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financial and managerial accounting 16th

Questions and Answers of Financial And Managerial Accounting 16th

Quetzaltenango Candle Inc. budgeted production of 685,000 candles for March. Each candle requires molding. Assume that 6 minutes are required to mold each candle. If molding labor costs $15 per hour,
Quetzaltenango Candle Inc. pays 30% of its purchases on account in the month of the purchase and 70% in the month following the purchase. If purchases are budgeted to be $50,000 for August and
Domino’s Pizza LLC (DPZ) operates pizza delivery and carry-out restaurants. The annual report describes its business as follows:We offer a menu designed to present an attractive, quality offering
Pampered Pal Inc., a pet supplies distributor, was organized on January 1. Projected sales for each of the first three months of operations are as follows:January .........................
Truly Delicious Inc. produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard costs for a batch of chocolate (5,000 bars) are as
Designer Furniture Company manufactures designer home furniture. Designer Furniture uses a standard cost system. The direct labor, direct materials, and factory overhead standards for a finished
Lanier Bottle Company manufactures plastic two-liter bottles for the beverage industry. The cost standards per 100 two-liter bottles are as follows:At the beginning of January, Lanier Bottle’s
Alvarado Company produces a product that requires 3.0 standard pounds per unit. The standard price is $6.00 per pound. If 8,000 units used 23,900 pounds, which were purchased at $6.20 per pound, what
Although purchasing agents may be able to control the timing of when they make purchases, they cannot control changes in exchange rates. Thus, it would not be appropriate to hold the purchasing agent
Alvarado Company produced 8,000 units of product that required 7.5 standard direct labor hours per unit. The standard variable overhead cost per unit is $1.45 per direct labor hour. The actual
Bering Sea Block produces line haulers, commonly known as blocks, for use on fishing vessels to reel in heavy crab traps and fishing nets. Because of the harsh conditions in which the blocks must
Alvarado Company produced 8,000 units of product that required 7.5 standard direct labor hours per unit. The standard fixed overhead cost per unit is $2.00 per direct labor hour at 55,000 hours,
The following data relate to the direct materials cost for the production of automobile tires:Actual: 900,000 lbs. at $2.75 per lb.Standard:
Alvarado Company produced 8,000 units that require 3.0 standard pounds per unit at a $6.00 standard price per pound. The company actually used 23,900 pounds in production. Journalize the entry to
Kearny Inc. produces tablet computers. The company uses crystal LCD displays for its products. Each tablet uses one display. The company produced 15,000 tablets during February. However, due to LCD
The following data relate to labor cost for production of 50,000 cellular telephones:Actual: 9,300 hrs. at $29.50Standard:
Corpus Christi Bicycle Company manufactures commuter bicycles from recycled materials. Corpus Christi Bicycle Company records standard costs in its accounts. The following data for March are
At the beginning of April, Winslow Toy Company budgeted 50,000 toy action figures to be manufactured in April at standard direct materials and direct labor costs as follows:Direct materials
Port Norris Textiles Corporation began September with a budget for 140,000 hours of production in the Weaving Department. The department has a full capacity of 150,000 hours under normal business
Back Mountain Sports, Inc., produces skiing and snowboarding gear. The company’s main production departments are Molding and Finishing. Production of the skiing and snowboarding gear cannot be
The Financial Accounting Standards Board (FASB) has not issued any specific guidance on the proper accounting and reporting of bitcoins. Thus, there is considerable debate and variation in practice.
Woodfall, Inc., produces the following types of 2 × 4 × 10 wood boards: washed, stained, and pressure treated. These products are produced jointly until they are cut. One batch produces 100 washed
Yo-Town Inc. produces yogurt. Information related to the company’s yogurt production follows:Support Department 1’s costs total $157,000. Using the direct method of support department cost
Black Diamond Devices Inc. produces replacement components for smartphones. Costs from Support Department 1 are allocated based on the number of employees. Costs from Support Department 2 are
If the $10 coupon is issued by Kroger (KR), the sale is recorded as $90. In addition, debit card transactions are considered cash transactions. Thus, the sale with a $10 Kroger discount coupon would
Delta Air Lines (DAL) should not record the entire $1,000 as revenue for 20Y6. Instead, Delta should allocate the $1,000 revenue to (1) the flight flown in December and (2) the 2,000 mileage credits.
