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managerial accounting
Questions and Answers of
Managerial Accounting
Effect of income taxes on statement of cash flows Radio Shack reported a balance in Income Taxes Payable of $781 million at the beginning of the year, $60.1 million at the end of the year, and income
Effect of rent transactions on statement of cash flows A firm reported a balance in its Pre paid Rent (Advances to Landlord) account of $1,200 on January 1, 2009, for use of the building for the
Calculating components of cash inflow from operations Exhibit 5.22 provides items from the financial statements of Information Technologies, a systems engineering firm, for the year. How much cash
Calculating components of cash outflow from operations Refer to Exhibit 5.22, which provides items from the financial statements of Information Technologies.a. How much cash did Information
Spreadsheet for understanding the relation between changes in income statement items and changes in items in the statement of cash flows The spreadsheet on the textbook's Web site contains a dynamic
Working backward from changes in the Buildings and Equipment account The comparative balance sheets of American Airlines show a balance in the Buildings and Equipment account at cost year-end of
Preparing a statement of cash flows from changes in balance sheet accounts The comparative balance sheets of Southwest Airlines show the following information for a recent year (amounts in
Calculating and interpreting cash flow from operations The following items appear in the financial statements of Bamberger Enterprises a firm offering IT services for Sarbanes-Oxley compliance, for
Calculating and interpreting cash flaw from operations Selected data for a Finnish cellular phone manufacturer appear below (amounts in millions of euros):a. Compute the amount of cash flow from
Calculating and interpreting cash flow Marketing Communications is a marketing services firm that creates advertising copy for clients and places the advertising in television, magazines, and other
Effects of gains and losses from sales of equipment on cash flows Exhibit 5.23 presents an abbreviated statement of cash flows for Largay Corporation for the current year (amounts in thousands).
Effect of various transactions on the statements of cash flows Exhibit 5.16 shows a simplified statement of cash flows for a period. Numbers appear on 11 of the lines in the statement. Other lines
Inferring cash flows from financial statement data Exhibit 5.24 presents data from the financial statements for Heidi's Hide-Out, a bar and Video-game club, with private party rooms for rent Heidi's
Inferring cash flows From balance sheet and income statement data (Based on a problem prepared by Stephen A. Zeff.) You work for the Plains State Bank in Miles City, Montana, as an analyst
Preparing and interpreting a statement of cash flows using a T-account work sheet Condensed financial statement data for Hale Company for the current year appear in it Exhibits 5.27 and 5.28. During
Preparing and interpreting a statement of cash flows using a T-account work sheet. Financial statement data for Dickerson Manufacturing Company for the current year appear in Exhibit 5.29. Additional
Preparing direct method of deriving cash flow from operations from data in published annual report GTI Inc. manufactures parts, components, and processing equipment for electronics and semiconductor
Interpreting a statement of cash flows based on the direct method for presenting cash flow from operations Exhibit 5.32 shows the consolidated income statements for CVS Caremark Corporation for three
Interpreting a statement of cash flows based on the direct method for presenting cash flow from operations Refer to information about CVS Caremark Corporation in the preceding problem. Consider the
Derive cash flow from operations presented with the direct method from annual report presentation that uses the indirect method Refer to the Statement of Cash Flows for Nordstrom Inc. in Exhibit 1.3.
Derive cash flow from operations presented with the direct method from annual report presentation that uses the indirect method. Repeat the preceding problem for 2005
Working backward through the statement of cash flows Quinta Company presents the balance sheet shown in Exhibit 5.34 and the statement of cash flows shown in Exhibit 5.35 for 2008. The firm sold
Interpreting the statement of cash flows Exhibit 5.36 presents a statement of cash flows for Swoosh Shoes Inc., which we derived from actual reports of Nike, Inc., maker of athletic shoes, for three
Interpreting the statement of cash flows Exhibit 5.37 presents statements of cash flows for Spokane Corporation, a forest products company, for three years from its past when it faced financial
Interpreting statement of cash flow relations Exhibit 5.38 presents statements of cash flow for eight companies for the same year:a. American Airlines (airline transportation)b. American Home
Interpreting direct and indirect methods Refer to Exhibit 5.39 for Fierce Fighters Corporation, which shows excerpts from its Statements of Cash Flows, with cash flow from operations presented with
Issues in manipulating cash flows operations Top financial management wants to increase cash flow from operations. It asks you to implement the following strategies. Which of these, if implemented,
The FIU Marching Band is out of money. It hurts when halftime music is provided by the band of the other team at a home game. They have two choices: apply for federal grant money or do a major
Kimberton Tool Company manufactures electric carpentry tools. The production department has met all production requirements for the current month and has an opportunity to produce additional units of
Contribution Margin [LO 3] Rhetorix, Inc. produces stereo speakers.The selling price per pair of speakers is $1600. The variable cost of production is $544 and the fixed cost per month is
Clydes Marina has estimated that fixed costs per month are $303,300 and variable cost per dollar of sales is $0.40.Requireda. What is the break-even point per month in sales dollars?b. What level of
Blue Plate Construction organized in December and recorded the following transactions during its first month of operations:Dec. 2 Purchased materials on account for $400,000.Dec. 3 Used direct
Atlas Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zisa or Access. Zisa deducts a 3% service charge for sales on its credit card,
Hank's Hardware House, which sells sheets of sandpaper in bulk. On October 1 Hank had 4000 sheets of sandpaper at an average cost of $.25 each. The store also made the following purchases of
Rachael Ray Corporation had the following transactions. 1. Sold land (cost $12,000) for $15,0002. Issued common stock for $20,0003. Recorded depreciation of $17,0004. Paid salaries of $9,0005.
