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financial managerial accounting
Questions and Answers of
Financial Managerial Accounting
The trial balance of D. Savage Company at the end of its fiscal year, August 31, 2020, includes these accounts: Inventory $17,200, Purchases $149,000, Sales Revenue $190,000, Freight-In $5,000, Sales
On January 1, 2020, Christel Madan Corporation had inventory of $50,000. At December 31, 2020, Christel Madan had the following account balances.Freight-in
Determine Apple's gross profit rate for 2015 and 2014. Indicate whether it increased or decreased from 2014 to 2015.
Presented below are selected accounts for B. Midler Company as reported in the worksheet at the end of May 2020. Ending inventory is $75,000. Instructions Complete the worksheet by extending
On December 1, 2020, Matthias Company had the account balances shown below. The following transactions occurred during December. Dec. 3 Purchased 4,000 units of inventory on account at a cost of
The notes that accompany a company's financial statements provide informative details that would clutter the amounts and descriptions presented in the statements. Refer to the financial statements
Austin Limited is trying to determine the value of its ending inventory as of February 28, 2020, the company's year-end. The following transactions occurred, and the accountant asked your help in
PepsiCo's financial statements are presented in Appendix B. Financial statements of The Coca‐Cola Company are presented in Appendix C. The complete annual reports of PepsiCo and Coca-Cola,
Janus Company understated its 2019 ending inventory by $31,000. Determine the impact this error has on ending inventory, cost of goods sold, and stockholders' equity in 2019 and 2020.
The management of Felipe Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is average?cost. The company requests your help in determining the results of
(a) Moberg Company sells three different categories of tools (small, medium, and large). The cost and net realizable value of its inventory of tools are as follows. Determine the value of the
The adjusted trial balance columns of the worksheet for DeSousa Company are as follows. Instructions Complete the worksheet. DeSousa Company Worksheet (partial) For the Month Ended April 30, 2020
The trial balance columns of the worksheet for Nanduri Company at June 30, 2020, are as follows. Other data: A physical count reveals $500 of supplies on hand. $100 of the unearned revenue is
On April 10, 2020, fire damaged the office and warehouse of Corvet Company. Most of the accounting records were destroyed, but the following account balances were determined as of March 31, 2020:
You are provided with the following information for Najera Inc. for the month ended June 30, 2020. Najera uses the periodic method for inventory. Instructionsa. Calculate? (i) Ending
You are the controller of Small Toys Inc. Marta Johns, the president, recently mentioned to you that she found an error in the 2019 financial statements which she believes has corrected itself. She
You are provided with the following information for Barton Inc. Barton Inc. uses the periodic method of accounting for its inventory transactions.March 1 Beginning inventory 2,000 liters at a cost of
The management of Sherlynn Co. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2020, the accounting records provide the following
Pettit Company reports net income of $90,000 in 2020. However, ending inventory was understated $7,000. What is the correct net income for 2020? What effect, if any, will this error have on total
At December 31, 2020, the following information was available for A. Kamble Company: ending inventory $40,000, beginning inventory $60,000, cost of goods sold $270,000, and sales revenue $380,000.
Rulix Watch Company reported the following income statement data for a 2-year period. Rulix uses a periodic inventory system. The inventories at January 1, 2019, and December 31, 2020, are correct.
