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financial and managerial accounting 16th

Questions and Answers of Financial And Managerial Accounting 16th

How is the times-interest-earned ratio calculated, and what does it evaluate?
What is a corporation?
What is par value?
What is a stock dividend?
What is a prior-period adjustment?
Oahu Inc. is considering an investment in new equipment that will be used to manufacture a smartphone. The phone is expected to generate additional annual sales of 40,000 units at $80 per unit. The
A project has estimated annual net cash flows of $60,000. It is estimated to cost $510,000. Determine the cash payback period. Round to one decimal place.
The COVID-19 pandemic created supply chain disruptions and materials shortages that were caused, in part, by manufacturing and distribution workers that were sick or laid off. Supply chain
Doughnut production at Krispy Kreme (DNUT) is an exact process based upon measurement and testing. The standardized process provides the exact time necessary, no more, no less, for doughnuts to rise,
Dakota Mining Company has two competing proposals: a diamond core drill or a hydraulic excavator. Both pieces of equipment have an initial investment of $900,000. The net cash flows estimated for the
The internal rate of return method is used by Royston Construction Co. in analyzing a capital expenditure proposal that involves an investment of $108,875 and annual net cash flows of $25,000 for
The St. Louis to Seattle Railroad is considering acquiring equipment at a cost of $3,600,000. The equipment has an estimated life of 8 years and no residual value. It is expected to provide yearly
Pockets Inc. manufactures cargo pants in the cutting and sewing processes. Cargo pants are manufactured in batches of 30. The cutting time is 4 minutes per unit. The sewing time is 12 minutes per
Stay-In-Style (SIS) Hotels Inc. is considering the construction of a new hotel for $30 million. The expected life of the hotel is 10 years, with no residual value. The hotel is expected to earn
The following data are accumulated by Waiola Company in evaluating the purchase of $200,000 of equipment, having a 4-year useful life:a. Assuming that the desired rate of return is 15%, determine the
Keone Products Company is considering an investment in one of two new product lines. The investment required for either product line is $750,000. The net cash flows associated with each product are
Project 1 requires an original investment of $375,000. The project will yield cash flows of $90,000 per year for 8 years. Project 2 has a computed net present value of $50,000 over a 6-year life.
Haukea Clothing Inc. is evaluating two capital investment proposals for a retail outlet, each requiring an investment of $980,000 and each with a 7-year life and expected total net cash flows of
Kauai Tools Inc. is planning to invest in new manufacturing equipment to make a new garden tool. The new garden tool is expected to generate additional annual sales of 20,000 units at $10 each. The
The following data are accumulated by Patterson Inc. in evaluating two competing capital investment proposals:Determine the expected average rate of return for each project. Amount of
Ridgeway Digital Components Company assembles circuit boards by using a manually operated machine to insert electronic components. The original cost of the machine is $200,000, the accumulated
Determine the average rate of return for a project that is estimated to yield total income of $720,000 over 10 years, has a cost of $1,100,000, and has a $100,000 residual value.
A net present value analysis requires Vail Resorts, Inc. (MTN) to estimate the initial investment, the years of expected useful life, the expected additional investment, the yearly returns from
Western Jeans Co. has an annual plant capacity of 2,000,000 units, and current production is 1,920,000 units. Monthly fixed costs are $400,000, and variable costs are $9 per unit. The present selling
Pizana Computer Company has been purchasing carrying cases for its portable computers at a purchase price of $18 per unit. The company, which is currently operating below full capacity, charges
Northern Lumber Company incurs a cost of $250 per hundred board feet (hbf) in processing certain “rough-cut” lumber, which it sells for $300 per hbf. An alternative is to produce a “finished
A company is considering replacing an old piece of machinery, which cost $675,000 and has $380,000 of accumulated depreciation to date, with a new machine that has a purchase price of $825,000. The
Charles Schwab Corporation (SCHW) is a large brokerage and wealth management company that operates in two segments: Investor Services and Advisor Services. In recent financial statements, Schwab
Product K has a unit contribution margin of $120. Product L has a unit contribution margin of $100. Product K requires five furnace hours, while Product L requires four furnace hours. Determine the
The condensed product-line income statement for Northern Lights Company for the month of August is as follows:Fixed costs are 30% of the cost of goods sold and 15% of the selling and administrative
Coley Avionics produces electronic systems for use in commercial and government aircraft. Its products include navigation systems, collision avoidance systems, and flight management systems.
A product is normally sold for $42 per unit. A special price of $35 is offered for the export market. The variable production cost is $21 per unit. An additional export tariff of 10% of revenue must
A condensed income statement by product line for Lavonia Beverage Inc. indicated the following for Vim Cola for the past year:It is estimated that 25% of the cost of goods sold represents fixed
Product Tango is produced for $24 per gallon. Product Tango can be sold without additional processing for $40 per gallon, or processed further into Product Zulu at an additional cost of $9 per
A machine with a book value of $25,000 has an estimated remaining life of 5 years. A proposal is offered to sell the old machine for $18,800 and replace it with a new machine at a cost of $40,000.
