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managerial accounting

Accounting Principles 10th Edition Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso - Solutions

Titus Manin Black Limited is trying to determine the value of its ending inventory as of February 28, 2012, the company’s year-end. The following transactions occurred, and the accountant asked your help in determining whether they should be recorded or not.(a) On February 26, Titus shipped goods
Achilles Distribution markets CDs of the performing artist Vandyver. At the beginning of October, Achilles had in beginning inventory 2,000 of Vandyver’s CDs with a unit cost of $7. During October Achilles made the following purchases of Vandyver’s CDs.Oct. 3 3,000 @ $8 Oct. 19 3,000 @ $10Oct.
Gacis Company had a beginning inventory on January 1 of 150 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made.Mar. 15 400 units at $23 Sept. 4 350 units at $26July 20 250 units at $24 Dec. 2 100 units at $291,000 units were sold. Gacis
The management of Perrineau Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost. The company requests your help in determining the results of operations for 2012 if either the FIFO or the LIFO method had been used. For 2012, the accounting
You are provided with the following information for Guillaume Inc. for the month ended June 30, 2012. Guillaume uses the periodic method for inventory. Instructions(a) Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rate under each of the
You are provided with the following information for Dabinpons Inc. Dabinpons Inc. uses the periodic method of accounting for its inventory transactions.March 1 Beginning inventory 2,000 liters at a cost of 60¢ per liter.March 3 Purchased 2,500 liters at a cost of 65¢ per liter.March 5 Sold 2,200
The management of Tamara Co. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2012, the accounting records provide the data shown on page 305.Inventory, January 1 (10,000 units) $ 45,000Cost of 100,000 units purchased 532,000Selling price
Ticotin Inc. is a retailer operating in British Columbia. Ticotin uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You
Cortez Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Instructions(a) Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average cost, and (3) LIFO.(b) Which costing
Bottitta Company lost all of its inventory in a fire on December 26, 2012. The accounting records showed the following gross profit data for November and December. Bottitta is fully insured for fire losses but must prepare a report for the insurance company.Instructions(a) Compute the gross
Farooqui Books uses the retail inventory method to estimate its monthly ending inventories. The following information is available for two of its departments at October 31, 2012. At December 31, Farooqui Books takes a physical inventory at retail. The actual retail values of the inventories in
Natalie is busy establishing both divisions of her business (cookie classes and mixer sales) and completing her business degree. Her goals for the next 11 months are to sell one mixer per month and to give two to three classes per week.The cost of the fine European mixers is expected to increase.
Data for Minnie Hooper Company are presented in P17-9B. Further analysis reveals that accounts payable pertain to merchandise creditors. InstructionsPrepare a statement of cash flows for Minnie Hooper Company using the direct method.
(a) What is a statement of cash flows?(b) John Norris maintains that the statement of cash flows is an optional financial statement. Do you agree?Explain.
Why is it advantageous to use a worksheet when preparing a statement of cash flows? Is a worksheet required to prepare a statement of cash flows?
Give the formulas under the direct method for computing(a) Cash receipts from customers and(b) Cash payments to suppliers. Discuss.
Each of the items on the next page must be considered in preparing a statement of cash flows for Alpha-Omega Co. for the year ended December 31, 2012. For each item, state how it should be shown in the statement of cash flows for 2012.(a) Issued bonds for $200,000 cash.(b) Purchased equipment for
Classify each item as an operating, investing, or financing activity. Assume all items involve cash unless there is information to the contrary.(a) Purchase of equipment. (b) Sale of building. (c) Redemption of bonds. (d) Depreciation.(e) Payment of dividends.(f) Issuance of capital stock. Discuss.
The following T account is a summary of the cash account of Wiegman Company. What amount of net cash provided (used) by financing activities should be reported in the statement of cashflows?
Mokena, Inc. reported net income of $2.5 million in 2012. Depreciation for the year was $160,000, accounts receivable decreased $350,000, and accounts payable decreased $280,000. Compute net cash provided by operating activities using the indirect method.
The net income for Lodi Co. for 2012 was $280,000. For 2012, depreciation on plant assets was $70,000, and the company incurred a loss on sale of plant assets of $12,000. Compute net cash provided by operating activities under the indirect method.
