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business
accounting information systems

Questions and Answers of Accounting Information Systems

The Anderson Business has identified the following capital expenditure proposals as acceptable.Only \(\$ 150000\) is available for investment.Required:Determine the combination of proposals to be
The Merton Medical Business is considering replacing an old machine that cost the business \(\$ 100000\) five years ago. This machine could be used for 10 more years, at which time it would have no
Several years ago, Catherine's Cattery Business signed a contract to supply 5000 units of a special product each year to one of its customers at a price of \(\$ 15\) per unit. This contract, which
Monica's Metal Fabrication Business has just been ordered by the court to install a pollutioncontrol device on the exhaust system of one of its production processes. The business' required rate of
Bruce Industries is considering introducing a new product. Bruce believes it can sell 32000 units of this product per year for 10 years at a price of \(\$ 18\) per unit. Bruce estimates that the cost
The current dividend of a share in Osmium Company is \(\$ 6\) and investors require a rate of return of 9 per cent. Dividends are expected to grow at the following rate.Required:Calculate the price
The required rate of return for a share in Gamma Company is 12 per cent. The current dividend per share is \(\$ 7\) and dividends are expected to grow at the following rate.Required:Calculate the
Quick Coffee Shops, a chain of fast-food shops serving breakfast 24 hours a day, is considering opening a shop in Jonestown. The shop could be opened in one of two ways, either by building the shop
Susan lives with her mother and is a secretary for a large architectural business. She earns \(\$ 27500\) per year. She dreams of being an architect, however. Salaries for new architects in her
Yesterday, Megan received a note from her father, who is now 47 years old, asking for advice in starting his plans for retirement. The relevant parts of that note are as follows:'. . and you know how
Frangipani Fragrances currently reimburses its 40 salespeople for the use of their personal cars for the business. Cassandra, business sales manager, has been trying without success to persuade the
The following five situations (columns 1-5) are independent.Required:Calculate each of the unknown amounts, items (a) to (e). Ending balance in the business' cheque account Deposits made directly by
An examination of the accounting records and the bank statement of the Evans Company at 31 March provides the following information:i The Cash account has a balance of \(\$ 6351.98\).ii The bank
You have been asked to help the Rancher Company prepare its bank reconciliation. You examine the business' accounting records and its bank statement at 31 May, and find the following information:i
The Huron Company keeps a petty cash fund of \(\$ 80\). On 30 June the fund contained cash of \(\$ 36.87\) and these petty cash receipts:Required:a If the business' fiscal year ends 30 June should
The Heat Be Gone business sells one type of air conditioner and uses the perpetual inventory system. At the beginning of January, the business had a balance in its Cash account of \(\$ 2100\) and an
The Short Cut Lawn Mower Store sells one type of lawn mower at a price of \(\$ 200\) per unit. On 1 June, it had an \(\$ 800\) accounts receivable balance and a \(\$ 600\) accounts payable balance,
On 31 December the Big Hole Property Management Company had a balance of \(\$ 70\) in its petty cash fund, a reconciled balance of \(\$ 1283\) in its cheque account and a \(\$ 4627\) balance in its
Bugs-Be-Gone sells two types of screen doors. Model A, which sells for \(\$ 30\), is the basic screen door and Model B, for \(\$ 50\), is the deluxe screen door. At the beginning of July, the
On 1 January, the balance in the Accounts Receivable Account for James Pty Ltd was \(\$ 4125\). During the next six months, credit sales amounted to \(\$ 13075\) and clients paid \(\$ 14560\) to
Your friend, an avid sports fan, recently purchased a cricket bat from a catalogue. While he was filling out the order form, he noticed the warning, 'Don't send cash!' He asked you, 'Does it seem odd
Sam Lewis has been operating a 'full service' service station for several years. Although he occasionally has employed students part-time, he has collected the cash and cheques for petrol and repair
Your dad's friend Frank has a business, Frank's Franks, which is responsible for street-corner vending of sausages, pies and soft drinks. It's a small business with an office and four vending carts
Your sister Ella works at a bar in an upmarket hotel located in a shopping centre that includes a bank. She often works the late shift and doesn't leave work until 1:00 or 1:30 a.m. One day, when you
The Anibonita Company is a retail shop with three sales departments. It also has a small accounting department, a purchasing department and a receiving department. All inventory is kept in the sales
The JeBean Company makes sales only on credit. All JeBean's customers order through the post. The business has a small accounting department, a credit department, an inventory department and a
Oliver Bauer, owner of Bauer's Retail Store, has been very careful to establish good internal control over inventory purchases for his shop. The shop has several employees, and since Ollie cannot
We mentioned that if Sweet Temptations came up short four boxes of chocolates, it should increase its Cost of Goods Sold account and decrease its Inventory account by the cost of those boxes. Suppose
Suppose that one of your business' largest customers has written an NSF cheque for \(\$ 9734\) and your boss has just found out about it. This morning he comes flying into your office demanding to
You are a consultant for several businesses. The following are independent situations you have discovered, each of which may or may not have one or more internal control weaknesses. The names of the
Write out the income statement equation, and explain its components.
