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Income Statement
Balance Sheet
Manufacturing Costs
CVP Analysis
Anything Goes
100
Revenue minus cost of goods sold
What is Gross Profit?
100
Assets = Liabilities + Stockholder's Equity
What is the Accounting Equation?
100
Material that is part of the production process but cannot be traced to the finished product
What is Indirect Material?
100
The costs that are relevant to the special order decision when a company has excess production capacity
What are variable costs?
100
FASB (Financial Accounting Standards Board)
What is the group responsible for writing GAAP?
200
The amount of expense recorded in July when a company pays employees $500 on July 3 for work performed between June 14 through June 28
What is zero?
200
The account name used for loans a company has outstanding with their bank
What is Notes Payable or Loans Payable?
200
The manufacturing cost category used for the regular hourly wage for total hours worked for personnel who work directly on manufactured products
What is Direct Labor?
200
Contribution margin (in $) divided by total revenue (in $)
What is the contribution margin ratio?
200
The name of the document that must be filed on an annual basis with the SEC within 60 to 75 days following a company's fiscal year end
What is Form 10-K?
300
The amount of revenue recorded for the year, when the company receives $3,000 in cash from a customer in October for services to be performed, and half of the services were performed by the company by December 31
What is $1,500?
300
The value shown on the end-of-year balance sheet for PP&E acquired on January 1 of the year at a cost of $500, a salvage value of $50, and an estimated useful life of 10 years.
What is $455?
300
The average unit cost of production, given: Direct materials $100, Direct labor $50, Manufacturing overhead (actual) $40, Manufacturing overhead (allocated) $60, Number of units completed 30, and Number of units sold 20.
What is 7?
300
The break-even point (in units), given: Sales price per unit $50, Variable costs per unit $28, Allocated overhead per unit $10, Variable costs, total $14,000, and Fixed costs, total $4,840.
What is 220?
300
The name and formula of the only financial statement ratio that companies are required to record on the income statement filed in Form 10-K
What is Earnings per share, and net income divided by the number of shares outstanding?
400
The amount of expense recorded when a company declares and pays $2,000 in dividends to existing shareholders at the end of the year
What is zero?
400
The amount of retained earnings shown on the end-of-year balance sheet, given: Retained earnings, beginning of year $4,000, Net income for the year $2,500, Total assets $8,000, Total liabilities $3,800, Dividends declared during the year (not yet paid) $750.
What is $5,750?
400
The amount of manufacturing overhead applied using a predetermined overhead rate based on direct labor hours, given: Actual manufacturing costs $62,000, Budgeted manufacturing costs $58,000, Actual manufacturing overhead $41,000, Budgeted manufacturing overhead $48,000, Actual direct labor hours incurred $1,800, Budgeted direct labor hours $1,600,
What is $54,000?
400
The number of units that must be sold to achieve a target profit of $5,000, given: Revenue per unit $80, Variable costs per unit $30, and Fixed costs, total $7,000.
What is 240?
400
The name of the account that is debited in the adjustment necessary when the amount of allocated manufacturing overhead is underapplied during the period
What is Cost of Goods Sold?
500
Cost of goods sold, given the FIFO inventory system and: Beginning inventory 20 units @ $5 each, Purchase #1 25 units @ $7 each, Purchase #2 10 units @ $8 each, Number of units sold 50, and Sales price per unit $10.
What is $315?
500
The current ratio, given: Net income $ 8,000, Current assets $12,000, Total assets $20,000, Current liabilities $6,500, Total liabilities $10,000, Average inventory $7,500.
What is 1.85?
500
The amount (in $) of manufacturing completed for the period, given: WIP, beginning of the year $18,000, FG, beginning of the year $30,000, FG, end of the year $18,000, WIP, added during the year $678,000, and Cost of goods sold during the year $132,000.
What is $120,000?
500
The change in income (in $) for a 10% increase in sales volume, given: Revenue $20,000, Variable costs $8,000, and Fixed costs $3,000.
What is $1,200?
500
The name of the balance sheet account that is debited in the closing journal entry when a company incurs a net loss for the period
What is Retained Earnings?