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financial and managerial accounting 16th

Questions and Answers of Financial And Managerial Accounting 16th

Gerde’s unadjusted trial balance dated December 31, year 1, reports Income Taxes Expense of $165,000 and Income Taxes Payable of $45,000. The company’s accountant estimates that income taxes
When Southwest Airlines sells tickets for future flights, it debits Cash and credits an account entitled Air Traffic Liability (Passenger Revenue Earned is recorded only when passengers are provided
On March 1, Summers Corporation had office supplies on hand of $3,000. During the month, Summers purchased additional supplies costing $4,000. Approximately $2,000 of unused office supplies remain on
During the month of October, current year, Alvarez Company had the following transactions.a. Revenues of $14,400 were earned and received in cash.b. Bank loans of $3,600 were paid off.c. Equipment of
The night manager of Wong Transportation Service, who had no accounting background, prepared the following balance sheet for the company at February 28, current year. The dollar amounts were taken
Target Corporation’s annual report for the year 2020 includes income statements for the years ending in 2018, 2019, and 2020. Net income for these three years is as follows (all in millions):
In each case, indicate the appropriate balance sheet amount of the asset under generally accepted accounting principles. If the amount assigned by the company is incorrect, briefly explain the
Hernandez, Inc., purchased a truck by paying $5,000 and borrowing the remaining $30,000 required to complete the transaction. Briefly state how this transaction affects the company’s basic
In 2020, American Airlines Group Inc., a publicly owned company, reported operating cash flows of negative $6.5 billion, and desperately needed additional capital for the company to continue
Banner Publications was organized early in 2019 with authorization to issue 10,000 shares of $100 par value preferred stock and 1 million shares of $1 par value common stock. All of the preferred
McMinn Publications was organized early in 2019 with authorization to issue 20,000 shares of $100 par value preferred stock and 1 million shares of $1 par value common stock. All of the preferred
Maria Martinez organized Manhattan Transport Company in January 2021. The corporation immediately issued at $8 per share one-half of its 200,000 authorized shares of $2 par value common stock. On
Early in 2022, Feller Corporation was formed with authorization to issue 50,000 shares of $1 par value common stock. All shares were issued at a price of $8 per share. The corporation reported net
Cheney Company purchased a piece of equipment for $14,000 and depreciated it for three years over a 5-year estimated life with an expected residual value at the end of 5 years of $2,000. At the end
For several years, one of Prestland Company’s grocery stores has been unprofitable. At this time, management has not decided whether to close that location or do a major renovation effort and keep
Jackson Publishing, Inc. (JPI), publishes two newspapers and, until recently, owned a professional baseball team. The baseball team had been losing money for several years and was sold at the end of
Wansley, Inc., had the following positive and negative cash flows during the current year:Determine the amount of cash provided by or used for operating activities by the direct method. Positive cash
Louisiana Products Co. had the following positive cash flows during the current year: received cash from customers of $750,000; received bank loans of $35,000; and received cash from the sale of
The following income statement and selected balance sheet account data are available for Omega, Inc., at December 31, 2024:Additional Information1. Dividend revenue is recognized on the cash basis.
The following income statement and selected balance sheet account data are available for Royce Interiors, Inc., at December 31, 2024:Additional Information1. Dividend revenue is recognized on the
Holiday Greeting Cards is a local company organized late in July of 2023. The company’s net income for each of its first six calendar quarters of operations is summarized as follows. (Amounts are
Wong Company reported net income for the year of $68,000. Depreciation expense for the year was $15,000. During the year, accounts receivable increased by $4,000, inventory decreased by $6,000,
Selected information taken from the financial statements of Smitty Company for two successive years follows. Compute the percent change from year 1 to year 2 whenever possible. Round all calculations
The following information was developed from the financial statements of Free Time, Inc. At the beginning of 2024, the company’s former supplier went bankrupt, and the company began buying
You are a loan officer with Third Nebraska Bank. Joe West owns two restaurants that are organized as two separate companies. Each company has applied to your bank for a $250,000 one-year loan for the
The Kroger Company is one of the world’s largest supermarket chains. These selected items were adapted from Kroger’s balance sheet as of January 30, 2021. (Dollar amounts are in
Compute trend percents for the following items taken from the financial statements of Lopez Plumbing over a five-year period. Treat 2020 as the base year. State whether the trends are favorable or
Johnson & Johnson’s 2020 financial statements include the following items (all dollars in millions):Compute the following ratios and comment on the trend you can observe from the limited two
Stellar, Inc., had depreciation expenses on its plant assets as follows for 2022, 2023, and 2024, respectively: $267,000, $289,000, and $368,000. Compute the trend percents for these years, assuming
Quaker Company had operating income and net income of $49,500 and $46,500, respectively, in a year when its stockholders’ equity averaged $450,000 and its total assets averaged $2,500,000.
