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financial and managerial accounting 16th

Questions and Answers of Financial And Managerial Accounting 16th

Berkshire Co. purchases debt investments in trading securities at a cost of \(\$ 130\) on July 1 . (This is its first and only purchase of trading securities.) On December 30, Berkshire received \(\$
Prepare journal entries to record the following transactions involving short-term debt investments.a. On May 15 , paid \(\$ 100\) cash to purchase Muni's 120-day shortterm debt securities ( \(\$
Gard Company completes the following transactions related to its short-term debt investments.Required1. Prepare journal entries for the transactions.2. Prepare a year-end adjusting journal entry as
Derr Co. purchases stock investments (with insignificant influence) at a cost of \(\$ 250\) on December 15. This is its first and only purchase of such securities. On December 28, Derr received a
Prepare entries to record the following transactions of Garcia Company. Year 1 Jan. 1 Purchased 400 shares of Lopez Co. common stock for $3,000 cash. Lopez has 1,000 shares of common stock
The following transactions relate to Brown Company's long-term investments. Brown did not own any long-term investments prior to these transactions. Show (1) the necessary journal entries and (2)
A company purchased \(\$ 30,000\) of \(5 \%\) bonds for investment purposes on May 1. The bonds pay interest on February 1 and August 1. The amount of interest revenue accrued at December 31 (the
This period, Amadeus Co. purchased its only available-for sale investment in the notes of Bach Co. for \(\$ 83,000\). The period end fair value of these notes is \(\$ 84,500\). Amadeus records aa.
Mozart Co. owns \(35 \%\) of Melody Inc. Melody pays \(\$ 50,000\) in cash dividends to its shareholders for the period. Mozart's entry to record the Melody dividend includes aa. Credit to Investment
A company has net income of \(\$ 300,000\), net sales of \(\$ 2,500,000\), and total assets of \(\$ 2,000,000\). Its return on total assets equalsa. \(6.7 \%\).b. \(12.0 \%\).c. \(8.3 \%\).d. \(80.0
A company had net income of \(\$ 80,000\), net sales of \(\$ 600,000\), and total assets of \(\$ 400,000\). Its profit margin and total asset turnover are 8. b. C. d. Profit Margin 1.5% 13.3% 13.3%
Following are Rios Co.'s annual budgeted and actual costs for the Western region's manufacturing plant. The plant has two departments: Motorcycle and ATV. The plant manager is responsible for all of
Allocate a retailer’s purchasing department’s costs of $20,000 to its operating departments using each department’s percentage of total purchase orders. Department Clothing..... Health Care...
Part A The Media division of a company reports income of \(\$ 600,000\), average assets of \(\$ 7,500,000\), and a target income of \(6 \%\) of average assets. Compute the division's (a) return on
Classify each of the performance measures below into the best balanced scorecard perspective to which it relates: customer (C), internal processes \((\mathbf{P})\), innovation and learning
Gamer's Haven is a computer store that has five departments. Three are operating departments (Hardware, Software, and Repairs) and two are service departments (Office and Purchasing).To prepare
A retailer has three departments-Housewares, Appliances, and Clothing-and buys advertising that benefits all departments. Advertising expense is \(\$ 150,000\), and departmental sales follow:
Indirect expensesa. Cannot be readily traced to one department.b. Are allocated to departments based on the relative benefit each department receives.c. Are the same as uncontrollable expenses.d.
A division reports the information below. What is the division's return on investment?a. \(37.5 \%\)b. \(30 \%\)c. \(15 \%\)d. \(40 \%\)e. \(2.5 \%\) Sales... Income.. Average assets. $500,000 75,000
Using the data in question 3 ,Data from question 3A division reports the information below. What is the division's return on investment?the department's investment turnover isa. 37.5b. 15c. 2.5d.
A company operates three retail departments \(X, Y\), and \(Z\) as profit centers. Which department has the largest departmental contribution to overhead, and what is the amount contributed?a.
