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financial and managerial accounting

Questions and Answers of Financial And Managerial Accounting

Rodgers Corporation produces and sells football equipment. On July 1, Year 1, Rodgers issued $65,000,000 of 10-year, 12% bonds at a market (effective) interest rate of 10%, receiving cash of
The following transactions were completed by Montague Inc., whose fiscal year is the calendar year:Instructions1. Journalize the entries to record the foregoing transactions.2. Indicate
Rodgers Corporation produces and sells football equipment. On July 1, Year 1, Rodgers issued $65,000,000 of 10-year, 12% bonds at a market (effective) interest rate of 10%,
On July 1, Year 1, Livingston Corporation, a wholesaler of manufacturing equipment, issued $46,000,000 of 20-year, 10% bonds at a market (effective) interest rate of 11%, receiving cash of
Boyd Co. produces and sells aviation equipment. On the first day of its fiscal year, Boyd issued $80,000,000 of five-year, 9% bonds at a market (effective) interest rate of 12%, with interest payable
Ware Co. produces and sells motorcycle parts. On the first day of its fiscal year, Ware issued $35,000,000 of five-year, 12% bonds at a market (effective) interest rate of 10%, with interest payable
Shunda Corporation wholesales parts to appliance manufacturers. On January 1, Shunda issued $22,000,000 of five-year, 9% bonds at a market (effective) interest rate of 7%, receiving cash of
Moss Co. issued $42,000,000 of five-year, 11% bonds, with interest payable semiannually, at a market (effective) interest rate of 9%. Determine the present value of the bonds payable using the
Cabela’s Incorporated is a leading specialty retailer of outdoor sports merchandise. Dick’s Sporting Goods, Inc. is a leading full-line retailer of sporting equipment and apparel. The current
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. Amazon and Best Buy
The following data for Flexco Inc. relate to the payroll for the week ended December 9:Employees Grove and Seaver are office staff, and all of the other employees are sales personnel. All sales
Jocame Inc. began business on January 2. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld in the required
The following items were selected from among the transactions completed by Sherwood Co. during the current year:Mar. 1. Purchased merchandise on account from Kirkwood Co., $175,000,
The following items were selected from among the transactions completed by Sherwood Co. during the current year:Mar. 1. Purchased merchandise on account from Kirkwood Co., $175,000,
Seaforth International wrote off the following accounts receivable as uncollectible for the year ending December 31: Customer
Prepare journal entries for each of the following:A. Issued a check to establish a petty cash fund of $600.B. The amount of cash in the petty cash fund is $130. Issued a check to
The actual cash received from cash sales was $61,355, and the amount indicated by the cash register total was $61,380. Journalize the entry to record the cash receipts and cash sales.
The general merchandise retail industry has a number of segments represented by the following companies: Company Name
Based on the data in Exercise 6-15 and assuming that cost was determined by the FIFO method, show how the inventory would appear on the balance sheetData From Exercise 6-15On the basis of the
Assume that the business in Exercise 6-9 maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in,
Assume that the business in Exercise 6-9 maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in,
Based on the data presented in Exercise 5-24, journalize the closing entriesData from Exercise 5-24On March 31, 2018, the balances of the accounts appearing in the ledger of Royal Furnishings
The unadjusted trial balance of PS Music as of July 31, 2018, along with the adjustment data for the two months ended July 31, 2018, are shown in Chapter 3. Based upon the adjustment data, the
Your friend, Daniel Nat, recently began work as the lead accountant for the Asheville Company. Dan prepared the following balance sheet for December 31, 2018:White a brief memo to Daniel explaining
Google, Inc. and Microsoft Corporation design and distribute consumer and enterprise software, including overlaps in search, business productivity, and mobile operating systems. Google’s primary
The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2018, the end of the fiscal year, the accountant for The Gorman Group prepared an
The following data (in millions) are taken from the financial statements of Walmart stores, Inc:
The following data (in millions) are taken from the financial statements of Target Corporation, the owner of Target stores:
The following data (in millions) are taken from the financial statements of Target Corporation, the owner of Target stores:
The following table summarizes the rules of debit and credit. For each of the items A through L, indicate whether the proper answer is a debit or a credit.