Company X purchases inventory under terms FOB destination from Company Y, and the goods are still in transit. Which company includes the goods in its inventory? Why? How would your answers change if
Explain how managers use a business' income statement for decision making.
Explain which costs are included in cost of goods sold and ending inventory under the(a) FIFO,(b) average cost and(c) LIFO cost flow assumptions.
What is the formula for calculating cost of goods sold (COGS) under the periodic inventory system?
Identify the parts and subsections of a retail business' classified income statement. What is included in each part?
Explain the impact of FIFO and LIFO on a company's income statement and balance sheet if costs are rising.
How are changes in a business' income statement accounts recorded in its accounting system?
Is GST included in the cost of inventory? Why or why not?
Explain the difference between a quantity discount and a sales (cash) discount.
Explain what is meant by the lower-of-cost-or-Net Realisable value method.
The Schulte Tape Business has a beginning inventory for May of \(\$ 2500\) (250 tapes at \(\$ 10\) each) and makes the following purchases and sales of tapes during May:Required: Calculate the cost
The Gomez Folding Chair Company has 400 chairs (at \(\$ 15\) each) in its beginning inventory for July. It makes the following purchases and sales of chairs during July:Required: Calculate the cost
Explain the difference between a sales return and a sales allowance.
What is a perpetual inventory system? How is a business' cost of goods sold determined under this system?
The Russell DVD business had 200 DVDs in its 1 April inventory. It uses the perpetual inventory system and made the following purchases and sales of DVDs during April and May:The FIFO and the LIFO
What is a periodic inventory system? How is a business' cost of goods sold determined under this system?
The Brabham Kite Business had the following FIFO costs and replacement costs of kites for its ending inventory:Required:a Calculate the value of the ending inventory under the lower-of-cost-or-net
What are operating expenses? Explain the difference between selling expenses and general and administrative expenses.
The Suction Business' ending inventory of vacuum cleaner parts included the following items:Required:a Calculate the value of the ending inventory under the lower-of-cost-or-net realisable value
Explain the meaning of the terms 'risk', 'operating capability' and 'financial flexibility'.
The Ginther Power Tools Ltd had 100 air compressors in its 1 January inventory. It uses the perpetual inventory system and the FIFO inventory cost flow assumption. Ginther made the following
What is ratio analysis and what is it used for?
When Janet Chiu arrived at her shop on the morning of 15 June 20X3, she found that thieves had broken in overnight and stolen much of her merchandise. The agent of Alright Insurance Company agreed to
Johnson Watches Ltd had 300 watches in its July 1 inventory. The company uses the perpetual inventory system and made the following purchases of watches during July and August.The costs of the 300
Red Centre uses the FIFO inventory cost flow assumption. It includes the following amounts in the company's financial statements:The company sells only one product, and purchases and sales are made
Explain how to calculate a business' profit margin. What is this ratio used for?
Explain what is included in a business' statement of changes in owner's equity and how the statement is used.
Explain how to calculate a business' gross profit percentage. What is this ratio used for?
What are closing entries and why are they used?
How does the statement of comprehensive income differ from the income statement?
Explain the importance of trends to analyse business performance. What methods and indicators would you use to analyse performance trends?
