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business
managerial accounting

Questions and Answers of Managerial Accounting

Raphael Ochoa is puzzled. His company had a profit margin of 10% in 2012. He feels that this is an indication that the company is doing well. Cindy Lore, his accountant, says that more information is
You are considering investing in Shawnee Transportation. The company reports 2012 earnings per share of $6.50 on income before extraordinary items and $4.75 on net income. Which EPS figure would you
You recently received a letter from your Uncle Jimbo. A portion of the letter is presented below. You know that I have a significant amount of money I saved over the years. I am thinking about
Abigail Naismith Corporation reported the following amounts in 2011, 2012, and 2013. Instructions(a) Identify and describe the three tools of financial statement analysis.(b) Perform each of the
Using the following data from the comparative balance sheet of Doabe Company, illustrate horizontalanalysis.
If Vansittart Company had net income of $585,000 in 2013 and it experienced a 30% increase in net income over 2012, what was its 2012 net income?
Horizontal analysis (trend analysis) percentages for Algy Company?s sales, cost of goods sold, and expenses are shown below. Did Algy?s net income increase, decrease, or remain unchanged over the
Selected condensed data taken from a recent balance sheet of Evangelista Inc. are as follows.EVANGELISTA INC.Balance Sheet (partial)Cash..............$ 8,041,000Short-term
Constantine Corporation has net income of $11.44 million and net revenue of $80 million in 2012. Its assets are $14 million at the beginning of the year and $18 million at the end of the year. What
The following data are taken from the financial statements of Morganstern Company. (a) Compute for each year (1) the receivables turnover and (2) the average collection period. At the end of 2011,
The following data are from the income statements of Davros Company. (a) Compute for each year (1) the inventory turnover and (2) the average days to sell the inventory.(b) What conclusions
Boe Company has owners’ equity of $400,000 and net income of $66,000. It has a payout ratio of 20% and a rate of return on assets of 15%. How much did Boe pay in cash dividends, and what were its
An inexperienced accountant for Nerys Corporation showed the following in the income statement: income before income taxes and extraordinary item $400,000, and extraordinary loss from flood (before
On June 30, Malohkeh Corporation discontinued its operations in Europe. During the year, the operating loss was $300,000 before taxes. On September 1, Malohkeh disposed of its European facilities at
Summary financial information for Talulah Company is as follows. Compute the amount and percentage changes in 2013 using horizontal analysis, assuming 2012 is the baseyear.
The condensed financial statements of Ifeachor Company for the years 2011 and2012 are presented below. Compute the following ratios for 2012 and 2011.(a) Current ratio.(b) Inventory turnover.
In its proposed 2012 income statement, DuToit Corporation reports income before income taxes $500,000, extraordinary loss due to earthquake $150,000, income taxes $200,000 (not including irregular
Financial information for Sinead Inc. is presented below. InstructionsPrepare a schedule showing a horizontal analysis for 2013 using 2012 as the baseyear.
Operating data for Krystal Corporation are presented below. InstructionsPrepare a schedule showing a vertical analysis for 2013 and2012.
The comparative condensed balance sheets of Monero Corporation are presented below. Instructions(a) Prepare a horizontal analysis of the balance sheet data for Monero Corporation using 2012 as a
The comparative condensed income statements of Indra Corporation are shown below. Instructions(a) Prepare a horizontal analysis of the income statement data for Indra Corporation using 2012 as a
Nordstrom, Inc. operates department stores in numerous states. Selected financial statement data for the year ending January 30, 2010, are shown below. For the year, net sales were $8,258 and cost
Ganesh Incorporated had the following transactions occur involving current assets and current liabilities during February 2012.Feb. 3 Accounts receivable of $15,000 are collected.7 Equipment is
Bella Company has the following comparative balance sheet data. Additional information for 2013:1. Net income was $25,000.2. Sales on account were $410,000. Sales returns and allowances were
Selected comparative statement data for Navin Products Company are presented on the next page. All balance sheet data are as of December 31. InstructionsCompute the following ratios for 2013.(a)
The income statement for Mary Hatch, Inc., appears below.MARY HATCH, INC.Income StatementFor the Year Ended December 31, 2012Net sales............................$400,000Cost of goods
George Bailey Corporation experienced a fire on December 31, 2013, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the
Stewart Corporation?s comparative balance sheets are presented below. Stewart?s 2012 income statement included net sales of $100,000, cost of goods sold of $60,000, and net income of
Potter Corporation has income from continuing operations of $290,000 for the year ended December 31, 2012. It also has the following items (before considering income taxes).1. An extraordinary loss
Comparative statement data for Lionel Company and Barrymore Company, two competitors, appear below. All balance sheet data are as of December 31, 2013, and December 31, 2012. Instructions (a)
The comparative statements of Larker Tool Company are presented below. All sales were on account. Instructions Compute the following ratios for 2013. (Weighted-average common shares in 2013 were
Condensed balance sheet and income statement data for Clarence Corporation appear below. Additional information:1. The market price of Clarence?s common stock was $4.00, $5.00, and $8.00 for 2011,
Financial information for Ernie Bishop Company is presented below. Additional information:1. Inventory at the beginning of 2012 was $118,000.2. Total assets at the beginning of 2012 were
The comparative statements of Beulah Company are presented below. Additional data:The common stock recently sold at $19.50 per share.InstructionsCompute the following ratios for 2013.(a) Current.
