Questions and Answers of Financial And Managerial Accounting

Using the data in BE4-4, enter the balances in T-accounts, post the closing entries, and underline and balance the accounts.Data From BE4-4:The ledger of Rowen Company contains the following
Using PepsiCo’s annual report, determine its current liabilities at December 31, 2010, and December 26, 2009. Were current liabilities higher or lower than current assets in these two years?
PepsiCo’s financial statements are presented in Appendix A. Financial statements for The Coca-Cola Company are presented in Appendix B.InstructionsBased on information contained in these financial
The financial statements of PepsiCo, Inc. are presented in Appendix A at the end of this textbook.Instructions (a) Using the consolidated financial statements and related information, identify
Presented below are the assumptions and principles discussed in this chapter.. 1. Full disclosure principle. 2. Going concern assumption. 3. Monetary unit assumption. 4. Time
Numerous timing concepts are discussed on pages 102–103. A list of concepts is provided below in the left column, with a description of the concept in the right column. There are more descriptions
D an Fineman, the president of King Company, is pleased. King substantially increased its net income in 2014 while keeping its unit inventory relatively the same. Howard Gross, chief accountant,
What was PepsiCo’s depreciation and amortization expense for 2010 and 2009?
In completing the engagement in Question 3, Corts pays no costs in March, $2,200 in April, and $2,500 in May (incurred in April). How much expense should the firm deduct from revenues in the month
Sara Rankin is the assistant chief accountant at Hokey Company, a manufacturer of computer chips and cellular phones. The company presently has total sales of $20 million. It is the end of the first
Much information about specific companies is available on the Internet. Such information includes basic descriptions of the company’s location, activities, industry, financial health, and financial
After researching the different forms of business organization, Natalie Koebel decides to operate “Cookie Creations” as a corporation. She then starts the process of getting the business running.
The following accounts are taken from the ledger of Chillin’ Company at December 31, 2014.
An inexperienced bookkeeper prepared the following trial balance. Prepare a correct trial balance, assuming all account balances are normal.
Indicate whether each of the following accounts is an asset, a liability, or a stockholders’ equity account and whether it has a normal debit or credit balance: (a) Accounts Receivable, (b)
What is the normal balance for each of the following accounts? (a) Accounts Receivable. (b) Cash. (c) Dividends. (d) Accounts Payable. (e) Service Revenue. (f) Salaries and Wages Expense. (g) Common
The financial statements of Zetar plc are presented in Appendix C. The company’s complete annual report, including the notes to its financial statements, is available at
PepsiCo’s financial statements are presented in Appendix A. The Coca-Cola Company’s financial statements are presented in Appendix B.InstructionsRefer to the financial statements and answer the
The actual financial statements of PepsiCo, Inc., as presented in the company’s 2010 Annual Report, are contained in Appendix A (at the back of the textbook).InstructionsRefer to PepsiCo’s
Two items are omitted from each of the following summaries of balance sheet and income statement data for two corporations for the year 2014, Steven Craig and Georgia Enterprises.
Indicate whether each of the five statements presented below is true or false. 1. The three steps in the accounting process are identification, recording, and examination. 2. The two most
Presented below are three business transactions. On a sheet of paper, list the letters (a), (b), and (c) with columns for assets, liabilities, and stockholders’ equity. For each column, indicate
Indicate how the following business transactions affect the basic accounting equation. (a) Paid cash for janitorial services. (b) Purchased equipment for cash. (c) Invested cash in
A. Using the information in Exercise 17, identify the cost of quality classification for each activity and whether the activity is value-added or non-value-added.B. Prepare a cost of
Williams Optical Inc. is considering a new lean product cell. The present manufacturing approach produces a product in four separate steps. The production batch sizes are 45 units. The process time
The American textile industry has moved much of its operations offshore in the pursuit of lower labor costs. Textile imports have risen from 2% of all textile production in the early 1960s to over
Buckeye Healthcare Corp. is proposing to spend $186,725 on an eight-year project that has estimated net cash flows of $35,000 for each of the eight years.A. Compute the net present value, using
A company manufactures various-sized plastic bottles for its medicinal product. The manufacturing cost for small bottles is $75 per unit (100 bottles), including fixed costs of $28 per unit. A
The management of International Aluminum Co. is considering whether to process aluminum ingot further into rolled aluminum. Rolled aluminum can be sold for $2,200 per ton, and ingot can be sold
A company is considering replacing an old piece of machinery, which cost $600,000 and has $350,000 of accumulated depreciation to date, with a new machine that has a purchase price of $545,000. The
companies in the United States. The company recently provided information about its major business segments as follows (in millions):A. How does a brokerage company like Schwab define the
The condensed product-line income statement for Dish N’ Dat Company for the month of March is as follows:Fixed costs are 15% of the cost of goods sold and 40% of the selling and administrative
Thomas Railroad Company organizes its three divisions, the North (N), South (S), and West (W) regions, as profit centers. The chief executive officer (CEO) evaluates divisional performance, using
