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business
cost accounting

Questions and Answers of Cost Accounting

Evergreen Bank provides loans to businesses in the community through its Commercial Lending Department. Small loans (less than $250,000) may be approved by an individual load officer, while larger
One of the largest losses in history from unauthorized securities trading involved a securities trader for the French bank, Société Générale. The trader was able to circumvent internal controls
An employee of JHT Holdings, Inc., a trucking company, was responsible for resolving roadway accident claims under $25,000. The employee created fake accident claims and wrote settlement checks of
Frog Sound Co. discovered a fraud whereby one of its front office administrative employees used company funds to purchase goods, such as computers, digital cameras, compact disk players, and other
A former chairman, CFO and controller of Donnkenny, Inc., and Apparel Company that makes sportswear for Pieter Cardin and Victoria Jones, pleaded guilty to financial statement fraud. These managers
The procedures used for over-the-counter receipts are as follows. At the close of each day’s business, the sales clerks count the cash in their respective cash drawers, after which they determine
Identify the errors in the following bank reconciliation:
Lasting impressions Co. records all cash receipts on the basis of its cash register tapes. Lasting Impressions Co. discovered during April 2012 that one of its sales clerks had stolen an undetermined
Journalize the entries to record the following:a. Check No 6500 is issued to establish a petty cash fund of $1,200.b. The amount of cash in the petty cash fund is now $200. Check No. 6527 is issued
Mattel, Inc., designs, manufactures, and markets toy products worldwide. Mattel’s toys include BarbieTM fashion dolls and accessories, Hot WheelsTM, and Fisher-Price brands. For a recent year,
During 2012, Pierport Inc. has monthly cash expenses of $400,000. On December 31, 2012, the cash balance is $3,600,000.a. Compute the ratio of cash to monthly cash expenses.b. Based on (a), what are
Delta Air lines, one of the world’s largest airlines, provides passenger and cargo services throughout the United States and the world. Delta reported the following financial data on million) for
Allos Therapeutics, Inc., is a biopharmaceutical company that develops drugs for the treatment of cancer. Allos Therapeutics reported the following financial data (in thousands) for the years ending
The following procedures were recently installed by Pine Creek Company:a. Along with petty cash expense receipts for postage, office supplies, etc., several post-dated employee checks are in the
Picasso Restoration Company completed the following selected transactions during August 2012:Aug. 1. Established a petty cash fund of $75010. The cash sales for the day, according to the cash
The cash account for Online Medical Co, at June 30, 2012, indicated a balance of $9,375. The bank statement indicated a balance of $10,760 on June 30, 2012. Comparing the bank statement and the
The cash account for Bravo Bike Co. at May 1, 2012, indicated a balance of $15,085. During May, the total cash deposited was $75,100 and checks written totaled $69,750. The bank statement indicated a
The cash account for South Bay Sports Co. on April 1, 2012, indicated a balance of $35,025. During April, the total cash deposited was $83,150, and checks written totaled $90,000. The bank statement
During the preparation of the bank reconciliation for Regal Concepts Co., Misty Watts, the assistant controller, discovered that Windsor National Bank incorrectly recorded a $15,750 check written by
The following is an except from a conversation between two sales clerks, Craig Rice and Jill Allen. Craig and Jill are employed by Ogden Electronics, a locally owned and operated electronics retail
Group ProjectSelect a business in your community and observe its internal controls over cash receipts and cash payments. The business could be a bank or a bookstore, restaurant, department store, or
OccuLogix Inc., is a health care company that specializes in developing diagnostic devices for eye disease. OccuLogix reported the following data (in thousands) for the years ending December 31,
April Layton, an architect, opened an office on June 1, 2012. During the month, she completed the following transactions connected with her professional corporation, April Layton, Architect, P.C.:a.
On March 1, 2012, Mitch Quade established Marine Realty, which completed the following transactions during the month:a. Mitch Quade transferred cash from a personal bank account to as account to be
On July 1, 2012, Kim Wheeler established an interior decorating business, Aztec Designs. During the month, Kim completed the following transactions related to the business:July 1. Kim transferred
At the end of the current month, Jonni Rembert prepared a trial balance for Star Rescue Service. The credit side of the trial balance exceeds the debit side by a significant amount. Jonni has decided
Tucson College requires students to pay tuition each term before classes begin. Students who have not paid their tuition are not allowed to enroll or to attend classes. What journal entry do you
The following discussion took place between Erin Carr, the office manager of Panda Data Company, and a new accountant, Mark Goodell.Mar: I’ve been thinking about our method of recording entries it
The following excerpt is from a conversation between Boris Harris, the president and chief operating officer of Chesapeake Company, and his neighbor, Neil Liven.Neil: Boris. I’m taking a course in
Anwar Askari is planning to manage and operate AA Caddy Service at Mission Valley Golf and Country Club during June through August 2012. Anwar will rent a small maintenance building from the country
The increasing complexity of the current business and regulatory environment has created an increased demand for accountants who can analyze business transactions and interpret their effects on the
Briefly summarize differences between principal and income transactions for estates and trusts. Why is the classification important in estate and trust accounting?