Suzuki Company lost all of its inventory in a fire on December 26, 2020. The accounting records showed the following gross profit data for November and December. Suzuki is fully insured for fire
Josh Kuchin is studying for the next accounting mid-term examination. What should Josh know about(a) Departing from the cost basis of accounting for inventories.(b) The meaning of "net realizable
Taylor Entertainment Center has 5 TVs on hand at the balance sheet date that cost $400 each. The net realizable value is $350 per unit. Under the lower-of-cost-or-net realizable value basis of
Robin Shalit, D.D.S., opened a dental practice on January 1, 2020. During the first month of operations, the following transactions occurred.Performed services for patients who had dental plan
Happy Camper Park, Inc. was organized on April 1, 2019, by Barbara Evans. Barbara is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Barbara prepared
Sommer Graphics Company was organized on January 1, 2020, by Krystal Sommer. At the end of the first 6 months of operations, the trial balance contained the accounts shown below. Analysis reveals
On July 1, 2020, Dobbs Co. pays $14,400 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Dobbs Co., journalize and post the entry on
Verne Cova Company has the following balances in selected accounts on December 31, 2020.Accounts Receivable ................................................... $ -0-Accumulated
Lumina Company was organized on April 1, 2020. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below. a. Determine the net income for
A review of the ledger of Carmel Company at December 31, 2020, produces the following data pertaining to the preparation of annual adjusting entries. 1. Prepaid Insurance $10,440. The company has
Hart Corporation encounters the following situations:Hart collects $1,300 from a customer in 2020 for services to be performed in 2021.Hart incurs utility expense which is not yet paid in cash or
Javier Computer Services began operations in July 2020. At the end of the month, the company prepares monthly financial statements.It has the following information for the month.At July 31, the
Everett Co. was organized on July 1, 2020. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown as follows. Instructions a.
Primo Industries collected $105,000 from customers in 2020. Of the amount collected, $25,000 was for services performed in 2019. In addition, Primo performed services worth $40,000 in 2020, which
The ledger of Herrera, Inc. on March 31, 2020, includes the following selected accounts before adjusting entries. An analysis of the accounts shows the following. 1. Insurance expires at the rate of
Beyers Corporation provides security services. Selected transactions for Beyers are presented below.Oct. 1 Issued common stock in exchange for $66,000 cash from investors.2 Hired part-time security
The accounts in the ledger of Time Is Money Delivery Service contain the following balances on July 31, 2020.Accounts Receivable ........................................... $10,642Accounts
Selected transactions from the journal of Kati Tillman, investment broker, are presented below. InstructionsPost the transactions to T-accounts. Prepare a trial balance at August 31, 2020. Account
An inexperienced bookkeeper prepared the following trial balance. Prepare a correct trial balance, assuming all account balances are normal. Erika Company Trial Balance December 31, 2020 Debit
From the ledger balances given below, prepare a trial balance for the Favre Company at June 30, 2020. List the accounts in the order as indicated in the chapter. All account balances are
The Palace Theater opened on April 1. All facilities were completed on March 31. At this time, the ledger showed No. 101 Cash $6,000, No. 140 Land $12,000, No. 145 Buildings (concession stand,
State the rules of debit and credit as applied to (a) Asset accounts(b) Liability accounts(c) The stockholders' equity accounts (revenue, expenses, dividends, common stock, and retained
The following accounts are taken from the ledger of Chillin' Company at December 31, 2020. Prepare a trial balance in good form. 200 Notes Payable $20,000 311 Common Stock 25,000 157 Equipment
Indicate whether the following items would appear on the income statement (IS), balance sheet (BS), or retained earnings statement (RE).________________ a. Notes payable________________ b.
Tom Zopf owns and manages a computer repair service, which had the following trial balance on December 31, 2019 (the end of its fiscal year). Summarized transactions for January 2020 were as
For each of the following accounts indicate the effects of (a) a debit and (b) a credit on the accounts and (c) the normal balance of the account.1. Accounts Payable.2. Advertising Expense.3. Service
In February 2020, Rachel Paige invested an additional $10,000 in Drumlin Company. Drumlin's accountant, Liz Cooke, recorded this receipt as an increase in cash and revenues. Is this treatment
Toth Company had the following assets and liabilities on the dates indicated. Toth began business on January 1, 2019, with an investment of $100,000 from stockholders. Instructions From an
Keystone Computer Timeshare Company entered into the following transactions during May 2020.Purchased computers for $20,000 from Data Equipment on account.Paid $3,000 cash for May rent on storage
Harper Travel Agency purchased land for $85,000 cash on December 10, 2020. At December 31, 2020, the land's value has increased to $93,000. What amount should be reported for land on Harper's balance
Presented below are three transactions. Mark each transaction as affecting common stock (C), dividends (D), revenue (R), expense (E), or not affecting stockholders' equity (NSE).______________a.
