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business
introduction to accounting
Questions and Answers of
Introduction To Accounting
Explain how a company can increase net income by increasing production even though sales remain the same.
Explain how production and nonproduction costs are treated using absorption costing.
Explain how variable and non variable costs are treated using the variable costing method.
When a company computes an employee’s withholdings for income taxes, they use the information provided by the employee on the employee’s W-4, which indicates the employee’s filing status
Refer to PepsiCo, Inc. (www.pepsico.com). Based on your knowledge of this company, determine its environment, organizational structure, and strategy. Environment .......................
Based on your knowledge of the company you chose in C1.1, summarize the company’s business processes. What is that firm’s strategy? What are its operating processes? What are its capital
Refer to Walt Disney Company (www.disney.com). Based on your knowledge of this company, determine its environment, organizational structure, and strategy. Environment .......................
Refer to Ford Motor Company (www.ford.com). Based on your knowledge of this company, determine its environment, organizational structure, and strategy. Environment .......................
Refer to PepsiCo, Inc. (www.pepsico.com).Required:A. Based on your knowledge of this company, prepare a balanced scorecard.B. Calculate the following ratios: (1) Quick, (2) Return on
Refer to Walt Disney Company (www.disney.com).Required:A. Based on your knowledge of this company, prepare a balanced scorecard.B. Calculate the following ratios: (1) Quick, (2) Return on
Refer to Ford Motor Company (www.ford.com).Required:A. Based on your knowledge of this company, prepare a balanced scorecard.B. Calculate the following ratios: (1) Quick, (2) Return on
Discovered that indicated that the benefits of accounting information should outweigh the costs of providing the information in order for information to be useful. Discuss the use of the high/low
Refer to C9.1 and complete the following.A. Determine the overhead applied to each product line.B. Determine the overhead cost per unit assuming the number of units producedequaled the number of
Tyrell Company had inventories at the beginning and end of June 2018 as follows:During June, Tyrell purchased direct materials of $400,000, incurred direct labor costs of $150,000, and applied
Planned the operating activities of our start-up company, PD Retail. Review the budgets developed for this company and prepare a chart of accounts for PD Retail.
If the Direct Materials Inventory account decreased during the period, were purchases greater than or less than the amount of materials issued into production? Why?
If Work-in-Process Inventory increased during the period, was cost of goods manufactured greater than or less than the total product costs transferred into Work-in-Process during the period? Why?
Hamilton, Inc., incurred the following costs during fiscal 2019:During 2019, cost of goods manufactured totaled $920,000 while cost of goods sold was $930,000. Inventory balances at January 1, 2019,
Given the following information, prepare journal entries for Spainhower Manufacturing to record the monthly payroll at March 31, 2018 (ignore payroll withholding). President Factory
If the Finished Goods account decreases during the period, is cost of goods manufactured greater than or less than cost of goods sold? Why?
Carlson Company incurred the following manufacturing overhead costs during the month of June 2018. Prepare the journal entry to record the costs.Erickson Company applies unit-related manufacturing
The following information was provided by Alley Manufacturing for the month of August 2019:Additional information:Required: Calculate the following amounts:A. Direct materials used in production.B.
Using the following information, determine the cost of goods manufactured and the ending direct materials inventory balance for Steele Company during August 2019. Assume that over- or underapplied
Erickson Company applies unit-related manufacturing overhead on the basis of machine hours. The following unit-related overhead data were accumulated by the accounting department:What is the amount
Henry Enterprises reports the following direct labor information for the month of December when production was 18,000 units. What is the standard price for direct labor per hour? Actual direct labor
What is the difference between actual and applied manufacturing overhead? When are they recorded?
There are four levels of production activities. What are they and why are they important?
Explain the concept of cost pool and how to determine cost pools.
How do companies use the predetermined overhead rate to assign overhead to work-in-process?
Explain the process of applying manufacturing overhead to Work-in-Process Inventory.
If the actual wage rate is greater than the standard wage rate, is the direct labor price variance favorable or unfavorable? Why?
