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cost accounting

Questions and Answers of Cost Accounting

Brook Health Care Center, Inc., has three clinics servicing the Birmingham metropolitan area. The company€™s legal services department supports the clinics. Moreover, its computer services
Phillips Paints manufactures three types of paint in a joint process: rubberized paint, rustproofing paint, and aluminum paint. In a standard batch of 500,000 gallons of raw material, the outputs are
Magnificent Modems has excess production capacity and is considering the possibility of making and selling paging equipment. The following estimates are based on a production and sales volume of
PIAB Enterprises has identified the following as having an impact on the company's quality costs:1. Inspection of manufactured goods on assembly line2. Warranty repairs3. Employee training4. Quality
Phillips Manufacturing uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2011, Job No. 50 was the only job in process. The costs
The following errors took place in journalizing and posting transactions:a. Advertising expense of $950 paid for the current month was recorded as a debit to Miscellaneous Expense and a credit to
On July 1, the supplies account balance was $1,950. During July, supplies of $6,750 were purchased, and $1,851 of supplies were on hand as of July 31. Determine supplies expense for July.
On October 1, the cash account balance was $23,600. During October, cash payments totaled $315,700, and the October 31 balance was $36,900. Determine the cash receipts during October.
Humvee Interiors is owned and operated by Tony Newbaurer, an interior decorator. In the ledger of Humvee Interiors, the first digit of the account number indicates its major account classification
Identify each of the following accounts of Sesame Services Co. as asset, liability, owner’s equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit.a.
The following errors occurred in posting from a two-column journal:1. A credit of $6,150 to Accounts Payable was not posted.2. A debit of $1,500 to Cash was posted to Miscellaneous Expense.3. A
What is the effect (increase or decrease) of a debit to an expense account? (a) In terms of owner’s equity and (b) In terms of expense?
In journalizing and posting the entry to record the purchase of supplies for cash, the accounts payable account was credited in error. What is the preferred procedure to correct this error?
Travis Fortney, an architect, opened an office on April 1, 2010. During the month, he completed the following transactions connected with his professional practice:a. Transferred cash from a personal
On October 1, 2010, Cody Doerr established Banyan Realty, which completed the following transactions during the month:a. Cody Doerr transferred cash from a personal bank account to an account to be
On July 1, 2010, Jessie Halverson established an interior decorating business, Photogenic Designs. During the month, Jessie Halverson completed the following transactions related to the business:July
Dodge City Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on July 31, 2010, is shown below.The following business transactions were
If the working papers correlating with this textbook are not used, omit Problem 2-5A. The following records of Hallmark Electronic Repair are presented in the working papers:• Journal containing
Yin & Yang Video has the following unadjusted trial balance as of January 31, 2010:The debit and credit totals are not equal as a result of the following errors:a. The balance of cash was overstated
Brandy Corbin, an architect, opened an office on July 1, 2010. During the month, she completed the following transactions connected with her professional practice:a. Transferred cash from a personal
On August 1, 2010, Cheryl Newsome established Titus Realty, which completed the following transactions during the month:a. Cheryl Newsome transferred cash from a personal bank account to an account
On April 1, 2010, Jose Guadalupe established an interior decorating business, Lodge Designs. During the month, Jose completed the following transactions related to the business:Apr. 1. Jose
Ampere Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on October 31, 2010, is shown below.The following business transactions were
The following records of Hallmark Electronic Repair are presented in the working papers:• Journal containing entries for the period May 1–31.• Ledger to which the May entries have been
Damascus Carpet has the following unadjusted trial balance as of August 31, 2010.The debit and credit totals are not equal as a result of the following errors:a. The balance of cash was understated
(a) Name and describe the five elements of internal control.(b) Is any one element of internal control more important than another?
How does a policy of rotating clerical employees from job to job aid in strengthening the control procedures within the control environment? Explain.
The ticket seller at a movie theater doubles as a ticket taker for a few minutes each day while the ticket taker is on a break. Which control procedure of a business’s system of internal control is
What is the purpose of preparing a bank reconciliation?
The following data were accumulated for use in reconciling the bank account of Commander Co. for March:a. Cash balance according to the company’s records at March 31, $13,065.b. Cash balance
OccuLogix, Inc., provides treatments for eye diseases, including age-related macular degeneration (AMD). The company’s treatment system, called the RHEO system, consists of an Octonova pump and
The cash account for Discount Medical Co. at April 30, 2010, indicated a balance of $4,604. The bank statement indicated a balance of $9,158 on April 30, 2010. Comparing the bank statement and the
The cash account for Inky’s Bike Co. at July 1, 2010, indicated a balance of $12,470. During July, the total cash deposited was $26,680, and checks written totaled $31,500. The bank statement
Reydell Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of June 30 have been
What are the principal objections to the use of the average rate of return method in evaluating capital investment proposals?
Discuss the principal limitations of the cash payback method for evaluating capital investment proposals.
Why would the cash payback method understate the attractiveness of a project with a large residual value?