Jose Ruiz manages a construction firm's equipment repair department. His department is a cost center. Costs for a recent period follow. Jose cannot control his salary, rent, or insurance. Compute
The Trailer division of Baxter Bicycles makes bike trailers that attach to bicycles and can carry children or cargo. The trailers have a market price of \(\$ 200\) each. Each trailer incurs \(\$ 80\)
How is the performance of cost center managers evaluated?
In responsibility accounting, why are reports to higher-level managers usually less detailed?
How is the performance of profit center managers evaluated?
Can management of a company such as Samsung use the cash conversion cycle as a useful measure of performance? Explain.
Georgia Co. produces and harvests peanuts at a cost of \(\$ 20,000\). The peanuts can be sold as is to a manufacturer for \(\$ 35,000\). Instead, Georgia can process the peanuts further into peanut
A company pays \(\$ 5\) per unit to buy a part for a product it manufactures. It can make the part for \(\$ 1.50\) per unit for direct materials and \(\$ 3.50\) per unit for direct labor. The company
1. \(\$ 20,000\) of costs have been incurred to produce raw milk. The milk can be sold as is for \(\$ 40,000\) or processed further into ice cream. Processing further will cost \(\$ 25,000\), and the
A company produces two products, Gamma and Omega. Gamma sells for \(\$ 10\) per unit and Omega sells for \(\$ 12.50\) per unit. Variable costs are \(\$ 7\) per unit for Gamma and \(\$ 8\) per unit
A bike maker is considering eliminating its Tandem Bike division as it reports the following loss for the year. All \(\$ 30,000\) of its variable costs are avoidable, and \(\$ 12,000\) of its fixed
A company produces a single product and operates at \(80 \%\) of its capacity. Costs to produce its current monthly sales of 8,000 units follow. The normal selling price is \(\$ 22\) per unit. A
Determine the best decision in each of the following separate situations. For each decision, assume the company has sufficient excess capacity.Production Decisions1. Make or Buy. Green Co. uses part
A cost that cannot be changed because it arises from a past decision and is irrelevant to future decisions isa. An uncontrollable cost.b. An out-of-pocket cost.c. A sunk cost.d. An opportunity
The potential benefit of one alternative that is lost by choosing another is known asa. An alternative cost.b. A sunk cost.c. A differential cost.d. An opportunity cost.e. An out-of-pocket cost.
A company produced 3,000 defective music players. The players cost \(\$ 12\) each to produce. A recycler offers to purchase the defective players "as is" for \(\$ 8\) each. The defects can be
A company's productive capacity is 480,000 machine hours. Product \(X\) requires 10 machine hours to produce; Product \(Y\) requires 2 machine hours to produce. Product \(X\) sells for \(\$ 32\) per
A company receives a special one-time order for 3,000 units of its product at \(\$ 15\) per unit. The company has excess capacity and it currently produces and sells the units at \(\$ 20\) each to
Garcia Company has 10,000 units of its product that were produced at a cost of \(\$ 150,000\). The units were damaged in a rainstorm. Garcia can sell the units as scrap for \(\$ 20,000\), or it can
José Ruiz starts a company that makes handcrafted birdhouses. Competitors sell a similar birdhouse for \(\$ 245\) each. José believes he can produce a birdhouse for a total cost of \(\$ 200\) per
Suresh Co. reports the following segment (department) income results for the year.a. If the company plans to eliminate departments that have sales less than avoidable costs, which department(s) would
Rios Co. makes drones and uses the variable cost method in setting product price. Its costs for producing 20,000 units follow. The company targets a profit of \(\$ 300,000\) on this product.1.
Farrow Co. reports the following annual results. The company receives a special offer for 15,000 units at \(\$ 12\) per unit. The additional sales would not affect its normal sales. Variable costs
\(\mathrm{HH}\) Electric reports the following information.a. Compute the time charge per hour of direct labor.b. Compute the materials markup percentage.c. What price should the company quote for a
Explain how a price-setter differs from a price-taker.
Park Co. is considering an investment of \(\$ 27,000\) that provides net cash flows of \(\$ 9,000\) annually for four years. What is the investment's payback period?
