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Questions and Answers of Financial Accounting

Star Class Rings produces class rings. Its best-selling model has a direct material standard of 8 grams of a special alloy per ring. This special alloy has a standard cost of $64.50 per gram. In the
Last month, Bugsby Corporation purchased and used the same quantity of material in producing its speed bumps, a traffic control product. Complete the following table:
Russell Tax Services prepares tax returns for senior citizens. The standard in terms of (direct labor) time spent on each return is 3.0 hours. The direct labor standard wage rate at the firm is
The Rosenbaum Restaurant Group manufactures the bags of frozen French fries used at its franchised restaurants. Last week, Rosenbaum purchased and used 98,000 pounds of potatoes at a price of $0.70
Streetsboro Ceramics produces large planters to be used in urban landscaping projects. A special earth clay is used to make the planters. The standard quantity of clay used for each planter is 24
Wright Foods processes bags of organic frozen vegetables sold at specialty grocery stores. Wright allocates manufacturing overhead based on direct labor hours. The company has budgeted fixed
Refer to the Elegant Designs data set.Elegant Designs is a manufacturer of large flower pots for urban settings. The company has these standards:Elegant Designs allocates fixed manufacturing overhead
Refer to the Elegant Designs data set.Elegant Designs is a manufacturer of large flower pots for urban settings. The company has these standards:Elegant Designs allocates fixed manufacturing overhead
Refer to the Elegant Designs data set. Calculate and interpret overhead variances.Elegant Designs is a manufacturer of large flower pots for urban settings. The company has these standards:Elegant
Refer to the Elegant Designs data set. Assume the company uses a standard cost accounting system.Elegant Designs is a manufacturer of large flower pots for urban settings. The company has these
Refer to the Elegant Designs data set. Prepare a standard cost income statement for the company's management. Assume that sales were $848,000 and actual marketing and administrative expenses were
Dazzle Fabrics manufactures a specialty monogrammed blanket. The following are the cost standards for this blanket: Direct materials (fabric)....................... 2.0 yards per blanket at $7.00 per
Mitchell Products manufactures faux boulders to be used in various landscaping applications. A special resin is used to make the boulders. The standard quantity of resin used for each boulder is 2
Conrad Awning manufactures awnings and uses a standard cost system. The company allocates overhead based on the number of direct labor hours. The following are the company's cost and standards
Seacrest Manufacturing produces ceramic teapots. Seacrest allocates overhead based on the number of direct labor hours. The company is looking into using a standard cost system and has developed the
Woodsy Music manufactures harmonicas. Woodsy uses standard costs to judge performance. Recently, a clerk mistakenly threw away some of the records, and only partial data for September exist. Woodsy
Pizarro Clothing manufactures embroidered jackets. The company uses a standard cost system to control manufacturing costs. The following data represent the standard unit cost of a jacket:Fixed
Athena Fabrics manufactures a specialty monogrammed blanket. The following are the cost and labor standards for this blanket: Direct material (fabric): 2.0 yards per blanket at $7.50 per yard Direct
Nautical Awning manufactures awnings and uses a standard cost system. Nautical allocates overhead based on the number of direct labor hours. The following are the company's cost and standards
Dolson Manufacturing produces ceramic teapots. Dolson allocates overhead based on the number of direct labor hours. The company is looking into using a standard cost system and has developed the
Folklore Music manufactures harmonicas. Folklore uses standard costs to judge performance. Recently, a clerk mistakenly threw away some of the records, and only partial data for July exist. Folklore
Figaro Company manufactures embroidered jackets. The company uses a standard cost system to control manufacturing costs. The following data represent the standard unit cost of a jacket:Fixed overhead
This case is a continuation of the Caesars Entertainment Corporation serial case that began in Chapter 1. Refer to the introductory story in Chapter 1 (see page 43) for additional background. (The
Edelman Oil performs oil changes. The standard wage rate for oil change technicians is $17 per hour. By analyzing its past records of time spent on oil changes, the company has developed a standard