A net present value analysis used to evaluate a proposed equipment acquisition indicated a $7,900 net present value. What is the meaning of the $7,900 as it relates to the desirability of the
What provision of the Internal Revenue Code is especially important to consider in analyzing capital investment proposals?
What method can be used to place two capital investment proposals with unequal useful lives on a comparable basis?
What are the major advantages of leasing a fixed asset rather than purchasing it?
Give an example of a qualitative factor that should be considered in a capital investment analysis related to acquiring automated factory equipment.
Monsanto Company, a large chemical and fibers company, invested $37 million in state-of-the-art systems to improve process control, laboratory automation, and local area network (LAN) communications.
Al a Mode, Inc. is considering one of two investment options. Option 1 is a $40,000 investment in new blending equipment that is expected to produce equal annual cash flows of $12,000 for each of
A project is estimated to cost $427,779 and provide annual net cash flows of $87,000 for six years. Determine the internal rate of return for this project, using Exhibit 2.
A project is estimated to cost $56,434 and provide annual net cash flows of $14,000 for nine years. Determine the internal rate of return for this project, using Exhibit 2.
On the basis of the following data,(a) Journalize the adjusting entries at December 31, the end of the current fiscal year, and(b) Journalize the reversing entries on January 1, the first day of the
On the basis of the following data,(a) Journalize the adjusting entries at June 30, the end of the current fiscal year, and(b) Journalize the reversing entries on July 1, the first day of the
Portions of the wages expense account of a business are shown below.a. Indicate the nature of the entry (payment, adjusting, closing, reversing) from which each numbered posting was made.b.
Portions of the salaries expense account of a business are shown below.a. Indicate the nature of the entry (payment, adjusting, closing, reversing) from which each numbered posting was made.b.
Internal controls are designed to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate accounting records.Requirements1. Which
The Sarbanes-Oxley Act affects public companies.Requirement1. How does the Sarbanes-Oxley Act relate to internal controls? Be specific.
Separation of duties is a key internal control.Requirement1. Explain in your own words why separation of duties is often described as the cornerstone of internal control for safeguarding assets.
Shannon’s account at Commerce Bank has a balance of $1,200. Shannon’s account number is 1236.Requirement1. Assuming the bank uses encryption for customer account numbers and the last digit is a
Answer the following questions about the controls in bank accounts:Requirements1. Which bank control protects against forgery?2. Which bank control reports what the bank did with the customer’s
The Cash account of First on Alert Security Systems reported a balance of $2,470 at December 31, 2012. There were outstanding checks totaling $700 and a December 31 deposit in transit of $100. The
Review your results from preparing First on Alert Security Systems’ bank reconciliation in Short Exercise 7-6.Requirement1. Journalize the company’s transactions that arise from the bank
Sandra Kristof sells furniture for McKinney Furniture Company. Kristof is having financial problems and takes $650 that she received from a customer. She rang up the sale through the cash
Review the internal controls over cash receipts by mail presented in the chapter.Requirement1. Exactly what is accomplished by the final step in the process, performed by the controller?
A purchasing agent for Franklin Office Supplies receives the goods that he purchases and also approves payment for the goods.Requirements1. How could this purchasing agent cheat his company?2. How
The following petty cash transactions of Grayson Gaming Supplies occurred in March: Established a petty cash fund with a $150 balance.The petty cash fund has $14 in cash and $148 in petty cash
Shelby Emerson, an accountant for England Limited, discovers that her supervisor, Percy Halifax, made several errors last year. Overall, the errors overstated the company’s net income by 18%. It is
The following situations suggest a strength or a weakness in internal control.a. Top managers delegate all internal control procedures to the accounting department.b. The accounting department orders
Consider the following situations.a. While reviewing the records of Quality Pharmacy, you find that the same employee orders merchandise and approves invoices for payment.b. Business is slow at
The following situations suggest a strength or a weakness in e-commerce internal controls.a. Netproducts sells merchandise over the Internet. Customers input their credit card information for
Lynn Cavender owns Cavender Boot City. She fears that a trusted employee has been stealing from the company. This employee receives cash from customers and also prepares the monthly bank
The following items could appear on a bank reconciliation:a. Outstanding checks, $670.b. Deposits in transit, $1,500.c. NSF check from customer, #548 for $175.d. Bank collection of our note
D. J. Harrison's checkbook lists the following:Harrison's November bank statement shows the following:Requirements1. Prepare Harrison's bank reconciliation at November 30, 2012.2. How much cash does
Brett Knight operates four bowling alleys. He just received the October 31 bank statement from City National Bank, and the statement shows an ending balance of $905. Listed on the statement are an
When you check out at a Target store, the cash register displays the amount of the sale. It also shows the cash received and any change returned to you. Suppose the register also produces a customer
Gary’s Great Cars purchases high-performance auto parts from a Nebraska vendor. Dave Simon, the accountant for Gary’s, verifies receipt of merchandise and then prepares, signs, and mails the
Karen€™s Dance Studio created a $370 imprest petty cash fund. During the month, the fund custodian authorized and signed petty cash tickets as follows:Requirement1. Make the general journal
Hangin’ Out Night Club maintains an imprest petty cash fund of $100, which is under the control of Sandra Morgan. At March 31, the fund holds $9 cash and petty cash tickets for office supplies,
AIG, which received more than $170,000,000 in taxpayer bailout money from the U.S. Treasury, planned to pay $165,000,000 in bonuses to its executives in 2009.Requirement1. Suppose you were one of
Internal control, components, procedures, and lawsTERMS:1. Internal control2. Control procedures3. Firewalls4. Encryption5. Control environment6. Information system7. Separation of duties8.