Presented below is an incomplete income statement and an incomplete comparative balance sheet of Bondi Corporation. Additional information:1. The receivables turnover for 2013 is 10 times.2. All
Violet Bick Corporation owns a number of cruise ships and a chain of hotels. The hotels, which have not been profitable, were discontinued on September 1, 2012. The 2012 operating results for the
The ledger of Gower Corporation at December 31, 2012, contains the following summary data. Your analysis reveals the following additional information that is not included in the above data.1. The
Natalie and Curtis have comparative balance sheets and income statements for Cookie & Coffee Creations Inc. They have been told that they can use these financial statements to prepare horizontal
The Management Discussion and Analysis section of an annual report addresses corporate performance for the year, and sometimes uses financial ratios to support its claims.Steps1. Choose How to read
(a) Bill Meyer is not sure about the difference between cost accounting and a cost accounting system. Explain the difference to Bill. (b) What is an important feature of a cost accounting system?
Yuan Li is confused about the source documents used in assigning materials and labor costs. Identify the documents and give the entry for each document
Explain how a “materials requisition slip” is used in a job order cost system.
Pham Hannah believes actual manufacturing overhead should be charged to jobs. Do you agree? Why or why not?
“At the end of the year, under-or over-applied overhead is closed to Income Summary.” Is this correct? If not, indicate the customary treatment of this amount.
Alomar Tool & Die begins operations on January 1. Because all work is done to customer specifications, the company decides to use a job order cost accounting system. Prepare a flow chart of a
During January, its first month of operations, Alomar Tool & Die accumulated the following manufacturing costs: raw materials $4,000 on account, factory labor $5,000 of which $4,200 relates to
In January, Alomar Tool & Die requisitions raw materials for production as follows: Job 1 $900, Job 2 $1,200, Job 3 $700, and general factory use $600. Prepare a summary journal entry to record raw
Factory labor data for Alomar Tool & Die is given in BE20-2. During January, time tickets show that the factory labor of $5,000 was used as follows: Job 1 $1,200, Job 2 $1,600, Job 3 $ 1,400, and
Data pertaining to job cost sheets for Alomar Tool & Die are given in BE20-3 and BE20-4. Prepare the job cost sheets for each of the three jobs. (Note: You may omit the column for Manufacturing
Formu Company estimates that annual manufacturing overhead costs will be $800,000. Estimated annual operating activity bases are: direct labor cost $500,000, direct labor hours 50,000, and machine
During the first quarter, McKay Company incurs the following direct labor costs: January $40,000, February $30,000, and March $50,000. For each month, prepare the entry to assign overhead to
In March, Samani Company completes Jobs 10 and 11. Job 10 cost $25,000 and Job 11 $30,000. On March 31, Job 10 is sold to the customer for $35,000 in cash. Journalize the entries for the completion
At December 31, balances in Manufacturing Overhead are: Mair Company-debit $1,500, Gitau Company—credit $900. Prepare the adjusting entry for each company at December 31, assuming the adjustment is
During the current month, Brady Company incurs the following manufacturing costs:(a) Purchased raw materials of $13,000 on account.(b) Incurred factory labor of $40,000. Of that amount, $31,000
Francisco Company is working on two job orders. The job cost sheets show the following: Prepare the three summary entries to record the assignment of costs to Work in Process from the data on the
During the current month, Weller Corporation completed Job 310 and Job 312. Job 310 cost $60,000 and Job 312 cost $40,000. Job 312 was sold on account for $90,000. Journalize the entries for the
For FreeFall Company, the predetermined overhead rate is 150% of direct labor cost. During the month, FreeFall incurred $100,000 of factory labor costs, of which $85,000 is direct labor and $15,000
The gross earnings of the factory workers for Zorn Company during the month of January are $60,000. The employer’s payroll taxes for the factory payroll are $8,000. The fringe benefits to be paid
Tiet Manufacturing uses a job order cost accounting system. On May 1, the company has a balance in Work in Process Inventory of $3,200 and two jobs in process: Job No. 429 $ 2,000, and Job No. 430
A job order cost sheet for Renshaw Company is shown below. Instructions(a) On the basis of the foregoing data answer the following questions.(1) What was the balance in Work in Process Inventory
Manufacturing cost data for Meneses Company, which uses a job order cost system, are presented below. Indicate the missing amount for each letter. Assume that in all cases manufacturing overhead is
Hodgkiss Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $305,000 for the year, and machine usage is estimated at 125,000
A job cost sheet of Fenter Company is given below. Instructions(a) Answer the following questions.(1) What are the source documents for direct materials, direct labor, and manufacturing overhead
Cooke Corporation incurred the following transactions.1. Purchased raw materials on account $46,300.2. Raw Materials of $36,000 were requisitioned to the factory. An analysis of the materials
Benton Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter??s production.1. Materials purchased on account $ 192,000, and factory
At May 31, 2012, the accounts of Contreras Manufacturing Company show the following.1. May 1 inventories—finished goods $12,600, work in process $14,700, and raw materials $8,200.2. May 31
Forte Company begins operations on April 1. Information from job cost sheets shows the following. Job 12 was completed in April. Job 10 was completed in May. Jobs 11 and 13 were completed in June.
