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managerial accounting
Questions and Answers of
Managerial Accounting
Determine the missing amount for each of thefollowing:
Todd Olson is the sole stockholder and operator of Alpha, a motivational consulting bossiness. At the end of its accounting period, December 31, 2011, Alpha has assets of $800,000 and liabilities of
Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) stockholders’ equity (retained earnings):a. Cashb. Wages expensec. Accounts payabled. Fees earnede.
Describe how the following business transactions affect the three elements of the accounting equation.a. Invested cash in business in exchange for capital stockb. Purchased supplies on account.c.
a. A vacant lot acquired for $100,000 is sold for $350,000 in cash. What is the effect of the sale on the total amount of the seller’s (a) assets, (2) liabilities, and (3) stockholder’s equity
Indicate whether each of the following types of transactions will either (a) Increase stockholders’ equity or(b) Decrease stockholder’s equity:1. Issuing capital stock in exchange for cash.2.
The following selected transaction were completed by Speedy Deliver Service during October.1. Received cash in exchange for capital stock, $30,000.2. Purchased supplies for cash, $1,500.3. Paid rent
Jeremy Zabel operates his own catering service. Summary financial data for February are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction
The income statement of a corporation for the month of December indicates a net income of $120,000. During the same period, $130,000 in cash dividends were paid. Would it be correct to say that the
Four different corporations, Aries, Germini, Leo, and Pisces, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of stockholders?? equity, are
From the following list of selected items taken from the records of Hoosier Appliance service as of a specific data, identify those that would appear on the balance sheet.1. Accounts Receivable 2.
Based on the data presented in Exercise 1-16, identify those items that would appear on the income statement. Discuss.
Financial information related to Lost Trail Company, a corporation, for the month ended June 30, 2012, is as follows. Net income for June $125,000 Dividends 18,000 Retained earnings,
Universal Services was organized on October 1, 2010. A summary of the revenue and expense transaction for October follows. Fees earned $800,000 Wages expense 270,000 Rent expense
One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different corporations: Determine the missing amounts, identifying them
Financial information related to the corporation of Lady interiors for July and August 2012 is as follows. a. Prepare balance sheets for Lady Interiors as July 31 and August 31, 2010.b. Determine
Each of the following items is shown in the financial statements of ExonMobil Corporation.1. Accounts payable 2. Cash equivalents 3. Crude oil inventory4. Equipment5. Exploration expenses6. Income
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
A summary of cash flows for Absolute Consulting Group for the year ended July 31, 2012, is shown below.Cash receipts:Cash received from customers$187,500Cash received from issuing additional capital
Heidi Fritz established Freedom Financial Services on March 1, 2012. Freedom financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after
On January 1, 2012, Carlton Myers established Vista Realty. Carlton completed the following transactions during the month of January:a. Opened a business bank account with a deposit of $25,000 in
Kean Dry Cleaners is owned and operated by Wally Lowman. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another
The financial statements at the end of Alpine Realty?s first month of operations are as follows: Instructions By analyzing the interrelationships among the four financial statements, determine
Cody Macedo established an insurance agency on January 1 of the current year and completed the following transactions during January:a. Opened a business band account with a deposit of $75,000 in
The amounts of the assets and liabilities of St. Simon Travel Service at June 30, 2012, the end of the current year, and its revenue and expenses for the year are listed below. The retained earnings
Rory Kalur established Computers 4Less on February 1, 2012. The effect of each transaction and the balances after each transaction for February are shown below. Instructions1. Prepare an income
On June 1, 2010, Lindsey Brown established Equity Realty. Lindsey completed the following transactions during the month of June:a. Opened a business ban account with a deposit of $15,000 in exchange
Anny’s Dry Cleaners is owned and operated by Anny Brum. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleanings is done by another
Before inventory purchases are recorded, the receiving report should be reconciled to what documents?
If merchandise inventory is being valued at cost and the price level is decreasing, which of the three methods of costing-FIFO, LIFO, or average cost-will yield (a) The highest inventory cost, (b)
The inventory at the end of the year was understated by $23,950.(a) Did the error cause an overstatement or an understatement of the gross profit for the year?(b) Which items on the balance sheet at
X-mas Co. sold merchandise to Mistletoe Company on October 31, FOB shipping point. If the merchandise is in transit on October 31, the end of the fiscal year, which company would report it in its
A manufacturer shipped merchandise to a retailer on a consignment basis. If the merchandise is unsold at the end of the period, in whose inventory should the merchandise be included?
