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financial and managerial accounting 16th

Questions and Answers of Financial And Managerial Accounting 16th

GrandyOats has expanded its product offerings to include many varieties of organic granola.Company founders Nat Peirce and Aaron Anker know that financial success depends on cost control as well as
Using information from question 1, what is the company’s contribution margin ratio?a. 662⁄3%c. 50%e. 331⁄3%b. 100%d. 0%
Using information from question 1, what is the company’s break-even point in units?a. 500 unitsc. 1,500 unitse. 1,000 unitsb. 750 unitsd. 3,000 units
Apple produces tablet computers for sale.Identify some of the variable and fixed product costs associated with that production.
Zhao Co. has fixed costs of $354,000. Its single product sells for $175 per unit, and variable costs are $116 per unit. The company expects sales of 10,000 units. Prepare a contribution margin income
A recent income statement for BMW reports the following (in € millions). Assume 75 percent of the cost of sales and 75 percent of the selling and administrative costs are variable costs, and the
The following costs result from the production and sale of 12,000 CD sets manufactured by Gilmore Company for the year ended December 31, 2017. The CD sets sell for $18 each. The company has a
Cool Sky reports the following costing data on its product for its first year of operations. During this first year, the company produced 44,000 units and sold 36,000 units at a price of $140 per
Blazer Chemical produces and sells an ice-melting granular used on roadways and sidewalks in winter. It annually produces and sells about 100 tons of its granular. In its nine-year history, the
Santana Rey expects sales of Business Solutions’s line of computer workstation furniture to equal 300 workstations (at a sales price of $3,000 each) for 2018. The workstations’ manufacturing
Apple’s ending inventory amounts (in $ millions) are shown below:Required 1. Assume Apple uses variable costing for some of its internal reports. For each of the years 2015 and 2014, would net
Riffraff, launched by entrepreneur Kirsten Blowers Stuckey, sells clothing, jewelry, and gifts.Required Kirsten uses variable costing in her business decisions. If Riffraff used absorption costing,
Visit a local hotel and observe its daily operating activities. The costs associated with some of its activities are variable while others are fixed with respect to occupancy levels.Required 1. List
A A hardware store has budgeted sales of $36,000 for itspower tool department in July. Management wants tohave $7,000 in power tool inventory at the end of July. Itsbeginning inventory of power tools
Scora, Inc., is preparing its master budget for the quarter ending March 31. It sells a single product for $50 per unit. Budgeted sales for the next three months follow. Prepare a sales budget for
Champ, Inc., predicts the following sales in units for the coming two months:Each month’s ending inventory of finished units should be 60% of the next month’s sales. The April 30 finished goods
Santos Co. is preparing a cash budget for February. The company has $20,000 cash at the beginning of February and anticipates $75,000 in cash receipts and $100,250 in cash payments during February.
On January 2, Manning Co. purchases and installs a new machine costing $324,000 with a five-year life and an estimated $30,000 salvage value. Management estimates the machine will produce 1,470,000
On January 1, 2010, Mason Co. entered into a 12-year lease on a building. The lease contract requires (1) annual (prepaid) rental payments of $36,000 each January 1 throughout the life of the lease
A company sells big-screen televisions for $3,000 each. Each television has a two-year warranty that covers the replacement of defective parts. It is estimated that 1% of all televisions sold will be
Employees earn vacation pay at the rate of one day per month. During October, 150 employees qualify for one vacation day each. Their average daily wage is $175 per day. What is the amount of
Refer to Google’s balance sheet in Appendix A. What “accrued” expenses (liabilities) does Google report at December 31, 2015? Google Inc. CONSOLIDATED BALANCE SHEETS (In millions, except share
A bond traded at 971⁄2 means thata. The bond pays 971⁄2% interest.b. The bond trades at $975 per $1,000 bond.c. The market rate of interest is below the contract rate of interest for the bond.d.
