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business
managerial accounting

Questions and Answers of Managerial Accounting

Dunn, Inc., is a privately held furniture manufacturer. For August 2012, Dunn had the following standards for one of its products, a wicker chair:
The Monroe Corporation manufactures lamps. It has set up the following standards per finished unit for direct materials and direct manufacturing labor:Direct materials: 10 lb. at $4.50 per lb.
GloriaDee, Inc., designs and manufactures T-shirts. It sells its T-shirts to brand-name clothes retailers in lots of one dozen. GloriaDee’s May 2011 static budget and actual results for direct
Consider the following data collected for Great Homes, Inc.: RequiredCompute the price, efficiency, and
The Clarkson Company produces engine parts for car manufacturers. A new accountant intern at Clarkson has accidentally deleted the calculations on the company’s variance analysis calculations for
Flexible-budget preparation and analysis. Bank Management Printers, Inc., produces luxury checkbooks with three checks and stubs per page. Each checkbook is designed for an individual customer and is
Brabham Enterprises manufactures tires for the Formula I motor racing circuit. For August 2012, it budgeted to manufacture and sell 3,000 tires at a variable cost of $74 per tire and total fixed
Comment on the following statement made by a plant manager: “Meetings with my plant accountant are frustrating. All he wants to do is pin the blame on someone for the many variances he reports.”
Why might managers find a flexible-budget analysis more informative than a static-budget analysis?
Retail outlets purchase snowboards from Slopes, Inc., throughout the year. However, in anticipation of late summer and early fall purchases, outlets ramp up inventories from May through August.
Slopes, Inc., manufactures and sells snowboards. Slopes manufactures a single model, the Pipex. In the summer of 2011, Slopes’ management accountant gathered the following data to prepare budgets
(CMA, adapted) Easecom Company is a manufacturer of videoconferencing products. Regular units are manufactured to meet marketing projections, and specialized units are made after an order is
(CPA, adapted) The Scarborough Corporation manufactures and sells two products: Thingone and Thingtwo. In July 2011, Scarborough’s budget department gathered the following data to prepare budgets
The Chelsea store of Family Supermarket (FS), a chain of small neighborhood grocery stores, is preparing its activity-based budget for January 2011. FS has three product categories: soft drinks,
(CMA, adapted) Roletter Company makes and sells artistic frames for pictures of weddings, graduations, and other special events. Bob Anderson, the controller, is responsible for preparing
The Suzuki Co. in Japan has a division that manufactures two-wheel motorcycles. Its budgeted sales for Model G in 2013 is 900,000 units. Suzuki’s target ending inventory is 80,000 units, and its
Purity, Inc., bottles and distributes mineral water from the company’s natural springs in northern Oregon. Purity markets two products: twelve-ounce disposable plastic bottles and four-gallon
The Mahoney Company has prepared a sales budget of 45,000 finished units for a three-month period. The company has an inventory of 16,000 units of finished goods on hand at December 31 and has a
Inglenook Co. produces wine. The company expects to produce 2,500,000 two-liter bottles of Chablis in 2012. Inglenook purchases empty glass bottles from an outside vendor. Its target ending inventory
Nivag’s Netballs is a manufacturer of high quality basketballs and volleyballs. Setup costs are driven by the number of batches. Equipment and maintenance costs increase with the number of
Pharmacare, Inc., a distributor of special pharmaceutical products, operates at capacity and has three main market segments:a. General supermarket chainsb. Drugstore chainsc. Mom-and-Pop single-store
Wigan has two classifications of professional staff: partners and associates. Hanley asks his assistant to examine the relative use of partners and associates on the recent Widnes Coal and St.
Hanley asks his assistant to collect details on those costs included in the $21,000 indirect-cost pool that can be traced to each individual job. After analysis, Wigan is able to reclassify $14,000
Family Supermarkets (FS) operates at capacity and decides to apply ABC analysis to three product lines: baked goods, milk and fruit juice, and frozen foods. It identifies four activities and their
Quikprint Corporation owns a small printing press that prints leaflets, brochures, and advertising materials. Quikprint classifies its various printing jobs as standard jobs or special jobs.
