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business
financial and managerial accounting

Questions and Answers of Financial And Managerial Accounting

Swaran Frei is the proprietor of a property management company, Apartment Exchange, near the campus of Pensacola State College. The business has cash of $8,000 and furniture that cost $9,000 and has
Bennett Handyman Services has total assets of $12,500 and total liabilities of $8,240. Requirements 1. Use the accounting equation to solve for equity. 2. If assets increase by $3,200
The assets, liabilities, and equities of Rapid Design Studio have the following balances at December 31, 2025. The Retained Earnings was $33,300 at the beginning of the year. At year end, Common
The account balances of Strong Arms Coaching at June 30, 2025, follow: Requirements 1. Prepare the income statement for Strong Arms Coaching for the month ending June 30, 2025. 2. What does the
The assets, liabilities, and equities of Rapid Design Studio have the following balances at December 31, 2025. The Retained Earnings was $33,300 at the beginning of the year. At year end, Common
The assets, liabilities, and equities of Rapid Design Studio have the following balances at December 31, 2025. The Retained Earnings was $33,300 at the beginning of the year. At year end, Common
Mireya’s Inflatables earns service revenue by providing party planning services and inflatable playscapes. Mireya’s Inflatables is organized as a corporation. During the past month, Mireya’s
Early Morning Company had the following transactions for the month ending January 31, 2025. Early Morning Company’s cash balance on January 1, 2025, was $13,750. Prepare the statement of cash
The account balances of Strong Arms Coaching at June 30, 2025, follow: Requirements 1. Prepare the balance sheet for Strong Arms Coaching as of June 30, 2025. 2. What does the balance sheet
Annett Irrigation Company had net income for the month of October of $30,000. Assets as of the beginning and end of the month totaled $355,000, and $345,000, respectively. Calculate Annett Irrigation
Superior Photography works weddings and parties. The balance of retained earnings was $16,000 at December 31, 2024. At December 31, 2025, the business’ accounting records show these
List the financial statements discussed in the chapter and briefly describe each statement.
Adile Services had net income for the year of $35,000. In addition, the balance sheet reports the following balances: Calculate the return on assets for Adile Services for the year ending December
Collision Auto Shop started 2025 with total assets of $19,000 and total liabilities of $9,000. At the end of 2025, Collision Auto Shop’s total assets stood at $27,000 and total liabilities were
Presented here are the accounts of West Company for the year ended December 31, 2025. Requirements 1. Prepare West Company’s income statement for the year ended December 31, 2025. 2. Prepare the
During 2025, Bigfoot Spa reported revenue of $21,000. Total expenses for the year were $14,000. Bigfoot Spa ended the year with total assets of $30,000, and it owed debts totaling $14,000. At
Presented here are the accounts of Segura Accounting Services for the year ended December 31, 2025: Requirements 1. Prepare Segura Accounting Services’ income statement for the year ended
Alfred Hansen publishes an online travel blog. In need of cash, the business applies for a loan with National Bank. The bank requires borrowers to submit an income statement, statement of retained
Fabulous Photos works weddings and parties. The balance of Retained Earnings was $17,000 at December 31, 2024. At December 31, 2025, the business’ accounting records show these balances: Prepare
Minnie Reed is a partner in Computer Works, a retail store. During the current year, she withdraws $45,000 in cash from this business and takes for her personal use inventory costing $3,200. Her
Custom Truck Builders frequently uses long-term lease contracts to finance the sale of its trucks. On November 1, 2015, Custom Truck Builders leased to Interstate Van Lines a truck carried in the
The Radiology Department at St. Joseph’s Hospital, a not-for-profit, is considering purchasing a magnetic resonance imaging (MRI) machine. The cost to purchase and install an MRI is approximately
Diamond & Turf Inc. is considering an investment in one of two machines. The sewing machine will increase productivity from sewing 150 baseballs per hour to sewing 290 per hour. The contribution
Northwest Records is considering the purchase of Seattle Sound, Inc., a small company that promotes and manages “industrial rock” bands. The terms of the agreement require that Northwest pay the
Bowman Corporation is considering an investment in special-purpose equipment to enable the company to obtain a five-year government contract for the manufacture of a special item. The equipment costs
The Cook County Authority is considering the purchase of a small plane to transport government officials. It is hoped that the plane will save money on travel costs for government employees. Assume
Landry’s Tool Supply Corporation is considering purchasing a machine that costs $98,000 and will produce annual cash flows of $34,000 for six years. The machine will be sold at the end of six years
A company is trying to decide whether to go ahead with an investment opportunity that costs $60,000. The expected incremental cash inflows are $80,000, while the expected incremental cash outflows
A company invests $175,000 in plant assets with an estimated 25-year service life and no salvage value. These assets contribute $28,000 to annual net income when depreciation is computed on a
The Empire Hotel is a full-service hotel in a large city. Empire is organized into three departments that are treated as investment centers. Budget information for the coming year for these three
The weighted-average cost of capital for Forstone Corporation is 10 percent. Last year one of the divisions of Forstone generated an EVA of $4,000,000, while the division’s assets less its current
Ricoh Company Ltd. , a leading supplier of office automation equipment and electronics, has implemented a balanced scorecard. Match each of the performance indicators from their scorecard below to
It may be easier to think about setting standards to help manage manufacturing businesses, like the lumber business of Brice, Inc., discussed in this chapter, than to help manage retail
Use the information in Exhibit 24–5 on page 1048 to compute the expected volume variance at 780 units.Exhibit 24-5:
At Franklis Incorporated, during the month of January, the direct labor rate variance was $2,800 unfavorable, and the direct labor efficiency variance was $4,900 favorable. Actual direct labor costs
Springfield Company’s master budget includes estimated costs and expenses of $400,000 for its third quarter of operations. Of this amount, $250,000 is expected to be financed with current payables.