Short-term profits may be at the expense of long-term profits if consideration is not given to the environmental and social implications of that decision.a How could a decision that is profitable now
On 1 October, Cooper's Appliance purchased \(\$ 8800\) of goods including GST for resale. On 11 October, it sold \(\$ 4500\) of these goods to customers at a selling price of \(\$ 6600\) including
The Costello Tax Services Business was established on 1 March of the current year to help clients with their tax planning. During January, the business entered into the following
On 9 February, Simmons Toy Shop made a \(\$ 198\) cash sale including GST of merchandise to a customer. The business uses a perpetual inventory system; the merchandise had cost Simmons Toy Shop
The Speedy Answering Service Business was started on 1 July of the current year to answer the phones of doctors, lawyers and accountants when they are away from their offices. The following
The Jung Art Supplies Business sells various art supplies to local artists. The business uses a perpetual inventory system. The balance of its inventory of art supplies at the beginning of October
The Khan Heater Business sells portable heaters and related equipment. The business uses a perpetual inventory system, and its inventory balance at the beginning of September was \(\$ 3900\). Its
The following information is available for the Miller and Keen Business for the year.Required:Prepare a schedule that calculates the cost of goods sold for the year. Beginning inventory Ending
The income statement information of the Walten Furniture Business for 20X2 and 20X3 is as follows.Required:Fill in the letters (a)-(f). All the necessary information is given. Cost of goods sold
The following information is taken from the accounts of the Harrison's Moto Shop for the month of January of the current year.Required:a Prepare a classified income statement for Harrison's Moto
The following information is taken from the accounts of Xeno's Music Store for the current year ended 31 December.Of the rent expense, five-sixths is applicable to the shop and one-sixth is
The 31 December 20X3 income statement accounts and other information of Lyon's Fashion are shown below.Required:a Prepare a classified 20X3 income statement for Lyon's Fashion.b Calculate the profit
Since the future is uncertain and circumstances are likely to change, why should the managers and owners of a business bother to plan?
Describe the three main functions of a business plan.
Describe the components of a business plan. How does each of these components help an investor, a creditor, and a manager or owner to make decisions about a business?
Why is it important for businesses to have an environment management plan? List ten possible environmental costs that a breakfast cereal manufacturing business might incur.
Why is it important for a business to have a cash buffer on hand?
How can an entrepreneur determine a business' capital requirements?
What is the difference between short-term and long-term capital?
Explain what cost-volume-profit analysis is. How does cost-volume-profit analysis help entrepreneurs develop their companies' business plans?
How can you tell whether a cost is a variable cost or a fixed cost?
What is a contribution margin?
Define relevant range.
Explain what it means when a business breaks even.
Indicate the effect (increase, decrease, no change, or not enough information) that each of the following situations has on break-even unit sales. If you answer 'not enough information', list the
If the total variable cost per unit increases while the selling price per unit, the fixed costs and the sales volume remain the same, how would you expect the change in variable costs to affect
If total fixed costs increase while the selling price per unit, the variable costs per unit and the sales volume remain the same, how would you expect the change in fixed costs to affect profit? The
Go Green is a business selling worm farm start-up kits for \(\$ 12\) each. This year, Go Green's fixed cost totals \(\$ 110000\). The variable cost per kit is \(\$ 7\).Required:a What is the
How does the income statement shown in Exhibit 2.8 help internal decision makers perform cost-volume-profit analysis?Exhibit 2.8 Total sales revenues ($11 x 720 boxes of chocolates) Less total
Imagine that you are going to start your own business. Think about the concept for a minute. Required:What will you call your business? What kind of product or service will you sell? What price will
Suppose you want to start a business that sells sports equipment.Required:Go to the reference section of your library. What type of information can you find in Moody's or Standard \& Poor's to help
TLC Company sells a single product, a food basket (containing fruit, cheese, nuts and other items) that friends and family can purchase for university students who need a little extra TLC. This
ExamChoc Company sells a single product, a chocolate basket that friends and family can purchase for university students studying for their exams. This product, called the Exam-O-Choc, sells for \(\$
Bathtub Rings is a business that sells shower-curtain rings for \(\$ 1.60\) per box. The variable cost is \(\$ 1.20\) per box, and the fixed cost totals \(\$ 20000\) per year.Required:a What is
Tube Rings is a business that sells tube inners for \(\$ 50\) per box. The variable cost is \(\$ 30\) per inner, and the fixed cost totals \(\$ 400000\) per year.Required:a What is Tube Rings' profit
Silencer Company sells a single product, mufflers for leaf blowers. The business' profit calculation for last year is shown here:Silencer has decided to increase the price of its product to \(\$ 30\)
Green Grow is a business selling organic fertiliser bags for \(\$ 24\) each. This year, Green Grow's fixed cost totals \(\$ 110000\). The variable cost per bag is \(\$ 14\).Required:a What is the
Rapunzel is a small business that currently sells a single product, shampoo, for \(\$ 4\) per bottle. The variable cost per bottle is \(\$ 3\). Rapunzel's fixed cost totals \(\$ 6000\).Required:a

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