AFM341 Lecture 14: Chapter 4 notes.3
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Question 341 pts
The cash received from issuing common stock would not bereported on the statement of cash flows.
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False |
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Question 351 pts
At the end of the month, the balance in the ManufacturingOverhead control account is closed into the departmental work inprocess accounts.
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False |
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Question 361 pts
When the net income is reconciled with the net cash provided byoperating activities, depreciation expense is added to the netincome.
True |
False |
Assets | 2012 | 2013 |
---|---|---|
Cash | 45 | 50 |
A/R | 362 | 301 |
Inventory | 386 | 237 |
Total | 793 | 588 |
Net Fixed Assets | 1000 | 1200 |
Total Assets | 1793 | 1788 |
Liabilities | 2012 | 2013 |
---|---|---|
Accounts Payable | 341 | 327 |
Notes Payable | 150 | 125 |
Total | 491 | 452 |
Long-Term Debt | 500 | 750 |
Common Stock | 400 | 400 |
Retained Earnings | 95 | 125 |
1486 | 1727 |
2013 | |
---|---|
Sales | 1553 |
Cost of Goods Sold | 1242 |
Depreciation | 200 |
EBIT | 111 |
Interest | 80 |
Taxes | 60 |
Net Income | -29 |
A. What is the Cash Cycle (to 1 decimal)?
B. What is the Net Working Capital (to nearest dollar with nodecimals)?
Orange County Chrome Company manufactures three chrome-platedproductsâautomobile bumpers, valve covers, and wheels. Theseproducts are manufactured in two production departments (Stampingand Plating). The factory overhead for Orange County Chrome is$223,000.
The three products consume both machine hours and direct laborhours in the two production departments as follows:
Direct LaborHours | MachineHours | |
Stamping Department | ||
Automobile bumpers | 563 | 799 |
Valve covers | 305 | 564 |
Wheels | 341 | 601 |
1,209 | 1,964 | |
Plating Department | ||
Automobile bumpers | 172 | 1,169 |
Valve covers | 178 | 713 |
Wheels | 177 | 765 |
527 | 2,647 | |
Total | 1,736 | 4,611 |
Required: | |
1. | Determine the single plantwidefactory overhead rate, using each of the following allocationbases: (a) direct labor hours and (b) machine hours. |
2. | Determine the product factoryoverhead costs, using (a) the direct labor hour plantwide factoryoverhead rate and (b) the machine hour plantwide factory overheadrate. Refer to the Amount Descriptions list provided for the exactwording of the answer choices for text entries. |