Project A requires a \(\$ 280,000\) initial investment for new machinery. Project \(A\) is expected to yield income of \(\$ 20,000\) per year and net cash flow of \(\$ 70,000\) per year for the next
Howard Co. is considering two alternative investments. The payback period is 3.5 years for Investment A and 4 years for Investment B.a. If management uses payback period, which investment is
Peng Company is considering buying a machine that will yield income of \(\$ 1,950\) and net cash flow of \(\$ 14,950\) per year for three years. The machine costs \(\$ 45,000\) and has an estimated
Label each item as a positive outcome of budgeting or as a negative outcome of budgeting.1. Budgets provide goals for employees to work toward.2. Written budgets help communicate plans to all
A manufacturing company predicts sales of 220 units for May and 250 units for June. The company wants each month's ending inventory to equal \(30 \%\) of next month's predicted unit sales.
A manufacturing company budgets production of 800 units during June and 900 units during July. Each unit of finished goods requires 2 pounds of direct materials, at a cost of \(\$ 8\) per pound. The
A manufacturing company budgets sales of \(\$ 70,000\) during July. It pays sales commissions of \(5 \%\) of sales and also pays the sales manager salary of \(\$ 3,000\) per month. Other monthly
Part 1Diaz Co. budgets sales of \(\$ 80,000\) for January and \(\$ 90,000\) for February. Seventy percent of Diaz's sales are for cash, and the remaining \(30 \%\) are credit sales. All credit
Payne Company's management requests that we prepare its master budget. The budget is to cover the months of April, May, and June. Its balance sheet at March 31 follows.Additional Informationa. Sales
Wild Wood Company's management prepares its master budget using the following information. The budget covers the months of April, May, and June. Wild Wood is a merchandiser.Additional Informationa.
In preparing monthly budgets, a merchandiser budgeted sales of 120 units for July and 140 units for August. Management wants each month's ending inventory in units to be \(60 \%\) of next
A plan that reports the units to produce by a manufacturing company during the budget period is called aa. Sales budget.b. Cash budget.c. Production budget.d. Manufacturing budget.e. Capital
The following sales are budgeted for the next four months.Each month's ending inventory of finished goods should be \(30 \%\) of the next month's sales. The budgeted production for May isa. 572
A store has the following budgeted sales for the next three months.Cash sales are \(25 \%\) of total sales and all credit sales are expected to be collected in the month following the sale. The total
A plan that shows the expected cash inflows and cash outflows during the budget period, including receipts from loans needed to maintain a minimum cash balance or repayments of such loans, is
A hardware store has budgeted cost of sales of \(\$ 36,000\) for its power tool department in July. Management wants to have \(\$ 7,000\) in tool inventory at the end of July. Its beginning inventory
Grace manufactures and sells miniature digital cameras for \(\$ 250\) each. Sales in May were 1,000 units, and management forecasts \(4 \%\) growth in unit sales each month. (a) Determine the
Match the definitions 1 through 6 with the phrase a through \(f\).a. Participatory budgetingb. Cash budgetc. Master budgetd. Budgetary slacke. Sales budgetf. Budgeted income statement1. Helps
Castor Inc. is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for the next three months follow.Sales are \(50 \%\) cash and \(50 \%\) on credit. Sales in
Kelsey is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for the next three months follow.Sales are \(20 \%\) cash and \(80 \%\) on credit. Sales in June were
How can managers use the master budget in controlling operations?
Explain how the budgeting process for service companies differs from that for manufacturers.
What formula can be used to compute total budgeted costs at any activity level?
How are flexible budget reports useful in management by exception?
