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business
financial and managerial accounting 16th

Questions and Answers of Financial And Managerial Accounting 16th

Data for the two departments of Gurley Industries for September of the current fiscal year are as follows:Production begins in the Drawing Department and finishes in the Winding Department. If all
The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of
Keoni Inc. manufactures a sugar product by a continuous process, involving three production departments— Refining, Sifting, and Packing. Assume that records indicate that direct materials, direct
The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production.a. Determine the number of units in work
The following information concerns production in the Finishing Department for May. The Finishing Department uses the weighted average method.a. Determine the number of units in work in process
The following information concerns production in the Forging Department for June. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred
Amon Products Inc. completed and transferred 120,000 particle board units of production from the Pressing Department. There was no beginning inventory in process in the department. The ending
Platzer Instruments Inc. makes three musical instruments: flutes, clarinets, and oboes. The budgeted factory overhead cost is $1,874,400. Overhead is allocated to the three products on the basis of
The Converting Department of Kala’s Soft Tissue Company uses the weighted average method and had 4,500 units in work in process that were 60% complete at the beginning of the period. During the
The total factory overhead for Cypress Marine Company is budgeted for the year at $900,000. Cypress Marine manufactures two types of boats: speedboats and bass boats. The speedboat and bass boat each
Kao Engines Inc. produces three products—pistons, valves, and cams—for the heavy equipment industry. Kao Engines’ production process uses a single plantwide factory overhead rate based upon
Tallulah Inc.’s Machining Department incurred $1,125,000 of factory overhead cost in producing hoses and valves. The two products consumed a total of 50,000 direct machine hours. Of that amount,
The total factory overhead for Cypress Marine Company is budgeted for the year at $900,000 divided into two departments: Fabrication, $624,000, and Assembly, $276,000. Cypress Marine manufactures two
Play-Time Company manufactures and sells outdoor play equipment. Play-Time uses activity-based costing to determine the cost of the sales order processing and the customer return activity. The sales
Body-Solid Inc. manufactures elliptical exercise machines and treadmills. The products are produced in its Fabrication and Assembly production departments. In addition to production activities,
The Grand Hotel uses activity-based costing to determine the cost of servicing customers. There are three activity pools: guest check-in, room cleaning, and meal service. The activity rates
Idris Inc. manufactures entry and dining room lighting fixtures. Five activities are used in manufacturing the fixtures. These activities and their associated budgeted activity costs and activity
Friedman.com Inc. sells consumer electronics over the Internet. For the next period, the budgeted cost of the sales order processing activity is $875,000 and 50,000 sales orders are estimated to be
Define managerial accounting and describe the four functions of the management process.
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. Amazon
On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 45-day note with a face amount of $300,000.a. Determine the proceeds of the note, assuming the note carries an interest rate of
Bon Nebo Co. sold 40,000 annual subscriptions of Bjorn for $60 during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had
Abercrombie & Fitch Co. (ANF) and The Gap, Inc. (GPS) are two U.S. apparel retailers. The current assets and current liabilities for each company from recent balance sheets are as follows (in
Lindsey Vater’s weekly gross earnings for the week ended March 9 were $1,200, and her federal income tax withholding was $193.44. Assuming the social security tax rate is 6% and Medicare tax is
The Hershey Company (HSY) is the largest producer of chocolate in North America under the Hershey’s and Reese’s brand names. The following balance sheet information is provided at the end of
Neiman Marcus Group (NMG) is one of the largest luxury fashion retailers in the world. Kohl’s Corporation (KSS) sells moderately priced private and national branded products through more than 1,100
Bennett Enterprises issues a $600,000, 120-day, 4% note to Spectrum Industries for merchandise inventory.a. Journalize Bennett Enterprises’ entries to record:1. The issuance of the note.2. The
The payroll register of Heritage Co. indicates $4,800 of social security withheld and $1,200 of Medicare tax withheld on total salaries of $80,000 for the period. Federal withholding for the period
Hibbett Sports, Inc. (HIBB) is a sporting goods retailer with locations primarily in the Southeast, Southwest, and Midwest United States. Dick’s Sporting Goods, Inc. (DKS) is a leading full-line
The payroll register of Heritage Co. indicates $4,800 of social security withheld and $1,200 of Medicare tax withheld on total salaries of $80,000 for the period. Earnings of $14,000 are subject to
A business issued a 90-day, 6% note for $80,000 to a creditor on account. Journalize the entries to record (a) The issuance of the note and (b) The payment of the note at maturity,
PepsiCo, Inc. (PEP) reported the following information about its long-term debt in the notes to a recent financial statement (in millions):Long-term debt consists of the following:a. How much of the
Regling Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $25,000 for the period. The pension formula determined a pension cost of
A business issued a 60-day note for $60,000 to a bank. The note was discounted at 8%. Journalize the entries to record (a) The issuance of the note and (b) The payment of the note at
K. Mello Company has three employees—a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee:For hourly employees, overtime is
Corwin LTD is a business supply company in Phoenix, Arizona. Corwin’s current liabilities consist almost entirely of accounts payables to its suppliers (vendors). In an effort to better understand
Widmer Company had gross wages of $350,000 during the week ended June 17. The amount of wages subject to social security tax was $350,000, while the amount of wages subject to federal and state
The Clorox Company (CLX) and The Procter & Gamble Company (PG) produce and sell packaged consumer products around the world. Income and interest expense information from financial statements for
In a recent year’s financial statements, Procter & Gamble (PG) showed an unfunded pension liability of $5,622 million and a periodic pension cost of $139 million. Explain the meaning of the
Amazon.com, Inc. (AMZN) is one of the largest Internet retailers in the world. Walmart Inc. (WMT) is the largest retailer in the United States. Amazon and Walmart compete in similar markets; however,
Amazon.com, Inc. (AMZN) is one of the largest Internet retailers in the world. Walmart Inc. (WMT) is the largest retailer in the United States. Amazon and Walmart compete in similar markets; however,
Abercrombie & Fitch (ANF) is a leading, global specialty retailer of casual apparel. The income before income tax expense and interest expense for four recent years follow (in thousands):a.