The Green Gnome Company manufactures lawn and garden concrete and resin statues. It uses a standard costing system for its products. Managers and production personnel are paid bonuses based on
In the following list, identify whether the situation would indicate that a company should use standard costs and variance analysis or if the company should move away from standard costs and variance
Shepard Industries produced 4,000 tables last month. The standard variable manufacturing overhead (MOH) rate used by the company is $24 per machine hour. Each table requires 0.3 machine hours. Actual
Boxer Manufacturing produces luxury dog houses. Each dog house requires 4.0 hours of machine time for its elaborate trim and finishing. For the current year, Boxer calculated its predetermined fixed
Woodsy Music is considering investing $625,000 in private lesson studios that will have no residual value. The studios are expected to result in annual net cash inflows of $90,000 per year for the
Refer to Woodsy Music in S12-10. What is the approximate internal rate of return (IRR) of the studio investment? Woodsy Music is considering investing $625,000 in private lesson studios that will
The local supermarket is considering investing in self-checkout kiosks for its customers. The self-checkout kiosks will cost $45,500 and have no residual value. Management expects the equipment to
Refer to the supermarket in S12-12. What is the approximate internal rate of return (IRR) of the kiosk investment? The local supermarket is considering investing in self-checkout kiosks for its
Which of the following purchases would be considered capital investments? a. The upgrade of the customer service fleet to new fuel-efficient vehicles has a cost of $400,000. b. The cost of raw
Root Products is considering acquiring a manufacturing plant. The purchase price is $900,000. The owners believe the plant will generate net cash inflows of $300,000 annually. It will have to be
The Cleveland Foodbank is a nonprofit organization that receives donations of food and distributes this food to appropriate charitable organizations. Many times, large quantities of food need to be
Refer to the Playmore Products Data Set. Calculate the sandbox toy project's payback period. If the sandbox toy project had a residual value of $175,000, would the payback period change? Explain
Refer to the Robinson Hardware information in E12-19A. Compute the ARR for the investment. Robinson Hardware is adding a new product line that will require an investment of $1,550,000. Managers
Star Golf Products is considering whether to upgrade its equipment. Managers are considering two options. Equipment manufactured by Heatherwood Inc. costs $900,000 and will last six years and have no
Assume that you want to retire early at age 52. You plan to save using one of the following two strategies: (1) save $2,700 a year in an IRA beginning when you are 27 and ending when you are 52 (25
Grant Industries is evaluating whether to invest in solar panels to provide some of the electrical needs of its main office building in Buffalo, New York. The solar panel project would cost $600,000
Samantha wants to take the next four years off work to travel around the world. She estimates her annual cash needs at $30,000 (if she needs more, she'll work odd jobs). Samantha believes she can
Congratulations! You've won a state lotto! The state lottery offers you the following (aftertax) payout options: Option #1: $14,500,000 six years from now Option #2: $2,200,000 at the end of each
1. Suppose you invest a sum of $4,000 in an interest-bearing account at the rate of 10% per year. What will the investment be worth six years from now? 2. How much would you need to invest now to be
Use the NPV method to determine whether Vargas Products should invest in the following projects: • Project A costs $280,000 and offers eight annual net cash inflows of $56,000. Vargas Products
Refer to Vargas Products in E12-27A. Compute the IRR of each project and use this information to identify the better investment. Use the NPV method to determine whether Vargas Products should invest
Walker Industries is deciding whether to automate one phase of its production process. The manufacturing equipment has a six-year life and will cost $905,000. Projected net cash inflows are as
Refer to the Playmore Products Data Set. Calculate the sandbox toy project's payback period. If the sandbox toy project had a residual value of $175,000, would the payback period change? Explain
Brooklyn Tables is considering an equipment investment that will cost $960,000. Projected net cash inflows over the equipment's three-year life are as follows: Year 1: $484,000; Year 2: $388,000; and
Stanton Manufacturing is considering three capital investment proposals. At this time, the company has funds available to pursue only one of the three investments.Requirement Which investment should