A bondholder that owns a $1,000, 6%, 15-year (term)bond hasa. The right to receive $1,000 at maturity.b. Ownership rights in the bond-issuing entity.c. The right to receive $60 per month until
A company issues 8%, 20-year bonds with a par value of$500,000. The current market rate for the bonds is 8%. The amount of interest owed to the bondholders for each semiannual interest payment isa.
A company issued five-year, 5% bonds with a par value of$100,000. The company received $95,735 for the bonds.Using the straight-line method, the company’s interest expense for the first semiannual
A company issued eight-year, 5% bonds with a par value of$350,000. The company received proceeds of $373,745.Interest is payable semiannually. The amount of premium amortized for the first semiannual
A company has 5,000 shares of $100 par preferred stock and 50,000 shares of $10 par common stock outstanding. Its total stockholders’ equity is $2,000,000. Its book value per common share isa.
The stockholders’ equity section of Montel Company’s balance sheet follows. This year’s dividends on preferred stock have been paid and no preferred dividends are in arrears. Determine the book
Air France-KLM reported the following equity information in a recent year (euros in millions). Prepare its journal entry, using its account titles, to record the issuance of capital stock assuming
Match each description 1 through 4 with the characteristic of preferred stock that it best describes by writing the letter of that characteristic in the blank next to each description.A. Cumulative
Kinkaid Co. is incorporated at the beginning of this year and engages in a number of transactions. The following journal entries impacted its stockholders’ equity during its first year of
Use the following comparative figures for Apple and GoogleRequired 1. Compute the book value per common share for each company using these data.2. Compute the basic EPS for each company using these
Hampton Company reports the following information for its recent calendar year. Prepare the operating activities section of the statement of cash flows for Hampton Company using the indirect method.
Salud Company reports the following information. Use the indirect method to prepare only the operating activities section of its statement of cash flows for the year ended December 31, 2017. Selected
For each of the following three separate cases, use the information provided about the calendar-year 2018 operations of Sahim Company to compute the required cash flow information. Case X: Compute
Use the following information about the cash flows of Ferron Company to prepare a complete statement of cash flows (direct method) for the year ended December 31, 2017. Use a note disclosure for any
A company’s sales in 2016 were $300,000 and in 2017 were$351,000. Using 2016 as the base year, the sales trend percent for 2017 is:a. 17%.c. 100%.e. 48%.b. 85%.d. 117%.Use the following information
What is Ella Company’s acid-test ratio?a. 2.39b. 0.69c. 1.31d. 6.69e. 3.88
Use Samsung’s financial statements in Appendix A to compute its return on total assets for fiscal year ended December 31, 2015.
Use the following information for Tide Corporation to determine the 2016 and 2017 trend percents for net sales using 2016 as the base year. $ thousands Net sales...... Cost of goods sold 2017 2016
If a company had $15,000 in net income for the year, and its sales were $300,000 for the same year, what is its profit margin?a. 20%c. $285,000e. 5%b. 2,000%d. $315,000
Choose from the following list of terms/phrases to best complete the statements below.a. Fiscal yeard. Accounting period g. Natural business yearb. Timelinesse. Annual financial statements h. Time
The following are common categories on a classified balance sheet.A. Current assets D. Intangible assets B. Long-term investments E. Current liabilities C. Plant assets F. Long-term liabilities For
For each of the following journal entries 1 through 12, enter the letter of the explanation that most closely describes it in the space beside each entry. (You can use letters more than once.)A. To
The General Ledger tool in Connect allows students to immediately see the financial statements as of a specific date. Each of the following questions begins with an unadjusted trial balance. Using
Refer to QS 4-5 and prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the net method and a perpetual inventory system.
Perpetual: Assume that Marvel uses a perpetual FIFO inventorysystem. What is the dollar value of its ending inventory?a. $2,940 d. $2,852b. $2,685 e. $2,705c. $2,625Perpetual: Assume that Marvel uses
A Periodic: Assume that Marvel uses a periodic FIFO inventorysystem. What is the dollar value of its ending inventory?a. $2,940 d. $2,852b. $2,685 e. $2,705c. $2,625Use the following information from
A Periodic: A company reports the following beginning inventoryand purchases, and it ends the period with 30 unitsin inventory.i) Compute ending inventory using the FIFO periodicsystem.a. $400 b.
