Accounting

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Roye Kennel: calculate revenue variance

Question Roye Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During September, Kennel budgeted for 3,200 tenant-days, but its actual level of activity was 3,250 tenant-days. Kennel has provided the following data concerni ... Read More

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Sissac Catering: calculate spending variance in a month

Question Sissac Catering uses two measures of activity, jobs and meals, in the cost formulas in its budgets and performance reports. The cost formula for catering supplies is $580 per month plus $107 per job plus $23 per meal. A typical job involves serving a number of meals to guests at a corporat ... Read More

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Diskind Corporation: calculate direct labor budget for a month

Question Diskind Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and performance reports. During October, the company budgeted for 7,100 units, but its actual level of activity was 7,050 units. The company has provided the follow ... Read More

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Galante Kennel: Calculate net operating income for a month

Question Galante Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During May, Kennel budgeted for 4,900 tenant-days, but its actual level of activity was 4,880 tenant-days. Kennel has provided the following data concerning ... Read More

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Roye Kennel: calculate spending variance in a month

Question Roye Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During September, Kennel budgeted for 4,800 tenant-days, but its actual level of activity was 4,820 tenant-days. Kennel has provided the following data concerni ... Read More

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Galante Kennel: calculate variance in a month

Question Galante Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During May, Kennel budgeted for 3,700 tenant-days, but its actual level of activity was 3,680 tenant-days. Kennel has provided the following data concerning ... Read More

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Roye Kennel: calculate pending variance in a month

Question Roye Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During September, Kennel budgeted for 3,300 tenant-days, but its actual level of activity was 3,340 tenant-days. Kennel has provided the following data concerni ... Read More

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Calculation Of Cost Of Land Bought By A Business

Question Dorsey Co. has expanded its operations by purchasing a parcel of land with a building on it from Bibb Co. for $90,000. The appraised value of the land is $20,000, and the appraised value of the building is $80,000. 1. Assuming that the building is to be used in Dorsey Co.’s business ... Read More

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Recording Cost Of Land Bought By A Company

Question Dorsey Co. has expanded its operations by purchasing a parcel of land with a building on it from Bibb Co. for $90,000. The appraised value of the land is $20,000, and the appraised value of the building is $80,000. 1. Assuming that the building is razed at a cost of $10,000 so the land ca ... Read More

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Warranty Expenses Appearing In Income Statement

Question The balance of the Estimated Warranty Liability account was $12,500 on January 1, 2013, and $17,200 on December 31, 2013. Based on an analysis of warranty claims during the past several years, this year's warranty provision was established at 1.5% of sales, and sales during the year were $ ... Read More

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Calculation Of Interest Paid Annually On Bonds

Question On July 1, 2013, $6 million face amount of 7%, 10-year bonds were issued. The bonds pay interest on an annual basis on June 30 each year. The market interest rates were slightly higher than 7% when the bonds were sold. Required: 1. How much interest will be paid annually on these bonds? ... Read More

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Use Horizontal Model To Record Effect Of Rent Collected In Advance

Question On November 1, 2013, Gordon Co. collected $37,800 in cash from its tenant as an advance rent payment on its store location. The six-month lease period ends on April 30, 2014, at which time the contract may be renewed. Required: 1. Use the horizontal model to record the effect of the six ... Read More

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