Rocky Mountain Adhesives produces adhesives for use in construction and home repair, often known as “liquid nails.” It also produces specially labeled ceramic and wood adhesives. Because the
The payment of a dividend results in a decrease in stockholders’ equity (debit to Dividends) and a decrease in assets (credit to Cash).Because the dividend occurred after the end of the fiscal year
Konami Code Gaming produces two types of high-end gaming controllers, one with a casing made of a polymer that looks like walnut wood and another with a casing made with a polymer that looks like red
Because placing an order does not create an asset or a liability, accounting standards do not require a company to increase Inventory or Accounts Payable when entering into a purchase contract
Gripturn Inc. produces two different styles of door handles, standard and curved. The door handles go through a joint production molding process costing $29,000 per batch and producing 2,000 standard
The mandatory redemption feature, including any unpaid dividends, makes Extended Stay America’s (STAY) preferred stock similar to debt (a bond). Even though the security is called “preferred
All of Tyson’s (TSN) costs related to raising chickens for sale are accounted for as inventory. Thus, the transportation, boarding, and feed costs are included in the cost of chicken
Generally accepted accounting principles do not require companies like Wynn Resorts (WYNN) to report casino accounts receivable separately on their balance sheets. However, Wynn Resorts chooses to
Custom Carvings Company jointly produces wood chips and sawdust used in agriculture. The wood chips and sawdust are actually by-products of the company’s core operations, but Custom Carvings
Because a wireless license does not exist physically, Verizon’s (VZ) wireless licenses are intangible assets. All of the costs of acquiring a wireless license should be recorded as an asset. In a
Sugar Empire, Inc., jointly produces raw sugar, granulated sugar, and caster sugar. After the split-off point, raw sugar is immediately sold for $0.24 per pound, while granulated and caster sugar are
A warranty is not the same as a product recall. A warranty is a seller’s promise, made at the time of sale, that a product will perform as intended. This promise creates an obligation for the
Jolly Roger Rafa, Inc., produces tennis racquets. The tennis racquets are produced in the Cutting and Assembly departments. The production of the tennis racquets is supported by the Janitorial and
The convertible bonds payable consist of two financial instruments—a debt instrument (bonds payable) and an equity instrument (a conversion option). Because the conversion option can be settled in
The statement of cash flows for LabCorp (LH) would not report a yearly “cash outflow” for interest expense. However, the discount on the note payable of $328 ($1,000 − $672) must be amortized
Yes, the operating income and net income reported on the income statement in the annual report are based on GAAP.Companies are allowed to report adjusted (non-GAAP) amounts in their annual reports.
The equation for the slope of a line and the equation for the variable cost using the high-low method are identical. From the high-low method, we learn that the variable cost per unit is the
The manufacturing costs of Schroeder Industries for the first three months of the year follow:Using the high-low method, determine (a) The variable cost per unit and(b) The total fixed cost.
