# Wiley plus chapter 6 | Accounting homework help

June 9, 2021
###### Using a current scholarly article, describe the impact of one health issue that emerges during the middle childhood years (ages 6–11) on health and well-being. Discuss factors linked to family, cu
June 9, 2021

(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).)

RejectOrder

AcceptOrder

Net IncomeIncrease(Decrease)

Revenues

\$

(b) Compute the labor price and quantity variances.

Labor price variance

\$

Labor quantity variance

\$

(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

\$

Labor quantity variance

\$

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

14.00

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

44,080

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

\$

Materials price variance

\$

Materials quantity variance

\$

Total labor variance

\$

Labor price variance

\$

Labor quantity variance

\$

(b) Compute the total overhead variance.

\$

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 COMPANYPartial Statement of Cash FlowsFor the Year Ended December 31, 2014

\$

\$

\$

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

MEERA CORPORATIONComparative Balance SheetsDecember 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

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 CORPORATIONStatement of Cash FlowsFor the Year Ended December 31, 2014

\$

\$

\$

\$

Dividends

\$

(c) Indicate where each of the cash inflows or outflows identified in (b) would be classified on the statement of cash flows.

Common stock

Dividends

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Exercise 14-3
The comparative condensed balance sheets of Garcia Corporation are presented below.

GARCIA CORPORATIONComparative Condensed Balance SheetsDecember 31

2014

2013

Assets

Current assets

\$ 74,450

\$ 80,690

Property, plant, and equipment (net)

98,370

90,210

Intangibles

25,460

38,040

Total assets

\$198,280

\$208,940

Liabilities and stockholders’ equity

Current liabilities

\$ 42,300

\$ 49,060

Long-term liabilities

143,930

150,570

Stockholders’ equity

12,050

9,310

Total liabilities and stockholders’ equity

\$198,280

\$208,940

(a) Prepare a horizontal analysis of the balance sheet data for Garcia Corporation using 2013 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000). (20%). Round percentages to 1 decimal place, e.g. 12.3%.)

GARCIA CORPORATIONCondensed Balance SheetsDecember 31

2014

2013

Increase(Decrease)

PercentageChange from 2013

Assets

Current Assets

\$74,450

\$80,690

\$

\$

\$[removed]

[removed] %

\$[removed]

[removed] %

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