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Questions and Answers of
Managerial Accounting
Expenses of voluntary health and welfare organizations include classifications for program services and supporting services. Explain these classifications.
What is the purpose of the statement of functional expenses of voluntary health and welfare organizations?
Are contributed services reported in the statement of activities of a nongovernmental voluntary health and welfare organization?
How are net patient service revenues of hospitals measured, and in which hospital financial statement are they reported?
What are the major revenue groupings of hospitals? Give an example of a revenue item that would be included in each grouping.
Describe the difference in a set of financial statements for a governmental university and a private not for profit university.
Other than FASB standards and the AICPA guide, where can you find guidance on accounting and reporting issues for colleges and universities?
Describe the reporting requirements for a governmental not-for-profit entity with both governmental and business-type activities.
Identify the functional expense classifications for a university. Provide an example of each.
Discuss the two options that not-for-profit organizations have for recording donated fixed assets.
1. Contributions that are restricted by a donor to a nongovernmental not-for-profit organization are reported as a part of:a. Permanently restricted net assetsb. Temporarily restricted net assetsc.
1. When a temporary restriction on resources of a nongovernmental not-for-profit entity is met by the incurrence of an expense for the restricted purpose:a. The expense is reported in the statement
1. Which of the following statements is not required for nongovernmental voluntary health and welfare organizations that issue financial statements in accordance with GAAP?a. Balance sheetb.
1. A university that is considered a special-purpose government:a. Is generally required to follow GASB standardsb. Is generally required to follow FASB standardsc. Should refer to the AICPA Audit
1. Tuition waivers for scholarships are:a. Not reflected in the accounting recordsb. Recorded in a contra revenue accountc. Recorded as institutional support expensesd. None of the above2. Auxiliary
1. A principal source of revenue for hospitals is from patient services. Patient services revenue for hospitals is recorded at:a. Amounts actually billed to patientsb. The hospital’s full
1. Hospital room charges for telephone and television rentals should be classified as:a. Patient service revenuesb. Other operating revenuesc. Nonoperating gainsd. Premium fees2. A hospital bills
A voluntary health and welfare organization summarizes its expenses by function, as follows:Education........ $20,400Fund-raising...... 11,400Management and general.. 5,500Public
1. A nongovernmental VHWO receives $20,000 of unconditional promises to give with no donor-imposed restrictions. Of this amount $14,000 is due during the current period and $6,000 is due in the next
Three wealthy friends, Tom, Grant, and Karen, each decided to donate $5,000,000 to the not-for-profit organization of their choice. Each donation was made on May 21, 2011. Prepare the entries
At the beginning of 2011, the citizens of North Ptarmigan created Share Shop, a voluntary health and welfare organization. Share receives donations of money, nonperishable groceries, and household
The following selected items were taken from the accounts of Hometown Memorial Hospital, a not-for-profit hospital, at December 31, 2011:DebitsAdministrative services............... $
The following information relates to revenues and expenses for a private not-for-profit college:Tuition and FeesTotal assessed.................. $2,000,000Tuition waivers................
The following information was taken from the accounts and records of the Community Society, a nongovernmental not-for-profit organization. The balances are as of December 31, 2011, unless otherwise
Prepare journal entries to record the following transactions in the appropriate funds of a nongovernmental not-for-profit university:1. Tuition and fees assessed total $6,000,000. Eighty percent is
The Good Grubb Food for the Hungry Institute is a nongovernmental not-for-profit organization that provides free meals for the destitute in a large metropolitan area. Record the following
The Fort Collins Health Center is a nongovernmental not-for-profit health care organization. During the current year, the following occurred:1. Gross charges at established rates for services
What are the three classifications of receivables?
After the accounts are adjusted at the end of the fiscal year, Accounts Receivable has a balance of $298,150 and Allowance for Doubtful Accounts has a negative balance of $31,200. Describe how the
A firm has consistently adjusted its allowance account at the end of the fiscal year by adding a fixed percent of the period’s net sales on account. After 8 years, the balance in Allowance for
How are manufacturing inventories different from those of a merchandiser?