The comparative balance sheets for Tobemory Company show these changes in noncash current asset accounts: accounts receivable decrease $80,000, prepaid expenses increase $28,000, and inventories increase $30,000. Compute net cash provided by operating activities using the indirect method assuming
The management of Russel Inc. is trying to decide whether it can increase its dividend. During the current year, it reported net income of $875,000. It had cash provided by operating activities of $734,000, paid cash dividends of $70,000, and had capital expenditures of $280,000. Compute the
Kinsey Corporation reported income taxes of $340,000,000 on its 2012 income statement and income taxes payable of $277,000,000 at December 31, 2011, and $522,000,000 at December 31, 2012. What amount of cash payments were made for income taxes during 2012?
Yaddof Corporation reports operating expenses of $80,000 excluding depreciation expense of $15,000 for 2012. During the year, prepaid expenses decreased $6,600 and accrued expenses payable increased $4,400. Compute the cash payments for operating expenses in 2012.
Piekarski Corporation had the following transactions.1. Issued $200,000 of bonds payable.2. Paid utilities expense.3. Issued 500 shares of preferred stock for $45,000.4. Sold land and a building for $250,000.5. Lent $30,000 to Zarembski Corporation, receiving Zarembski’s 1-year, 12% note.Classify
Jojo Photography reported net income of $100,000 for 2012. Included in the income statement were depreciation expense of $6,000, amortization expense of $2,000, and a gain on sale of equipment of $3,600. Jojo??s comparative balance sheets show the following balances. Calculate net cash provided by
Zielinski Corporation issued the following statement of cash flows for 2012.
Quarshee Corporation had these transactions during 2012.(a) Issued $50,000 par value common stock for cash.(b) Purchased a machine for $30,000, giving a long-term note in exchange.(c) Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000.(d) Declared and
Tim Latimer Corporation had the following transactions.1. Sold land (cost $12,000) for $15,000.2. Issued common stock for $20,000.3. Recorded depreciation on buildings for $17,000.4. Paid salaries of $9,000.5. Issued 1,000 shares of $1 par value common stock for equipment worth $8,000.6. Sold
Bracewell Company reported net income of $195,000 for 2012. Bracewell also reported depreciation expense of $45,000 and a loss of $5,000 on the sale of equipment. The comparative balance sheet shows a decrease in accounts receivable of $15,000 for the year, a $17,000 increase in accounts payable,
The current sections of Nasreen Inc.?s balance sheets at December 31, 2011 and 2012, are presented here. Nasreen?s net income for 2012 was $153,000. Depreciation expense was $24,000. InstructionsPrepare the net cash provided by operating activities section of the company's statement of cash flows
The three accounts shown below appear in the general ledger of Chaudry Corp. during 2012. InstructionsFrom the postings in the accounts, indicate how the information is reported on a statement of cash flows using the indirect method. The loss on sale of equipment was $5,000.
Meera Corporation?s comparative balance sheets are presented below. Additional information:1. Net income was $22,630. Dividends declared and paid were $19,500.2. All other changes in noncurrent account balances had a direct effect on cash flows, except the change in accumulated depreciation. The
Here are comparative balance sheets for Syal Company. Additional information:1. Net income for 2012 was $103,000.2. Cash dividends of $45,000 were declared and paid.3. Bonds payable amounting to $50,000 were redeemed for cash $50,000.4. Common stock was issued for $42,000 cash.5. No equipment
Cassandra Corporation?s comparative balance sheets are presented below. Additional information:1. Net income was $18,300. Dividends declared and paid were $16,400.2. Equipment which cost $10,000 and had accumulated depreciation of $1,200 was sold for $3,300.3. All other changes in noncurrent
Comparative balance sheets for Erisa Magambo Company are presented below. Additional information:1. Net income for 2012 was $125,000.2. Cash dividends of $60,000 were declared and paid.3. Bonds payable amounting to $50,000 were redeemed for cash $50,000.4. Common stock was issued for $50,000
Dumezweni Company completed its first year of operations on December 31, 2012. Its initial income statement showed that Dumezweni had revenues of $192,000 and operating expenses of $78,000. Accounts receivable and accounts payable at year-end were $60,000 and $23,000, respectively. Assume that
The 2012 accounting records of Liz Ten Transport reveal these transactions and events. InstructionsPrepare the cash flows from operating activities section using the direct method. (Not all of the items will beused.)