The Eastern District of Adelson Inc. is organized as a cost center. The budget for theEastern District of Adelson Inc. for the month ended December 31 is as follows:During December, the costs
Based on XPort Industries’ data in Exercise 19, assume that a transfer price of $190 has been established and that 60,000 units of materials are transferred, with no reduction in the Components
Based on the data in Exercise 10 assume that management has established a 9% minimum acceptable return for invested assets.A. Determine the residual income for each division.B. Which
Genuine Spice Inc. began operations on January 1 of the current year. The company produces 8-ounce bottles of hand and body lotion called Eternal Beauty. The lotion is sold wholesale in 12-bottle
The controller of Mercury Shoes Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information:The company expects to sell
The budget director of Gold Medal Athletic Co., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the
The budget director of Royal Furniture Company requests estimates of sales, production, and other operating data from the various administrative units every month. Selected information concerning
The budget director of Feathered Friends Inc., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in .developing the
The budget director of Gourmet Grill Company requests estimates of sales, production, and other operating data from the various administrative units every month. Selected information concerning sales
EastGate Physical Therapy Inc. is planning its cash payments for operations for the first quarter (January–March). The Accrued Expenses Payable balance on January 1 is $15,000. The budgeted
Horizon Financial Inc. was organized on February 28. Projected selling and administrative expenses for each of the first three months of operations are as follows:
OfficeMart Inc. has “cash and carry” customers and credit customers. OfficeMart estimates that 25% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of
The controller of MingWare Ceramics Inc. wishes to prepare a cost of goods sold budget for September. The controller assembled the following information for constructing the cost of goods sold
The controller of MingWare Ceramics Inc. wishes to prepare a cost of goods sold budget for September. The controller assembled the following information for constructing the cost of goods sold
Sweet Tooth Candy Company budgeted the following costs for anticipated production for August:Prepare a factory overhead cost budget, separating variable and fixed costs. Assume that factory insurance
During the first month of operations ended July 31, Head Gear Inc. manufactured 6,400 hats, of which 5,200 were sold. Operating data for the month are summarized as follows: During
The demand for aloe vera hand lotion, one of numerous products manufactured by Smooth Skin Care Products Inc., has dropped sharply because of recent competition from a similar product. The
During the first month of operations ended July 31, YoSan Inc. manufactured 2,400 flat panel televisions, of which 2,000 were sold. Operating data for the month are summarized as
The actual and planned data for Underwater University for the Fall term were as follows:Registration, records, and marketing costs vary by the number of enrolled students, while instructional costs
The management of East Coast Railroad Company introduced in Exercise 20 improved the profitability of the Atlanta/Baltimore route in May by reducing the price of a railcar from $600 to $500. This
The management of East Coast Railroad Company introduced in Exercise 20 improved the profitability of the Atlanta/Baltimore route in May by reducing the price of a railcar from $600 to $500. This
The management of East Coast Railroad Company introduced in Exercise 20 improved the profitability of the Atlanta/Baltimore route in May by reducing the price of a railcar from $600 to $500. This
The management of East Coast Railroad Company introduced in Exercise 20 improved the profitability of the Atlanta/Baltimore route in May by reducing the price of a railcar from $600 to $500. This
Media outlets such as ESPN and FOX Sports often have Web sites that provide in-depth coverage of news and events. Portions of these Web sites are restricted to members who pay a monthly subscription
intuit develops and sells software products for the personal finance market, including popular titles such as Quickbooks® and TurboTax®. Classify each of the following costs and expenses for this
intuit develops and sells software products for the personal finance market, including popular titles such as Quickbooks® and TurboTax®. Classify each of the following costs and expenses for this
intuit develops and sells software products for the personal finance market, including popular titles such as Quickbooks® and TurboTax®. Classify each of the following costs and expenses for this
intuit develops and sells software products for the personal finance market, including popular titles such as Quickbooks® and TurboTax®. Classify each of the following costs and expenses for this
For a major university, match each cost in the following table with the activity base most appropriate to it. An activity base may be used more than once or not used at all.
Gordon Gecco Furniture Company has two major product lines with the following characteristics: • Commercial office furniture: Few large orders, little advertising support, shipments in
Nixon Machine Parts Inc.’s Fabrication Department incurred $560,000 of factory overhead cost in producing gears and sprockets. The two products consumed a total of 8,000 direct machine hours. Of
The cost of direct materials transferred into the Rolling Department of Oak Ridge Steel Company is $432,000. The conversion cost for the period in the Rolling Department is $144,150. The total
How does lean manufacturing differ from the conventional manufacturing process?
