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business
managerial accounting

Questions and Answers of Managerial Accounting

Describe two reports provided by independent auditors in the annual report to shareholders.
The following information was taken from Chaff Company’s balance sheet:Fixed assets (net).............$1,000,000Long-term liabilities........... 625,000Total liabilities.............
A company reports the following:Income before income tax .........$4,000,000Interest expense ............. 5,00,000Determine the number of times interest charges are earned.
A company reports the following:Income before income tax ...... $10,000,000Interest expense ......... 800,000Determine the number of times interest charges are earned.
A company reports the following: Net sales ..........$1,200,000Average total assets..... 750,000Determine the ratio of net sales to assets.
A company reports the following:Net sales ..........$3,500,000Average total assets .... 2,500,000Determine the ratio of net sales to assets.
A company reports the following income statement and balance sheet information for the current year:Net income .......$ 820,000Interest expense ..... 80,000Average total assets
A company reports the following income statement and balance sheet information for the current year:Net income ........$ 700,000Interest expense ...... 50,000Average total assets ...
The following comparative income statement (in thousands of dollars) for the fiscal years 2008 and 2007 was adapted from the annual report of Speedway Motor sports, Inc., owner and operator of
Revenue and expense data for the current calendar year for Shoesmith Electronics Company and for the electronics industry are as follows. The Shoesmith Electronics Company data are expressed in
Balance sheet data for Bryant company on December 31, the end of the fiscal year, are shown below. Prepare a comparative balance sheet for 2012 and 2011, stating each asset as a percent of total
Income statement data for Boone Company for the years ended December 31, 2012 and 2011, are as follows: a. Prepare a comparative income statement with horizontal analysis, indicating the increase
The following data were taken from the balance sheet of Beatty Company: a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one
Klick Company and Klack Inc., are large retail department stores. Both companies offer credit to their customers through their own credit card operations. Information from the financial statements
The following data were extracted from the income statement of Hestia Systems Inc.: a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round to
Dell Inc. and Hewlett-Packard Company (HP) compete with each other in the personal computer market. Dell's primary strategy is to assemble computers to customer orders, rather than for inventory.
The following data were taken from the financial statements of Hermes Inc. for December 31, 2012 and 2011: The income before income tax was $891,000 and $787,500 for the years 2012 and 2011,
Hasbro and Mattel, Inc., are the two largest toy companies in North America. Condensed liabilities and stockholders' equity from a recent balance sheet are shown for each company as follows (in
Recent balance sheet information for two companies in the food industry, H.J. Heinz Company and the Hershey Company, is as follows (in thousands of dollars): a. Determine the ratio of liabilities
The following data were taken from the financial statements of Ares Inc. for the current fiscal year. Assuming the long-term investments totaled $3,000,000 throughout the year and that total assets
The balance sheet for Kronos Inc. at the end of the current fiscal year indicated the following:Bonds payable, 10% (issued in 2002, due in 2022) ...........$3,750,000Preferred $4 stock, $40 par
The following information was taken from the financial statements of Bailey Inc. for December 31 of the current fiscal year:Common stock, $10 par value (no change during the year) .....
The table below shows the stock price, earnings per share, and dividends per share for three companies as of May 2010: a. Determine the price-earnings ratio and dividend yield for the three
The net income reported on the income statement of Styx Co. was $3,200,000. There were 250,000 shares of $5 par common stock and 250,000 shares of $1 preferred stock outstanding throughout the
Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or extraordinary (E).a. Gain on sale of land
Eris, Inc., reports the following for 2012:Income from continuing operations before income tax .........$800,000Extraordinary property loss from hurricane .............. $100,000*Loss from
Discuss whether Daphne Company correctly reported the following items in the financial statements:a. In 2012, the company discovered a clerical error in the prior year’s accounting records. As a
For 2012, Eurie Company reported its most significant decline in net income in year. At the end of the year, H. Finn, the president, is presented with the following condensed comparative income
Itzkoff Company has provided the following comparative information: You have been asked to evaluate the historical performance of the company over the last five years.Selected industry ratios have
a. Name two principal types of cost accounting systems.b. Which system provides for a separate record of each particular quantity of product that passes through the factory?c. Which system
How does the use of the materials requisition help control the issuance of materials from the storeroom? Discuss.
What is a job cost sheet? Discuss.
a. Differentiate between the clock card and the time ticket.b. Why should the total time reported on an employee’s time tickets for a payroll period be compared with the time reported on the
Discuss how the predetermined factory overhead rate can be used in job order cost accounting to assist management in pricing jobs. Discuss.
a. How is a predetermined factory overhead rate calculated?b. Name three common bases used in calculating the rate.
a. What is (1) Overapplied factory overhead and (2) Underapplied factory overhead?b. If the factory overhead account has a debit balance, was factory overhead underapplied or overapplied?c. If the
Describe how a job order cost system can be used for professional service businesses.