Consider how Wolf Valley, a popular ski resort, could use capital budgeting to decide whether the $8 million Brook Park Lodge expansion would be a good investment. Assume that Wolf Valley's managers
Refer to the Wolf Valley Data Set in E12-32A. Assume that Wolf Valley's managers developed the following estimates concerning a planned expansion to its Brook Park Lodge (all numbers assumed): Number
A variety of robots were featured at the 2016 National Restaurant Show that could be used for a variety of tasks in restaurants. These robots were introduced at the same time that an ongoing debate
The following table contains information about four projects in which Andrews Corporation has the opportunity to invest. This information is based on estimates that different managers have prepared
Langor Products is considering acquiring a manufacturing plant. The purchase price is $2,400,000. The owners believe the plant will generate net cash inflows of $300,000 annually. It will have to be
The Cleveland Foodbank is a nonprofit organization that receives donations of food and distributes this food to appropriate charitable organizations. Many times, large quantities of food need to be
Archer Hardware is adding a new product line that will require an investment of $1,460,000. Managers estimate that this investment will have a 10-year life and generate net cash inflows of $335,000
Refer to the Archer Hardware information in E12-38B. Compute the ARR for the investment. Archer Hardware is adding a new product line that will require an investment of $1,460,000. Managers estimate
Refer to the Playmore Products Data Set. Calculate the toy action figure project's ARR. If the toy action figure project had a residual value of $175,000, would the ARR change? Explain and
Atlanta Tennis Products is considering whether to upgrade its manufacturing equipment. Managers are considering two options. Equipment manufactured by Kunshier Inc. costs $1,200,000 and will last for
Assume you want to retire early at age 53. You plan to save using one of the following two strategies: (1) save $3,600 a year in an IRA beginning when you are 28 and ending when you are 53 (25 years)
Herschel Industries is evaluating whether to invest in solar panels to provide some of the electrical needs of its main building in Innsbrook, Virginia. The solar panel project would cost $550,000
Hazel wants to take the next six years off work to travel around the world. She estimates her annual cash needs at $35,000 (if she needs more, she'll work odd jobs). Hazel believes she can invest her
Congratulations! You've won a state lotto! The state lottery offers you the following (after-tax) payout options: Option #1: $12,000,000 six years from now Option #2: $2,200,000 at the end of each
Solve these various time value of money scenarios. 1. Suppose you invest a sum of $3,000 in an interest-bearing account at the rate of 10% per year. What will the investment be worth six years from
Use the NPV method to determine whether McKnight Products should invest in the following projects: • Project A costs $265,000 and offers seven annual net cash inflows of $65,000. McKnight Products
Refer to McKnight Products in E12-46B. Compute the IRR of each project and use this information to identify the better investment. Use the NPV method to determine whether McKnight Products should
Fielding Industries is deciding whether to automate one phase of its production process. The manufacturing equipment has a six-year life and will cost $910,000. Projected net cash inflows are as
Newark Tables is considering an equipment investment that will cost $955,000. Projected net cash inflows over the equipment's three-year life are as follows: Year 1: $492,000; Year 2: $394,000; and
Refer to the Playmore Products Data Set. Calculate the sandbox toy project's ARR. If the sandbox toy project had a residual value of $175,000, would the ARR change? Explain and recalculate if
Luton Manufacturing is considering three capital investment proposals. At this time, Luton only has funds available to pursue one of the three investments.Requirement Which investment should Luton
Consider how Soar Mountain, a popular ski resort, could use capital budgeting to decide whether the $9.5 million State Park Lodge expansion would be a good investment. Assume that Soar Mountain's
Refer to the Soar Mountain Data Set in E12-51B. Assume that Soar Mountain's managers developed the following estimates concerning a planned expansion of its State Park Lodge (all numbers
A variety of robots were featured at the 2016 National Restaurant Show that could be used for a variety of tasks in restaurants. These robots were introduced at the same time that an ongoing debate
The following table contains information about four projects in which Orion Corporation has the opportunity to invest. This information is based on estimates that different managers have prepared