If merchandise inventory is being valued at cost and the price level is steadily rising, which of the three methods of costing— FIFO, LIFO, or average cost—will yield(a) The highest inventory
What is the LIFO reserve, and why would an analyst be careful in interpreting the earnings of a company that has liquidated some of its LIFO reserve?
Boeing is one of the world’s major aerospace firms, with operations involving commercial aircraft, military aircraft, missiles, satellite systems, and information and battle management systems. As
Determine the due date and the amount of interest due at maturity on the followingnotes:
The MGM Mirage owns and operates casinos including the MGM Grand and the Bellagio in Las Vegas, Nevada. For a recent year, the MGM Mirage reported accounts and notes receivable of $452,945,000 and
Illustrate the effects on the accounts and financial statements of the following transactions in the accounts of Laser Tech Co., a hospital supply company that uses the direct write-off method of
Illustrate the effects on the accounts and financial statements of the following transactions in the accounts of Food Unlimited Company, a restaurant supply company that uses the allowance method of
Tech Savvy, a computer consulting firm, has decided to write off the $8,375 balance of an account owed by a customer. Illustrate the effects on the accounts and financial statements to record the
Fonda Bikes Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31, 2010, and a historical analysis of the percentage of uncollectible accounts in
Using the data in Exercise 6-7, assume that the allowance for doubtful accounts for Fonda Bikes Co. had a negative balance of – $4,145 as of December 31, 2010. Illustrate the effects of the
At the end of the current year, the accounts receivable account has a balance of $825,000 and net sales for the year total $9,400,000. Determine the amount of the adjusting entry to provide for
Using the data in Exercise 6-10, assume that during the second year of operations Master Plumbing Supply Co. had net sales of $4,200,000, wrote off $60,000 of accounts as uncollectible using the
Qualcomm Incorporated is a leading developer and manufacturer of digital wireless telecommunications products and services. Qualcomm reported the following inventories on September 28, 2008, in the
Dreamworks Animation SKG Inc. shows "film costs" as an asset on its balance sheet. In the notes to its financial statements, the following disclosure was made: a. Interpret the film cost asset
The units of an item available for sale during the year were as follows:There are 50 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 36 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the
Assume that a firm separately determined inventory under FIFO and LIFO and then compared the results.1. In each space below, place the correct sign [less than (<), greater than (>), or equal
List any errors you can find in the following partial balancesheet:
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 Exhibit9.
Based on the data in Exercise 6-18 and assuming that cost was determined by the FIFO method, show how the merchandise inventory would appear on the balance sheet.
Wigs Plus Company supplies wigs and hair care products to beauty salons throughout California and the Pacific Northwest. The accounts receivable clerk for Wigs Plus prepared the following
For several years, Halsey Co.?s sales have been on a ?cash only? basis. On January 1, 2007, however, Halsey Co. began offering credit on terms of n/30. The amount of the adjusting entry to record the
J. J. Technology Company, which operates a chain of 30 electronics supply stores, has just completed its fourth year of operations. The direct write-off method of recording bad debt expense has been
Details regarding the inventory of appliances at January 1, 2010, purchases invoices during the year, and the inventory count at December 31, 2010, of Arctic Appliances are summarized as
Data on the physical inventory of Winesap Company as of December 31, 2010, are presented below. Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases
Mirna Gaymer, vice president of operations for Rocky Mountain County Bank, has instructed the bank’s computer programmer to use a 365-day year to compute interest on depository accounts (payables).
The following is an excerpt from a conversation between the office manager, Mark Cottman, and the president of Horowitz Construction Supplies Co., Rosa Mullin. Horowitz sells building supplies to
Ebba Co. is experiencing a decrease in sales and operating income for the fiscal year ending December 31, 2010. Cody Bryant, controller of Ebba Co., has suggested that all orders received before the
The following is an excerpt from a conversation between Chad Lindy, the warehouse manager for House of Foods Wholesale Co., and its accountant, Summer Roseberry. Wholesale operates a large regional
What is the difference between horizontal and vertical analysis of financial statements? Discuss.
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. Discuss.
How would you respond to a horizontal analysis that showed an expense increasing by over 80%?
For Gray Corporation, the working capital at the end of the current year is $10,000 more than the working capital at the end of the preceding year, reported as follows: Has the current position
Why would the accounts receivable turnover ratio be different between Wal-Mart and Procter & Gamble? Discuss.