On April 8, Darling Company Purchase 65,000 units of raw materials at $7 per unit. On April 20, raw materials were requisitioned for production as follows: 26,000 units for Job 50 at $6 per unit and
On June 3, Plowers Company purchased 8,000 units of raw materials at $10 per unit. On June 22, raw materials were requisitioned for production as follows: 2,400 units for Job 30 at $ 8 per unit and
During April, Darling Company accumulated 12,000 hours of direct labor costs on Job 50 and 15,000 hours on Job 51. The total direct labor was incurred at a rate of $21.50 per direct labor hour for
During June, Plowers Company accumulated 24,000 hours of direct labor costs on Job 30 and 3,000 hours on Job 32. The total direct labor was incurred at a rate of $22 per direct labor hour for Job 30
During April, Darling company incurred factory overhead costs as follows: indirect materials, $30,000; indirect labor, $78,000; utilities cost, $7,000; and factory depreciation, $55,000. Journalize
During June, Plowers Company incurred factory overhead costs as follows: indirect materials, $14,000; indirect labor, $15,000; utilities cost, $6,500; and factory depreciation, $14,500. Journalize
During company estimates that total factory overhead costs will be $750,000 for the year. Direct labor hours are estimated to be 300,000. For Darling company, (a) Determine the predetermined factory
The following events took place for Fed Inc. during October 2012, the first month of operations as a producer of road bikes:Purchased $427,000 of materials. Used $367,500 of direct materials in
Moss Manufacturing Inc. is a job shop. The management of Moss Manufacturing uses the cost information from the job sheets to assess their cost performance. Information on the total cost, product
Long Board Company Manufactures designer paddle boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for May: In
Kid Stuff Inc. is in the business of developing, promoting, and selling children’s videos. The company developed a new DVD video, called Jake the Sleepy Old dog, on January 1, 2012. For the first
Jester Company uses a job order cost system. The following data summarize the operations related to production for September:a. Materials purchased on account, $550,000. b. Materials requisitioned,
Krall Company uses a job order cost system. The following data summarize the operations related to production for June 2012, the first month of operations: a. Materials purchased on account,
Sven Olaf just began working as a cost accountant for COLD industries Inc., which manufactures gift items. Sven is preparing to record summary journal entries for the month. Sven begins by recording
Which type of cost system, process or job order, would be best suited for each of the following:(a) TV assembler, (b) Building contractor,(c) Automobile repair shop, (d) Paper manufacturer,(e) Custom
In a job order cost system, direct labor and factory overhead applied are debited to individual jobs. How are these items treated in a process cost system and why? Discuss.
Why is the cost per equivalent unit often determined separately for direct materials and conversion costs? Discuss.
How is “yield” determined for a process manufacturer? Discuss.
How does just-in-time processing differ from the conventional manufacturing process? Discuss.
Which of the following industries would typically use job order costing, and which would typically use process costing?Flour mill ........ Plastic manufacturingGasoline refining ..... Print shop
Which of the following industries would typically use job order costing, and which would typically use process costing?Designer clothes manufacturing ....... Web designerBusiness consulting
The Filling Department of Rose Petal Lotion Company had 2,300 ounces in beginning work in process inventory (70% complete). During the period, 46,500 ounces were completed. The ending work in process
The Rollin Department of Matco Steel Company had 380 tons in beginning work in process inventory (40% complete). During the period, 9,050 tones were completed. The ending work in process inventory
The Filling Department of Rose Petal Lotion Company had 2,300 ounces in beginning work in process inventory (70% complete). During the period 46,500 ounces were completed. The ending work in process
The Rolling Department of Matco Steel Company had 380 tons in beginning work in process inventory (40% complete). During the period, 9,050 tons were completed. The ending work in process inventory
The cost of direct materials transferred into the Filling Department of Rose Petal Lotion Company is $18,400. The conversion cost for the period in the Filling Department is $4,534. The total
The cost of direct materials transferred into the Rolling Department of Matco Steel Company is $506,000. The conversion cost for the period in the Rollin Department is $108,684. The total equivalent
The costs per equivalent unit of direct materials and conversion in the Filling Department of Rose Petal Lotion Company are $0.40 and $0.10, respectively. The equivalent units to be assigned costs
The costs per equivalent unit of direct materials and conversion in the Rolling Department of Matco Steel Company are $55 and $12, respectively. The equivalent units to be assigned costs are as
a. Based upon the data in Exercise 18-7, determine the following:1. Direct materials cost per equivalent unit.2. Conversion cost per equivalent unit. 3. Cost of the beginning work in process
