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financial accounting

Questions and Answers of Financial Accounting

Use the following information to prepare a budgeted balance sheet for Boswell Corporation at March 31. Show computations for the cash and owners' equity amounts. a. March 31 inventory balance,
You recently began a job as an accounting intern at Whitewater Adventures. Your first task was to help prepare the cash budget for February and March. Unfortunately, the computer with the budget file
The Blue Lamp, a local Italian restaurant, expects sales to be $400,000 in January. Its average customer restaurant bill is $50. Only 15% of the restaurant bills are paid with cash; 75% are paid with
Case Corner Shoppe is a local convenience store with the following information: • October sales were $200,000. • Sales are projected to go up by 20% in November and another 10% in December and
Scott Electronics sells tablets. Its sales budget for the nine months ended September 30 follows:In the past, cost of goods sold has been 70% of total sales. The director of marketing and the
Martin Manufacturing is preparing its master budget for the first quarter of the upcoming year. The following data pertain to Martin Manufacturing's operations:Current Assets as of December 31 (prior
Each autumn, as a hobby, Hannah Olson weaves cotton placemats to sell at a local craft shop. The mats sell for $30 per set of four mats. The shop charges a 20% commission and remits the net proceeds
Birdfeeders Unlimited makes backyard birdfeeders. The company sells the birdfeeders to home improvement stores for $15 per birdfeeder. Each birdfeeder requires 1.5 board feet of wood, which the
Breadmaster produces organic bread that is sold by the loaf. Each loaf requires 1/2 of a pound of flour. The bakery pays $2.00 per pound of the organic flour used in its loaves. The bakery expects to
The budget committee of Hilton Fashions, an upscale women's clothing retailer, has assembled the following data. As the business manager, you must prepare the budgeted income statements for May and
Eli's Restaurant Supply is preparing its cash budgets for the first two months of the upcoming year. Here is the information about the company's upcoming cash receipts and cash disbursements: a.
Hugo Medical Supply has applied for a loan. Pacific Commerce Bank has requested a budgeted balance sheet as of April 30 and a combined cash budget for April. As Hugo Medical Supply's controller,
College Logos buys logo-imprinted merchandise and then sells it to university bookstores. Sales are expected to be $2,003,000 in September, $2,230,000 in October, $2,376,000 in November, and
Dollar Dime Store is a local discount store with the following information: • October sales are projected to be $350,000. • Sales are projected to increase by 15% in November and another 20% in
Conrad Manufacturing is preparing its master budget for the first quarter of the upcoming year. The following data pertain to Conrad Manufacturing's operations:Current assets as of December 31 (prior
Each autumn, as a hobby, Joann Denton weaves cotton placemats to sell at a local craft shop. The mats sell for $20 per set of four mats. The shop charges a 15% commission and remits the net proceeds
Birdhouses Inc. makes backyard birdhouses. The company sells the birdhouses to home improvement stores for $20 per birdfeeder. Each birdhouse requires 2.0 board feet of wood, which the company
The budget committee of Chelsey Fashions, an upscale women's clothing retailer, has assembled the following data. As the business manager, you must prepare the budgeted income statements for May and
Ivan's Restaurant Supply is preparing its cash budgets for the first two months of the upcoming year. Here is the information about the company's upcoming cash receipts and cash disbursements: a.