Flagstags’ flexible budget estimates are $74,000, $77,000, and $80,000 to manufacture 4,000, 4,500, and 5,000 gallons of beer, respectively, next quarter.What are the variable and fixed
On January 1, Salter Corporation determined that its direct materials inventory needs to contain 8,000 pounds of materials by March 31. To achieve this goal, Salter will have to use 3 pounds of
The SEC was once reluctant to hit companies with big fines for wrongdoing because the penalties hurt shareholders whose stock prices had already been hammered by scandal. But the Sarbanes-Oxley Act
For each of the six independent situations below, compute the missing amounts.a. Using contribution margin per unit:
The following is information concerning a product manufactured by Ames Brothers: Determine the following:a. The unit
Chaps & Saddles, a retailer of tack and Western apparel, earns an average contribution margin of 40 percent on its sales volume. Recently, the advertising manager of a local “country” radio
Firebird Mfg. Co. has a contribution margin ratio of 30 percent and must sell 75,000 units at a price of $60 each in order to break even.a. Compute total fixed costs.b. Compute variable cost per
Jackson Company recently calculated its break-even sales revenue to be $24,000. For each dollar of sales revenue, $0.60 goes to cover variable costs.Compute the following:a. The contribution margin
City Ambulance Service estimates the monthly cost of responding to emergency calls to be $15,000, plus $200 per call.a. In a month in which the company responds to 150 emergency calls, determine the
Acme International hired a consulting firm to determine if it had any quality-related problems. The consulting firm spent two months reviewing all production processes at Acme and suggested that Acme
Assume that on January 31 the Finishing Department of Executive Designs had 3,000 partially trimmed and assembled executive desks in ending inventory. These units were, of course, 100 percent
The following equivalent unit figures were taken from the December production cost report of the Distillation Department of Oil City Lubricants:
Go to the following website for the Coca-Cola Company: www.worldofcoca-cola.com. Select the “Tour Inside” from the list of tabs at the top. On the left-hand side of the screen choose “Bottle
During the current year, the cost of direct materials purchased by a manufacturing firm was $325,000, and the direct materials inventory increased by $65,000. What was the cost of direct materials
Find the Consolidated Statement of Comprehensive Income section of the Home Depot 2012 financial statements in Appendix A. Locate the translation adjustment for 2012. Was the effect of the adjustment
This Comprehensive Problem is to acquaint you with the content of the 2012 financial statements of Home Depot, Inc., reproduced in Appendix A of this textbook. (The 2012 financial statements are for
Shown below is selected information from the financial statements of Dickson, Inc., a retail furniture store.
The financial statements of large public companies are often accompanied by a multiple-year summary of key financial and other information that is helpful in understanding the company. Appendix A of
In the long run, a company must generate positive net cash flows from operating activities to survive. A business that has negative cash flows from operations will not be able to raise cash
This case is based on the statement of cash flows for Allison Corporation, illustrated in Exhibit 13–1. Use this statement to evaluate the company’s ability to continue paying the current level
An analysis of the income statement and the balance sheet accounts of RPZ Imports at December 31, 2015, provides the following information:
Springdale Retail, Inc., is a retailer that has engaged you to assist in the preparation of its financial statements at December 31, 2015. Following are the correct adjusted account balances, in
Maria Martinez organized Manhattan Transport Company in January 2012. The corporation immediately issued at $8 per share one-half of its 200,000 authorized shares of $2 par value common stock. On
The common stock of Fido Corporation was trading at $45 per share on October 15, 2014. A year later, on October 15, 2015, it was trading at $80 per share. On this date, Fido’s board of directors
The common stock of Fido Corporation was trading at $45 per share on October 15, 2014. A year later, on October 15, 2015, it was trading at $80 per share. On this date, Fido’s board of directors
Three events pertaining to Lean Machine Co. are described below.a. Issued common stock for cash.b. The market value of the corporation’s stock increased.c. Declared and paid a cash dividend to
Melcher, Inc., originally sold 100,000 shares of its $10 par value common stock at $25 per share. Several years later the company repurchased 10,000 of these shares at $57 per share. Melcher
Zeta Co. has outstanding 100,000 shares of $100 par value cumulative preferred stock which has a dividend rate of 7 percent. The company has not declared any cash dividends on the preferred stock for
Why is noncumulative preferred stock often considered an unattractive form of investment?