If the actual price paid for direct materials is less than the standard price, is the direct materials price variance favorable or unfavorable? Why?
Patton, Inc., has the following information available concerning direct materials:Patton standards allow for 6 liters of direct materials for each unit produced. During the period, Patton produced
Refer to C1.1. Based on your knowledge of this company, describe its revenue, expenditure, and conversion (if applicable) processes.Data from C1.1Select a company you are interested in and obtain a
Refer to the annual report of the company you chose in C1.1. Based on your knowledge of this company, which of the decisions discussed in this chapter might the company you chose face? Is there any
Refer to the company you selected in C1.1. Based on your knowledge of this company, answer the following:A. What budgeting strategy do you think it uses?B. What budgeting approach do you think it
Barrows Company estimates sales of 40,000 next month and expects a 5 percent increase in sales each month for next year. Barrows Company’s beginning finished goods inventory is 2,000 and it desires
Dixon Company experienced the following transactions during the month of November 2018:3 Purchased $90,200 in merchandise from Maris Manufacturing Company; terms 2/10, ny/30, FOB shipping point.11
Piesik Company had the following transactions during May 2018:3 Purchased direct materials from Holtman Company, $8,600; terms 1/10, n/30, FOB destination.10 Purchased direct materials from Lambson
Sondeno Company has gathered the following payroll data for the month of July 2019.Assume the following rates: FICA, 7.65 percent (no employees have reached the maximum withholding for social
Explain the purpose of each of the following accounts:(a) Purchases,(b) Purchase Discounts,(c) Purchase Returns and Allowances.
What is the difference between Direct Materials Inventory and Merchandise Inventory?
Refer to E8.6. Make the journal entries assuming Murray uses the gross price method.Data from E8.6Using perpetual inventory procedures, journalize the following transactions on the books of Murray
What is the difference between the gross price method and the net price method of recording inventory purchases?
Duthie Company had the following transactions during May 2018:Required:A. Prepare the journal entry for each of the preceding events assuming Duthie uses the perpetual inventory system and the gross
What is the difference between a loss and an expense?
Does a company’s Salary and Wage Expense reflect employees’ gross pay or net pay? Why?
Refer to the company you selected in C1.1. Based on your knowledge of this company, answer the following questions.A. Describe its customers, competitors, and legal/social environment.B. Do you
Biando Corporation began operations on May 1, 2018, and completed the following transactions during its first month of operations.A. Sold capital stock for $30,000.B. Purchased land and a building
Refer to the company you chose in C1.1. Examine this company’s financial statements and answer the following questions:Required:1. Examine the balance sheet of this company. Which accounts have
During the banking “crisis” in 2008, many financial institutions blamed their problems on an accounting rule called mark-to-market which essentially requires companies to report certain assets at
What is GAAP?
The following accounting events (A–I) affected the assets, liabilities, and owners’ equity of Buckingham Company during the fiscal year ended December 31, 2019.A. Purchased $26,000 in merchandise
A bookkeeping client of yours made the following journal entry to record the purchase of a piece of equipment to be used in the sales office. The useful life of the equipment is estimated at five
Given this adjusted trial balance for Wagner Services, Inc., prepare the income statement and statement of retained earnings for the month ended August 31, 2018 (its first month of operations).
What is the accounting equation and why is it important?
The following accounting events (A–I) affected the assets, liabilities, and owners’ equity of Pauley Enterprises during the year ended September 30, 2019.A. Capital stock sold for $25,000 cash.B.
What are the three characteristics required for an accounting event?
What does debit mean?
Monger Company has the following information available from fiscal 2019. Use the relevant information to prepare the income statement and statement of cash flows (ignore beginning balance) for the
What does credit mean?
To decrease an asset account, is a debit or credit required?
To decrease a liability account, is a debit or credit required?
What is an account and where is it located in a manual accounting system?