6. A company has cost of goods sold of $85,000 and endinginventory of $18,000. Its days’ sales in inventory equalsa. 49.32 days. d. 77.29 days.b. 0.21 day. e. 1,723.61 days.c. 4.72 days.
Describe how costs flow from inventory to cost of goods sold for the following methods: (a) FIFO and (b) LIFO.Where is the amount of merchandise inventory disclosed in the financial statements?
Identify the inventory costing method best described by each of the following separate statements. Assume a period of increasing costs.1. Yields a balance sheet inventory amount often markedly less
Visit an area of your college that serves the student community with either products or services.Some examples are food services, libraries, and bookstores. Identify and describe between four and
The co-founders of ReGreen Corporation are introduced in the chapter’s opening feature.Assume that they are considering two new selling options.Plan A. ReGreen would begin selling instruction
The co-founders of ReGreen Corporation are introduced in the chapter’s opening feature.Assume that they are considering two new selling options.Plan A. ReGreen would begin selling instruction
If the assets of a company increase by $100,000 during the year and its liabilities increase by $35,000 during the same year, then the change in equity of the company during the year must have
Indicate in which financial statement(s) each item would most likely appear: income statement (I), balance sheet (B), statement of retained earnings (E), or statement of cash flows (CF).a. Assetsb.
The following table shows the effects of five transactions (1 through 5) on the assets, liabilities, and equity of Mulan’s Boutique.Identify the explanation from a through j below that best
Match each transaction a through e to one of the following activities of an organization: financing activity(F), investing activity (I), or operating activity (O).a. An owner contributes cash to the
The following financial statement information is from five separate companies.Required 1. Answer the following questions about Company A.a. What is the amount of equity on December 31, 2016?b. What
As of December 31, 2017, Armani Company’s financial records show the following items and amounts.Required Prepare the 2017 year-end income statement for Armani Company. Cash Accounts receivable..
Following is selected financial information of Kia Company for the year ended December 31, 2017.Required Prepare the 2017 year-end statement of cash flows for Kia Company Cash used by investing
The following financial statement information is from five separate companiesRequired 1. Answer the following questions about Company V.a. What is the amount of equity on December 31, 2016?b. What is
As of December 31, 2017, Audi Company’s financial records show the following items and amounts.Required Prepare the 2017 year-end income statement for Audi Company. Cash..... Accounts receivable...
Accounting professionals apply many technology tools to aid them in their everyday tasks and decision making. The General Ledger tool in Connect automates several of the procedural steps in the
Financial Statements Both U.S. GAAP and IFRS prepare the same four basic financial statements.To illustrate, a condensed version of Samsung’s income statement follows using Korean IFRS (numbers are
Amalia Company received its utility bill for the current period of $700 and immediately paid it. Its journal entry to record this transaction includes aa. Credit to Utility Expense for $700.b. Debit
On May 1, Mattingly Lawn Service collected $2,500 cash from a customer in advance of five months of lawn service.Mattingly’s journal entry to record this transaction includes aa. Credit to Unearned
Identify the items from the following list that are likely to serve as source documents.a. Sales ticketd. Telephone bill g. Income statementb. Trial balancee. Invoice from supplier h. Bank
Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account.a. Cashd. Prepaid Insurance g. Accounts Payableb. Prepaid Rente. Office Equipment h. Unearned Rent
A chart of accounts is a list of all ledger accounts and an identification number for each. One example of a chart of accounts is near the end of the book on pages CA and CA-1. Using that chart,
Indicate whether a debit or credit decreases the normal balance of each of the following accounts.a. Interest Payablee. Common Stock i. Dividendsb. Service Revenuef. Prepaid Insurance j. Unearned
Identify whether a debit or credit results in the indicated change for each of the following accounts.a. To increase Landf. To decrease Prepaid Rentb. To decrease Cash g. To increase Notes Payablec.
Indicate the financial statement on which each of the following items appears. Use I for income statement, E for statement of retained earnings, and B for balance sheet.a. Services Revenuee.