Indicate whether each of the following items is an asset (A), liability (L), or part of stockholders' equity (SE).______________a. Accounts receivable______________b. Salaries and wages
Hong Co. had net income of $386,100 under variable costing. Beginning and ending inventories were 2,600 units and 3,900 units, respectively. Fixed overhead cost was $4.00 per unit for both the
Which of the following are advantages of the plant wide and departmental overhead rate methods? Indicate advantages with an A and disadvantages with a D.1. They are based on readily available
Apple reports the following net sales (in $ millions) by product line in its fiscal-year 2017 annual report Required1. If Apple assigns overhead costs to product lines based on sales, which product
Compare and contrast a finance lease with an operating lease.
Merger Co. has 10 employees, each of whom earns $2,000 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA
Rayya Co. purchases a machine for $105,000 on January 1, 2019. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is sold on
On January 1, the Matthews Band pays $65,800 for sound equipment. The band estimates it will use this equipment for four years and after four years it can sell the equipment for $2,000. Matthews Band
On January 1, the Matthews Band pays $65,800 for sound equipment. The band estimates it will use this equipment for four years and perform 200 concerts. It estimates that after four years it can sell
On January 1, the Matthews Band pays $65,800 for sound equipment. The band estimates it will use this equipment for four years and perform 200 concerts. It estimates that after four years it can sell
Cala Manufacturing purchases land for $390,000 as part of its plans to build a new plant. The company pays $33,500 to tear down an old building on the lot and $47,000 to fill and level the lot. It
EcoMart establishes a $1,050 petty cash fund on May 2. On May 30, the fund shows $326 in cash along with receipts for the following expenditures: transportation-in, $120; postage expenses, $369; and
Identify the internal control principle that was violated in each of the following separate situations.a. The recordkeeper left town after the owner discovered a large sum of money had disappeared.
Santana Rey receives the March bank statement for Business Solutions on April 11, 2020. The March 31 bank statement shows an ending cash balance of $67,566. The general ledger Cash account, No. 101,
Access the September 30, 2017, 10-K report for Apple, Inc. (ticker: AAPL), filed on November 3, 2017, from the EDGAR filings at SEC.gov.Required1. What products are manufactured by Apple?2. What
Key figures for Samsung follow. Required1. Compute Samsung?s (a) inventory turnover and (b) days? sales in inventory for the most recent two years.2. Is Samsung?s inventory turnover on a favorable
Comparative figures for Apple and Google follow. Required1. Compute inventory turnover for each company for the most recent two years shown.2. Compute days? sales in inventory for each company for
1. At year-end, Barr Co. had shipped $12,500 of merchandise FOB destination to Lee Co. Which company should include the $12,500 of merchandise in transit as part of its year-end inventory?2. Parris
Key comparative figures for Samsung, Apple, and Google follow. Required1. Compute the gross margin ratio for each of the three companies.2. Is Samsung?s gross margin ratio better or worse than (a)
Key comparative figures for Apple and Google follow. Required1. Compute the amount of gross margin and the gross margin ratio for the two years shown for each of these companies.2. Which company
Refer to Samsung’s financial statements in Appendix A. What journal entry was likely recorded as of December 31, 2017, to close its Income Summary account?
