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financial accounting

Questions and Answers of Financial Accounting

CocoaJoy processes cocoa beans into cocoa powder at a processing cost of $10,100 per batch. CocoaJoy can sell the cocoa powder as is, or it can process the cocoa powder further into chocolate syrup
O'Connor Frozen Foods purchased new computer-controlled production machinery last year from Advanced Enterprise. The equipment was purchased for $4.1 million and was paid for with cash. A
Over the past several years, decommissioned U.S. warships have been turned into artificial reefs in the ocean by towing them out to sea and sinking them. The thinking was that sinking the ship would
Jamison Paints makes and sells paint to home improvement stores. Jamison's only plant can produce up to 12 million cans of paint per year. Current annual production is 10 million cans. Fixed
Dominic Builders builds 1,500-square-foot starter tract homes in the fast-growing suburbs of Atlanta. Land and labor are cheap, and competition among developers is fierce. The homes are
Winter Sports Inc. operates a Rocky Mountain ski resort. The company is planning its lift ticket pricing for the coming ski season. Investors would like to earn a 15% return on the company's $100
Perreth Industries has an annual plant capacity of 70,000 units; current production is 55,000 units per year. At the current production volume, the variable cost per unit is $30.00 and the fixed cost
Suppose the Baseball Hall of Fame in Cooperstown, New York, has approached Collectibles & More with a special order. The Hall of Fame wants to purchase 53,000 baseball card packs for a special
Jasper McKnight Sunglasses sell for about $150 per pair. Suppose the company incurs the following average costs per pair: Direct materials
Top managers of Vermont Flooring are alarmed by their operating losses. They are considering dropping the laminate flooring product line. Company accountants have prepared the following analysis to
Suppose Smithers Company is considering discontinuing its organic dried fruit product line. Assume that during the past year, the organic dried fruit's product line income statement showed the
TreadFast produces two types of exercise treadmills: Regular and Deluxe. The exercise craze and related demand is such that TreadFast could use all of its available machine hours producing either
Each morning, Larry Imery stocks the drink case at Larry's Beach Hut in Charlotte, North Carolina. Larry's Beach Hut has 110 linear feet of refrigerated display space for cold drinks. Each linear
Shaw Enterprises manufactures one of the components used to assemble its main company product. Specialty Products, Inc., has offered to make the component at a cost of $12.80 per unit. Shaw
InteliSystems manufactures an optical switch that it uses in its final product. InteliSystems incurred the following manufacturing costs when it produced 70,000 units last year: Direct
Refer to E8-28A. InteliSystems needs 79,000 optical switches next year (assume same relevant range). By outsourcing them, InteliSystems can use its idle facilities to manufacture another product that
See the Winter Sports Inc. data from S8-2. Assume that Winter Sports' reputation has diminished and other resorts in the vicinity are charging only $65 per lift ticket. Winter Sports has become a
Hamilton Containers manufactures a variety of boxes used for packaging. Sales of its Model A20 box have increased significantly to a total of 430,000 A20 boxes. Hamilton has enough existing
Werner Natural Dairy processes organic milk into plain yogurt. Werner sells plain yogurt to hospitals, nursing homes, and restaurants in bulk, one-gallon containers. Each batch, processed at a cost
Nicholson Produce is considering whether it should replace a veggie burger patty shaper machine. The new machine will produce 25% more veggie burger patties than the old machine in the same amount of
Over the past several years, decommissioned U.S. warships have been turned into artificial reefs in the ocean by towing them out to sea and sinking them. The thinking was that sinking the ship would
Patterson Paints makes and sells paint to home improvement stores. Patterson's only plant can produce up to 13 million cans of paint per year. Current annual production is 10 million cans. Fixed
Gunter Builders builds 1,500-square-foot starter tract homes in the fast-growing suburbs of Denver. Land and labor are cheap, and competition among developers is fierce. The homes are
Windham Industries has an annual plant capacity of 80,000 units; current production is 65,000 units per year. At the current production volume, the variable cost per unit is $40.00, and the fixed
Suppose the Baseball Hall of Fame in Cooperstown, New York, has approached International Cards with a special order. The Hall of Fame wishes to purchase 56,000 baseball card packs for a special