Each of the following situations has an internal control weakness.a. Upside – Down Applications develops custom programs to customer’s specifications. Recently, development of a new program
The December cash records of Dunlap Insurance follow:Dunlap's Cash account shows a balance of $16,740 at December 31. OnDecember 31, Dunlap Insurance received the following bank statement:Additional
The August 31 bank statement of Winchester’s Healthcare has just arrived from United Bank. To prepare the bank reconciliation, you gather the following data:a. The August 31 bank balance is
Two Brother Productions makes all sales on credit. Cash receipts arrive by mail. Justin Broaddus in the mailroom opens envelopes and separates the checks from the accompanying remittance advices.
On June 1, Bash Salad Dressings creates a petty cash fund with an imprest balance of $450. During June, Al Franklin, the fund custodian, signs the following petty cash tickets:On June 30, prior to
Suppose that on June 1, Rockin€™ Gyrations, a disc jockey service, creates a petty cash fund with an imprest balance of $500. During June, Michael Martell, fund custodian, signs the
North Bank has a loan receivable from Westminster Dance Company. Westminster is late making payments to the bank, and Kevin McHale, a North Bank vice president, is helping Westminster restructure its
Internal control, components, procedures, and lawsTERMS:1. Collusion2. Controller3. Lock-box system4. Firewalls5. Encryption6. Control environment7. Documents8. Internal control9. External
The May cash records of Dickson Insurance follow:Dickson's Cash account shows a balance of $16,650 at May 31. On May 31,Dickson received the following bank statement:Additional data for the bank
The October 31 bank statement of White’s Healthcare has just arrived from State Bank. To prepare the bank reconciliation, you gather the following data:a. The October 31 bank balance is $5,170.b.
Rocking Chair Productions makes all sales on credit. Cash receipts arrive by mail. Larry Padgitt in the mailroom opens envelopes and separates the checks from the accompanying remittance advices.
On September 1, Cool Salad Dressings creates a petty cash fund with an imprest balance of $250. During September, Michael Martell, the fund custodian, signs the following petty cash tickets:On
Suppose that on September 1, Bash Gyrations, a disc jockey service, creates a petty cash fund with an imprest balance of $250. During September, Ruth Mangan, fund custodian, signs the following petty
Citizenship Bank has a loan receivable from Therot Recording Company. Therot is late making payments to the bank, and Robert Phelps, a Citizenship Bank vice president, is helping Therot restructure
This exercise continues the Lawlor Lawn Service, Inc., situation from Exercise 6-44 of Chapter 6. During June, Lawlor Lawn Service decided that it needed a petty cash fund. Lawlor started the fund by
This problem continues the Draper Consulting, Inc., situation from Problem 6-45 of Chapter 6. Draper performs systems consulting. Draper's February Cash from its general ledger is as follows:Draper's
Consider the November 2012 transactions for Shine King Cleaning that were presented in Chapter 2. The bank statement dated November 30, 2012, for Shine King follows.Requirements1. Prepare the bank
Each of the following situations has an internal control weakness:a. Soft Wizzard Applications sells accounting software. Recently, development of a new program stopped while the programmers
This case is based on an actual situation. Centennial Construction Company, headquartered in Dallas, Texas, built a Rodeway Motel 35 miles north of Dallas. The construction foreman, whose name was
San Diego Harbor Tours has poor internal control over cash. Ben Johnson, the owner, suspects the cashier of stealing. Here are some details of company cash at September 30:a. The Cash account in the
Mel O’Conner owns rental properties in Michigan. Each property has a manager who collects rent, arranges for repairs, and runs advertisements in the local newspaper. The property managers transfer
Study the audit opinion (labeled Report of Ernst & Young LLP) of Amazon.com and the Amazon financial statements given in Appendix A at the end of this book. Answer the following questions about the
Levon Helm was a kind of one-man mortgage broker. He would drive around Tennessee looking for homes that had second mortgages, and if the criteria were favorable, he would offer to buy the second
You are promoting a rock concert in your area. Each member of your team will invest $10,000 of his or her hard-earned money in this venture. It is April 1 and the concert is scheduled for June 30.
In this chapter, you learned about three important financial statements: the income statement, statement of owner’s equity, and balance sheet. As mentioned in the margin note on page 34, most firms

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