Hilton Worldwide Holdings, Inc. (HLT) and Marriott International, Inc. (MAR) are two of the largest hotel operators in the world. Selected financial information from recent income statements for both
Pacific Gas and Electric Company (PCG) is a large gas and electric utility operating in northern and central California. Three recent years of financial data for Pacific Gas and Electric are as
If you asked your broker to purchase for you a 11% bond when the market interest rate for such bonds was 12%, would you expect to pay more or less than the face amount for the bond? Explain.
Bank of America Corporation (BAC) and Wells Fargo & Company (WFC) are two large financial services companies. The following data (in millions) were taken from a recent year’s financial
On the first day of its fiscal year, Chin Company issued $15,000,000 of 5-year, 6% bonds to finance its operations of producing and selling home improvement products. Interest is payable
On the first day of the fiscal year, a company issues a $6,000,000, 6%, 5-year bond that pays semiannual interest of $180,000 ($6,000,000 × 6% × ½), receiving cash of $6,300,000. Journalize the
A $2,000,000 bond issue on which there is an unamortized premium of $87,000 is redeemed for $1,960,000. Journalize the redemption of the bonds.
Alpine Energy Corporation has 1,200,000 shares of $10 par common stock outstanding. On August 2, Alpine Energy declared a 6% stock dividend to be issued October 8 to stockholders of record on
Caterpillar Inc. (CAT) is the world’s leading manufacturer of construction and mining equipment. Three recent years of earnings and average common shares outstanding data for Caterpillar are as
Truist Financial Corp (TFC) and Regions Financial Corporation (RF) are large regional banking companies. The net income and average common shares outstanding for both companies were reported in
On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 625,000 shares of no-par common stock (with a stated value of $2.25) at $5, and on June 30, it issued for cash 22,000 shares of
On May 27, Hydro Clothing Inc. reacquired 60,000 shares of its common stock at $8 per share. On August 3, Hydro Clothing sold 42,000 of the reacquired shares at $12 per share. On November 14, Hydro
A corporation reacquires 60,000 shares of its own $10 par common stock for $3,000,000, recording it at cost.a. What effect does this transaction have on revenue or expense of the period?b. What
The declaration, record, and payment dates in connection with a cash dividend of $1,525,000 on a corporation’s common stock are July 9, August 31, and October 1. Journalize the entries required on
Willey’s Grill & Restaurant Corporation wholesales ovens and ranges to restaurants throughout the Southwest. Willey’s Grill & Restaurant, which had 345,000 shares of common stock
Amazon.com, Inc. (AMZN) is the world’s leading Internet retailer of merchandise and media. Amazon also designs and sells electronic products, such as e-readers. Netflix, Inc. (NFLX) is one of the
Alaska Air Group (ALK), Delta Air Lines (DAL), and Southwest Airlines (LUV) reported the following financial information (in millions) in a recent year:a. Determine the fixed asset turnover ratio for
A building acquired at the beginning of the year at a cost of $1,800,000 has an estimated residual value of $200,000 and an estimated useful life of 20 years. Determine (a) The depreciable
Verizon Communications Inc. (VZ) is a major telecommunications company in the United States. Two recent balance sheets for Verizon disclosed the following information regarding fixed
A truck acquired at a cost of $60,000 has an estimated residual value of $2,000, has an estimated useful life of 200,000 miles, and was driven 15,000 miles during the year. Determine (a) The
FedEx Corporation (FDX) and United Parcel Service, Inc. (UPS) compete in the package delivery business. The major fixed assets for each business include aircraft, sorting and handling facilities,
A building acquired at the beginning of the year at a cost of $3,850,000 has an estimated residual value of $150,000 and an estimated useful life of 40 years. Determine (a) The double-declining
On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $60,000 in cash and giving a short-term note for $100,000. Legal fees paid were $1,250, delinquent taxes assumed
Inject Solutions, LLC is a provider of finished plastic molding injection products to different industries. Inject Solutions works primarily with customers in the automobile, medical devices, and
Equipment was acquired at the beginning of the year at a cost of $800,000. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of 10 years and an
A refrigerator used by a wholesale warehouse has a cost of $85,000, an estimated residual value of $4,200, and an estimated useful life of 8 years. What is the amount of the annual depreciation
A diesel-powered tractor with a cost of $115,000 and an estimated residual value of $10,000 is expected to have a useful operating life of 28,000 hours. During April, the tractor was operated 160
A storage tank acquired at the beginning of the fiscal year at a cost of $90,000 has an estimated residual value of $12,000 and an estimated useful life of 25 years. Determine the following: (a)