Phylx Company earned an 8 percent return on its total assets. Current liabilities are 5 percent of total assets. Long-term bonds carrying a 5.5 percent coupon rate are equal to 30 percent of total
Terrapin Corporation manufactures travel trailers featuring lightweight fiberglass shells. The manufacturing costs incurred during its first year of operations are as follows:During the year, 150
World Bridge Corporation manufactures a telecommunications device. During its first year of operations, the company started and completed 45 devices at a cost of $59,400 per unit. Of these, 43 were
During the year, the Blue Horizons boat company incurred manufacturing costs of $400,000 in building three large sailboats. At year-end, each boat is about 70 percent complete. How much of these
Many companies have begun the practice conveying to stakeholders initiatives related to Environmental, Social, and Governance concerns (often referred to as ESG reporting).Access the following link
The following information was taken from the accounting records of the Rieff Printing Company:Overhead assigned to production was $300,000. Compute the amount of the work in process inventory on hand
The Wadena Company reports the following information pertaining to the month of January:During January, the company purchased $40,000 of direct materials and incurred $90,000 of direct labor costs.
Menaga Company reports the following information pertaining to its operating activities:During the year, the company purchased $175,000 of direct materials and incurred $45,000 of direct labor costs.
Sonic Marine produces sonar fishing equipment. The company’s F5-300 Sonar units are produced in a single manufacturing department. All direct material used in the production of these units is added
Konshok Corporation uses a process costing system and traces costs through several processing departments, starting with the Bonding Department. The following is information taken from the Bonding
HydroLift is trying to determine how long it takes for one product to pass through the production process. The following information was gathered regarding how many days the product spent in various
Lomax Corporation manufactures hiking boots. For the coming year, the company has budgeted the following costs for the production and sale of 40,000 pairs of boots:Instructionsa. Compute the sales
Laurel’s is a retail clothing store that specializes in evening gowns. Its owner, Laurel Gamm, wants to capture a 25 percent share of the local market. In order to do so, she estimates that the
Monty’s, a maker of handheld video games, recently analyzed its manufacturing process to identify value-added and non-value-added activities. Monty’s CFO estimates that the total non-value added
Bubba and Danny are college friends planning a skiing trip to Killington before the new year. They estimated the following for the trip:Requirements 1. Bubba suggests that the costs be shared
Spectrum Corp. makes two products: C and D. The following data have been summarized: Indirect manufacturing cost information includes the following: The company plans to manufacture 250
Refer to Short Exercise S19-8. Spectrum Corp. desires a 25% target gross profit after covering all product costs. Considering the total product costs assigned to the Products C and D in Short
Darby Corp. is considering the use of activity-based costing. The following information is provided for the production of two product lineDarby plans to produce 375 units of Product A and 250 units
Refer to Short Exercise S19-10. Haworth desires a 20% target operating income after covering all costs. Considering the total costs assigned to the Client 76 job in Short Exercise S19-10, what would
Haworth Company is a management consulting firm. The company expects to incur $167,500 of indirect costs this year. Indirect costs are allocated based on the following activities: Haworth bills
Koehler (see Exercise E19-15 and Exercise E19-16) makes handheld calculators in two models—basic and professional—and wants to further refine its costing system by allocating overhead using
What is activity-based management? How is it different from activity-based costing?
Refer to Exercise E19-20. For 2019, Eason’s managers have decided to use the same indirect manufacturing costs per wheel rim that they computed in 2018 using activity-based costing. In addition to
Refer to Exercises E19-20 and E19-21. Controller Michael Bender is surprised by the increase in cost of the deluxe model under ABC. Market research shows that for the deluxe rim to provide a
Turbo Champs Corp. uses activity-based costing to account for its motorcycle manufacturing process. Company managers have identified three supporting manufacturing activities: inspection, machine
Prime Products uses a JIT management system to manufacture trading pins. The standard cost per pin is $2 for direct materials and $3 for conversion costs. Last month, Prime recorded the following
Treat Dog Collars uses activity-based costing. Treat’s system has the following features: Each collar has three parts, direct materials cost is $5.00 per collar, and direct labor cost is $4.00
What is a just-in-time management system?
Refer to Exercise E19-24. The president of Western suspects that her allocation of indirect costs could be giving misleading results, so she decides to develop an ABC system. She identifies three
What are quality improvement programs?