Bartling Energy Systems recently reported $9,250 of sales, $5,750 of operating costs other than depreciation, and $700 of depreciation. The company had no amortization charges, it had $3,200 of
Summit Manufacturing, Inc produces snow shovels. The selling price per snow shovel is $30.00Cash Involved in production areDirect material $5Direct labor $4Variable manufacturing overhead $3Total
What are some differences between financial and managerial accounting?
What does the value-added principle mean as it applies to managerial accounting information? Give an example of value added information that may be included in managerial accounting reports but is
What are the two dimensions of a total quality management (TQM) program? Why is TQM being used in business practice?
How does product costing used in financial accounting differ from product costing used in managerial accounting?
What does the statement “costs can be assets or expenses” mean?
Why are the salaries of production workers accumulated in an inventory account instead of being expensed on the income statement?
How do product costs affect the financial statements? How does the classification of product cost (as an asset vs. an expense) affect net income?
What is an indirect cost? Provide examples of product costs that would be classified as indirect.
How does a product cost differ from a selling, general, and administrative cost? Give examples of each.
Why is cost classification important to managers?
What is cost allocation? Give an example of a cost that needs to be allocated.
How has the Institute of Management Accountants responded to the need for high standards of ethical conduct in the accounting profession?
What are some of the common ethical conflicts that accountants encounter?
What costs should be considered in determining the sales price of a product?
What is a just-in-time (JIT) inventory system? Name some inventory costs that can be eliminated or reduced by its use.
What does the term reengineering mean? Name some reengineering practices.
What does the term activity-based management mean?
What is a value chain?
What do the terms value-added activity and non-value-added activity mean? Provide an example of each type of activity.
Identifying financial versus managerial accounting itemsRequiredIndicate whether each of the following items is representative of managerial or of financial accounting.a. Information is provided to
Identifying product versus general, selling, and administrative costs Required Indicate whether each of the following costs should be classified as a product cost or as a selling, general, and
Classifying Costs: Product or SG&A/Asset or ExpenseRequiredUse the following format to classify each cost as a product cost or a selling, general, and administrative (SG&A) cost. Also indicate
Identifying effect of product versus selling, general, and administrative costs on financial statementsRequiredNailry Corporation recognized accrued compensation cost. Use the following model to show
Identify effect of product versus selling, general, and administrative costs on financial statementsRequiredEngle Industries recognized the annual cost of depreciation on its December 31, 2012,
Tiffany Crissler was talking to another accounting student, Bill Tyrone. Upon discovering that the accounting department offered an upper-level course in cost measurement, Tiffany remarked to Bill,
A review of the accounting records of Rayford Manufacturing indicated that the company incurred the following payroll costs during the month of September. 1. Salary of the company
Pappas Manufacturing experienced the following events during its first accounting period.1. Recognized depreciation on manufacturing equipment.2. Recognized depreciation on office furniture.3.