Three identical units of item K113 are purchased during July, as shown below.Assume that one unit is sold on July 31 for $225.Determine the gross profit for July and ending inventory on July 31 using
Three identical units of item ZE9 are purchased during April, as shown below. Assume that one unit is sold on April 27 for $29.Determine the gross profit for April and ending inventory on April 30
Beginning inventory, purchases and sales for item B901 are as follows; Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) The cost of merchandise
Beginning inventory, purchases and sales for item CSW15 are as follows; Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) The cost of merchandise
Beginning inventory, purchases, and sales for item (QED9) are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) The cost of merchandise
Beginning inventory, purchases, and sales for item MMM8 are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) The cost of merchandise
The units of an item available for sale during the year were as follows: There are 11 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the
The units of an item available for sale during the year were as follows: There are 23 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item as shown in Exhibit8.
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item as shown in Exhibit8.
Assume that the business in Exercise 6-5 maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory
The following units of a particular item were available for sale during the year:The firm uses the perpetual inventory system, and there are 185 units of the item on hand at the end of the year. What
The units of an item available for sale during the year were as follows: There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the
The units of an item available for sale during the year were as follows: There are 24 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the
Assume that a firm separately determine inventory under FIFO and LIFO and then compared the results.a. In each space below, place the correct sign [less than (<), greater than (>), or equal
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit8.
Based on the data in Exercise 6-11 and assuming that cost was determined by the FIFO method, show how the merchandise inventory would appear on the balance sheet.
Hydro White Water Co. Sells canoes, kayaks, whitewater rafts, and other boating supplies, during the taking of its physical inventory on December 31, 2012, Hydro White Water incorrectly counted its
Eclipse Motorcycle Shop sells motorcycles, ATVs, and other related supplies and accessories. During the taking of its physical inventory on December 31, 2012, Eclipse Motorcycle Shop incorrectly
During 2012, the accountant discovered that the physical inventory at the end of 2011 had been understated by $18,000. Instead of correcting the error, however, the accountant assumed that an $18,000
The following data were taken from recent annual reports of Apple Inc., a manufacturer of personal computers and related products, and American Greetings Corporation, a manufacturer and distributor
Kroger, Safeway Inc., and Winn-Dixie Stores Inc. are three grocery chains in the United States. Inventory management is an important aspect of the grocery retail business. Recent balance sheets for
On the basis of the following data, estimate the cost of the merchandise inventory at November 30 by the retailmethod:
The merchandise inventory was destroyed by fire on December 13. The following data were obtained from the accounting records: a. Estimate the cost of the merchandise destroyed.b. Briefly describe
Based on the following data, estimate the cost of ending merchandise inventory:Sales (net) $ 5,260,000Estimated gross profit rate 40%Beginning merchandise inventory $
Based on the following data, estimate the cost of ending merchandise inventory:Sales (net) $ 2,080,000Estimated gross profit rate 37%Beginning merchandise inventory $
The beginning inventory at Keats Office Supplies and data on purchases and sales for a three-month period are as follows: Instructions 1. Based the inventory, purchases, and cost of merchandise sold
The beginning inventory at Keats Office Supplies and data on purchases and sales for a three-month period are shown in Problem 6-1A.Instructions1. Record the inventory, purchases, and cost of
Bulldog Appliances uses the periodic inventory system. Details regarding the inventory of appliances at September 1, 2011, purchases invoices during the next 12 months, and the inventory count at
Artic Appliances uses the periodic inventory system. Details regarding the inventory of appliances January 1, 2012, purchases invoices during the year, and the inventory count at December 31, 2012,
Date on the physical inventory of Chiron Co. as of December 31, 2012, is presented in the working papers. The quantity of each commodity on hand has been determined and recorded on the inventory
Selected data on merchandise inventory, purchases, and sales for Segal Co and Iroquois Co. are as follows: Instructions1. Determine the estimate cost of the merchandise inventory of Segal Co. on
Selected data on merchandise inventory, purchases, and sales for Segal Co and Iroquois Co. are as follows: Instructions1. Determine the estimate cost of the merchandise inventory of Segal Co. on
Contours Co. is experiencing a decrease in sales and operating income for the fiscal year ending July 31, 2012. Mark Irwin, controller of Contours Co., has suggested that all orders received before
The following is an excerpt from a conversation between Gary Ortiz, the warehouse manager for Ivey Foods Wholesale Co., and its accountant, Lori Cray, Ivey Foods operates a large regional warehouse
White Dove Company began operations in 2012 by selling a single product. Data on purchases and sales for the year were as follows: On January 4, 2013, the president of the company, Joel McLees,
Dell Inc. and Hewlett-Packard Development Company, LP. (HP) are both manufacturers of computer equipment and peripherals. However, the two companies follow two different strategies. Dell follows
Tiffany Co. is a high-end jewelry retailer, while Amazon.com uses its e-commerce services, features, and technologies to sell its products through the Internet. Recent balance sheet inventory
The general merchandise retail industry has a number of segments represented by the following companies:Company Name
There phases of the management process are controlling, planning, and decision making. Match the following descriptions to the proper phase.Phase of management process DescriptionControlling
Three phases of the management process are planning, directing, and controlling. Match the following descriptions to the proper phase.Phase of management process DescriptionDirecting ........... a.
