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business
financial and managerial accounting 16th

Questions and Answers of Financial And Managerial Accounting 16th

Father Furniture Company manufactures and sells oak tables and chairs. Price and cost data for the furniture follow: Father Furniture has three sales representatives: Adam, Ben, and Caleb. Adam
The Sweet Treats Company manufactures candy that is sold to food distributors. The company produces at full capacity for six months each year to meet peak demand during the “candy season” from
Sampler Company sells two products, Sigma and Zeta, with a sales mix of 70% and 30%, respectively. Sigma has a contribution margin per unit of $26, and Zeta has a contribution margin per unit of $21.
Professional Pool Cleaning Service provides pool cleaning services to residential customers. The company has three employees, each assigned to specific customers. The company considers each
Henry’s Helpers provides locksmith services. One type of service call is to evaluate private residences for security concerns and make recommendations for a safety plan. Use the data below to
Divine Pool Cleaning Service provides pool cleaning services to residential customers. The company has three employees, each assigned to specific customers. The company considers each employee’s
The 2018 data that follow pertain to Mike’s Magnificent Eyewear, a manufacturer of swimming goggles. (Mike’s Magnificent Eyewear had no beginning Finished Goods Inventory in January
The 2018 data that follow pertain to Eli’s Electric Eyewear, a manufacturer of swimming goggles. (Eli’s Electric Eyewear had no beginning Finished Goods Inventory in January 2018.)Number of
Barker, Inc. has the following balance sheet at December 31, 2018:Barker projects the following transactions for 2019: Sales on account,
Tiger Mountain Gelato incurs the following costs for its premium ice cream in May 2018: Direct materials cost per pint....................................... $ 2.50 per pint Direct labor
How is benchmarking beneficial?
How is the predetermined overhead allocation rate determined?
What is the capital expenditures budget?
What is sensitivity analysis? Why is it important for managers?
Pilchuck Company manufactures tote bags and has provided the following information for September 2018:Requirements1. Prepare a flexible budget performance report, including the heading. Use the ABS
Thunder Creek Company is preparing budgets for the first quarter of 2018. All relevant information is presented on the Excel template. Requirements 1. Prepare a Sales Budget. 2.
What is a variance?
What are the two components of the static budget variance? How are they calculated?
What is a flexible budget performance report?
What is a standard cost system?
What is management by exception?
What is a standard cost income statement?
List the advantages of decentralization.
What is goal congruence?
Usually, which outweighs the other in decentralization—advantages or disadvantages?
What is a responsibility center?
The US Solar Company has data for the four divisions for the year, and wants the results for the three specified key performance indicators (KPIs).Requirements1. Create an Excel table from the
What is a performance evaluation system?
What is a key performance indicator?
What does ROI measure?
How is RI calculated?
What does RI measure?
What is differential analysis?
Explain the difference between price-takers and price-setters.
What is target pricing? Who uses it?
What is cost-plus pricing? Who uses it?
What is a constraint?
What is outsourcing?
What are post-audits? When are they conducted?
Consider how Hunter Valley Snow Park Lodge could use capital budgeting to decide whether the $11,000,000 Snow Park Lodge expansion would be a good investment. Assume Hunter Valley’s managers
Your grandfather would like to share some of his fortune with you. He offers to give you money under one of the following scenarios (you get to choose): 1. $7,250 per year at the end of each of
How is the present value of an annuity determined?
Why are net present value and internal rate of return considered discounted cash flow methods?
What is net present value?
What is the decision rule for NPV?
What is the profitability index? When is it used?
What is the internal rate of return?
What is the decision rule for IRR?
What is an accounting information system (AIS)?
What is a special journal?
What is a control account?
How is QuickBooks organized?
Analyze the following T-accounts, and determine the missing amounts. Bal. Raw Materials Inventory 28,000 (a) 9,000 Accounts Payable 28,000 Work-in-Process Inventory (b) 37,000 8,000 13,500 Bal.
The financial statements of Valerie’s Natural Foods include the following items: Compute the following ratios for the current year: a. Current ratio b. Cash ratio c. Acid-test
What is horizontal analysis, and how is a percentage change computed?
What are prime costs? Conversion costs?
Root Shoe Company makes loafers. During the most recent year, Root incurred total manufacturing costs of $26,300,000. Of this amount, $2,000,000 was direct materials used and $19,800,000 was direct
Fremont Troll House Cookies has been baking coconut cookies for 27 years. Classify manufacturing costs, and prepare schedules for the Cost of Goods Manufactured and the Cost of Goods Sold for the
Granite Construction Incorporated is a major construction firm whose projects include roads, highways, bridges, dams, tunnels, mass transit facilities, and airports. Suppose Granite Construction
What is the predetermined overhead allocation rate?
Cedar River Trikes manufactures three-wheeled bikes for adults. The company allocates manufacturing overhead costs based on machine hours. Cedar River expects to incur $250,000 of manufacturing
What is an allocation base? Give some examples.
Billy Davidson operates Billy’s Worm Farm in Mississippi. Davidson raises worms for fishing. He sells a box of 20 worms for $12.60. Davidson has invested $400,000 in the worm farm. He had hoped to
How is manufacturing overhead allocated to jobs?
What are equivalent units of production?
Salish Craft Beers provides the following information for the Malting Department for the month of August 2018:RequirementsComplete a production cost report for the Malting Department for the month of
What is a production cost report?
What is the price/earnings ratio, and how is it calculated?
What is accounting?
Calculate the Accounts Payable balance. May 2 May 22 Accounts Payable 6,000 21,000 11,500 500 8,500 500 May 1 May 5 May 15 May 23
What is the role of the Financial Accounting Standards Board (FASB)?
Financial statements in the United States are reported in U.S. dollars. What assumption supports this statement?
How does retained earnings increase? What are the two ways that retained earnings decreases?
List the four financial statements. Briefly describe each statement.
When are debits increases? When are debits decreases?
When are credits increases? When are credits decreases?
For each transaction, identify a possible source document. a. The business received $20,000 cash and issued common stock to stockholders. b. Purchased office supplies on account,
What document are financial statements prepared from?
What is a deferred revenue? Provide an example.
What does the income statement report?
Why are financial statements prepared in a specific order? What is that order?
What is a classified balance sheet?
What does liquidity mean?
What are reversing entries? Are they required by GAAP?
Describe the operating cycle of a merchandiser.
What does the balance sheet report?
What is an invoice?
Describe the single-step income statement.
Describe the multi-step income statement.
What is internal control?
What is the goal of conservatism?
What is separation of duties?
What is a bank reconciliation?
What is the difference between the percent-of-receivables and aging-of-receivables methods?
How is the acid-test ratio calculated, and what does it signify?
What does the accounts receivable turnover ratio measure, and how is it calculated?
What does the asset turnover ratio measure, and how is it calculated?
What is a debt security?
What is an equity security?
What do short-term notes payable represent?

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