Gentry Miller Sunglasses sell for $150 per pair. Suppose the company incurs the following average costs per pair: Direct materials
Top managers of Maine Flooring are alarmed by their operating losses. They are considering discontinuing the laminate flooring product line. Company accountants have prepared the following analysis
Orr Products manufactures t-shirts. It has the following costs when its production level is 100,000 units (t-shirts): __________________________________Total costs for 100,000 units Direct materials
Suppose Eagle Products is considering discontinuing its soy cereal product line. Assume that during the past year, the soy cereal product line income statement showed the following: Gross
Excer Treads produces two types of exercise treadmills: Regular and Deluxe. The exercise craze and related demand is such that Excer Treads could use all of its available machine hours producing
Each morning, Max Rouse stocks the drink case at Max's Beach Hut in Daytona Beach, Florida. Max's Beach Hut has 120 linear feet of refrigerated display space for cold drinks. Each linear foot can
McCall Enterprises manufactures one of the components used to assemble its main company product. Specialty Products, Inc., has offered to make the component at a cost of $14.10 per unit. McCall
Tech Systems manufactures an optical switch that it uses in its final product. Tech Systems incurred the following manufacturing costs when it produced 71,000 units last year: Direct
Refer to E8-44B. Tech Systems needs 78,000 optical switches next year (assume same relevant range). By outsourcing them, Tech Systems can use its idle facilities to manufacture another product that
Henderson Containers manufactures a variety of boxes used for packaging. Sales of its Model A20 box have increased significantly to a total of 400,000 A20 boxes. Henderson has enough existing
Organic Plus processes organic milk into plain yogurt. Organic Plus sells plain yogurt to hospitals, nursing homes, and restaurants in bulk, one-gallon containers. Each batch, processed at a cost of
Flora Gardening operates a commercial plant nursery where it propagates plants for garden centers throughout the region. Flora Gardening has $5.25 million in assets. Its yearly fixed costs are
Coastal Safety manufactures flotation vests in Miami, Florida. Coastal Safety's contribution margin income statement for the most recent month contains the following data:Suppose Dazzle Cruiselines
Shilling Manufacturing produces and sells oil filters for $3.25 each. A retailer has offered to purchase 20,000 oil filters for $1.55 per filter. Of the total manufacturing cost per filter of $2.10,
Members of the board of directors of Security Alliance have received the following operating income data for the year just ended:Members of the board are surprised that the industrial systems product
Agee Products, located in Peoria, Arizona, produces two lines of electric toothbrushes:Deluxe and Standard. Because Agee can sell all of the toothbrushes it produces, the owners are expanding the
Mountain Sports manufactures snowboards. Its cost of making 1,850 bindings is as follows: Direct materials .................................................................................. $
Noble Chemical has spent $240,000 to refine 71,000 gallons of acetone, which can be sold for $2.30 a gallon. Alternatively, Noble Chemical can process the acetone further. This processing will yield
Plants Galore operates a commercial plant nursery where it propagates plants for garden centers throughout the region. Plants Galore has $5.8 million in assets. Its yearly fixed costs are $742,000,
Summer Fun manufactures flotation vests in Philadelphia, Pennsylvania. Summer Fun's contribution margin income statement for the most recent month contains the following data:
Members of the board of directors of Security First have received the following operating income data for the year just ended:Members of the board are surprised that the industrial systems product
Brann Products, located in Ann Arbor, Michigan, produces two lines of electric toothbrushes: Deluxe and Standard. Because Brann can sell all the toothbrushes it can produce, the owners are expanding
Snowy Mountain manufactures snowboards. Its cost of making 19,000 bindings is as follows: Direct materials ............................................................................... $
Lacerna Chemical has spent $245,000 to refine 70,000 gallons of acetone, which can be sold for $1.90 a gallon. Alternatively, Lacerna Chemical can process the acetone further. This processing will
Devine Fashion in Chicago operates three departments: Men's, Women's, and Accessories. Devine Fashion allocates all fixed expenses (unavoidable building depreciation and utilities) based on each
What follows are the income statements for Caesars Entertainment Corporation for the three years ending December 31, 2012 through 2014?