What is meant by a homestead, or family, allowance?
Briefly summarize how income earned on estate property should be treated by a beneficiary for purposes of filing a federal tax return. Where should the beneficiary look to provide this information?
Under current law, the federal estate tax will revert to 2002 levels in 2013. Even if the federal estate tax is repealed at that time, offer advice to your client as to why estate planning and tax
Summarize reasons why it may be important to have a will.
Are estate income taxes the responsibility of the estate or its beneficiaries?
You serve as the executor for the estate of Willy Rock. The following transactions occur during June 2011:a. Willy’s estate included a municipal bond with a value of $500,000. On the date of
You serve as the executor for the estate of Maribeth Rainy. The following transactions occur during July 2011:a. The Rainy estate included a certificate of deposit in the amount of $600,000. On the
You serve as the executor for the estate of Virginia Troy. Virginia’s will provides that all remaining assets other than specific items in the will pass to her longtime friend Melanie Matthews. The
K.T. Tim has been appointed to serve as executor for the estate of Ms. Melanie Triciao, who passed away on August 15, 2011. Ms. Triciao's assets consisted of the following: The probate court has
You serve as the executor for the estate of Jeff Carpenter, who passed away on August 25, 2011, at the age of 102. Jeff’s estate consisted of two certificates of deposit totaling $800,000 and a
You serve as the trustee for the Sooner XXV trust. The following transactions occur during 2011:September 15 Open the Sooner XXV trust account, depositing the $100,000 transferred from the estate of
Use information from E 23-6 to prepare a charge and discharge statement for the trust for the period September 15, 2011 through December 31, 2011.
You serve as the trustee for the Lisa Ann Trust. The following transactions occur during June and July 2011:June 1 Open the trust account, depositing the $1,000,000 transferred from the estate of
You serve as the trustee for the Josephine Frederick testamentary income trust. The trust was created by the will of her late husband, John. Under the terms of John's will, all assets are transferred
Mr. Dogbert dies on March 1, 2009, and leaves his entire estate, valued at $5,300,000 (after settlement of all estate expenses and liabilities) to his sole surviving family member, his daughter
Mr. Chuck Rainy dies on May 21, 2009, and leaves his entire estate, valued at $3,600,000 (after settlement of all estate expenses and liabilities) to be equally divided among his sole surviving
Ms. Jacki Jerome, a famous rock superstar, dies on November 28, 2009, and leaves her entire estate, valued at $23,400,000 (after settling all estate expenses and liabilities) to her cousin
Jimmy Olson died on June 15, 2011, at the age of 75, after a brief illness. Jimmy is survived by his wife, Lois, and two adult sons, Clark and Kent. Jimmy left a valid will, requesting that Clark
You have been hired as trustee for the testamentary trust created by the will of Jimmy Olson. The trust is created on July 22, 2011. (Use the information provided in P 23-1) The trust initially
George Wilson dies on March 1, 2011, leaving a valid will. The will reads as follows:I leave my home, furnishings, remaining bank account balances and personal possessions to my wife Helen. I leave
Use the information in P 23-3 to prepare a charge–discharge statement for the estate of George Wilson for the period March 1, 2011 through April 30, 2011.
You have been hired as trustee for the testamentary trust created by the will of George Wilson. The trust is created on April 30, 2011. (Use the information provided in P 23-3 and P 23-4) The trust
Tom Josephson dies on May 16, 2011, leaving a valid will. The will reads as follows:I leave my automobile to my niece, Pat. I leave my stock investment accounts to my niece, Sue. I leave income on my
Use the information in P 23-6 to prepare a charge—discharge statement for the estate of Tom Josephson for the period May 16, 2011 through June 30, 2011.
You have been hired as trustee for the testamentary trust created by the will of Tom Josephson. The trust is created on June 30, 2011. (Use the information provided in P 23-6 and P 23-7) The trust
What is the objective of most businesses?
What is the difference between a manufacturing business and a merchandising business? Give an example of each type of business.
What is the difference between a manufacturing business and a service business? Is a restaurant a manufacturing business, a service business, or both? Discuss.
Why are most large companies like Google, CocaCola, Ford, and IBM organized as corporations?
Both KIA and Porsche produce and sell automobiles. Describe and contrast the business emphasis of KIA and Porsche.
Assume that a friend of yours operates a family-owned pharmacy. A Super Wal-Mart is scheduled to open in the next several months that will also offer pharmacy services. What business emphasis would
What services does eBay offer its customers?
A business’s stakeholders can be classified into capital market, product or service market, government, and internal stakeholders. Will the interests of all the stakeholders within a classification
The three business activities are financing, investing, and operating. Using Delta Air Lines, give an example of a financing, investing, and operating activity.