A company manufactures various-sized plastic bottles for its medicinal product. The manufacturing cost for small bottles is $30 per unit (1,000 bottles), including fixed costs of $14 per unit. A
The condensed income statement for the Consumer Products Division of Hydra Industries Inc. is as follows (assuming no support department allocations):The manager of the Consumer Products Division is
Moffett Industries is considering new equipment. The equipment can be purchased from an overseas supplier for $550,000. The freight and installation costs for the equipment are $15,000. If purchased,
The operating income and the amount of invested assets in each division of Stewart Industries are as follows:a. Compute the return on investment for each division.b. Which division is the most
Product Omega has revenue of $2,375,000, variable cost of goods sold of $1,900,000, variable selling expenses of $250,000, and fixed costs of $300,000, creating an operating loss of $(75,000).
Horton Technology has two divisions, Consumer and Commercial, and two corporate support departments, Tech Services and Purchasing. The corporate expenses for the year ended December 31, 20Y7, are as
Stowe Construction Company is considering selling excess machinery with a book value of $25,000 (original cost of $180,000 less accumulated depreciation of $155,000) for $35,000, less a 5% brokerage
Apple (APPL) compared the cost of buying the Alphabet (GOOG) mapping app against the cost of making its own mapping app. In addition, Apple considered the loss of sales to Alphabet’s smartphones
Toccoa Company owns equipment with a cost of $1,200,000 and accumulated depreciation of $990,000 that can be sold for $200,000, less a 5% sales commission. Alternatively, Toccoa Company can lease the
McDonald’s Corporation (MCD) operates company-owned and franchised restaurants in over 100 countries. The company operates primarily as a franchisor with approximately 95% of its current
The materials used by the Harmony Division of Kirtland Company are currently purchased from outside suppliers at $80 per unit. These same materials are produced by the Nauvoo Division. The Nauvoo
The Commercial Division of Lobo Company has operating income of $12,680,000 and assets of $80,500,000. The minimum acceptable return on assets is 15%. What is the residual income for the division?
Papa John’s International, Inc. (PZZA), operates over 5,400 restaurants in the United States and 48 countries. The company operates primarily as a franchisor with 4,812 franchised restaurants and
Lewis Company has operating income of $44,000, invested assets of $200,000, and sales of $800,000. Use the DuPont formula to compute the return on investment and show (a) The profit
The following data were summarized from the accounting records for Gonzaga Industries Inc. for the year ended November 30, 20Y8:Prepare divisional income statements for Gonzaga Industries Inc. Cost
The centralized Data Analytics Department of Drewlink Company has expenses of $340,000. The department has provided a total of 8,000 hours of service for the period. The Retail Division has used
El Pollo Loco Holdings, Inc. (LOCO), Spanish for “The Crazy Chicken,” operates almost 500 restaurants, approximately 40% of which are company-owned and the rest are franchises. El Pollo Loco
Huldquist Company had common stock of $1,000,000 and retained earnings of $475,000 at January 1, 20Y2. During 20Y2, Huldquist Company reported the following:The company discovered that the 20Y1
For the year ended December 31, 20Y2, the operating results of Paley Corporation and its wholly owned subsidiary, Sims Enterprises, are as follows:During 20Y2, Sims Enterprises sold and received
Yes, the three legs of the organizational architecture stool were out of balance. As a result, the airline lost tens of thousands of dollars in revenues.Decision rights regarding repair work were
Phelps Corporation owns all of the common stock of Stern Company. Each company maintains its own accounting records and prepares separate financial statements. Balance sheets for each company as of
When recording a corporation’s income taxes for the year, (a) Why would Deferred Income Tax Payable be credited? (b) How is Deferred Income Tax Payable reported in the financial
Pryor Corp. owns 100% of the common stock of Stark Inc. Pryor Corp.’s investment in Stark Inc. is recorded in its ledger as “Investment in Stark Inc.” with a debit balance of $11,150,000. The
When would a U.S. company record a foreign currency exchange gain or loss?
Boondocks Gumbo is a locally owned restaurant in Houston, Texas, with eight locations. The owner recently developed a new recipe for the restaurant’s signature gumbo dish. The owner decided to try
Are the elimination entries used in preparing consolidated financial statements recorded in the accounts (ledgers) of the parent and subsidiary companies?
The parent company’s account, “Investment in Subsidiary,” is eliminated against what subsidiary accounts in preparing consolidated financial statements?
Rocky Mountain BBQ is trying to become more efficient in training its chefs. It is experimenting with two training programs aimed at this objective. Both programs have basic and advanced training
What are two principles used in preparing consolidated financial statements?
Why are consolidated financial statements reported to external stakeholders?
What method of accounting is used for investments between 20% and 50% of the investee’s outstanding common stock?
How are strategic objectives and strategic initiatives different? How are they related?
What is the purpose of the performance perspectives of a balanced scorecard?
