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financial managerial accounting
Questions and Answers of
Financial Managerial Accounting
Rudd Clothiers is a small company that manufactures tall-men's suits. The company has used a standard cost accounting system. In May 2020, 11,250 suits were produced. The following standard and
Deleon Inc. is preparing its annual budgets for the year ending December 31, 2020. Accounting assistants furnish the data shown below.An accounting assistant has prepared the detailed manufacturing
Thome and Crede, CPAs, are preparing their service revenue (sales) budget for the coming year (2020). The practice is divided into three departments: auditing, tax, and consulting. Billable hours for
Brett Stern was hired during January 2020 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
Jorge Company bottles and distributes B-Lite, a diet soft drink. The beverage is sold for 50 cents per 16-ounce bottle to retailers. For the year 2020, management estimates the following revenues and
Westerville Company accumulates the following data concerning a mixed cost, using units produced as the activity level.a. Compute the variable- and fixed-cost elements using the high-low method.b.
Shaker Stairs Co. designs and builds factorymade premium wooden stairways for homes. The manufactured stairway components (spindles, risers, hangers, hand rails) permit installation of stairways of
Schultz Electronics manufactures two ultra highdefinition television models: the Royale which sells for $1,600, and a new model, the Majestic, which sells for $1,300. The production cost computed per
Spud, Inc. a manufacturer of gourmet potato chips, employs activity-based costing. The budgeted data for each of the activity cost pools is provided below for the year 2020.For 2020, the company had
Thakin Industries Inc. manufactures dorm furniture in separate processes. In each process, materials are entered at the beginning, and conversion costs are incurred uniformly. Production and cost
Deanna Nardelli started her own consulting firm, Nardelli Consulting, on May 1, 2020. The trial balance at May 31 is as follows.Nardelli ConsultingTrial BalanceMay 31, 2020In addition to those
Identify the three classes of debt investments and the three classes of equity investments.
Indicate where each of the following items is reported on financial statements. Choose from the following categories: (a) current assets, (b) long-term investments, (c) current liabilities, (d)
Review financial news sources such as Yahoo! Finance (finance.yahoo.com) and Google Finance (google.com/finance). Identify a company that has recently purchased 50% or more of another company’s
Prepare Tiker Company’s journal entries to record the following transactions and the adjusting entry to record the fair value of the stock investments portfolio. This is the first and only time the
Prepare Garzon Company’s journal entries to record the following transactions for the current year.Jan. 1 Purchases 6% bonds (as a held-to-maturity investment) issued by PBS at a cost of $40,000,
Explain how a price-setter differs from a price-taker.
Samsung must confront sunk costs. Why are sunk costs irrelevant in deciding whether to sell a product in its present condition or to make it into a new product through additional processing?
Review 30 to 60 minutes of financial news programming on television. Take notes on companies that are catching analysts’ attention. You might hear reference to over- and undervaluation of firms and
DUDs Dry Cleaners recently adopted total quality management. Dee Mathias, the owner, has hired you as a consultant. Classify each of the following activities as either value-adding (V) or
Go to a retail business, such as a bookstore, clothing shop, gift shop, grocery, hardware store, or car dealership in your local shopping area or a shopping mall. Ask to speak to someone who is
Moore Company had an Accounts Receivable balance of $640,000 and a credit balance in Allowance for Uncollectible Accounts of $33,400 at January 1, 2010. During the year, the company recorded the
Tenet Healthcare Corp., a major publicly traded hospital chain in the United States, had a large amount of uncollectible accounts expense because so many patients were unable to pay their medical
During economic or industry recessions, it is common to see downward revisions of bond ratings. Access Standard & Poor’s list of companies with lowered bond ratings and identify three whose names
Many Internet companies have gone public in recent years. These companies are generally unprofitable in their start-up years and require a great deal of cash to finance expansion. They also reward
Mergers and acquisitions are in the news almost every day. Go to the website for MSNBC and scan recent headlines to locate two articles related to one company purchasing or making an offer to
When the FASB ruled that public companies should report comprehensive income, it did not issue specific guidelines for how this amount and its components should be disclosed. Choose two companies in
Go to CVS Caremark Corporation’s website and find the statement of cash flows in its latest annual report. Compare it with the 2008 statement in the Supplement to Chapter 1 by doing the
In the “Cookie Company” case in the last chapter, you prepared a mission statement for your company. You also set its strategic, tactical, and operating objectives; decided on its name; and
In the “Cookie Company” case in the last chapter, your team selected a cookie recipe for your company. In this chapter, your team will use that recipe to bake a batch of cookies, collect cost and
Go to the website for Moody’s Investors Service. Click on “ratings,” which will show revisions of debt ratings issued by Moody’s in the past few days. Choose a rating that has been upgraded
Executive compensation is often based on meeting certain targets for revenue growth, earnings, earnings per share, return on assets, or other performance measures. But what if performance is not
Go to the website of any major company. Find the “Investor Relations” or “About Our Company” section and access either the company’s annual report or its Form 10-K. Find the financial
If the Bonds Payable account has a balance of $900,000 and the Discount on Bonds Payable account has a balance of $120,000, what is the carrying value of the bonds?