Howle Manufacturing Company began operations on January 1. During the year, it started and completed 1,700 units of product. The company incurred the following costs. 1. Raw materials purchased and
The following financial statements model shows the effects of recognizing depreciation in two different circumstances. One circumstance represents recognizing depreciation on a machine used in a
Identifying the effect of product versus selling, general, and administrative cost on the income statementEach of the following events describes acquiring an asset that requires a year-end adjusting
During 2011, Gallo Manufacturing Company incurred $90,000,000 of research and development (R&D) costs to create a long-life battery to use in computers. In accordance with FASB standards, the
After reviewing the financial statements of Bearden Company, Todd Howard concluded that the company was a service company. Mr. Howard based his conclusion on the fact that Bearden’s financial
Anne Kyser, a teacher at Hewitt Middle School, is in charge of ordering the T-shirts to be sold for the school’s annual fund-raising project. The T-shirts are printed with a special Hewitt School
Lee Pet Supplies purchases its inventory from a variety of suppliers, some of which require a six-week lead time before delivering the goods. To ensure that she has a sufficient supply of goods on
The CFO of the Rigney Microscope Corporation intentionally misclassified a downstream transportation expense in the amount of $67,500,000 as a product cost in an accounting period when the company
In February 2006 former senator Warren Rudman of New Hampshire completed a 17-month investigation of an $11 billion accounting scandal at Fannie Mae (a major enterprise involved in home mortgage
Sonic Company manufactures and sells high-quality audio speakers. The speakers are encased in solid walnut cabinets supplied by Moore Cabinet, Inc. Moore packages the speakers in durable
Jolly Manufacturing Company was started on January 1, 2011, when it acquired $90,000 cash by issuing common stock. Jolly immediately purchased office furniture and manufacturing equipment costing
Hoehn Manufacturing Company experienced the following accounting events during its first year of operation. With the exception of the adjusting entries for depreciation, assume that all transactions
The following transactions pertain to 2012, the first-year operations of Hall Company. All inventory was started and completed during 2012. Assume that all transactions are cash transactions.1.
Goree Company began operations on January 1, 2011, by issuing common stock for $30,000 cash. During 2011, Goree received $40,000 cash from revenue and incurred costs that required $60,000 of cash
Cooke Manufacturing Company (CMC) was started when it acquired $40,000 by issuing common stock. During the first year of operations, the company incurred specifically identifiable product costs
Burt Manufacturing Company obtains its raw materials from a variety of suppliers. Burt’s strategy is to obtain the best price by letting the suppliers know that it buys from the lowest bidder.
CMA Review, Inc., provides review courses twice each year for students studying to take the CMA exam. The cost of textbooks is included in the registration fee. Text material requires constant
Adam Kimble is a model employee. He has not missed a day of work in the last five years. He even forfeits his vacation time to make sure that things run smoothly. Adam literally does the work of two
Jensen Company invented a new process for manufacturing ice cream. The ingredients are mixed in high-tech machinery that forms the product into small round beads. Like a bag of balls, the ice cream
Financial versus managerial accounting items Required Indicate whether each of the following items is representative of financial or managerial accounting. a. Condensed financial information sent to
Identifying product versus selling, general, and administrative costs Required Indicate whether each of the following costs should be classified as a product cost or as a general, selling, and
Classifying costs: product or period / asset or expenseRequiredUse the following format to classify each cost as a product cost or a selling, general, and administrative (SG&A) cost. Also indicate
Pedigo Plastics Company accrued a tax liability for $4,000. Use the following horizontal financial statements model to show the effect of this accrual under the following two assumptions:
Stanley Corporation recognized the annual expiration of insurance on December 31, 2012. Using the following horizontal financial statements model shown, indicate how this event affected the
Because friends and neighbors frequently praise her baking skills, Martha Plott plans to start a new business baking cakes for customers. She wonders how to determine the cost of her cakes. Required
In reviewing Laxton Company’s September accounting records, Mitchell Hinz, the chief accountant, noted the following depreciation costs. 1. Factory buildings—$25,000. 2. Computers used in
Reid Electronics Company experienced the following events during its first accounting period.1. Received $120,000 cash by issuing common stock.2. Paid $18,000 cash for wages to production workers.3.
Ryan Manufacturing Company began operations on January 1. During January, it started and completed 3,000 units of product. The company incurred the following costs: 1. Raw materials purchased and
The following horizontal financial statements model shows the effects of recording the expiration of insurance in two different circumstances. One circumstance represents the expiration of insurance
Each of the following asset acquisitions requires a year-end adjusting entry.1. Paid $80,000 cash on January 1 to purchase a hamburger franchise that had an estimated expected useful life of 10 years
Upstream and downstream costs During 2011 Jada Pharmaceutical Company incurred $50,000,000 of research and development (R&D) costs to develop a new hay fever drug called Allergone. In accordance
Effect of a just-in-time inventory system on financial statements In reviewing Kopplin Company’s financial statements for the past two years, Nancy Martin, a bank loan officer, noticed that the
May Motz is the editor-in-chief of her school’s yearbook. The school has 1,000 students and 60 faculty and staff members. The firm engaged to print copies of the yearbook charges the school
Olivia’s Beauty Salon purchases inventory supplies from a variety of vendors, some of which require a four-week lead time before delivering inventory purchases. To ensure that she will not run out
The accounting records of Rice Manufacturing Company (RMC) revealed that the company incurred $3 million of materials, $5 million of production labor, $4 million of manufacturing overhead, and $6
Greg Madrid, a HealthSouth billing clerk, filed a suit under the False Claims Act charging that HealthSouth purchased computer equipment from a company owned by Richard Scrushy’s parents at prices
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