If the hourly professional rate is set based, in part, on the desire to cover indirect costs, the rate will be higher than if it is only based on the direct costs of professionals. However, Larson
Yes. A manager could increase operating income by increasing the predetermined factory overhead so that overhead would be significantly overapplied for the period. Some of the overapplied overhead
Since the 10 units are deemed spoiled after 80% of the work is complete, there are 8 equivalent units of spoilage (80% × 10 units).If the company expects that for every 100 units manufactured there
Evander Inc. has decided to use the high-low method to estimate the total cost and the fixed and variable cost components of the total cost. The data for various levels of production are as
Before a company can implement an activity-based pricing system, it must have an activity-based costing system in place. This was the key ingredient for Owens and Minor, Inc. (OMI). Its
The CASB was wise to listen to feedback from those most affected by the guidance provided in CAS 418. The expertise required for the reciprocal services method is substantial. But perhaps more
Amon Company sells 180,000 units at $185 per unit. Variable costs are $111 per unit, and fixed costs are $8,175,000. Determine (a) The contribution margin ratio, (b) The unit contribution
Rosenberg Sports Inc. manufactures and sells two products, baseball bats and baseball gloves. The fixed costs are $1,450,000, and the sales mix is 40% bats and 60% gloves. The unit selling price and
a. Coastal Company budgets sales of $38,600,000, fixed costs of $5,000,000, and variable costs of $23,932,000. What is the contribution margin ratio for Coastal Company?b. If the contribution margin
For the current year ended March 31, Kadel Company expects fixed costs of $34,200,000, a unit variable cost of $930, and a unit selling price of $1,500.a. Compute the anticipated break-even sales
Currently, the unit selling price of a product is $1,000, the unit variable cost is $600, and the total fixed costs are $21,600,000. A proposal is being evaluated to increase the unit selling price
T-Mobile US, Inc. (TMUS) is one of the largest digital wireless service providers in the United States. In a recent year, it had 102.1 million subscribers (accounts) that generated service revenue of
For the coming year, Loudermilk Inc. anticipates fixed costs of $600,000, a unit variable cost of $75, and a unit selling price of $125. The maximum sales within the relevant range are $2,500,000.a.
Asha Inc. and Samir Inc. have the following operating data:a. Compute the operating leverage for Asha Inc. and Samir Inc.b. How much would operating income increase for each company if the sales of
a. If Kirwan Company, with a break-even point at $2,080,000 of sales, has actual sales of $3,200,000, what is the margin of safety expressed 1. fill in the blank 1 of 2$2. fill in the blank 2 of 2%b.
Skyler Company sells a product for $120 per unit. The variable cost is $84 per unit, and fixed costs are $1,890,000. Determine (a) The break-even point in sales units and (b) The sales
Sierra Railroad Inc. decided to use the high-low method and operating data from the past six months to estimate the fixed and variable components of transportation costs. The activity base used by
Under the business entity assumption, The North American Coffee Partnership is a business entity separate from its owners—Starbucks (SBUX) and Pepsi (PEP). Thus, the $2 billion in sales are
Fosters Manufacturing Co. warrants its products for one year. The estimated product warranty is 2% of sales. Assume that sales were $1,800,000 for January. On February 7, a customer received warranty
PepsiCo, Inc. (PEP), the parent company of Frito-Lay snack foods and Pepsi beverages, had the following current assets and current liabilities at the end of two recent years:a. Determine the (1)
Three major segments of the transportation industry are motor carriers, such as YRC Worldwide (YRCW); railroads, such as Union Pacific (UNP); and transportation logistics services, such as C.H.
Recent balance sheet information for two companies in the food industry, Mondelez International, Inc. (MDLZ) and The Hershey Company (HSY), is as follows (in thousands):a. Determine the ratio of
Woodfall Company has the following information for June:For June, determine (a) The cost of goods manufactured and (b) The cost of goods sold. Cost of direct materials used in
Cost data for Firetree Manufacturing Company for the month ended March 31 are as follows:a. Prepare a cost of goods manufactured statement for March.b. Determine the cost of goods sold for March.
The following information is available for the first year of operations of Idgie Inc., a manufacturer of fabricating equipment:Determine the following amounts:a. Cost of goods soldb. Direct materials
The following information is available for Fuller Manufacturing Company for the month ending January 31:Determine Fuller Manufacturing’s cost of goods manufactured for the month ended January 31.
Rowe LLC manufactures and sells a wide variety of pipe and plumbing fittings, such as PVC pipes, steel pipe collars, and fasteners. You have been provided with a file containing cost information for
Materials issued are as follows:Journalize the entry to record the issuance of materials. Requisition No. 201 202 203 204 205 Material Aluminum Plastic Rubber Glue Steel Job
What is a job cost sheet?