The following information is taken from the 2012 general ledger of Okonedo Company. InstructionsIn each case, compute the amount that should be reported in the operating activities section of the statement of cash flows under the direct method.
You are provided with the following transactions that took place during a recent fiscal year. (a) Recorded depreciation expense on the plant assets.(b) Recorded and paid interest expense.(c) Recorded cash proceeds from a sale of plant assets.(d) Acquired land by issuing common stock.(e) Paid a
The income statement of Toby Zed Company is presented here. Additional information:1. Accounts receivable increased $250,000 during the year, and inventory decreased $500,000.2. Prepaid expenses increased $150,000 during the year.3. Accounts payable to suppliers of merchandise decreased $340,000
Data for Toby Zed Company are presented in P17-3A.InstructionsPrepare the operating activities section of the statement of cash flows using the direct method.
Rattigan Company?s income statement contained the condensed information below. Rattigan?s balance sheet contained the comparative data at December 31, shown below. Accounts payable pertain to operating expenses.InstructionsPrepare the operating activities section of the statement of cash flows
Data for Rattigan Company are presented in P17-5A.InstructionsPrepare the operating activities section of the statement of cash flows using the direct method.
Presented below are the financial statements of Rajesh Company. Additional data:1. Dividends declared and paid were $25,000.2. During the year equipment was sold for $8,500 cash. This equipment cost $18,000 originally and had a book value of $8,500 at the time of sale.3. All depreciation expense,
Data for Rajesh Company are presented in P17-7A. Further analysis reveals the following.1. Accounts payable pertain to merchandise suppliers.2. All operating expenses except for depreciation were paid in cash.Instructions(a) Prepare a statement of cash flows for Rajesh Company using the direct
Condensed financial data of Sinjh Inc. follow. Additional information:1. New plant assets costing $85,000 were purchased for cash during the year.2. Old plant assets having an original cost of $57,500 were sold for $1,500 cash.3. Bonds matured and were paid off at face value for cash.4. A cash
Data for Sinjh Inc. are presented in P17-9A. Further analysis reveals that accounts payable pertain to merchandise creditors.InstructionsPrepare a statement of cash flows for Sinjh Inc. using the direct method.
The comparative balance sheets for Strackman Lux Company as of December 31 are presented below. Additional information:1. Operating expenses include depreciation expense of $42,000 and charges from prepaid expenses of $5,720.2. Land was sold for cash at book value.3. Cash dividends of $15,000 were
Condensed financial data of Jhutti Company appear below. Additional information:1. Equipment costing $92,000 was purchased for cash during the year.2. Investments were sold at cost.3. Equipment costing $47,000 was sold for $15,550, resulting in gain of $8,750.4. A cash dividend of $83,400 was
The following selected account balances relate to the plant asset accounts of Raji Inc. at year-end. Additional information:1. Raji purchased $95,000 of equipment and $30,000 of land for cash in 2012.2. Raji also sold equipment in 2012.3. Depreciation expense in 2012 was $37,500 on building and
The income statement of Asquith Company is presented on the next page. Additional information:1. Accounts receivable decreased $320,000 during the year, and inventory increased $120,000.2. Prepaid expenses increased $175,000 during the year.3. Accounts payable to merchandise suppliers increased
Data for Asquith Company are presented in P17-3B.InstructionsPrepare the operating activities section of the statement of cash flows using the direct method.
The income statement of Anne Droid Inc. reported the following condensed information.ANNE DROID INC.Income StatementFor the Year Ended December 31, 2012Sales revenue............. $545,000Operating expenses.............400,000Income from operations.........145,000Income tax
Data for Anne Droid Inc. are presented in P17-5B.InstructionsPrepare the operating activities section of the statement of cash flows using the direct method.