The Home Depot, Inc., is the world’s largest home improvement retailer and one of thelargest retailers in the United States based on sales volume. Home Depot operates over 2,200 stores that sell a
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9.
The units of an item available for sale during the year were as follows: Jan. 1
Journalize the following merchandise transactions:A. Sold merchandise on account, $92,500 with terms 1/10, n/30. The cost of the goods sold was $55,500.B. Received payment less the discount.C.
The Home Depot reported the following data (in millions) in its recent financial statements:
From the following list, identify the accounts that should be closed to Income Summaryat the end of the fiscal year under a perpetual inventory system: (A) Accounts Payable,(B) Advertising Expense,
EX 5- 15 Sales-related transactionsShowcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms n/30. The cost of the goods sold is $152,700. Showcase issues a
Sears Holdings Corporation is one of the largest mall-based retailers in the United States. The following year-end data were taken from a recent Sears balance sheet (in millions):
On the basis of the following data, (A) journalize the adjusting entries at June 30, the end ofthe current fiscal year, and (B) journalize the reversing entries on July 1, the first day of
Identify each of the following as (A) a current asset or (B) property, plant, and equipment:1. Accounts Receivable2. Building3. Cash4. Equipment5. Prepaid Insurance6. Supplies
The following errors took place in journalizing and posting transactions:A. Insurance of $18,000 paid for the current year was recorded as a debit to Insurance Expense and a credit to Prepaid
Financial information related to Healthy Products Company for the month ended November 30, 2018, is as follows:Net income for November
As sales manager, Joe Batista was given the following static budget report for selling expenses in the Clothing Department of Soria Company for the month of October.As a result of this budget report,
Kurtyka Corporation had the following transactions relating to debt investments:Journalize the above transactions, including the adjusting entry for the accrual of interest on December 31, 2022. Jan.
Green Pastures is a 400-acre farm on the outskirts of the Kentucky Bluegrass, specializing in the boarding of broodmares and their foals. A recent economic downturn in the thoroughbred industry has
Optimus Company manufactures a variety of tools and industrial equipment. The company operates through three divisions. Each division is an investment center. Operating data for the Home Division for
The following is selected financial information for two divisions of Samberg Brewing.InstructionsSupply the missing information for the lettered items. Contribution margin Controllable margin Average
Urban Corporation prepared the following variance report.InstructionsFill in the appropriate amounts or letters for the question marks in the report. Type of Materials Rogue11 Storm17 Beast29 Urban
What is the cost of an investment in stock?
Explain the purpose of the worksheet.
Determine the missing amounts. 1. 2. 3. Unit Selling Price $640 $300 (e) Unit Variable Costs $352 (c) (f) Unit Contribution Margin (a) $93 $325 Contribution Margin Ratio (b) (d) 25%
What are some of the limitations of regression analysis?
Determine the missing amounts. 1. 2. 3. Unit Selling Price $250 $500 (e) Unit Variable Costs $180 (c) Unit Contribution Margin (a) $200 $330 Contribution Margin Ratio (b) (d) 30%
Victoria Company reports the following operating results for the month of April.Management is considering the following course of action to increase net income: Reduce the selling price by 4%, with
Dilts Company has a unit selling price of $400, unit variable costs of $250, and fixed costs of $210,000. Compute the break-even point in sales units using (a) The mathematical equation (b)
For Koska Company, actual sales are $1,200,000 and break-even sales are $960,000. Compute(a) The margin of safety in dollars (b) The margin of safety ratio.
Bonita Beauty Corporation manufactures cosmetic products that are sold through a network of sales agents. The agents are paid a commission of 18% of sales. The income statement for the year ending
Brett Stern was hired during January 2022 to manage the home products division of Hi-Tech Products. As part of his employment contract, he was told that he would get $5,000 of additional bonus for
How is the contribution margin per unit of limited resource computed?
Distinguish between absorption costing and variable costing.
Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2022, the company incurred the following costs.Siren Company sells the fishing lures for $25.