Panhandle Supply is a provider of industrial supplies located in Northwest Florida. In addition to its business as a distributor of branded supply products, Panhandle Supply also manufactures a
The costs per equivalent unit of direct materials and conversion in the Rolling Department of Jabari Steel Company are $375 and $60, respectively. The equivalent units to be assigned costs are as
The cost of direct materials transferred into the Rolling Department of Jabari Company is $6,000,000. The conversion cost for the period in the Rolling Department is $925,200. The total equivalent
The Converting Department of Toren Company had 19,200 units in work in process at the beginning of the period, which were 35% complete. During the period, 86,400 units were completed and transferred
In October, the cost of materials transferred into the Rolling Department from the Casting Department of Jabari Steel Company is $6,000,000. The conversion cost for the period in the Rolling
Amazon.com, Inc. (AMZN) is one of the largest Internet retailers in the world. Best Buy Co., Inc. (BBY) is a leading retailer of consumer electronics and media products in the United States, while
Financial information for Apple Inc. (AAPL), The Coca-Cola Company (KO), and Verizon Communications (VZ) follows (in millions):a. Compute the free cash flow for each company.b. Compute the ratio of
AT&T Inc. (T) is a leading global provider of telecommunication services. Facebook, Inc. (FB) is a major worldwide social media company. AT&T has a lengthy history and was founded by
The Priceline Group Inc. (PCLN) is a leading provider of online travel reservation services, including brand names Priceline, KAYAK, and OpenTable. Selected cash flow information from the statement
United States Steel Corporation’s (X) 6.65% bonds due in 2037 were reported as selling for 102.8. Were the bonds selling at a premium or at a discount? Why is United States Steel able to sell its
Sales reported on the income statement were $225,000. The accounts receivable balance decreased $14,300 over the year. Determine the amount of cash received from customers.
The cost of goods sold reported on the income statement was $185,000. The accounts payable balance increased $8,000, and the inventory balance increased by $11,100 over the year. Determine the amount
The following comparative income statement (in thousands of dollars) for two recent fiscal years was adapted from the annual report of International Speedway Corporation (ISCA), owner and operator of
The condensed income statements through operating income for Amazon.com, Inc. (AMZN), Best Buy Co., Inc. (BBY), and Walmart Inc. (WMT) for a recent fiscal year follow (in millions):1. Prepare
Hasbro, Inc. (HAS) and Mattel, Inc. (MAT) are the two largest toy companies in North America. Condensed liabilities and stockholders’ equity from a recent balance sheet are shown for each company
The following table shows the stock price, earnings per share, and dividends per share for Alphabet Inc. (GOOG), PepsiCo, Inc. (PEP), and Caterpillar Inc. (CAT) for a recent year:1. For each company,
Deere & Company (DE) manufactures and distributes farm and construction machinery that it sells around the world. In addition to its manufacturing operations, Deere’s credit division loans
IZ Corporation purchased land for $425,000. Later in the year, the company sold a different piece of land with a book value of $225,000 for $270,000. How are the effects of these transactions
Marriott International, Inc. (MAR) and Hyatt Hotels Corporation (H) are two major owners and managers of lodging and resort properties in the United States. Abstracted income statement information
Ralph Lauren Corporation (RL) sells apparel through company owned retail stores. Financial information for Ralph Lauren follows (in thousands):Assume the apparel industry average return on total
Gabbitas Manufacturing Company reported the following materials data for the month ending September 30:Determine the cost of direct materials used in production by Gabbitas during the month ended
A summary of the time tickets is as follows:Journalize the entry to record the factory labor costs. Job No. 55 57 58 60 Amount $ 3,300 6,105 21,005 15,500 Job No. Indirect 66 67 70 Amount $
Casita Company completed 300,000 units during the year at a cost of $4,800,000. The beginning finished goods inventory was 30,000 units at $390,000. Determine the cost of goods sold for 170,000
Describe how job order costing can be used for professional service businesses.
Jabari Steel Company has two departments, Casting and Rolling. In the Rolling Department, ingots from the Casting Department are rolled into steel sheet. The Rolling Department received 16,000 tons
The Rolling Department of Jabari Steel Company had 800 tons in beginning work in process inventory (60% complete) on October 1. During October, 15,600 tons were completed. The ending work in process
The Rolling Department of Jabari Steel Company had 800 tons in beginning work in process inventory (60% complete) on October 1. During October, 15,600 tons were completed. The ending work in process

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