What is the role of accounting in business? Discuss in detail.
Briefly describe the nature of the information provided by each of the following financial statements: the income statement, the retained earnings statement, the balance sheet, and the statement of
What particular item of financial or operating data appears on both the income statement and the retained earnings statement? What item appears on both the balance sheet and the retained earnings
Megan Graft is the owner of Mission Delivery Service. Recently, Megan paid interest of $5,000 on a personal loan of $80,000 that she used to begin the business. Should Mission Delivery Service record
Indicate whether each of the following companies is primarily a service, merchandise, or manufacturing business. If you are unfamiliar with the company, you may use the Internet to locate the
Identify the primary business emphasis of each of the following companies as(a) A low-cost emphasis or (b) A premium-price emphasis. If you are unfamiliar with the company, you may use the Internet
The total assets and total liabilities of Best Buy and Hewlett-Packard are shown here. Determine the stockholders' equity of each company.
Determine the missing amount for each of thefollowing:
Determine the missing amounts (in millions) for the condensed balance sheets shownbelow.
The income statement of a corporation for the month of June indicates a net income of $150,000. During the same period, $180,000 in cash dividends were paid. Would it be correct to say that the
Four different companies, Alpha, Beta, Charlie, and Dawg, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of owners' equity, are summarized
Staples, Inc., is a leading office products distributor, with retail stores in the United States, Canada, Asia, Europe, and South America. The following financial statement data were adopted from
From the following list of selected items taken from the records of Metro Appliance Service as of a specific date, identify those that would appear on the balance sheet.1. Accounts Payable2. Capital
Based on the data presented in Exercise 1-10, identify those items that would appear on the income statement.
Identify each of the following items as (a) An asset,(b) A liability, (c) Revenue,(d) An expense, or (e) A dividend:1. Amounts due from customers2. Amounts owed vendors3. Cash on hand4. Cash paid to
Financial information related to In Good Taste Company for the month endedApril 30, 2010, is as follows:Net income for April $ 125,000Dividends during April 18,000Retained earnings, April
Idyllwild Services was organized on August 1, 2010. A summary of the revenue and expense transactions for August follows:Fees earned $800,000Wages expense 380,000Miscellaneous expense
One item is omitted in each of the following summaries of balance sheet and income statement data for four different corporations, East, North, South, and West. Determine the missing amounts,
Financial information related to Joshua Tree Interiors for August and September 2010 is as follows: a. Prepare balance sheets for Joshua Tree Interiors as of August 31 and as of September 30,
Each of the following items is shown in the financial statements of ExxonMobil Corporation. Identify the financial statement (balance sheet or income statement) in which each item would appear.a.
Indicate whether each of the following cash activities would be reported on the statement of cash flows as (a) An operating activity, (b) An investing activity, or (c) A financing activity.1. Issued
Indicate whether each of the following activities would be reported on the statement of cash flows as (a) An operating activity, (b) An investing activity, or(c) A financing activity.1. Cash received
Pantera Inc. was organized on May 1, 2011. A summary of cash flows for May follows.Cash receipts:Cash received from customers
A company’s stakeholders often differ in their financial statement focus. For example, some stakeholders focus primarily on the income statement, while others may focus primarily on the statement
Amazon.com, Inc. operates as an online retailer in North America and internationally. Both Amazon and third parties, via the Amazon.com Web site, sell products across various product categories. The
Based on the Amazon.com, Inc. financial statement data shown in Exercise 1-22, prepare an income statement for the year ending December 31, 2008.
Though the McDonald’s menu of hamburgers, cheeseburgers, the Big Macâ, Quarter Pounderâ, Filet-O-Fishâ, and Chicken McNuggetsâ is easily recognized, McDonald’s financial statements may not
Redwood Realty, organized May 1, 2011, is owned and operated by Lorrimer Fleming. How many errors can you find in the following financial statements for Redwood Realty, prepared after its first
Match each of the following statements with the appropriate accounting concept. Some concepts may be used more than once, while others may not be used at all. Use the notations shown to indicate the
Chalet Sports sells hunting and fishing equipment and provides guided hunting and fishing trips. Chalet Sports is owned and operated by Cliff Owen, a well-known sports enthusiast and hunter.
The amounts of the assets and liabilities of Padre Travel Service as of June 30, 2010, the end of the current year, and its revenue and expenses for the year are listed below. The retained earnings
The financial statements at the end of Stone Realty's first month of operations are shown below. Instructions1. Would you classify a realty business like Stone Realty as a manufacturing,
The following financial data were adapted from the annual report of Best Buy Inc. for the period ending February 28, 2009:
The following cash data were adapted from the annual report of Google Inc. for the period ended December 31, 2008. The cash balance as of January 1, 2008, was $6,082 (in millions).

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