Identify the following costs as direct materials (DM), direct labor (DL), or factory overhead (FO) for an automobile manufacture.a. Steel b. Wages of employ that operate painting equipment c. Oil
Identify the following costs as direct materials (DM), direct labor (DL), or factory overhead (FO) for an automobile manufacture.a. Paper used in the magazine b. Maintenance on printing machinesc.
Identify the following costs as a prime cost (P), conversion cost (C), or both (B) for an automobile manufacture.a. Steelb. Wages of employees that operate painting equipmentc. Oil used for assembly
The following report was prepared for evaluating the performance of the plant manager of Nuuman Inc. Evaluate and correct this report.Nuuman Inc.Manufacturing CostsFor the Quarter Ended June 30,
The following events took place for Air Temp Manufacturing Company during January, the first month of its operations as a producer of digital thermometers:a. Purchased $68,000 of materials.b. Used
Cost data for Bedford Manufacturing company for the month ending May 31, 2012, as follows: a. Prepare a cost of goods manufactured statement for May 2012. b. Determine the cost of goods sold for
The following information is available for Vega Manufacturing Company for the monthe ending July 31, 2012:Cost of goods manufactured ..........$270,000Selling expenses ................
The following information is available for the first month of operations of Enders Company, a manufacturer of mechanical pencils:Sales ................. $630,000Gross profit ..............
A Partial list of Berry Hotel’s costs is provided below. a. cost of laundering towels and bedding. b. Cost of food. c. Cost to paint lobby. d. Cost of advertising in local newspaper. e. Cost to
Figg Inc. has fixed costs of $420,000. The unit selling price, variable cost per unit, and contribution margin per unit for the company’s two products are provided below.Product .Selling
Golub Company has fixed costs of $100,000. The unit selling price, variable cost per unit, and contribution margin per unit for the company’s two products are provided below. Product.Selling
For a major university, match each cost in the following table with the activity base most appropriate to it. An activity base may be used more than once, or not used at all. Cost: Activity
From the following list of activity bases for an automobile dealership, select the base that would be most appropriate for each of these cost:(1) Preparation costs (cleaning, oil, and gasoline costs)
Intuit Inc, develops and sells software products for the personal finance market, including popular titles such as Quicken and TurboTax. Classify each of the following costs and expenses for this
Data related to the expected sales of mountain bikes and road bikes for Cycle Sports Inc, for the current year, which is typical of recent years, are as follows:Products......Unit Selling
Blythe Industries Inc. expects to maintain the same inventories at the end of 2012 as at the beginning of the year. The total of all production costs for the year is therefore as, summed to be equal
Hand-Made Furniture Company manufactures sofas for distribution to several major retail chains. The following costs are incurred in the production and sale of sofas:a. Wood for framing the sofasb.
Carrie Skilling is a financial consultant to Ron En Trust Inc., a real estate syndicate. Ron En Trust Inc. finances and develops commercial real estate (office buildings). The completed projects are
“For a student, a grade of 65 percent is nothing to write home about. Bur for the airline [industry], filling 65 percent of the seats is the difference between profit and loss. The [economy] might
Timbuk 3 Inc. has finished a new video game, Snowboard Challenge. Management is now considering its marketing strategies. The following information is available:Anticipated sales price pr unit
The owner of Varsity printing, a printing company, is planning direct labor needs for the upcoming year. The owner has provided you with the following information for next year’s plans:One Color
Sales volume has been dropping at Textron Company. During this time, however, the shipping Department manager has been under severe financial constraints. The manager knows that most of the shipping
What is the difference between horizontal and vertical analysis of financial statements?
The current year’s amount of net income (after income tax) is 20% larger than that of the preceding year. Does this indicate an improved operating performance? Discuss.
a. Why is it advantageous to have a high inventory turnover?b. Is it possible for the inventory turnover to be too high? Discuss. c. Is it possible to have a high inventory turnover and a high number
a. How does the rate earned on total assets differ from the rate earned on stockholders’ equity?b. Which ratio is normally higher? Explain.
a. Why is the rate earned on stockholders’ equity by a thriving business ordinarily higher than the rate earned on total assets?b. Should the rate earned on common stockholders’ equity normally
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