Western, Inc. is a technology consulting firm focused on Web site development and integration of Internet business applications. The president of the company expects to incur $640,000 of indirect
The Alright Manufacturing Company in Rochester, Minnesota, assembles and tests electronic components used in smartphones. Consider the following data regarding component T24 (amounts are per
Refer to Exercises E19-24 and E19-25. Suppose Western’s direct labor rate was $280 per hour. The Halbert engagement used the following resources last month: Allocation Base
Refer to Exercise E19-26. Western desires a 20% target net profit after covering all costs. Considering the total costs assigned to the Halbert engagement in Exercise E19- 26, what would Western have
Gateway produces electronic calculators. Suppose Gateway’s standard cost per calculator is $25 for direct materials and $68 for conversion costs. The following data apply to August
Darrel & Co. makes electronic components. Chris Darrel, the president, recently instructed Vice President Jim Bruegger to develop a total quality control program. “If we don’t at least match
Blanchette Plant Service completed a special landscaping job for Kerry Company. Blanchette uses ABC and has the following predetermined overhead allocation rates: The Kerry job included $750 in
Clason, Inc. manufactures door panels. Suppose Clason is considering spending the following amounts on a new total quality management (TQM) program: Strength-testing one item from each batch of
Loiselle manufactures high-quality speakers. Suppose Loiselle is considering spending the following amounts on a new quality program:Additional 20 minutes testing for each speaker
Martin, Inc. manufactures bookcases and uses an activity-based costing system. Martin’s activity areas and related data follow*Refers to number of units receiving the finishing activity, not the
The Alexander Manufacturing Company in Rochester, Minnesota, assembles and tests electronic components used in smartphones. Consider the following data regarding component T24 (amounts are per
Low Range produces fleece jackets. The company uses JIT costing for its JIT production system. Low Range has two inventory accounts: Raw and In-Process Inventory and Finished Goods Inventory. On
Rennie Plant Service completed a special landscaping job for Brenton Company. Rennie uses ABC and has the following predetermined overhead allocation ratesThe Brenton job included $1,500 in plants;
High Mountain produces fleece jackets. The company uses JIT costing for its JIT production system. High Mountain has two inventory accounts: Raw and In-Process Inventory and Finished Goods Inventory.
Roxi, Inc. is using a costs-of-quality approach to evaluate design engineering efforts for a new skateboard. Roxi’s senior managers expect the engineering work to reduce appraisal, internal
Mt. Hood Manufacturing uses ABC to allocate manufacturing overhead costs, and has computed the following: The company produces two models of industrial heaters, Crest and Cascade. The
Recall that Piedmont Computer Company allocated manufacturing overhead costs to jobs based on a predetermined overhead allocation rate, computed as 25% of direct labor costs. Piedmont Computer
What is a variable cost? Give an example.
What is a fixed cost? Give an example.
What is the purpose of using the high-low method?
What is contribution margin?
What is cost-volume-profit analysis?
What are the CVP assumptions?
What are the three approaches to calculating the sales required to achieve the breakeven point? Give the formula for each one.
Of the three approaches to calculate sales required to achieve the breakeven point, which one(s) calculate the required sales in units and which one(s) calculate the required sales in dollars?
What is target profit?
Camden Company has divided its business into segments based on sales territories: East Coast, Midland, and West Coast. Following are financial data for 2018: Prepare an income statement for
What is a company’s cost structure? How can cost structure affect a company’s profits?
The Hurley Hat Company manufactures baseball hats. Hurley’s primary customers are sporting goods stores that supply uniforms to youth baseball teams. Following is Hurley’s income statement for
Crandall Company sells flags with team logos. Crandall has fixed costs of $583,200 per year plus variable costs of $4.80 per flag. Each flag sells for $12.00. Requirements 1. Use the
The Oceanside Garden Nursery buys flowering plants in four-inch pots for $1.00 each and sells them for $2.50 each. Management budgets monthly fixed costs of $2,100 for sales volumes between 0 and
What is absorption costing?
Refer to Short Exercise S21-10. Which business segment provided the greatest total contribution margin? Which business segment had the highest contribution margin ratio?Data from S21-10.Camden
CF Industries Holdings, Inc. is one of the largest manufacturers and distributors of nitrogen fertilizer and other nitrogen products in the world. The corporation often produces and stores large
Burlington Internet Services is an Internet service provider for commercial and residential customers. The company provided the following data for its two types of customers for the month of
What is variable costing?
Sherman Company provides carpet cleaning services to commercial and residential customers. Using the data below, determine the contribution margin ratio for each business segment, rounded to two
What is a business segment? Give some examples.
Refer to Exercise E21-25. The commercial business segment provided services to 200 customers. The residential business segment provided services to 400 customers. Determine the average amount Sherman
Relative Furniture Company manufactures and sells oak tables and chairs. Price and cost data for the furniture follow: Relative Furniture has three sales representatives: Abe, Brett, and Corrin.

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