Why are large corporations often described as publicly owned?
Explain how the lessee accounts for operating leases and capital leases. Why is an operating lease sometimes called off-balance sheet financing?
There is a business saying that “You shouldn’t be in business if your company doesn’t earn higher than bank rates.” This means that if a company is to succeed, its return on assets should be
Davidson, DDS, purchased new furniture for its store on May 1, 2015. The furniture is expected to have a 10-year life and no residual value. The following expenditures were associated with the
Swanson & Hiller, Inc., purchased a new machine on September 1, 2012 at a cost of $108,000. The machine’s estimated useful life at the time of the purchase was five years, and its residual
Swindall Industries uses straight-line depreciation on all of its depreciable assets. The company records annual depreciation expense at the end of each calendar year. On January 11, 2011, the
Over what period of time should the cost of various types of intangible assets be amortized by regular charges against revenue? What method of amortization is generally used?
Evaluate the following quotation: “We shall have no difficulty in paying for new plant assets needed during the coming year because our estimated outlays for new equipment amount to only $80,000,
If a capital expenditure is erroneously treated as a revenue expenditure, will the net income of the current year be overstated or understated? Will this error have any effect on the net income
Music-Is-Us, Inc., is a supplier of musical instruments for professional and amateur musicians. The company’s accountants make adjusting entries monthly, and they make all closing entries annually.
Jackson Specialties has been in business for more than 50 years. The company maintains a perpetual inventory system, uses a LIFO flow assumption, and ends its fiscal year at December 31. At year-end,
Walmart uses LIFO to account for its inventories. Recent financial statements were used to compile the following information (dollar figures are in millions):
Visit the Bankrate.com home page at the following address:www.bankrate.comSearch the site for information on CDs, money market accounts, and other interest-bearing products. Look for links under the
The Cash account in the general ledger of Ciavarella Corporation shows a balance of $112,000 at December 31, 2015 (prior to performing a bank reconciliation). The company’s bank statement shows a
Data Management, Inc., provided the following information at December 31, 2015: Marketable SecuritiesThe
Many companies hold a significant portion of their financial assets in the form of marketable securities. For example, Microsoft Corporation recently reported investments in marketable securities
Tyson Furniture has $100,000 in excess cash that it wants to invest in one or more cash equivalents. The treasurer has researched two money market accounts and two certificates of deposit (CDs)
The following financial assets appeared in a recent balance sheet of Apple, Inc. (dollar amounts are stated in millions):
Shown below is information from the financial reports of Pete’s Auto Parts for the past few years.
King Enterprises is a book wholesaler. King hired a new accounting clerk on January 1 of the current year. The new clerk does not understand accrual accounting and recorded the transactions below
On December 1, 2015, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking
A recent annual report issued by The Gap, Inc., revealed the following data: The company’s income statement reported total
Refer to Problem 4.4A on pages 175–177 in the previous chapter. Prepare a 10-column worksheet for Campus Theater dated August 31, 2015. At the bottom of your worksheet, prepare a brief explanation
Tammy Touchtone operates a talent agency called Touchtone Talent Agency. Some clients pay in advance for services; others are billed after services have been performed. Advance payments are credited
Next Job, Inc., provides employment consulting services. The company adjusts its accounts monthly but performs closing entries annually on December 31. The firm’s unadjusted trial balance dated
Debit Doctors, Inc., provides accounting advice over the Internet. In recent years the company has experienced severe financial difficulty. Its accountant prepares adjusting entries on a monthly
Strong Knot, Inc., a service company, performs adjusting entries monthly, but prepares closing entries annually on December 31. The company recently hired Sally Addsup as its new accountant.
Refer to the Demonstration Problem illustrated in the previous chapter on pages 163–166. Prepare a 10-column worksheet for Internet Consulting Service, Inc., dated December 31, 2015. At the bottom
Brushstroke Art Studio, Inc., provides quality instruction to aspiring artists. The business adjusts its accounts monthly, but performs closing entries annually on December 31. This is the studio’s
Mystic Masters, Inc., provides fortune-telling services over the Internet. In recent years the company has experienced severe financial difficulty. Its accountant prepares adjusting entries on a
A recent balance sheet of Denver Tours is provided below: Other
Refer to the adjusted trial balance of Wilderness Guide Services, Inc., illustrated in Exercise 5.3 to respond to the following items:a. Prepare all necessary closing entries at December 31, 2015.b.
Wilderness Guide Services, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The company’s year-end adjusted trial balance dated December 31, 2015, follows:a.
Property Management Professionals provides building management services to owners of office buildings and shopping centers. The company closes its accounts at the end of the calendar year. The manner
Clint Stillmore operates a private investigating agency called Stillmore Investigations. Some clients pay in advance for services; others are billed after services have been performed. Advance

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