1. A beverage company is considering whether to discontinue its line of grape soda. What factors will affect the company's decision? What is a qualitative factor? Which of the factors you listed are
Mrs. Yoder is a large family-style restaurant chain located throughout the Midwest in Amish communities. Currently, Mrs. Yoder makes its own biscuits. Customers love these biscuits; they are light,
Consider Devine Fashion from S8-6. Assume that the fixed expenses assigned to each department include only direct fixed costs of the department (rather than unavoidable fixed costs as given in
Consider Devine Fashion from S8-6. Assume once again that all fixed costs are unavoidable. If the company discontinues one of the current departments, it plans to replace the discontinued department
Storage Solutions produces plastic storage bins for household storage needs. The company makes two sizes of bins: Large (50 gallon) and Regular (35 gallon). Demand for the product is so high that the
Oregon Weights Company manufactures a specialty precision scale. For January, the company expects to sell 1,500 scales at an average price of $2,320 per unit. The average manufacturing cost of each
Kessler Service anticipates the following sales revenue over a five-month period:The company's sales are 30% cash and 70% credit. Its collection history indicates that credit sales are collected as
Finley Corporation is preparing its cash payments budget for next month. The following information pertains to the cash payments: a. Finley Corporation pays for 50% of its direct materials purchases
SaveCo Services, Inc., has $8,600 cash on hand on May 1. The company requires a minimum cash balance of $7,500. May cash collections are $548,480. Total cash payments for May are $563,420. Prepare a
The local grocery store expects that customers will use credit cards to pay for a total of 90,000 sales transactions during the month of April. These transactions are expected to amount to $1,000,000
Quinn Company sells mobile phones worldwide. The company expects to sell 4,600 mobile phones for $160 each in January and 4,000 mobile phones for $190 each in February. All sales are cash only. Quinn
Riley Beverages manufactures its own soda pop bottles. The bottles are made from polyethylene terephthalate (PET), a lightweight yet strong plastic. Riley uses as much PET recycled resin pellets in
Johnston Bookstore is the bookstore on campus for students and faculty. The bookstore shows the following sales projections in units by quarter for the upcoming year:The average price of an item in
Spring Garden Preschool operates a not-for-profit morning preschool. Each family pays a nonrefundable registration fee of $120 per child per school year. Monthly tuition for the eight-month school
Unilever is a multinational consumer goods company headquartered in Rotterdam, Netherlands, and London, United Kingdom. Some of its major brands in the United States include Dove, Hellman's, Lipton,
Hoffman Foods produces specialty soup sold in jars. The projected sales in dollars and jars for each quarter of the upcoming year are as follows:Hoffman anticipates selling 223,000 jars with total
Sacco Industries manufactures a popular interactive stuffed animal for children that requires three computer chips inside each toy. The company pays $2 for each computer chip. To help to guard
Osborne Manufacturing produces self-watering planters for use in upscale retail establishments. Sales projections for the first five months of the upcoming year show the estimated unit sales of the
Dominion Industries manufactures three models of a product in a single plant with two departments: Cutting and Assembly. The company has estimated costs for each of the three product models: the
The Stenback Company is in the process of preparing its manufacturing overhead budget for the upcoming year. Sales are projected to be 48,000 units. Information about the various manufacturing
Evansville Preschool operates a not-for-profit morning preschool that operates eight months of the year. The preschool has 190 kids enrolled in its various programs. The preschool's primary expense
Delta Labs performs a specialty lab test for local companies for $45 per test. For the upcoming quarter, Delta Labs is projecting the following sales:The budgeted cost of performing each test is $21.