For the year ending December 31, 2020, Soto Inc. reports net income $170,000 and cash dividends $85,000. Determine the balance in retained earnings at December 31 assuming the balance in retained
The following stockholders’ equity accounts arranged alphabetically are in the ledger of Westin Corporation at December 31, 2020.Common Stock ($10 stated value)
Rosenthal Company manufactures bowling balls through two processes: Molding and Packaging. In the Molding Department, the urethane, rubber, plastics, and other materials are molded into bowling
Rich Novelty Company identified the following activities in its production and support operations. Classify each of these activities as either value-added or non–value-added.a. Machine setup.b.
Many of you will some day own your own business. One rapidly growing opportunity is no-frills workout centers. Such centers attract customers who want to take advantage of state-of-the-art fitness
The production budget of Justus Company calls for 80,000 units to be produced. If it takes 45 minutes to make one unit and the direct labor rate is $16 per hour, what is the total budgeted direct
Batista Company management wants to maintain a minimum monthly cash balance of $25,000. At the beginning of April, the cash balance is $25,000, expected cash receipts for April are $245,000, and cash
What is a major disadvantage of using ROI to evaluate investment and company performance?
Fallon Company uses flexible budgets to control its selling expenses. Monthly sales are expected to range from $170,000 to $200,000. Variable costs and their percentage relationship to sales are
Parsons Company is planning to produce 2,000 units of product in 2020. Each unit requires 3 pounds of materials at $5 per pound and a half-hour of labor at $16 per hour. The overhead rate is 70% of
Kansas Company uses a standard cost accounting system. In 2020, the company produced 28,000 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor at a
Wayne Company is considering a long-term investment project called ZIP. ZIP will require an investment of $140,000. It will have a useful life of 4 years and no salvage value. Annual cash inflows
Wayne Company is considering a long-term investment project called ZIP. ZIP will require an investment of $120,000. It will have a useful life of 4 years and no salvage value. Annual revenues would
Sentinel Industries has manufactured prefabricated houses for over 20 years. The houses are constructed in sections to be assembled on customers' lots. Sentinel expanded into the precut housing
Preparing a personal budget is a great first step toward control over your personal finances. It is especially useful to prepare a budget when you face a big decision. For most people, the biggest
Campbell Soup Company is an international provider of soup products. Management is very interested in continuing to grow the company in its core business, while “spinning off” those businesses
Hart Labs, Inc. provides mad cow disease testing for both state and federal governmental agricultural agencies. Because the company's customers are governmental agencies, prices are strictly
The information shown below was taken from the annual manufacturing overhead cost budget of Connick Company.Variable manufacturing overhead costs .................................... $34,650Fixed
Manufacturing overhead data for the production of Product H by Shakira Company, assuming the company uses a standard cost system, are as follows.Overhead incurred for 52,000 actual direct labor hours
It is one thing to prepare a personal budget; it is another thing to stick to it. Financial planners have suggested various mechanisms to provide support for enforcing personal budgets. One approach
The Sports Equipment Division of Harrington Company is operated as a profit center. Sales for the division were budgeted for 2020 at $900,000. The only variable costs budgeted for the division were
Fey Company's organization chart includes the president; the vice president of production; three assembly plants—Dallas, Atlanta, and Tucson; and two departments within each plant—Machining and
Rensing Ltd. estimates sales for the second quarter of 2020 will be as follows.Month UnitsApril 2,550May 2,675June 2,390The target
Pargo Company is preparing its budgeted income statement for 2020. Relevant data pertaining to its sales, production, and direct materials budgets can be found in DO IT! 22.2.In addition, Pargo
Pargo Company is preparing its master budget for 2020. Relevant data pertaining to its sales, production, and direct materials budgets are as follows.Sales. Sales for the year are expected to total
ThreePoint Sports Inc. manufactures basketballs for the Women's National Basket-ball Association (WNBA). For the first 6 months of 2020, the company reported the following operating results while
Mesa Verde manufactures unpainted furniture for the do-it yourself (DIY) market. It currently sells a table for $75. Production costs per unit are $40 variable and $10 fixed. Mesa Verde is
Dilithium Batteries is a division of Enterprise Corporation. The division manufactures and sells a long-life battery used in a wide variety of applications. During the coming year, it expects to sell
Jackson Company produces plastic that is used for injection-molding applications such as gears for small motors. In 2019, the first year of operations, Jackson produced 4,000 tons of plastic and sold
Cedar Grove Industries produces and sells a cell phoneoperated home security control. Information regarding the costs and sales of security controls during May 2020 are provided below.Unit selling
Adamson Company manufactures four lines of garden tools. As a result of an activity analysis, the accounting department has identified eight activity cost pools. Each of the product lines is produced
What is the primary benefit of activity-based costing?