Refer to E7.15. Prepare the balance sheet for Wagner Services, Inc., as of August 31, 2018.Data from E7.15Given this adjusted trial balance for Wagner Services, Inc., prepare the income statement and
What is the difference between a general journal and the ledger and why is each needed in the accounting system?
What is the difference between journalizing and posting? Which occurs first?
What is the accounting cycle?
What is the difference between an expense and a revenue accrual?
Refer to E7.15. Prepare the closing entries for Wagner Services, Inc., on August 31, 2018.Data from E7.15Given this adjusted trial balance for Wagner Services, Inc., prepare the income statement and
What is a contra account? If an account is a contra liability, what is its normal balance?
On January 1, 2018, the start of its fiscal year, the Straley Company had these account balances.During the year, the company was involved in the following operating events:Make the entries for
Farris Corporation had the following operating events occur during the month of August 2018. Farris Corporation’s fiscal year-end is August 31.1 Paid $5,000 for four months’ rent in advance.2
An abbreviated payroll register for the Achermann Corporation for the week ending August 18, 2019, follows:Prepare the journal entry to record the following:1. Payment of the weekly payroll.2. The
Refer to the company you chose in C1.1. Based on your knowledge of this company, answer the following.A. Estimate the cash paid for inventory.B. Estimate the cash paid for operating expenses.C. What
Mr. X, the owner of XYZ Company, is having some cash flow problems. He is unable to take discounts on inventory and, in fact, is having trouble paying his inventory invoices as they become due. The
Gross pay for the employees of Adams Supply Company for September 2019 is as follows:Information on withholding and taxes:1. Federal income tax withheld, $62,000.2. FICA taxes withheld on employees,
Design a payroll register.
At the end of the fiscal year on June 30, 2018, Weisz Industries had unpaid accrued wages of $260,000. Assuming a FICA tax rate of 7.65 percent, a FUTA tax rate of 0.6 percent, and a SUTA tax rate of
Refer to E8.6. Determine the effect of each of the events on the accounting equation.Data from E8.6Using perpetual inventory procedures, journalize the following transactions on the books of Murray
Given the following account balances, determine the cash paid for insurance, office supplies, and wages in 2019. Prepaid insurance Office supplies Wages payable Insurance expense Office supplies
Who pays FICA taxes, the employee or the employer? Why?
What is the difference between prepaid rent and rent expense?
The Cole Corporation had cost of goods sold of $685,000 during 2018. Based on the beginning and ending balances of the Inventory and Accounts Payable—Merchandise accounts, how much cash did Cole
What is the difference between supplies and supplies expense?
What is the purpose of the account Accumulated Depreciation?
What is the difference between utilities expense and utilities payable?
A company’s Inventory account increased during the period. Is cost of goods sold greater than or less than the amount of net purchases during the period? Why?
A company’s Accounts Payable—Merchandise Inventory account decreased during the period. Were the net purchases on account greater than or less than the cash paid for purchases? Why?
How does a company decide whether to use a perpetual or a periodic inventory system?
How does a company decide whether to use the gross or net price method to record inventory?
Why would a company compare its actual financial results to its budgeted financial results?
Romero, Inc., had a $60,000 balance in its Accounts Payable account at the beginning of the year. By year-end this balance had increased by $10,000. During the year, Romero made $630,000 of
Refer to E3.15. These data were entered into a regression program, resulting in the following output. Use this output to determine the expected cost if 1,000 items are shipped in one month.Data from
What does each element in the equation Y = a + b (X) indicate in terms of costs?
What does each element in the equation Y = a + b (X) indicate in terms of revenues?
What are the advantages and disadvantages of the high/low method?
Refer to E3.18. What is the R square for this analysis? Evaluate the strength of the linear regression analysis.Data from E3.18Refer to E3.17. These data were entered into a linear regression
Define the following terms used in regression analysis:(a) Independent variable(b) Dependent variable(c) R square.
Refer to E3.16. What is the R square for this analysis? Evaluate the strength of this linear regression relationship.Data from E3.16Refer to E3.15. These data were entered into a regression program,
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