Parker Company produces mathematical and financial calculators and operates at capacity. Data related to the two products are presented here:
Automotive Products (AP) designs and produces automotive parts. In 2011, actual variable manufacturing overhead is $308,600. AP’s simple costing system allocates variable manufacturing overhead to
The controller of a retail company has just had a $50,000 request to implement an ABC system quickly turned down. A senior vice president, in rejecting the request, noted, “Given a choice, I will
“Increasing the number of indirect-cost pools is guaranteed to sizably increase the accuracy of product or service costs.” Do you agree? Why?
(S. Sridhar, adapted) Needham Company uses normal costing in its job-costing system. Partially completed T-accounts and additional information for Needham for 2011 are as follows:
Gibson Manufacturing uses normal costing for its job-costing system, which has two direct-cost categories (direct materials and direct manufacturing labor) and one indirect-cost category
Keating has just completed a review of its job-costing system. This review included a detailed analysis of how past jobs used the firm’s resources and interviews with personnel about what factors
Donnell Transport assembles prestige manufactured homes. Its job costing system has two direct-cost categories (direct materials and direct manufacturing labor) and one indirect-cost pool
Production Company produces gadgets for the coveted small appliance market. The following data reflect activity for the year 2011:
The University of Chicago Press is wholly owned by the university. It performs the bulk of its work for other university departments, which pay as though the press were an outside business
Consider the following selected cost data for the Pittsburgh Forging Company for 2011.Budgeted manufacturing overhead costs $7,500,000Budgeted machine-hours
The Lynn Company uses a normal job-costing system at its Minneapolis plant. The plant has a machining department and an assembly department. Its job-costing system has two direct-cost categories
Destin Products uses a job-costing system with two direct-cost categories (direct materials and direct manufacturing labor) and one manufacturing overhead cost pool. Destin allocates manufacturing
In each of the following situations, determine whether job costing or process costing would be more appropriate.a. A CPA firmb. An oil refineryc. A custom furniture manufacturerd. A tire
Comment on the following statement: “In a normal-costing system, the amounts in the Manufacturing Overhead Control account will always equal the amounts in the Manufacturing Overhead Allocated
The Domestic Engines Co. produces the same power generators in two Illinois plants, a new plant in Peoria and an older plant in Moline. The following data are available for the two plants:
Allen Corporation produces a molded plastic casing, LX201, for desktop computers. Summary data from its 2011 income statement are as follows:Revenues
(CMA, adapted) Marston Corporation manufactures pharmaceutical products that are sold through a network of external sales agents. The agents are paid a commission of 18% of revenues. Marston is
Mirabella Cosmetics manufactures and sells a face cream to small ethnic stores in the greater New York area. It presents the monthly operating income statement shown here to George Lopez, a potential
Operating leverage. Color Rugs is holding a two-week carpet sale at Jerry’s Club, a local warehouse store. Color Rugs plans to sell carpets for $500 each. The company will purchase the carpets from
CVP analysis, sensitivity analysis. Hoot Washington is the newly elected leader of the Republican Party. Media Publishers is negotiating to publish Hoot’s Manifesto, a new book that promises to be
The Super Donut owns and operates six doughnut outlets in and round Kansas City. You are given the following corporate budget data for next year:Revenues
“There is no such thing as a fixed cost. All costs can be ‘unfixed’ given sufficient time.” Do you agree? What is the implication of your answer for CVP analysis?
What is operating leverage? How is knowing the degree of operating leverage helpful to managers?
“CVP analysis is both simple and simplistic. If you want realistic analysis to underpin your decisions, look beyond CVP analysis.” Do you agree? Explain.
Define cost-volume-profit analysis.
1. How would the answer to Problem 2-34 be modified if you were asked for a schedule of cost of goods manufactured and sold instead of a schedule of cost of goods manufactured? Be specific.2. Would
Howell Corporation has the following account balances (in millions):
Consider the following account balances (in thousands) for the Canseco Company: 1.
Distinguish between inventoriable costs and period costs.
As a new controller, reply to this comment by a plant manager: “As I see it, our accountants may be needed to keep records for shareholders and Uncle Sam, but I don’t want them sticking their
Describe the five-step decision-making process.
“Management accounting deals only with costs.” Do you agree? Explain.
How can a management accountant help formulate strategy?