Suffield Motors is a chain of car dealerships. Sales in the fourth quarter of last year were $4,400,000. Suppose management projects that its current year's quarterly sales will increase by 7% in
Holiday Corporation has found that 60% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Holiday Corporation has experienced the following
The Robbins Company is preparing its cash payments budget. The following items relate to cash payments the company anticipates making during the second quarter of the upcoming year.a. The company
Bentfield Health Center provides a variety of medical services. The company is preparing its cash budget for the upcoming third quarter. The following transactions are expected to occur: a. Cash
Augustine Reeds, a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be $904,000 in October, $964,000 in November, $1,045,000 in December, and $936,000 in January.
Use the following information to prepare a budgeted balance sheet for Luda Corporation at March 31. Show computations for the cash and stockholders' equity amounts. a. March 31 inventory balance,
You recently began a job as an accounting intern at Rockwall Adventures. Your first task was to help prepare the cash budget for February and March. Unfortunately, the computer with the budget file
The Red Lantern, a local Thai restaurant, expects sales to be $500,000 in January. Its average customer restaurant bill is $40. Only 20% of the restaurant bills are paid with cash; 70% are paid with
Kent Corner Shoppe is a local convenience store with the following information: • October sales were $250,000. • Sales are projected to go up by 12% in November and another 30% in December and
Ace 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 financial
Jerico Beverages manufactures its own soda pop bottles. The bottles are made from polyethylene terephthalate (PET), a lightweight yet strong plastic. The company uses as much PET recycled resin
Hartford Bookstore is the bookstore on campus for students and faculty. The bookstore shows the following sales projections in units by quarter for the upcoming year:The average price of an item in
Danville Preschool operates a not-for-profit morning preschool. Each family pays a nonrefundable registration fee of $105 per child per school year. Monthly tuition for the eight-month school year
Jefferson Sports Medicine, Inc., offers two types of physical exams for students: the basic physical and the extended physical. The charge for the basic physical is $60, while the charge for the
Gable Foods produces specialty soup sold in jars. The projected sales in dollars and jars for each quarter of the upcoming year are as follows: Total sales revenue Number of jars sold 1st quarter
Moe Industries manufactures a popular interactive stuffed animal for children that requires four computer chips inside each toy. The company pays $3 for each computer chip. To help to guard against
Edsel Manufacturing produces self-watering planters for use in upscale retail establishments. Sales projections for the first five months of the upcoming year show the estimated unit sales of the
George Industries manufactures three models of a product in a single plant with two departments: Cutting and Assembly. The company has estimated costs for each of the three product models: the
The Grant Company is in the process of preparing its manufacturing overhead budget for the upcoming year. Sales are projected to be 49,000 units. Information about the various manufacturing overhead
Maple Ridge Preschool operates a not-for-profit morning preschool that operates eight months of the year. The preschool has 165 kids enrolled in its various programs. The preschool's primary expense
Barrett Labs performs a specialty lab test for local companies for $52 per test. For the upcoming quarter, Barrett Labs is projecting the following sales:The budgeted cost of performing each test is
City Motors is a chain of car dealerships. Sales in the fourth quarter of last year were $4,000,000. Suppose its management projects that its current year's quarterly sales will increase by 3% in
Raber Corporation has found that 60% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, the company has experienced the following collection
DeWitt Corporation is preparing its cash payments budget. The following items relate to cash payments the company anticipates making during the second quarter of the upcoming year.a. DeWitt
Nichols Cycles manufactures chainless bicycles. On March 31, Nichols Cycles had 100 bikes in inventory. The company has a policy that the ending inventory in any month must be 10% of the following
Corrigan Health Center provides a variety of medical services. The company is preparing its cash budget for the upcoming third quarter. The following transactions are expected to occur: a. Cash
Alexander Reeds, a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be $904,000 in October, $960,000 in November, $1,060,000 in December, and $930,000 in January.

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