Ram 60.doc

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Borden Enterprises uses standard costing. For the month of April, the company reported the following data:
-Standard direct labor rate: $10 per hour
-Standard hours allowed for actual production: 8,000 hours
– Actual direct labor rate: $9.50 per hour
-Labor efficiency variance: $4,800 Favorable
The labor rate variance for April is:
Answer
A.
$3,760 U
B.
$3,760 F
C.
$2,850 F
D.
$2,850 U
Mitchell Company had the following budgeted sales for the last half of last year:
Cash sales : July 50,000; August 55,000; September45,000; October 50,000; November 60,000; December 80,000
Credit Sales: july 150,000; August 170,000; September 130,000; October 145,000; November 200,000; December 350,000
The company is in the process of preparing a cash budget and must determine the expected cash collections by month. To this end, the following information has been assembled:
Collections on credit sales:
60% in month of sale
30% in month following sale
10% in second month following sale
Assume that the accounts receivable balance on July 1 was $75,000. Of this amount, $60,000 represented uncollected June sales and $15,000 represented uncollected May sales. Given these data, the total cash collected during July would be:
Answer
A.
$150,000
B.
$235,000
C.
$215,000
D.
$200,000
Dengel Inc. is working on its cash budget for November. The budgeted beginning cash balance is $24,000. Budgeted cash receipts total $177,000 and budgeted cash disbursements total $167,000. The desired ending cash balance is $50,000.
To attain its desired ending cash balance for November, the company needs to borrow:
Answer
A.
$0
B.
$16,000
C.
$50,000
D.
$84,000
Dengel Inc. is working on its cash budget for November. The budgeted beginning cash balance is $24,000. Budgeted cash receipts total $177,000 and budgeted cash disbursements total $167,000. The desired ending cash balance is $50,000.
The excess (deficiency) of cash available over disbursements for November will be:
Answer
A.
$34,000
B.
$201,000
C.
$10,000
D.
$14,000
Sharp has $199,800 in notes payable due in July that must be repaid or renegotiated for a extension. Will the firm have ample cash to repay the notes? (Select from the drop-down menus)

____, The company ____ have enough money to pay the debt

The company will not have enough money to pay the debt
10. You’re attempting to determine the amount of usable floor space in your day care facility. Which one of the following areas can you include in your calculation?

A. Kitchen for all classrooms
B. Bathroom adjacent to Classroom A
C. Hallway in the classroom area
D. Toy shelves in Classroom A