorkLewis xxxxxxxxxxxxxxxx standard labor xxxx of xxxxxxxxx xxx unit xx Product DD xxxxxxx 90 hours at xxx rate xx xxx 00 per xxxx During August, 40,800 hours xx labor are xxxxxxxx at x xxxx of xxx 14 per hour xx produce 10,300 units of xxxxxxx DD xxxxxxxxxxxxxx xxx total xxxxx variance Total xxxxx variance$(b) Compute the xxxxx price xxx xxxxxxxx variances xxxxx price variance$Labor xxxxxxxx variance$(c) Compute the xxxxx price xxx xxxxxxxx variances, xxxxxxxx the standard xxxxxxx 18 hours of xxxxxx labor xx xxx 29 per xxxx Labor price xxxxxxxxxxxxxx quantity variance$Problem xxxxxxxxxxxxx Corporation xxxxxxxxxxxx x single xxxxxxx The standard xxxx per unit xx product xx xxxxx below xxxxxx materials—2 pound plastic xx $6 25 per xxxxxxxxxxxx 50Direct xxxxxxxxxxxxxx xxxxxxxxxxx at xxx 00 per hour24 xxxxxxxxxx manufacturing overhead14 xxxxxxx manufacturing xxxxxxxxx xxxxxxx standard xxxx per unit$56 xxxxx predetermined manufacturing xxxxxxxx rate xx xxxxxxxxxx direct xxxxx hour ($20 xxxxxxxxxxxxxxx 00) It xxx computed xxxx x master xxxxxxxxxxxxx overhead budget xxxxx on normal xxxxxxxxxx of 11,400 direct xxxxx xxxxx (5,700 units) xxx the month xxx master budget xxxxxx total xxxxxxxx xxxxx of xxxxxxxxxxxxxx 00 per hour) xxx total fixed xxxxxxxx costs xx xxxxxxxxxxxxxx 00 per xxxxx Actual costs xxx October in xxxxxxxxxxxxxxxxxxxxxxxxxxx were xx xxxxxxx Direct xxxxxxxxx440065.docx (402.78 KB)Preview: the xxxxxxxxxx of xxx materials that xxx expected to xx used xx xxxxxxxxxx each xxxxx Raw materials xxxxxxxxxxxx therefore, can xx ignored xxxxxxxxxxxxxx xxx of xxx materials and xxxxx variances  (Round xxxxxxx to x xxxxxxx places, x g 125 xxxxxx materials variance$Materials xxxxx variance$Materials xxxxxxxx xxxxxxxxxxxxxx labor xxxxxxxxxxxxxx price variance$Labor xxxxxxxx variance$(b) Compute the xxxxx overhead xxxxxxxx xxxxx overhead xxxxxxxxxxxxxxxxxx Company reported xxx income of xxxxxxxxxxxxxxx 2014 xxxxxxxxx xxxx reported xxxxxxxxxxxx expense of xxxxxxxxxxxxxx a gain xx $5,580 on xxxxxxxx xx plant xxxxxx The comparative xxxxxxx sheet shows xx increase xx xxxxxxxx receivable xx $15,210 for the xxxxx a $17,790 increase xx accounts xxxxxxxx xxx a xxxxxxxxxxxxxxxxxx in prepaid xxxxxxxx Prepare the xxxxxxxxx activities xxxxxxx xx the xxxxxxxxx of cash xxxxx for 2014 xxx the xxxxxxxx xxxxxx  (Show xxxxxxx that decrease xxxx flow with xxxxxx a x xxxx e x -15,000 or xx parenthesis e x (15,000) xxxxxxxxxx xxxxxxxxxxxxxx Statement xx Cash FlowsFor xxx Year Ended xxxxxxxx 31, xxxxxxxxxxxxxxxx xx reconcile xxx income to$$235160Exercise xxxxxxxxx Corporation’s comparative xxxxxxx sheets xxx xxxxxxxxx below xxxxx CORPORATIONComparative Balance xxxxxxxxxxxxxx 3120142013Cash$14,270$10,270Accounts receivable20,78023,540Land20,32025,530Buildings69,71069,710Accumulated xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx payable$12,270$27,790Common xxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx information:1 xxx income was xxxxxxx Dividends declared xxx paid xxxx xxxxxxx 2 xxx other changes xx noncurrent account xxxxxxxx had x xxxxxx effect xx cash flows, xxxxxx the change xx accumulated xxxxxxxxxxxx xxx land xxx sold for xxxxxx (a) Prepare x statement xx xxxx flows xxx 2014 using xxx indirect method xxxxxxxxx amounts xxxx xxxxxxxx cash xxxx with either x – sign x g xxxxxxxx xx in xxxxxxxxxxx e g xxxxxxxx )MEERA CORPORATIONStatement xx Cash xxxxxxxx xxx Year xxxxx December 31, xxxxxxxxxxxxxxxx to reconcile xxx income xxxxxxxx xxxxxxx free xxxx flow Free xxxx flow$Click if xxx would xxxx xx Show xxxx for this xxxxxxxxxxxxx Show WorkProblem xxxxxxxx following xxxxxxx xxxxxxxx relate xx the stockholders’ xxxxxx accounts of xxxxx Corp xx xxxxxxxx 20142013Common xxxxxx 10,500 and xxxxxx shares,    respectively, for xxxx and xxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxx 5,000 xxxxxxxxxxxxxxxxxxxxxxxxxxxx earnings295,300250,430A small xxxxx dividend was xxxxxxxx and xxxxxx xx 2014 xxx market value xx the shares xxx $11,030 xxxx xxxxxxxxx were xxxxxxxxxxxxx both 2014 xxx 2013 The xxxxxx stock xxx xx par xx stated value xxx What was xxx amount xx xxx income xxxxxxxx by Chipo xxxx in 2014?Net xxxxxxxxxx Determine xxx xxxxxxx of
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