Part A. A manufacturing company reports the following fixed budget and actual results for the past year. The fixed budget uses a selling price of \(\$ 40\) per unit and variable costs of \(\$ 8\)
A manufacturer reports the following standards. The company produces 1,200 units and incurs actual total costs of \(\$ 135,000\) this period. Prepare the standard cost card, and then compute the
A manufacturing company reports the following for one of its products. Compute the direct materials (a) price variance (b) quantity variance, and identify each as favorable or unfavorable. Standard
The following information is available for a manufacturer. Compute the (a) rate variance and (b) efficiency variance, and label each as favorable \((F)\) or unfavorable \((U)\). Standard direct
A manufacturing company uses standard costs and reports the information below for January. The company uses machine hours \((\mathrm{MH})\) to apply overhead, and the standard is \(2 \mathrm{MH}\)
Pacific Company provides the following information about its standard costs per unit along with its budgeted and actual results for June. Although the budgeted June volume was 25,000 units produced
Part A: Refer to the information in Need-to-Know 21-6 to answer the requirements.Data from Need-to-Know 21-6Pacific Company provides the following information about its standard costs per unit along
A company predicts its production and sales will be 24,000 units. At that level, its fixed costs are budgeted at \(\$ 300,000\), and its variable costs are budgeted at \(\$ 246,000\). If its activity
Using the following information, compute the total actual cost of direct materials used.• Direct materials standard cost: \(5 \mathrm{lbs} . \times \$ 2\) per lb. \(=\$ 10\).• Total direct
A company uses four hours of direct labor to produce one unit. The standard direct labor cost is \(\$ 20\) per hour. This period the company produced 20,000 units and used 84,160 hours of direct
A company's standard overhead applied is \(\$ 24,000\) and its budgeted (flexible) overhead is \(\$ 19,200\). Actual total overhead is \(\$ 24,100\). The volume variance is a. \(\$ 4,800
A company's standard is \(\$ 6\) per unit in variable overhead (4 machine hours \(\times \$ 1.50\) per hour). Actual variable overhead costs of \(\$ 150,000\) were incurred to produce 24,000 units.
Following are four graphs representing various cost behaviors.1. Identify whether the cost behavior in each graph is mixed, stepwise, fixed, or variable.2. Identify the graph (I, II, III, or IV) that
Match each of the cost classifications a through \(e\) with its definition.a. Total costb. Mixed costc. Variable costd. Step-wise coste. Fixed cost1. The combined amount of all costs.2.Remains
How can absorption costing lead to incorrect special offer decisions?
How is the contribution margin ratio computed?
How can the contribution margin ratio be used in performance evaluation?
A manufacturer reports the following data.1. Compute total product cost per unit under absorption costing.2. Compute total product cost per unit under variable costing. Direct materials. Direct
ZBest Mfg. began operations and reported the following for its year ended December 31.1. Prepare an income statement under absorption costing for the year ended December 31.2. Prepare an income
Part 1. A manufacturer's absorption cost per unit is \(\$ 60\). Compute the target selling price per unit if a \(30 \%\) markup is targeted.Part 2. A hotel normally rents its 200 luxury suites at a
Product Cost per Unit and Income Reporting under Variable and Absorption CostingNavarro Company began operations on January 1, Year 1. Cost and sales data for its first two years of operations are
Product cost per unit under absorption costing isa. \(\$ 11\).b. \(\$ 12\).c. \(\$ 14\).d. \(\$ 15\).e. \(\$ 16\). Units produced.... Variable costs Direct materials Direct labor...... Variable
Product cost per unit under variable costing isa. \(\$ 11\).b. \(\$ 12\).c. \(\$ 14\).d. \(\$ 15\).e. \(\$ 16\). Units produced.... Variable costs Direct materials Direct labor...... Variable
Under variable costing, which costs are included in product cost?a. All variable product costs, including direct materials, direct labor, and variable overhead.b. All variable and fixed product
The difference between product cost per unit under absorption costing as compared to that under variable costing isa. Direct materials and direct labor.b. Fixed and variable portions of overhead.c.
When production exceeds sales, which of the following is true?a. No change occurs to inventories for either absorption costing or variable costing methods.b. Use of absorption costing produces a
Classify each of the costs below as either a product cost or a period cost under (a) Absorption costing(b) Variable costing. Cost Direct materials. Direct labor.... Variable overhead.. Fixed
Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 6,000 rackets and sold 4,900. Each racket was sold at a price of \(\$ 90\). Fixed overhead costs are \(\$
A manufacturer has 100 units in finished goods inventory at the end of the year. Using the per unit information below, compute the cost of finished goods inventory reported on the balance sheet

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