The Production Department of Whistler Manufacturing has prepared the following schedule of units to be produced over the first quarter of the upcoming year:Each unit requires 6.0 hours of direct
Fairview Medical Supply has applied for a loan. First American Bank has requested a budgeted balance sheet at April 30 and a combined cash budget for April. As Fairview Medical Supply's controller,
Carlton Logos buys logo-imprinted merchandise and then sells it to university bookstores. Sales are expected to be $2,007,000 in September, $2,200,000 in October, $2,377,000 in November, and
Dollar Discount Store is a local discount store with the following information: • October sales are projected to be $300,000. • Sales are projected to increase by 10% in November and another 20%
Caesars Palace® Las Vegas will use budgets to make its financial plans. Let's assume that Caesars prepares budgets for each of its hotel towers, including the new Julius Tower. Here is a list of
Gutierrez Company, a publicly held corporation, operates a regional chain of large drugstores. Each drugstore is operated by a general manager and a controller. The general manager is responsible for
Movies are expensive to produce and market. According to IMDb, the most expensive film on record is Pirates of the Caribbean: On Stranger Tides, with a total budget of $378.5 million.11 This movie
Monocle Corporation is preparing its manufacturing overhead budget. The direct labor budget for the upcoming quarter is as follows:The company's variable manufacturing overhead rate is $1.70 per
Wellfleet Corporation is preparing its operating expenses budget. The budgeted unit sales for the upcoming quarter are as follows:The company's variable operating expenses are $3.00 per unit. Fixed
Dyson, the vacuum cleaner manufacturer, made a large investment in a battery technology firm, Sakti3. Sakti3 is a Michigan-based start-up that is working on a solid-state battery. These solid-state
Dexter Manufacturing makes a variety of products, including lawn mowers. Dexter's Lawn Mower Division can use a component, K32, manufactured by Dexter's Electrical Division. The market price for K32
The following is a partially completed performance report for Sunshine Pools.1. How many pools did Sunshine Pools originally think it would install in April? 2. How many pools did Sunshine Pools
The following table contains a hypothetical partial master budget performance report for New England Fudge Company. Fill in the missing amounts. Be sure to indicate whether variances are favorable
One subunit of Bacall Sports Manufacturing Company had the following financial results last month:Requirements 1. Complete the performance evaluation report for this subunit (round to four
Drizzdale Industries has gathered the following information about the actual sales revenues and expenses for its pharmaceuticals segment for the most recent year.Sales
Identify each responsibility center as a cost center, a revenue center, a profit center, or an investment center. a. Baskin-Robbins is a subsidiary of Dunkin' Brands; Dunkin' Brands owns and operates
Rogers, a national manufacturer of lawn-mowing and snow-blowing equipment, segments its business according to customer type: Professional and Residential. Assume the following divisional information
Data on three unrelated companies are given in the following table.Requirement Fill in the missing information in the preceding table.
Results from Elite Corporation's most recent year of operations are presented in the following table. Operating income...................................... $ 9,000 Total
Montgomery Ceramics, a division of Watson Corporation, has an operating income of $77,000 and total assets of $440,000. The required rate of return for the company is 14%. The company is evaluating
Graham Motors manufactures specialty tractors. It has two divisions: a Tractor Division and a Tire Division. The Tractor Division can use the tires produced by the Tire Division. The market price per
The Happy Balloon Company produces party balloons that are sold in multi-pack cases. To follow is the company's performance report in contribution margin format for August:Requirements 1. What is the
Main Street Muffins sells its muffins to restaurants and coffee houses for an average selling price of $26 per case. The following information relates to the budget for Main Street Muffins for this
Newton Industries has a relevant range extending to 31,800 units each month. The following performance report provides information about Newton's budget and actual performance for
Dakota Corporation is preparing its balanced scorecard for the past quarter. The balanced scorecard contains four perspectives: financial, customer, internal business process, and learning and
One subunit of Contest Sports Manufacturing Company had the following financial results last month:Requirements 1. Complete the performance evaluation report for this subunit (round to four
Campbell Industries has gathered the following information about the actual sales revenues and expenses for its pharmaceuticals segment for the most recent year (all data is in millions). Sales
Zeldas, a national manufacturer of lawn-mowing and snow-blowing equipment, segments its business according to customer type: Professional and Residential. Assume that the following divisional
Data on three unrelated companies are given in the following table.Requirement Fill in the missing information.