Blue Ribbon Flour Company manufactures flour by a series of three processes, beginning in the Milling Department. From the Milling Department, the materials pass through the Sifting and Packaging
Pittsburgh Aluminum Company uses a process cost system to record the costs of manufacturing rolled aluminum, which consists of the smelting and rolling processes. Materials are entered from smelting
Dover Chemical Company manufactures specialty chemicals by a series of three processes, all materials being introduced in the Distilling Department. From the Distilling Department, the materials pass
Bavarian Chocolate Company processes chocolate into candy bars. The process begins by placing direct materials (raw chocolate, milk, and sugar) into the Blending Department. All materials are placed
Sunrise Coffee Company roasts and packs coffee beans. The process begins in the Roasting Department. From the Roasting Department, the coffee beans are transferred to the Packing Department. The
Hearty Soup Co. uses a process cost system to record the costs of processing soup, which requires the cooking and filling processes. Materials are entered from the cooking process at the beginning of
White Diamond Flour Company manufactures flour by a series of three processes, beginning with wheat grain being introduced in the Milling Department. From the Milling Department, the materials pass
The comparative balance sheet of Merrick Equipment Co. for Dec. 31, 20Y9 and 20Y8, is:The income statement for the year ended December 31, 20Y9, is as follows: Additional data
The Cutting Department of Karachi Carpet Company provides the following data for January. Assume that all materials are added at the beginning of the process. A. Prepare a cost of
Based on the data in Exercise 17-14, determine the following: A. Cost of beginning work in process inventory completed in November B. Cost of units transferred to the next
A. Based on the data in Exercise 17-11, determine the following: 1. Cost of beginning work in process inventory completed this period 2. Cost of units
A. Based upon the data in Exercise 17-7, determine the following for March: 1. Direct materials cost per equivalent unit 2. Conversion cost
Domino Foods, Inc., manufactures a sugar product by a continuous process, involving three production departments—Refining, Sifting, and Packing. Assume that records indicate that direct materials,
The comparative accounts payable and long-term debt balances for a company follow.Based on this information, what is the amount and percentage of increase or decrease that would be shown on a balance
In teams, select a public company that interests you. Obtain the company’s most recent annual report on Form 10-K. The Form 10-K is a company’s annually required filing with the Securities and
The following is a recent consolidated statement of financial position on December 31 of a recent year for LVMH , a French company that markets the Louis Vuitton® and Moët Hennessy® brands:A.
Unilever Group is a global company that markets a wide variety of products, including Lever® soap, Breyer’s® ice cream, and Hellman’s® mayonnaise. A recent income statement and statement of
The balance sheet for Garcon Inc. at the end of the current fiscal year indicated the following: Bonds payable, 8%
Amazon.com, Inc. is one of the largest Internet retailers in the world. Best Buy, Inc. is a leading retailer of consumer electronics and media products in the United States, while Walmart
Curwen Inc. reported net cash flow from operating activities of $357,500 on its statement of cash flows for the year ended December 31. The following information was reported in the Cash Flows
On the basis of the following stockholders’ equity accounts, indicate the items, exclusive of net income, to be reported on the statement of cash flows. There were no unpaid dividends at either the
Noric Cruises Inc. reported the following results for the year ended October 31: Retained earnings, October 1
The declaration, record, and payment dates in connection with a cash dividend of $335,000 on a corporation’s common stock are October 1, November 7, and December 15. Journalize the entries required
BB&T Corporation and Regions Financial Corporation are large regional banking companies. The net income and average common shares outstanding for both companies were reported in recent financial
BB&T Corporation and Regions Financial Corporation are large regional banking companies. The net income and average common shares outstanding for both companies were reported in recent financial
Pacific Gas and Electric Company 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 follows (in
Amazon.com, Inc. is one of the largest Internet retailers in the world. Walmart is the largest retailer in the United States. Amazon and Walmart compete in similar markets; however, Walmart sells
Yosemite Bike Corp. manufactures mountain bikes and distributes them through retail outlets in California, Oregon, and Washington. Yosemite Bike has declared the following annual dividends over a
Indicate whether the following actions would (+) increase, (–) decrease, or (0) not affect Indigo Inc.’s total assets, liabilities, and stockholders’ equity:
The declaration, record, and payment dates in connection with a cash dividend of $1,250,000 on a corporation’s common stock are July 9, August 31, and October 1. Journalize the entries required on
Hilton Worldwide Holdings, Inc. and Marriott International, Inc. are two of the largest hotel operators in the world. Selected financial information from recent income statements for both companies
Aeropostale, Inc. is a specialty fashion retailer targeting young adults. The income before income tax expense and interest expense for four recent years follow (in millions):A. Compute the
Arch Coal, Inc. is a major coal mining company in the United States. Condensed income statement information for three recent years follows (in millions):A. Compute the times interest
Amazon.com, Inc. is one of the largest Internet retailers in the world. Walmart Stores,Inc. is the largest retailer in the United States. Amazon and Walmart compete in similar markets; however,

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