Strategic objectives are usually somewhat vague and ambiguous. Performance measures provide more tangible concepts for employees and managers to work with. Saying “Delight the customer” might not
Brite Beverage Company bottles soft drinks into aluminum cans. The manufacturing process consists of three activities:1. Mixing: water, sugar, and beverage concentrate are mixed.2. Filling: mixed
Isaacson Dental Inc. is considering a new lean product cell. The present manufacturing approach produces a product in four separate steps. The production batch sizes are 50 units. The process time
Prawitt Company incurred an activity cost of $103,500 for inspecting 30,000 units of production. Management determined that the inspecting objectives could be met without inspecting every unit.
The Boston Beer Company Inc. (SAM) produces Samuel Adams beer and other alcoholic beverages. Boston Beer reported the following operating information for a recent year (in thousands):In addition,
Anderson Candy Company budgeted the following costs for anticipated production for October:Prepare a factory overhead cost budget, separating variable and fixed costs. Assume that factory insurance
Alvarado Company produces a product that requires 7.5 standard direct labor hours per unit at a standard hourly rate of $22.50 per hour. If 8,000 units used 60,200 hours at an hourly rate of $21.95
Martay Creations produces winter scarves. The scarves are produced in the Cutting and Sewing departments. The Maintenance and Security departments support these production departments, and allocate
Daimler Inc. sells a product for $75 per unit. The variable cost is $50 per unit, while fixed costs are $5,400,000. Determine (a) The break-even point in sales units and(b) The break-even point
Comcast Corporation (CMCSA) is a global media and entertainment company with operations divided into three major segments:▪▪ Cable Communications: High-speed Internet, video, voice, and wireless
Lindquist Company has the following information for February:Determine (a) The manufacturing margin,(b) The contribution margin, and (c) Operating income for Lindquist Company for the
At the end of the first year of operations, 18,000 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows:Determine the cost of the finished
By producing more cars than were sold, Ford (F) and General Motors (GM) increased their operating income reported under absorption costing. This is because a portion of their fixed manufacturing
Yum! Brands, Inc. (YUM) is a worldwide operator and franchisor of fast-food restaurants, under the familiar brands of KFC, Pizza Hut, Taco Bell, and Habit Burger Grill. Segment revenues, operating
Fixed manufacturing costs are $55 per unit, and variable manufacturing costs are $140 per unit. Production was 75,000 units, while sales were 64,000 units. Determine (a) Whether variable costing
Segment disclosure by Apple Inc. (AAPL) provides sales information for its major product lines for three recent years as follows (in millions):The Wearables, Home Accessories segment includes
Crazy Mountain Sports Inc. assembles and sells snowmobile engines. The company began operations on March 1 and operated at 100% of capacity during the first month. The following data summarize the
On October 31, the end of the first month of operations, Yankovich Inc. manufactured 75,000 units and sold 67,500 units. The following income statement was prepared, based on the variable costing
Tesla, Inc. (TSLA) designs, manufactures, sells, and leases electric vehicles worldwide, including the Model 3 sedan and the Model Y sport utility vehicle (SUV). Tesla also develops and manufactures
Fleet-of-Foot Inc. manufactures and sells three types of shoes. The income statements prepared under the absorption costing method for the three shoes are as follows:In addition, you have determined
The following information is for Bullwinkle Industries Inc.:Determine the (a) Contribution margin and (b) Contribution margin ratio for the East Region and West Region. Sales volume
Pipeline Surfboards Inc. manufactures and sells two styles of surfboards, Atlantic Wave and Pacific Pounder. These surfboards are sold in two regions, East Coast and West Coast. Information about the
Variable manufacturing costs are $90 per unit, and fixed manufacturing costs are $270,000. Sales are estimated to be 30,000 units.a. How much would absorption costing operating income differ between
Amazon.com, Inc. (AMZN) organizes its operations into three segments: North America, International, and Amazon Web Services (AWS). The North America and International segments primarily report
The actual and planned data for Broadwater Institute & Technical School for the Fall term were as follows:Registration, records, and marketing costs vary by the number of enrolled students, while
At the beginning of the period, the Fabricating Department budgeted direct labor of $76,800 and equipment depreciation of $16,500 for 2,400 hours of production. The department actually completed
Lakeridge Stores is planning its staffing for the upcoming holiday season. From past history, the store determines that it needs one additional sales clerk for each $15,000 in daily sales. The
Quetzaltenango Candle Inc. projected sales of 700,000 candles for March. The estimated March 1 inventory is 40,000 units, and the desired March 31 inventory is 25,000 units. What is the budgeted
Healthy Habits Inc. produces a Bath version and a Gym version of its popular electronic scale. The anticipated unit sales for the scales by sales region are as follows:The finished goods inventory
Bowser Inc. manufactures two models of speakers, Rumble and Thunder. Based on the following production and sales data for June, prepare (a) A sales budget (b) A production budget: Estimated
Provo Racket Company manufactures two types of tennis rackets, the Youth and Adult models. The production budget for July for the two rackets is as follows:Both rackets are produced in two
Quetzaltenango Candle Inc. budgeted production of 685,000 candles for March. Wax is required to produce a candle. Assume 8 ounces of wax is required for each candle. The estimated March 1 wax

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