Order the following steps in the accounting process that focus on analyzing and recording transactions.a. Prepare and analyze the trial balance.b. Analyze each transaction from source documents.c.
Enter the number for the item that best completes each of the descriptions below.1. Chart 2. General ledgera. A of accounts is a list of all accounts a company uses.b. The is a record containing all
Using transactions from the following assignments along with the General Ledger tool, prepare journal entries for each transaction and identify the financial statement impact of each entry. The
What measure (fair value or amortized cost) is on the balance sheet for (a) trading securities, (b) available-for-sale securities, and (c) held-to-maturity securities?
What is an unrealized holding gain (loss)? Explain.
What does significant influence imply regarding intercorporate investments? Describe the accounting procedures used for such investments.
On January 1 of the current year, Yetman Company purchases \(40 \%\) of the common stock of Livnat Company for \(\$ 500,000\) cash. This \(40 \%\) ownership allows Yetman to exert significant
What accounting method is used when a stock investment represents more than \(50 \%\) of the investee company's voting stock and allows the investor company to "control" the investee company? Explain.
Finn Company purchases all of the common stock of Murray Company for \(\$ 375,000\) when Murray Company has \(\$ 150,000\) of common stock and \(\$ 225,000\) of retained earnings. If a consolidated
Bradshaw Company owns \(100 \%\) of Dee Company. At year-end, Dee owes Bradshaw \(\$ 150,000\) arising from a loan made during the year. If a consolidated balance sheet is prepared at year-end, how
Use the following year-end footnote disclosure from Intel's 10-K report to answer parts \(a\) and \(b\).a. What amount does Intel report on its balance sheet as available-for-sale equity securities?
Assume that Wasley Company purchases 12,000 common shares of Pincus Company for \(\$ 12\) cash per share. During the year, Wasley receives a cash dividend of \(\$ 1.10\) per common share from Pincus,
Amgen Inc. reports the following disclosure relating to its December 31, 2012, accumulated other comprehensive income (\$ millions). (a) How is Amgen accounting for its investment in marketable
Stober Company purchases an investment in Lang Company at a purchase price of \(\$ 2\) million cash, representing 30\% of the book value of Lang. During the year, Lang reports net income of \(\$
Kross Company purchases an equity investment in Penno Company at a purchase price of \$2.5 million, representing \(40 \%\) of the book value of Penno. During the current year Penno reports net income
Merck's 10-K report included the following footnote disclosure:a. At what amount are the equity method investments reported on Merck's balance sheet? Does this amount represent Merck's adjusted cost
Philipich Company purchases \(80 \%\) of Hirst Company's common stock for \(\$ 300,000\) cash when Hirst Company has \(\$ 150,000\) of common stock and \(\$ 225,000\) of retained earnings. If a
Benartzi Company purchased a 90\% interest in Liang Company on January 1 of the current year and the purchase price reflected \(90 \%\) of Liang's book value of equity. Benartzi Company had \(\$
Weaver Company acquired \(80 \%\) of Koonce Company at the beginning of the current year. Weaver paid \(\$ 100,000\) more than the book value of Koonce's stockholders' equity and determined that this
a. Use the financial statement effects template to record the following four transactions involving investments in marketable securities classified as trading.(1) Purchased 12,000 common shares of
Use the financial statement effects template to record the accounts and amounts for the following four transactions involving investments in marketable securities:(1) Ohlson Co. purchases 10,000
Cisco Systems, Inc., reports the following in its \(10-\mathrm{K}\) report.a. At what amount does Cisco report its investment portfolio on its balance sheet? Does that amount include any unrealized
CNA Financial Corporation provides the following footnote to its 2012 10-K report.The following table provides a summary of fixed maturity and equity securities.a. At what amount does CNA report its
Use the financial statement effects template (with amounts and accounts) to record the following transactions involving investments in marketable securities accounted for using the equity method:a.
Use the financial statement effects template (with amounts and accounts) to record the following transactions involving investments in marketable securities accounted for using the equity method:a.

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