Presented below are the financial statements of Rocastle Company. Additional data:1. Dividends of $23,000 were declared and paid.2. During the year equipment was sold for $10,000 cash. This equipment cost $15,000 originally and had a book value of $10,000 at the time of sale.3. All depreciation
Data for Rocastle Company are presented in P17-7B. Further analysis reveals the following.1. Accounts payable pertains to merchandise creditors.2. All operating expenses except for depreciation are paid in cash.Instructions(a) Prepare a statement of cash flows using the direct method.(b) Compute
Condensed financial data of Minnie Hooper Company are shown below. Additional information:1. New plant assets costing $146,000 were purchased for cash during the year.2. Investments were sold at cost.3. Plant assets costing $36,000 were sold for $15,000, resulting in a gain of $5,000.4. A cash
Presented on next page are the comparative balance sheets for Vernet Company atDecember 31. Additional information:1. Operating expenses include depreciation expense $55,000 and charges from prepaid expenses of $4,400.2. Land was sold for cash at cost.3. Cash dividends of $84,290 were paid.4. Net
If your school has a subscription to the FASB Codification, go to aaahq.org/ascLogin.cfm to log in and prepare responses to the following. Use the Master Glossary to determine the proper definitions.(a) What are cash equivalents?(b) What are financing activities?(c) What are investing
Ken Taser is studying for his next accounting examination. Explain to Ken what he should know about the differences between the income statements for a manufacturing and for a merchandising company.
Sheri Laine is unclear as to the difference between the balance sheets of a merchandising company and a manufacturing company. Explain the difference to Sheri.
Vinh Yen claims that the distinction between direct and indirect materials is based entirely on physical association with the product. Is Vinh correct? Why?
Sarah Limoges is confused about the differences between a product cost and a period cost. Explain the differences to Sarah.
Hammen Manufacturing has beginning raw materials inventory $12,000, ending raw materials inventory $15,000, and raw materials purchases $170,000. What is the cost of direct materials used?
Conrad Manufacturing Inc. has beginning work in process $26,000, direct materials used $240,000, direct labor $200,000, total manufacturing overhead $180,000, and ending work in process $32,000. What are total manufacturing costs?
How do the products of manufacturing operations differ from those of service operations?
Discuss whether the product costing techniques discussed in this chapter apply equally well to manufacturers and service companies.
What is an enterprise resource planning (ERP) system? What are its primary benefits?
Presented below are Bennett Company??s monthly manufacturing cost data related to its personal computer products.(a) Utilities for manufacturing equipment $116,000(b) Raw material (CPU, chips, etc.) $ 85,000(c) Depreciation on manufacturing building $880,000(d) Wages for production workers
Stahl Manufacturing Company has the following data: direct labor $229,000, direct materials used $180,000, total manufacturing overhead $208,000, and beginning work in process $25,000. Compute (a) Total manufacturing costs and(b) Total cost of work in process.
The following information is available for Sanchez Manufacturing Company. Prepare the cost of goods manufactured schedule for the month ofApril.
Denis Mayer has prepared the following list of statements about managerial accounting and financial accounting.1. Financial accounting focuses on providing information to internal users.2. Analyzing cost-volume-profit relationships is part of managerial accounting.3. Preparation of budgets is part
Bacala Corporation incurred the following costs while manufacturing its product.. Instructions(a) Identify each of the costs as direct materials, direct labor, manufacturing overhead, or period costs.(b) Explain the basic difference in accounting for product costs and period costs
Drew Company reports the following costs and expenses in May. InstructionsFrom the information, determine the total amount of:(a) Manufacturing overhead.(b) Product costs.(c) Period costs.
Sami Company is a manufacturer of personal computers. Various costs and expenses associated with its operations are as follows.1. Property taxes on the factory building.2. Production superintendents’ salaries.3. Memory boards and chips used in assembling computers.4. Depreciation on the factory
The administrators of San Mateo County’s Memorial Hospital are interested in identifying the various costs and expenses that are incurred in producing a patient’s X-ray. A list of such costs and expenses is presented below.1. Salaries for the X-ray machine technicians.2. Wages for the hospital
Speedi Delivery Service reports the following costs and expenses in June 2012.Indirect materials $ 5,400 Drivers’ salaries $11,000Depreciation on delivery equipment 11,200 Advertising 1,600Dispatcher’s salary 5,000 Delivery equipment repairs 300Property taxes on
Craig Corporation incurred the following costs while manufacturing its product. Work in process inventory was $12,000 at January 1 and $15,500 at December 31. Finished goods inventory was $60,000 at January 1 and $55,600 at December 31.Instructions(a) Compute cost of goods manufactured.(b) Compute
Manufacturing cost data for Fortney Company are presented below. InstructionsIndicate the missing amount for each letter (a) through(i).
Troy Corporation has the following cost records for June 2012. Instructions(a) Prepare a cost of goods manufactured schedule for June 2012.(b) Prepare an income statement through gross profit for June 2012 assuming net sales are $ 87,100.