Results from Supreme Corporation's most recent year of operations are presented in the following table: Operating income ................................................ $ 8,060 Total assets
Jackson Ceramics, a division of Dunlap Corporation, has an operating income of $82,000 and total assets of $410,000. The required rate of return for the company is 10%. The company is evaluating
Howard Motors manufactures specialty tractors. It has two divisions: a Tractor Division and a Tire Division. The Tractor Division can use the tires produced by the Tire Division. The market price per
The Celebration Balloon Company produces party balloons that are sold in multi-pack cases. To follow is the company's performance report in contribution margin format for August:Requirements 1. What
Stone Canyon Muffins sells its muffins to restaurants and coffee houses for an average selling price of $27 per case. The following information relates to the budget for Stone Canyon Muffins for this
Randall Corporation has a relevant range extending to 31,500 units each month. The following performance report provides information about Randall's budget and actual performance for
Royal Corporation is preparing its balanced scorecard for the past quarter. The balanced scorecard contains four perspectives: financial, customer, internal business process, and learning and growth.
Outrageous Bubbles, Inc., produces multicolored bubble solution used for weddings and other events. The company's master budget income statement for March follows. It is based on expected sales
Refer to the Outrageous Bubbles data in P10-43A. The company sold 60,000 bubble kits during March, and its actual operating income was as follows:Requirements 1. Prepare an income statement
NYC Paints is a national paint manufacturer and retailer. The company is segmented into five divisions: Paint Stores (branded retail location), Consumer (paint sold through stores such as Sears, Home
Jubilee Company segments its company into four distinct divisions. The net revenues, operating profit, and total assets for these divisions are disclosed in the footnotes to Jubilee Company's
Assume the Small Components Division of Martin Manufacturing produces a video card used in the assembly of a variety of electronic products. The division's manufacturing costs and variable selling
One subunit of Carlton Sports Company had the following financial results last month:Requirements 1. Complete the performance evaluation report for this subunit (round to three decimal places). 2.
Popping Bubbles produces multicolored bubble solution used for weddings and other events.Popping Bubbles' plant capacity is 72,500 kits. If actual volume exceeds 72,500 kits, the company must expand
The following is a partial performance report for a revenue center for the Southwest Division of Hosta Restaurants.Fill in the missing amounts. Indicate whether each variance is favorable (F) or
Refer to the Popping Bubbles' data in P10-49B. The company sold 70,000 bubble kits during March and its actual operating income was as follows:Data in P10-49B Requirements 1. Prepare an income
Sacramento Paints is a national paint manufacturer and retailer. The company is segmented into five divisions: Paint Stores (branded retail locations), Consumer (paint sold through stores like Sears,
BOGO Company segments its company into four distinctive divisions. The net revenues, operating profit, and total assets for these divisions are disclosed in the footnotes to BOGO Company's
Assume the Small Components Division of Lang Manufacturing produces a video card used in the assembly of a variety of electronic products. The division's manufacturing costs and variable selling
One subunit of Carolina Sports Company had the following financial results last month:Requirements 1. Complete the performance evaluation report for the subunit (round to three decimal places). 2.
Caesars Entertainment Corporation reports several types of revenues in its Form 10-K, including Casino, Food and Beverage, Rooms, and Other. Questions 1. Would Caesars Palace® Las Vegas be likely to
The Ford Motor Company operates two segments (Ford refers to its segments as "sectors"). Using the company's website, locate sector information for 2015 in the company's 2015 annual
Costello Company has several divisions. The controller, Sarah James, prepares monthly segment reports for each division. Each division manager is evaluated annually, based largely on the segment
Irvin Chemical Corporation has three divisions. Following is division information from the most recent year.For each of the three divisions, calculate sales margin, capital turnover, and return on
The Procter & Gamble Company (P&G), a global consumer goods company, was one of the top 25 manufacturers in the United States based on 2015 revenues.8 Its products include Bounty paper towels, Head &
Refer to Epic Sports Data Set.1. Calculate each division's ROI.2. Top management has extra funds to invest. Which division will most likely receive those funds? Why?3. Can you explain why one
Refer to the Epic Sports Data Set.1. Compute each division's sales margin. Interpret your results.2. Compute each division's capital turnover (round to two decimal places). Interpret your results.3.