A company that grants terms of n/45 on all sales has a yearly accounts receivable turnover, based on monthly averages, of 5. Is this a satisfactory turnover? Discuss. 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
What do the following data taken from a comparative balance sheet indicate about the company??s ability to borrow additional funds on a long-term basis in the current year as compared to the
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
Why would the dividend yield differ significantly from the rate earned on common stockholders’ equity? Discuss.
Favorable business conditions may bring about certain seemingly unfavorable ratios, and unfavorable business operations may result in apparently favorable ratios. For example, Grochoske Company
Describe two reports provided by independent auditors in the annual report to shareholders. Discuss.
Revenue and expense data for Rogan Technologies Co. are as follows: a. Prepare an income statement in comparative form, stating each item for both 2010 and 2009 as a percent of sales. Round to one
The following comparative income statement (in thousands of dollars) for two recent years was adapted from the annual report of Speedway Motorsports, Inc., owner and operator of several major motor
Revenue and expense data for the current calendar year for Sorenson Electronics Company and for the electronics industry are as follows. The Sorenson Electronics Company data are expressed in
Balance sheet data for Hanes Company on December 31, the end of the fiscal year, are shown below. Prepare a comparative balance sheet for 2010 and 2009, stating each asset as a percent of total
Income statement data for Grendel Images Company for the years ended December 31, 2010 and 2009, are as follows: a. Prepare a comparative income statement with horizontal analysis, indicating the
The following data were taken from the balance sheet of Bock SuppliersCompany: a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to
PepsiCo, Inc., the parent company of Frito-LayTM snack foods and Pepsi beverages, had the following current assets and current liabilities at the end of two recent years: a. Determine the (1)
The bond indenture for the 10-year, 10% debenture bonds dated January 2, 2009, required working capital of $142,000, a current ratio of 1.7, and a quick ratio of 1.2 at the end of each calendar year
The following data are taken from the financial statements of McKee Technology Inc. Terms of all sales are 2/10, n/60. a. For 2010 and 2009, determine (1) the accounts receivable turnover and (2)
Xavier Stores Company and Lestrade Stores, Inc., are large retail department stores. Both companies offer credit to their customers through their own credit card operations. Information from the
The following data were extracted from the income statement of Brecca 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 Weal Construction Inc. for December 31, 2010 and 2009: The income before income tax was $720,000 and $560,000 for the years 2010 and
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, are as follows (in thousands of dollars): a. Determine the ratio of liabilities
Three major segments of the transportation industry are motor carriers, such as YRC Worldwide; railroads, such as Union Pacific; and transportation arrangement services, such as C.H. Robinson
The following selected data were taken from the financial statements of The Sigemund Group Inc. for December 31, 2010, 2009, and 2008:The 2010 net income was $242,000, and the 2009 net income was
Ann Taylor Retail, Inc., sells professional women??s apparel through company owned retail stores. Recent financial information for Ann Taylor is provided below (all numbers in thousands). Assume the
The following data were taken from the financial statements of Heston Enterprises Inc. for the current fiscal year. Assuming that long-term investments totaled $2,100,000 throughout the year and
The balance sheet for Bearing Industries Inc. at the end of the current fiscal year indicated the following:Bonds payable, 10% (issued in 2000, due in 2020)...... $4,000,000Preferred $5 stock, $100
The following information was taken from the financial statements of Finn Resources Inc. for December 31 of the current fiscal year: Common stock, $20 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 October 2007: a. Determine the price-earnings ratio and dividend yield for the three
The net income reported on the income statement of Goth Co. was $2,500,000. There were 100,000 shares of $10 par common stock and 40,000 shares of $4 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 unusual items. If unusual item then specify if
Brady, Inc., reports the following for 2010:Income from continuing operations before income tax...... $500,000Extraordinary property loss from hurricane........... $ 60,000*Loss from
For 2010, Wiglaf Technology Company reported its most significant decline in net income in years. At the end of the year, C. S. Lewis, the president, is presented with the following condensed
For 2010, Othere Technology Company initiated a sales promotion campaign that included the expenditure of an additional $20,000 for advertising. At the end of the year, George Wallace, the president,
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