Crate Express Co. produces wooden crates used for shipping products by ocean liner. In 2022, Crate Express incurred the following costs.Assume Crate Express used an average 500 kilowatt-hours each
Three Point Sports Inc. manufactures basketballs for the Women's National Basketball Association (WNBA). For the first 6 months of 2022, the company reported the following operating results while
Moonbeam Company manufactures toasters. For the first 8 months of 2022, the company reported the following operating results while operating at 75% of plant capacity:Cost of goods sold was 70%
Cook Farm Supply Company manufactures and sells a pesticide called Snare. The following data are available for preparing budgets for Snare for the first 2 quarters of 2022.1. Sales: quarter l, 40,000
Deleon Inc. is preparing its annual budgets for the year ending December 31, 2022. Accounting assistants furnish the following data.An accounting assistant has prepared the detailed manufacturing
Paige Company estimates that unit sales will be 10,000 in quarter 1, 14,000 in quarter 2, 15,000 in quarter 3, and 18,000 in quarter 4. The unit selling price is $70. Management desires to have an
Hill Industries had sales in 2021 of $6,800,000 and gross profit of $1,100,000. Management is considering two alternative budget plans to increase its gross profit in 2022.Plan A would increase the
Perine Company has 2,000 pounds of raw materials in its December 31, 2021, ending inventory. Required production for January and February of 2022 are 4,000 and 5,000 units, respectively. Two pounds
Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2022 are as follows.All sales are on account. Collections are expected to be 50% in the month of sale, 30% in
The budget committee of Suppar Company collects the following data for its San Miguel Store in preparing budgeted income statements for May and June 2022.1. Sales for May are expected to be $800,000.
Krause Industries' balance sheet at December 31, 2021, is presented here.Budgeted data for the year 2022 include the following.To meet sales requirements and to have 2,500 units of finished goods on
Rensing Ltd. estimates sales for the second quarter of 2022 will be as follows.The target ending inventory of finished products is as follows.Two units of materials are required for each unit of
Rodriguez, Inc., is preparing its direct labor budget for 2022 from the following production budget based on a calendar year.Each unit requires 1.5 hours of direct labor.InstructionsPrepare a direct
Pletcher Dental Clinic is a medium-sized dental service specializing in family dental care. The clinic is currently preparing the master budget for the first 2 quarters of 2022. All that remains in
Bumblebee Company estimates that 300,000 direct labor hours will be worked during the coming year, 2022, in the Packaging Department. On this basis, the following budgeted manufacturing overhead cost
The following are the components in Gates Company's income statement. Determine the missing amounts, assuming that there are no nonoperating activities. b. C. Sales Revenue $75,000 $108,000 ? Cost
Explain the meaning of the credit terms 2/10, n/30.
Below is a series of cost of goods sold sections for companies B, M, 0 , and S.InstructionFill in the lettered blanks to complete the cost of goods sold sections. Beginning
The accounts receivable turnover is 8.14, and average net accounts receivable during the period is $400,000. What is the amount of net credit sales for the period?
Busch Company has these obligations at December 31: (a) A note payable for $100,000 due in 2 years with an annual interest rate of 6%,(b) Interest payable of $6,000 on a long-term note payable
(a) What are long-term liabilities? Give three examples. (b) What is a bond?
State whether each of the following statements is true or false. If false, indicate how to correct the statement. 1. Mortgage bonds and sinking fund bonds are both examples of debenture bonds. 2.
Describe the two major obligations related to bonds.
Jayne Corporation has 170,000 shares of $15 par value common stock outstanding when it announces a 3-for-l stock split. Before the split, the stock had a market price of $120 per share. After the
"Decision-making is management's most important function." Is this true? Explain why or why not.
Ayala Inc. has conducted the following analysis related to its product lines, using a traditional costing system (volume-based) and an activity-based costing system. The traditional and the
What is an activity cost pool?
What are the primary benefits of activity-based costing?
Action Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2022.1. Purchased a 1-year insurance policy on June 1 for $1,800 cash.2.
The trial balances before and after adjustment for Ryan Company at the end of the fiscal year are as follows.InstructionsPrepare the adjusting entries that were made. Cash Accounts
The following data are taken from the comparative balance sheets of Cascade Billiards Club, which prepares its financial statements using the accrual basis of accounting.Members are billed based upon
Hart Corporation encounters the following situations:1. Hart collects $1,300 from a customer in 2022 for services to be performed in 2023.2. Hart incurs utility expense which is not yet paid in cash

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