Ace Moving is considering investing in an entry-level computerized accounting information system. Ace needs a system that can record customer invoices and cash receipts. In addition, it would like to
McCormick & Company Incorporated, is a global leader in flavor that manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products. The company’s
For each transaction listed, identify the recording error and indicate the journal
Match each example with a component of a computerized accounting information system. Components may be used more than once.
Match each example with a component of a computerized accounting information system. Components may be used more than once.
What is a control account?
What is an accounting information system (AIS)?
Select a company and obtain its financial statements. Convert the income statement and the balance sheet to common size, and compare the company you selected to the industry average. The Risk
Riverside Sweets, a retail candy store chain, reported the following figures:
What are the three main ways to analyze financial statements?
The James Island Clothing Company began operations on July 1, 2018. The adjusted trial balance as of December 31, 2018, appears below, along with transaction data for 2018
The statement of cash flows categorizes like transactions for optimal reporting. Identify each item as a(n):• Operating activity—addition to net income (O+) or subtraction from net income (O-)•
Consider the following transactions: Identify the category of the statement of cash
Consider the following transactions:a. Purchased equipment for $130,000 cash.b. Issued $14 par preferred stock for cash.c. Cash received from sales to customers of $35,000.d. Cash paid to vendors,
Obtain the annual reports (or annual report data) of five well-known companies. You can get the reports either from the companies’ Web sites, from your college library, or by mailing a request
Naxion Corporation began operations on January 2, 2018, and had the following transactions during the year:Jan. 2 Issued 250,000 shares of $1 par value common stock at $45 per share. Total shares
What is a prior-period adjustment?
Use the Target Corporation financial statements to answer the following questions. Visit http:// www.pearsonhighered. com /Horngren to view a link to Target Corporation’s Fiscal 2015 Annual
The Walt Disney Company is a diversified entertainment company that is comprised of five different business segments. Walt Disney began as a cartoon studio in 1920 and today is known as a leading
Patrick’s Delivery Services is buying a van to help with deliveries. The cost of the vehicle is $35,000, the interest rate is 6%, and the loan is for three years. The van is to be repaid in three
In regard to a bond discount or premium, what is the effective-interest amortization method?
Explain each of the key factors that the time value of money depends on.
What type of account is Discount on Bonds Payable? What is its normal balance? Is it added to or subtracted from the Bonds Payable account to determine the carrying amount?
In regard to a bond discount or premium, what is the straight-line amortization method?
Details about a company’s liabilities appear in a number of places in the annual report. Visit http://www.pearsonhighered.com/ Horngren to view a link to Target Corporation’s Annual Report. Use
Many small businesses have to squeeze down costs any way they can just to survive. One way many businesses do this is by hiring workers as “independent contractors” rather than as regular
Ankel Footwear employees three salespeople, and pays time-and-a-half for overtime. Weekly paychecks are distributed on the Tuesday following the last day of the week (Saturday). Ankel withholds
Curtis Company is facing a potential lawsuit. Curtis’s lawyers think that it is reasonably possible that it will lose the lawsuit. How should Curtis report this lawsuit?
When do businesses record warranty expense, and why?
Coltrane Company has a $5,000 note payable that is paid in $1,000 installments over five years. How would the portion that must be paid within the next year be reported on the balance sheet?
In 150 words or fewer, explain the difference between trading debt investments and available-for-sale debt investments.
Details about a company’s investments appear in a number of places in the annual report. Use Target Corporation’s Fiscal 2015 annual report to answer the following questions. Visit http://www.
This problem continues the Canyon Canoe Company situation from Chapter 8. Amber and Zack Wilson are continuing to review business practices. Currently, they are reviewing the company’s property,
The financial statement presentation of debt securities categorized as trading, held-to-maturity, or available-for-sale as of March 31, 2018, is due shortly to Catherine’s supervisor. She has
How are held-to-maturity debt investments reported on the financial statements?
Where on the financial statements is an unrealized holding gain or loss on available-for-sale debt investments reported?
Where on the financial statements is an unrealized holding gain or loss on trading debt investments reported?
What adjustment must be made at the end of the period for trading debt investments and available-for-sale debt investments?
What method is used for investments in equity securities with more than 50% ownership? Briefly describe this method.
What method is used for investments in equity securities when the investor has significant influence and typically 20% to 50% ownership? Briefly describe how dividends declared and received and share
When disposing of an available-for-sale debt investment, where is the gain or loss on disposal reported in the financial statements?

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