Key comparative figures for Samsung, Apple, and Google follow. Required1. Compute profit margin for Samsung, Apple, and Google.2. Which company has the highest profit margin? In millions Samsung
Key figures for the recent two years of both Apple and Google follow. Required1. Compute profit margins for (a) Apple? (b) Google for the two years of data reported above.2. In the current year,
Key comparative figures for Apple, Google, and Samsung follow. Required1. Compute Samsung?s debt ratio for the current year and prior year.2. Is Samsung on a trend toward increased or decreased
Key comparative figures for Apple and Google follow. 1. What is the debt ratio for Apple in the current year and for the prior year?2. What is the debt ratio for Google in the current year and for
Refer to Apple’s financial statements in Appendix A for the following questions.Required1. What amount of total liabilities does Apple report for each of the fiscal years ended (a) September 30,
The following financial statement information is from five separate companies. Required1. Answer the following questions about Company V.a. What is the amount of equity on December 31, 2018?b. What
The following financial statement information is from five separate companies. Required1. Answer the following questions about Company A.a. What is the amount of equity on December 31, 2018?b. What
On October 1, 2019, Santana Rey launched a computer services company, Business Solutions, that is organized as a corporation and provides consulting services, computer system installations, and
The investments of Steelers Inc. include a single investment: $400,000 of Bengals Inc. 5% bonds purchased at 100 on January 1, 20Y7. These bonds were classified as available-for-sale securities. As
On January 4, 20Y6, Spandella Company purchased 160,000 shares of Filington Company directly from one of the founders for a price of $30 per share. Filington has 400,000 shares outstanding, including
Kalyagin Investments acquired $150,000 of Jerris Corp., 8% bonds at their face amount on October 1, 20Y2. The bonds pay interest on October 1 and April 1. On April 1, 20Y3, Kalyagin sold $50,000 of
On September 12, 4,000 shares of Aspen Company were acquired at a price of $50 per share plus a $400 brokerage commission. On October 15, a $0.60-per-share dividend was received on the Aspen stock.
A sign of the successful implementation of a balanced scorecard is the presence of cause-and effect relationships. An example of this success for a hotel is meeting the target of:a. Decreasing a
Which of the following statements best describes the performance elements found on most balanced scorecards?a. The balanced scorecard contains neither financial nor nonfinancial performance
The balanced scorecard provides an action plan for achieving competitive success by focusing management attention on critical success factors. Which of the following is not one of the competitive
Which of the following statements regarding the balanced scorecard is not correct?a. It seeks to address the problems associated with traditional financial measures used to assess performance.b. The
The fundamental concept behind strategic performance measurement systems is that an organization’s strategy can be represented by a set of performance measures. This basic concept of representing a
Young Manufacturing Company is a startup manufacturing firm looking to build and develop its balanced scorecard. Gunner Young, the company owner, has told you the following:Our company was built on
Blake & McKenzie Tax Services is a company serving 72 clients (as of the beginning of last month) that is working on reorganizing its balanced scorecard. Currently, the company has the following
Biases like motivated reasoning and surrogation are very prevalent in the business world. Managers are often compensated and evaluated based on performance measures such as production costs and
Green Manufacturing is a traditional manufacturing company located in the midwestern United States. The company’s operations manager is developing a strategy to become more CSR-oriented. In an
Boxwood Company is a wholesale plant nursery that is considering implementing two CSR initiatives. Information about these initiatives is summarized as follows:Replace old greenhouse fans with new
Den-Tex Company is evaluating a proposal to replace its HID (high intensity discharge) lighting with LED (light emitting diode) lighting throughout its warehouse. LED lighting consumes less power and
Eye Swear Inc. has a balanced scorecard that includes the following relationships:Actual results for this year and last year are as follows:Instructions1. Analyze these statistics to verify whether
Blue Skies Inc. is a retail gardening company that is piloting a new strategic initiative aimed at increasing gross profit. Currently, the company’s gross profit is 25% of sales, and its target
1. Based on the balanced scorecard and the following descriptions of the predicted relationships between strategic objectives, draw the scorecard’s strategy map.a. Training employees effectively
Hyperflash Inc. has a balanced scorecard that includes the following relationships:Actual results for this month and last month are as follows:Instructions1. Analyze these data to verify whether they
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