Tiffany Pratt, the bookkeeper for Bush, Clinton, and Obama, a political consulting firm, has recently completed an accounting course at her local college. One of the topics covered in the course was the cost of goods manufactured schedule. Tiffany wondered if such a schedule could be prepared for
The following information is available for Xotchil Company. Instructions(a) Compute cost of goods manufactured.(b) Prepare an income statement through gross profit.(c) Show the presentation of the ending inventories on the December 31, 2012, balance sheet.(d) How would the income statement and
Yacob Manufacturing Company produces blankets. From its accounting records it prepares the following schedule and financial statements on a yearly basis.(a) Cost of goods manufactured schedule.(b) Income statement.(c) Balance sheet.The following items are found in its ledger and accompanying
An analysis of the accounts of Zuniga Manufacturing reveals the following manufacturing cost data for the month ended June 30, 2012. Costs incurred: Raw materials purchases $54,000, direct labor $57,000, manufacturing overhead $19,900. The specific overhead costs were: indirect labor $5,500,
Pohl Motor Company manufactures automobiles. During September 2012 the company purchased 5,000 head lamps at a cost of $9 per lamp. Todd withdrew 4,650 lamps from the warehouse during the month. Fifty of these lamps were used to replace the head lamps in autos used by traveling sales staff. The
Fabila Company specializes in manufacturing a unique model of bicycle helmet. The model is well accepted by consumers, and the company has enough orders to keep the factory production at 10,000 helmets per month (80% of its full capacity). Fabila??s monthly manufacturing cost and other expense data
Kabana Company, a manufacturer of stereo systems, started its production in October 2012. For the preceding 3 years Kabana had been a retailer of stereo systems. After a thorough survey of stereo system markets, Kabana decided to turn its retail store into a stereo equipment factory.Raw materials
The following data were taken from the records of Blumbey Manufacturing Company for the fiscal year ended June 30, 2012. Instructions(a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)(b) Prepare an income statement through gross profit.(c)
Dibene Company is a manufacturer of computers. Its controller resigned in October 2012. An inexperienced assistant accountant has prepared the following income statement for the month of October 2012. Prior to October 2012, the company had been profit table every month. The company?s president
Gazca Company specializes in manufacturing motorcycle helmets. The company has enough orders to keep the factory production at 1,000 motorcycle helmets per month. Gazca?s monthly manufacturing cost and other expense data are as follows. Maintenance costs on factory building $ 1,500 Factory
Vanessa Williams Company, a manufacturer of tennis rackets, started production in November 2012. For the preceding 5 years, Williams had been a retailer of sports equipment. After a thorough survey of tennis racket markets, Williams decided to turn its retail store into a tennis racket factory.Raw
The following data were taken from the records of Goodman Manufacturing Company for the year ended December 31, 2012. Instructions(a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)(b) Prepare an income statement through gross profit.(c)
Quintana Company is a manufacturer of toys. Its controller resigned in August 2012. An inexperienced assistant accountant has prepared the following income statement for the month of August 2012. Prior to August 2012 the company had been profit table every month. The company's president is
Waterways Corporation is a private corporation formed for the purpose of providing the products and the services needed to irrigate farms, parks, commercial projects, and private lawns. It has a centrally located factory in a U.S. city that manufactures the products it markets to retail outlets
Katy Perry Manufacturing Company specializes in producing fashion outfits. On July 31, 2012, a tornado touched down at its factory and general office. The inventories in the warehouse and the factory were completely destroyed as was the general office nearby. Next morning, through a careful search
B.J. King is a fairly large manufacturing company located in the southern United States. The company manufactures tennis rackets, tennis balls, tennis clothing, and tennis shoes, all bearing the company’s distinctive logo, a large green question mark on a white-flocked tennis ball. The
Steve Joyce, controller for Prather Industries, was reviewing production cost reports for the year. One amount in these reports continued to bother him—advertising. During the year, the company had instituted an expensive advertising campaign to sell some of its slower-moving products. It was
(a) Juan Marichal believes that the analysis of financial statements is directed at two characteristics of a company: liquidity and profitability. Is Juan correct? Explain.(b) Are short-term creditors, long-term creditors, and stockholders interested primarily in the same characteristics of a

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