Kellogg Company manufactures cold cereal products, such as Frosted Fakes. Assume that the inventory in process on January 1 for the packing. Department included 750 pounds of cereal in the packing
Assume you are the division controller for Auntie M’s Cookie Company. Auntie M has introduced a new chocolate chip cookie called Full of chips, and it is a success. As a result, the product manager
In papermaking operations for companies such as International Paper Company, Wet pulp is fed into paper machines, which press and dry pulp into a continuous sheet of paper. The paper is formed at
Identify whether each of the following would be reported as an operating, investing, of financing activity in the statement of cash flows.a. Retirement of bonds payable b. Payment of accounts payable
Identify whether each of the following would be reported as an operating, investing, or financing activity in the statement of cash flows. a. Issuance of bonds payable b. Cash sales c. Collection of
Martin corporation’s accumulated depreciation-furniture increased by $10,500, while $3,850 of patents were amortized between balance sheet dates. There were no purchases or sales of depreciable or
Chu Corporation’s accumulated depreciation-equipment increased by $5,600, while $2,080 of patents were amortized between balance sheet dates. There were no purchases or sales of depreciable or
Phelps Corporation??s comparative balance sheet for current assets and liabilities was as follows: Adjust net income of $138,000 for changes in operating assets and liabilities to arrive at net
Dali Corporation??s comparative balance sheet for current assets and liabilities was as follows: Adjust net income of $240,000 for changes in operating assets and liabilities to arrive at net cash
Salem Inc, reported the following data:Net income ............$168,750Depreciation expense .......... 18,750Gain on disposal of equipment .... 15,375Decrease in accounts receivable .....
Malibu Inc. reported the following data:Net income ............$393,750Depreciation expense .......... 67,500Loss on disposal of equipment .... 27,450Increase in accounts receivable ......
Seeing Double Corporation purchase land for $510,000. Later in the year, the company sold land with a book value of $217,500 for $165,000. How are the effects of these transactions reported on the
Pilot Corporation purchased land for $480,000. Later in the year, the company sold land with a book value of $288,000 for $328,000. How are the effects of these transactions reported on the statement
Sales reported o9n the income statement were $450,000. The accounts receivable balance increased $47,000 over the year. Determine the amount of cash received from customers.
Sales reported on the income statement were $85,600. The accounts receivable balance decreased $7,400 over the year. Determine the amount of cash received from customers.
Cost of merchandise sold reported on the income statement was $360,000. The accounts payable balance decreased $17,800, and the inventory balance decreased by $28,000 over the year. Determine the
Cost of merchandise sold reported on the income statement was $210,000. The accounts payable balance increased $8,600, and the inventory balance increased by $16,900 over the year. Determine the
Totson Inc. reported the following on the company??s statement of cash flows in 2012 and 2011: Eighty percent of the cash flow used for investing activities was used to replace existing capacity. a.
Burkenfelt Inc. reported the following on the company??s statement of cash flows in 2012 and 2011: a. Determine Burkenfelt??s free cash flow. b. Has Burkenfelt??s free cash flow improved or
On its income statement for a recent year, Continental Airlines, Inc. reported a net loss of $68 million from operations. On its statement of cash flows, it reported $457 million of cash flows from
On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cashflows:
On the basis of the following stockholders?? equity accounts, indicate the items, exclusive of net income, to be reported on the statement of cash flows. There were no unpaid dividends at either the
Iglesias Enterprises, Inc. has cash flows from operating activities or $385,000. Cash flows used for investments in property, plant, and equipment totaled $145,000, of which 80% of this investment
The financial statements for Nike, Inc., are provided in Appendix D at the end of the text.a. Determine the free cash flow for the year ended May 31, 2010. Assume that 90% of additions to
The comparative balance sheet of Juras Equipment Co. for Dec. 31, 2013 and 2012, is: The income statement for the year ended December 31, 2013, is as follows: The following additional
What statements are included in a set of financial statements for nongovernmental not-for-profit entities?
How does one determine whether a hospital, college, or voluntary health and welfare organization should be reported in accordance with FASB standards or GASB standards?
What is the authoritative status of AICPA Audit and Accounting Guides for not-for-profit and health care organizations as of 2010?
Explain the difference between a conditional promise to give and an unconditional promise to give.
Explain the difference between donor-imposed conditions and donor-imposed restrictions.
How are unconditional promises to give with collections due in the next period accounted for?
How is the expiration of a time restriction recognized?
Are gifts in kind always reported as unrestricted support that increases unrestricted net assets?

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