Refer to the Epic Sports Data Set. Compute each division's residual income. Interpret your results. Are your results consistent with each division's ROI?Epic Sports Company makes snowboards, downhill
Swirl Confections is known for its rich dark chocolate fudge. Swirl sells its fudge to local retailers. A "unit" of fudge is a 10-pound batch. The standard quantities of ingredients for a batch
Calvin Industries produces high-end flutes for professional musicians across the globe. Actual fixed manufacturing overhead for the year was $1,250,000, while the budgeted fixed manufacturing
The Spartan Restaurant Group supplies its franchise restaurants with many pre/manufactured ingredients (such as bags of frozen French fries), while other ingredients (such as lettuce and tomatoes)
Assume that the Janis Corporation's manufacturing facility actually incurred $2,980,000 of manufacturing overhead for the year. Total fixed manufacturing overhead was budgeted at $3,010,000. Using a
During the week, the Spartan Restaurant Group's French fry manufacturing facility purchased 10,200 pounds of potatoes at a price of $1.06 per pound. The standard price per pound is $1.02. During the
During the week, the Spartan Restaurant Group's French fry manufacturing facility incurred 1,500 hours of direct labor. Direct laborers were paid $12.20 per hour. The standard hourly labor rate is
Bent Tree Coffee purchases green coffee beans from various suppliers and then roasts the coffee beans in its roasting facility. The roasted beans are sold in 20-pound cases to grocery stores and
Grow Right Products is a manufacturer of large flower pots for urban settings. The company has these standards: Direct materials (resin)...........................................9.6 pounds per pot
World Class Rings produces class rings. Its best-selling model has a direct materials standard of 16 grams of a special alloy per ring. This special alloy has a standard cost of $63.30 per gram. In
Last month, Talley Corporation purchased and used the same quantity of material in producing its product, speed bumps for traffic control. Complete the following table.
Malbasa Tax Services prepares tax returns for senior citizens. The standard in terms of (direct labor) time spent on each return is 4 hours. The direct labor standard wage rate at the firm is $16.50
The Windam Restaurant Group manufactures the bags of frozen French fries used at its franchised restaurants. Last week, Windam purchased and used 98,000 pounds of potatoes at a price of $0.85 per
Boat Guard, which used a standard cost accounting system, manufactured 210,000 boat fenders during the year, using 1,780,000 feet of extruded vinyl purchased at $1.30 per foot. Production required
Refer to the data in E11-23A. Boat Guard, which used a standard cost accounting system, manufactured 210,000 boat fenders during the year, using 1,780,000 feet of extruded vinyl purchased at $1.30
Melford Containers currently uses a recycled plastic to make bottles for the food industry. Current bottle production information: The cost and time standards per batch of 10,000 bottles are as
Aloha Foods processes bags of organic frozen fruits sold at specialty grocery stores. The company allocates manufacturing overhead based on direct labor hours. Aloha has budgeted fixed manufacturing
Refer to the Country Designs data set.Country Designs is a manufacturer of large flower pots for urban settings. The company has these standards:Country Designs allocated fixed manufacturing overhead
Refer to the Country Designs data set.Country Designs is a manufacturer of large flower pots for urban settings. The company has these standards:Country Designs allocated fixed manufacturing overhead
A Cadbury Creme Egg is an egg-shaped chocolate candy that weighs about 35 grams, or a little more than 1.2 ounces. It is filled with a white fondant and a smaller amount of yellow fondant, meant to
Refer to the Country Designs data set.Country Designs is a manufacturer of large flower pots for urban settings. The company has these standards:Country Designs allocated fixed manufacturing overhead
Refer to the Country Designs data set. Assume the company uses a standard cost accounting system.Country Designs is a manufacturer of large flower pots for urban settings. The company has these
Refer to the Country Designs data set. Prepare a standard cost income statement for the company's management. Assume that sales were $650,000 and actual marketing and administrative expenses were
Crooked River Coffee purchases green coffee beans from various suppliers and then roasts the coffee beans in its roasting facility. The roasted beans are sold in 25-pound cases to grocery stores and
City Grow Products is a manufacturer of large flower pots for urban settings. The company has these standards: Direct materials (resin)..........................................9.2 pounds per pot at

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