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UNC-Chapel Hill BUSI 101 - Midterm Practice Problems

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BUSI 101 1nd Edition Lecture 10Outline of Last Lecture I. Chapter 5 Reviewa. Adjusting Entries Problemsi. Deferrals vs. Accrualsb. Closing Entries PracticeII. Page 36 in Course PackIII. Introduction to Managerial Accountinga. Cost of Production ReportOutline of Current Lecture I. Midterm Practice Problems on page 48, 49, 53II. Managerial Accountinga. Cost of Production Report Practicei. Page 63 in Course PackCurrent LecturePg. 48 in Course Pack6. A = L + OEB: 79,000 47,000 32,000Change: 39,500 -28,200 67,700 E: 118,500 18,800 99,700Answer = APg. 48 in Course Pack5. A = L + OEThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.B: 200,000 70,000 130,000Change: -80,000 21,000 E: 120,000 91,000 29,000To Find Beginning Assets:1(A)-(.40)(A)=120,000(.6)(A)=120,000A=200,000To Find Beginning Liabilities:(1)(L)+(.30)(L)=91,000L=70,000Answer = BPage 49 in Course Pack9. Which of the following is not an example of a nominal or temporary account?Answer = D or Accumulated Depreciation (XA that is a real or permanent account)10. Which of the following is not an example of a real or permanent account?Answer = C or Interest Expense (on income statement)11. Which of the following is not an example of an accrual? (look for a deferral)Answer = C or deferred advertising revenue12. Which of the following is not an example of a deferral?Answer = E both C and D (rent receivable and dues payable)**payable or receivable = accrual**prepaid or unearned, received in advanced = deferral13. If total assets equal six times liabilities and owner’s equity is $180,000, what are total assets?A=L+OE6L=1(L)+180,000L=36,000Answer = C or $216,000Page 53 in Course Pack31. *Due Receivable (IN, ASSET, & Accrual)Cash (A) 30,500Dues Rec. (A) 500Dues Revenue (R) 31,000Answer = D32.Int. Expense (E) 70,000Prepaid Int. (A) 200Cash (A) 70,200Answer = D33. Cash 59,600Rent Receivable 300Unearned Rent Revenue 100Rent Revenue (R) 60,000Answer = B34.Rent Expense (E) 58,000Prepaid Rent (A) 200Rent Payable (L) 400Cash 58,600Answer = APrepaid Rent – Out, Asset, DeferralRent Receivable - In, Asset, AccrualRent Payable – Out, Liability, AccrualUnearned Rent Revenue – In, Liability, Deferral35. Cash Basis = Cash In-Cash Out59,600-58,600Cash Basis = 1,000Accrual Basis = Revenue – Expense60,000-58,000Accrual Basis = 2,000Answer = AManagerial Accounting3 Types of Firms:1. Service2. Merchandising3. Manufacture*Decision making built around inventory3 Cost Elements:1. Direct Materials2. Direct Labor3. Factory OverheadDirect Materials+Direct Labor = Prime CostsDirect Labor+Factory Overhead = Conversion CostsEx. What is direct materials, direct labor, and factory overhead if factory overhead is 3x the direct materials and PC=2000 and CC=5000?FOHD+DM=5000DM+DL=2000FOHD –DM=3000FOHD=3DM3(DM)-1(DM)=30002DM=3000DM=15001500+DL=2000DL=500FOHD=4500Cost of Production Report:I. Basic Schedule:Beginning Materials+Purchases of Materials=Available Materials-Ending Materials=Materials UsedII. Total Manufacturing Costs:DM+DL+FOHD=TMCIII. Costs of Goods Manufactured:Beginning Work in Process+TMC =Available-Ending WIP =Cost of Goods Manufactured (CGM)IV. Cost of Goods Sold:Beginning Finished Goods+Cost of Goods Manufactured=Available-Ending Finished Goods =Cost of Goods SoldV. Income StatementSales-CFS =GP-OP Exp. =OP IncomePg. 62 in Course PackBM +10=EMEM=6(BM)1BM+10=6BM5BM=10BM=2EM=12Beginning Materials 2+Purchases 160Available 162-Ending Materials 12Materials Used 150DM 150+DL 50+FOHD 250TMC 450Beg. WIP 65+TMC 450Available 515-End WIP 15CGM 500Beg. FG 0+CGM 500Avail. 500-End FG 150CGS 350Pg. 32 and 33 in the TextbookExercise 1-4a. Manufacturing OHD15,50012,65048,40080,8008,0002,5002,000170,350b. Product Costs:DM =137,600DL =69,100FOHD = 170,350377,050c. Period Costs:3,80046,4001,30015,0002,64069,140Exercise 1-16Beginning Materials 9,000+Purchases 54,000Available 63,000-Ending Materials 13,100Materials Used 49,900DM 49,900+DL 47,000+FOHD 19,900TMC 116,800Beg. WIP 5000+TMC 116,800Available 121,800-End WIP 7000CGM 114,800Beg. FG 9,000+CGM 114,800Avail. 123,800-End FG 8,000CGS 115,800B. InventoryMaterials 13,100Work in Process 7,000Finished Goods


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UNC-Chapel Hill BUSI 101 - Midterm Practice Problems

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