Florida Beach Company manufactures sunscreen, called NoTan, in 11-ounce plastic bottles. NoTan is sold in a competitive market. As a result, management is very cost-conscious. NoTan is manufactured
Using the data in BE16.10, prepare the cost section of the production cost report for Pix Company using the FIFO approach.Data from Prob. BE16.10Pix Company has the following production data for
Production costs chargeable to the Finishing Department in June in Hollins Company are materials $12,000, labor $29,500, and overhead $18,000. Equivalent units of production are materials 20,000 and
Identify which costing system—job order or process cost—the following companies would primarily use: (a) Quaker Oats.(b) Jif Peanut Butter.(c) Gulf Craft (luxury yachts).(d) Warner Bros. Motion
On January 1, 2020, Goodhue Inc. had the following stockholders’ equity balances.Common Stock (400,000 shares issued) ............................................ $800,000Paid-in Capital in
On January 1, 2020, Primo Corporation had the following stockholders’ equity accounts.Common Stock ($10 par value, 75,000 shares issued and outstanding) ..............................
The treasury stock purchased in Question 13 is resold by Meng, Inc. for $16,000. What effect does this transaction have on(a) Net income.(b) Total assets.(c) Total paid-in capital.(d) Total
Gridley Company issued $800,000, 11%, 10-year bonds on December 31, 2019, for $730,000. Interest is payable annually on December 31. Gridley Company uses the straight-line method to amortize bond
a. You and several classmates are studying for the next accounting examination. They ask you to answer the following questions:1. If cash is borrowed on a $70,000, 9-month, 6% note on August 1, how
Partial adjusted trial balance data for Parsons Company is presented in BE3.9. The balance in Common Stock is the balance as of January 1. Prepare a retained earnings statement for the year assuming
An analysis of transactions for Foley & Co. was presented in E1.8. Assume that August is the company's first month of business.InstructionsPrepare an income statement and a retained earnings
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
The external financial statements published by publicly traded companies are based on absorption cost accounting. As a consequence, it is very difficult to gain an understanding of the relative
Comfi Airways, Inc., a small two-plane passenger airline, has asked for your assistance in some basic analysis of its operations. Both planes seat 10 passengers each, and they fly commuters from
Hamby Inc. has sales of $2,000,000 for the first quarter of 2020. In making the sales, the company incurred the following costs and expenses. Prepare a CVP income statement for the quarter ended
Snow Cap Springs produces and sells water filtration systems for homeowners. Information regarding its three models is shown below. The company's total fixed costs to produce the filtration systems
Midlands Inc. had a bad year in 2019. For the first time in its history, it operated at a loss. The company's income statement showed the following results from selling 80,000 units of product: net
The controller of Standard Industries has collected the following monthly expense data for analyzing the cost behavior of electricity costs. Instructions a. Determine the fixed- and variable-cost
Felde Bucket Co., a manufacturer of rain barrels, had the following data for 2019:Sales ............................... 2,500 unitsSales price ..................... $40 per
Kaiser Industries carries no inventories. Its product is manufactured only when a customer's order is received. It is then shipped immediately after it is made. For its fiscal year ended October 31,
Billings Company has the following information available for September 2020.Unit selling price of video game consoles ..................... $ 400Unit variable costs
Tanek Corp.'s sales slumped badly in 2020. For the first time in its history, it operated at a loss. The company's income statement showed the following results from selling 500,000 units of product:
Russell Inc. had sales of $2,200,000 for the first quarter of 2020. In making the sales, the company incurred the following costs and expenses. Prepare a CVP income statement for the quarter ended
Determine the missing amounts. Unit Selling Unit Variable Unit Contribution Contribution Margin Margin (a) Price Ratio Costs (b) $352 1. $640 (c) 2. (d) $300 $93 (e) (f) $325 25% 3.
Building a kayak using the composite method is a very laborintensive process. In the Fabrication Department, the kayaks go through several steps as employees carefully place layers of Kevlar® in a
Fire Out Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. All materials are entered at the beginning of each process. On October 1, 2020,
At May 31, 2020, the accounts of Lopez Company show the following.1. May 1 inventories—finished goods $12,600, work in process $14,700, and raw materials $8,200.2. May 31 inventories—finished
a. Wise Photography reported net income of $130,000 for 2020. Included in the income statement were depreciation expense of $6,000, amortization expense of $2,000, and a gain on disposal of equipment
Dirk Company reported the following balances at December 31, 2019: common stock $500,000, paid-in capital in excess of par value—common stock $100,000, and retained earnings $250,000. During 2020,
Newland Company reported retained earnings at December 31, 2019, of $330,000. Newland had 200,000 shares of common stock outstanding at the beginning of 2020. The following transactions occurred
On January 1, 2020, Eddy Corporation had retained earnings of $610,000. During the year, Eddy had the following selected transactions.1. Declared cash dividends $120,000.2. Earned net income
The following accounts appear in the ledger of Horner Inc. after the books are closed at December 31, 2020. Common Stock, no par, $1 stated value, 400,000 shares authorized; 300,000 shares
Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2020, the
For the year ended December 31, 2020, the job cost sheets of Cinta Company contained the following data. Other data:1. Raw materials inventory totaled $15,000 on January 1. During the year,
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