1. Irving just hit the jackpot in Las Vegas and won $35,000! If he invests it now at a 10% interest rate, how much will it be worth in fifteen years? 2. Trent would like to have $3,500,000 saved by
Blue Water World is considering purchasing a water park in Columbus, Ohio, for $2,050,000. The new facility will generate annual net cash inflows of $515,000 for eight years. Engineers estimate that
Scribbles Inc. operates a chain of coffee shops. The company is considering two possible expansion plans. Plan A would open eight smaller shops at a cost of $8,440,000. Expected annual net cash
1. Charlie just hit the jackpot in Las Vegas and won $30,000! If he invests it now, at a 14% interest rate, how much will it be worth fifteen years from now? 2. Roderick would like to have $3,000,000
Your grandmother would like to share some of her fortune with you. She offers to give you money under one of the following scenarios (you get to choose): 1. $8,750 a year at the end of each of the
You are planning for an early retirement. You would like to retire at age 40 and have enough money saved to be able to draw $225,000 per year for the next 40 years (based on family history, you think
Lazy River World is considering purchasing a water park in Chattanooga, Tennessee, for $1,950,000. The new facility will generate annual net cash inflows of $505,000 for eight years. Engineers
Tree City Inc. operates a chain of coffee shops. The company is considering two possible expansion plans. Plan A would involve opening eight smaller shops at a cost of $8,940,000. Expected annual net
This case is a continuation of the Caesars Entertainment Corporation serial case that began in Chapter 1. Refer to the introductory story in Chapter 1 (see page 43) for additional background. (The
Assume that you make the following investments: a. You invest a lump sum of $7,550 for three years at 12% interest. What is the investment's value at the end of three years? b. In a different account
Listed below are three lottery payout options. Option 1: $940,000 now Option 2: $148,000 at the end of each year for the next ten years Option 3: $1,850,000 ten years from now Rather than compare the
Breakneck Creek Corporation is preparing its statement of cash flows (indirect method) for the past year. Listed below are items used in preparing the company's statement of cash flows. Specify how
Commander Corporation uses the direct method to prepare its statement of cash flows. Data related to cash activities for last year appear next.Answer the following questions: 1. What was the net cash
The comparative balance sheet for Coastal Travel Services, Inc., for December 31, 2017 and 2016, is as follows:The following information is taken from the records of Coastal Travel Services, Inc.: a.
Using the data given in E13-12A, prepare the statement of cash flows (indirect method) for Coastal Travel Services, Inc., for 2017.
Compute the following cash flows for Clear Media Services Company for the past year, assuming the company uses the direct method: 1. The beginning balance of Retained Earnings was $138,000, while the
Ericson Corporation has the following activities for the past year:Requirement Prepare the operating activities section of Ericson Corporation's statement of cash flows for the year ended December
Using the data given in E13-15A, prepare statement of cash flows for Ericson Corporation for the year. Ericson Corporation uses the indirect method for operating activities.
Innovations Corporation is preparing its statement of cash flows for the past year. The company has gathered the following information about the past year just ended on December
Middleton Spas provides the following data for the year just ended on December 31.Requirement Prepare the operating activities section of Middleton Spas' statement of cash flows for the year just
Using the data from E13-18A, prepare the statement of cash flows using the direct method.
Majestic Corporation began the year with accounts receivable, inventory, and prepaid expenses totaling $67,000. At the end of the year, Majestic had a total of $77,000 for these current assets. At
Shadi Interiors began the year with cash of $55,000. During the year, Shadi Interiors earned service revenue of $404,000. Cash collections for the year were $400,000. Expenses for the year were
The Plastic Lumber Company, Inc., (PLC) is a manufacturer that takes in post-consumer plastics (i.e., empty milk jugs) and recycles those plastics into a "plastic lumber" that can be used to build
The comparative balance sheet for Seaway Travel Services, Inc., for December 31, 2017 and 2016, is as follows:The following information is taken from the records of Seaway Travel Services, Inc.: a.
Using the data given in E13-22B, prepare the statement of cash flows (indirect method) for Seaway Travel Services, Inc., for 2017.

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