Shown below are the job cost related accounts for the law firm of Han, Kung, and Ming and their manufacturing-company equivalents:Law Firm Accounts Manufacturing-Company AccountsSupplies
Alma Ortiz and Associates, a CPA firm, uses job order costing to capture the costs of its audit jobs. There were no audit jobs in process at the beginning of November. Listed below are data
Irma’s Interiors uses a job order costing system to collect the costs of its interior decorating business. Each client’s consultation is treated as a separate job. Overhead is applied to each job
Bynum Manufacturing uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2012, Job No. 50 was the only job in process. The costs incurred
Skop Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2012, the
Saeed Manufacturing uses a job order cost system and applies overhead to production on the basis of direct labor hours. On January 1, 2012, Job No. 25 was the only job in process. The costs incurred
Nami Yee is a contractor specializing in custom-built jacuzzis. On May 1, 2012, her ledger contains the following data.Raw Materials Inventory ..... $30,000Work in Process Inventory ...
Waterways has two major public-park projects to provide with comprehensive irrigation in one of its service locations this month. Job J57 and Job K52 involve 15 acres of landscaped terrain which will
Burgio Parts Company uses a job order cost system. For a number of months, there has been an ongoing rift between the sales department and the production department concerning a special-order
TKE Catering provides catering services to many different corporate clients. Although TKE bids most jobs, some jobs, particularly new ones, are negotiated on a “cost-plus” basis. Cost-plus means
Contrast the primary focus of job order cost accounting and of process cost accounting
At Dos Company, overhead is assigned to production departments at the rate of $5 per machine hour. In July, machine hours were 3,000 in the Machining Department and 2,400 in the Assembly Department.
Mary Watters is uncertain about the steps used to prepare a production cost report. State the procedures that are required in the sequence in which they are performed.
Mitch Chorro is confused about computing physical units. Explain to Mitch how physical units to be accounted for and physical units accounted for are determined.
Gratle Co. had zero units of beginning work in process. During the period, 12,000 units were completed, and there were 800 units of ending work in process one-fifth complete as to conversion cost and
Mays Co. started 3,000 units during the period. Its beginning inventory is 500 units one-fourth complete as to conversion costs and 100% complete as to materials cost. Its ending inventory is 200
Kira Company transfers out 14,000 units and has 2,000 units of ending work in process that are 25% complete. Materials are entered at the beginning of the process and there is no beginning work in
(a) Adam Vadim believes the production cost report is an external report for stockholders. Is Adam correct? Explain.(b) Identify the sections in a production cost report.
At Stan Company, there are 800 units of ending work in process that are 100% complete as to materials and 40% complete as to conversion costs. If the unit cost of materials is $4 and the costs
Chopra Co. identifies the following activities that pertain to manufacturing overhead: Materials Handling, Machine Setups, Factory Machine Maintenance, Factory Supervision, and Quality Control. For
Mendez Manufacturing purchases $45,000 of raw materials on account, and it incurs $50,000 of factory labor costs. Journalize the two transactions on March 31 assuming the labor costs are not paid
Data for Mendez Manufacturing are given in BE21-1. Supporting records show that (a) The Assembly Department used $24,000 of raw materials and $30,000 of the factory labor, and (b) The Finishing
Factory labor data for Mendez Manufacturing are given in BE21-2. Manufacturing overhead is assigned to departments on the basis of 200% of labor costs. Journalize the assignment of overhead to the
Sawyer Manufacturing Company has the following production data for selected months. Compute the physical units for eachmonth.
In Boca Company, total material costs are $32,000, and total conversion costs are $54,000. Equivalent units of production are materials 10,000 and conversion costs 12,000. Compute the unit costs for
Prya Company has the following production data for April: units transferred out 40,000, and ending work in process 5,000 units that are 100% complete for materials and 40% complete for conversion
Data for Huang Company are given in BE21-8. Production records indicate that 18,000 units were transferred out, and 2,000 units in ending work in process were 50% complete as to conversion cost and
Sam Snead has formulated the following list of statements about contemporary developments in managerial accounting. 1. Just-in-time processing results in a push approach; that is, raw materials are
Meyers Company identifies three activities in its manufacturing process: machine setups, machining, and inspections. Estimated annual overhead cost for each activity is $120,000, $300,000, and
Greg Reid has prepared the following list of statements about process cost accounting.1. Process cost systems are used to apply costs to similar products that are mass-produced in a continuous
Lamas Company manufactures pizza sauce through two production departments: Cooking and Canning. In each process, materials and conversion costs are incurred evenly throughout the process. For the
The ledger of Penland Company has the following work in process account. Production records show that there were 400 units in the beginning inventory, 30% complete, 1,100 units started, and 1,200
Kirk Manufacturing Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,200, Work in Process—Cutting $2,900, Work in Process—Assembly $10,600, and

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