A building with a cost of $2,200,000 has an estimated residual value of $85,000, has an estimated useful life of 40 years, and is depreciated by the straight-line method. (a) What is the amount
Fonda Motorcycle Shop sells motorcycles, ATVs, and other related supplies and accessories. During the taking of its physical inventory on December 31, 20Y1, Fonda incorrectly counted its inventory as
Based on the following data, estimate the cost of the ending inventory: Sales Estimated gross profit rate Beginning inventory Purchases (net) Merchandise available for sale $9,250,000 36% $
Apache Corporation (APA) is an independent energy company that explores, develops, and produces oil and gas products. Apache operates worldwide, including in the United States, Canada, and the North
Restaurant Brands International Inc. (QSR) is one of the world’s largest quick service restaurant companies. Its brands include Tim Horton’s, Burger King, and Popeyes. Dunkin’ Brands Group,
Based on the following data, estimate the cost of the ending inventory: Sales Estimated gross profit rate Beginning inventory Purchases (net) Merchandise available for sale $1,450,000 42% $
Amazon.com, Inc. (AMZN) is one of the largest Internet retailers in the world. Netflix, Inc. (NFLX) provides digital streaming and DVD rentals in the United States. Amazon and Netflix compete in
J. C. Penney Company, Inc. (JCP) and Macy’s, Inc. (M) are large department store chains in the United States. Information from recent annual reports for both companies is as follows (in
A business using the retail method of inventory costing determines that inventory at retail is $1,235,000. If the ratio of cost to retail price is 54%, what is the amount of inventory to be reported
A business using the retail method of inventory costing determines that inventory at retail is $396,400. If the ratio of cost to retail price is 61%, what is the amount of inventory to be reported on
A business using the retail method of inventory costing determines that inventory at retail is $775,000. If the ratio of cost to retail price is 66%, what is the amount of inventory to be reported on
The actual cash received from cash sales was $78,956, and the amount indicated by the cash register total was $78,995. Journalize the entry to record the cash receipts and cash sales.
The actual cash received from cash sales was $285,280, and the amount indicated by the cash register total was $285,050. Journalize the entry to record the cash receipts and cash sales.
Identify each of the following reconciling items as: (a) An addition to the cash balance according to the bank statement, (b) A deduction from the cash balance according to the bank
Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables:Mar. 17. Received $325 from Shawn McNeely and wrote off the remainder owed of $500
The Boeing Company (BA) is one of the world’s major aerospace firms with operations involving commercial aircraft, military aircraft, missiles, satellite systems, and information and battle
Journalize the following transactions, using the allowance method of accounting for uncollectible receivables:Mar. 17. Received $325 from Shawn McNeely and wrote off the remainder owed of $500 as
MGM Resorts International (MGM) owns and operates hotels and casinos including the MGM Grand and the Bellagio in Las Vegas, Nevada. As of a recent year, MGM reported accounts receivable of
Journalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables:Jan.
At the end of the current year, Accounts Receivable has a balance of $5,125,000; Allowance for Doubtful Accounts has a debit balance of $32,600; and sales for the year total $105,550,000. Bad debt
At the end of the current year, Accounts Receivable has a balance of $5,125,000; Allowance for Doubtful Accounts has a debit balance of $32,600; and sales for the year total $105,550,000. Using the
Journalize the following transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables:May 24. Sold
Prefix Supply Company received a 120-day, 6% note for $500,000, dated April 12 from a customer on account.a. Determine the due date of the note.b. Determine the maturity value of the note.c.
At the end of the current year, the accounts receivable account has a debit balance of $1,935,000 and sales for the year total $26,710,000. Determine the amount of the adjusting entry to provide for
What is the role of accounting in business?
Determine the missing amount for each of the following: Assets Liabilities a. X $1,200,000 b. $3,860,000 X c. $71,850,000 = $59,100,000 + + Stockholders' Equity + + $875,000 $900,000 X
At the end of the current year, $6,750 of fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees.
At the end of the current year, $17,950 of fees have been earned but have not been billed to clients.a. Journalize the adjusting entry to record the accrued fees.b. If the cash basis rather than the
The prepaid insurance account had a beginning balance of $6,000 and was debited for $12,500 of premiums paid during the year. Journalize the adjusting entry required at the end of the year, assuming
The estimated amount of depreciation on equipment for the current year is $33,200. Journalize the adjusting entry to record the depreciation.

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