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fundamental accounting

Fundamental Accounting Principles Volume 2 21st Edition John Wild, Ken Shaw, Barbara Chiappetta - Solutions

Identify whether each description most likely applies to managerial or financial accounting.1. Its primary users are company managers.2. Its information is often available only after an audit is complete.3. Its primary focus is on the organization as a whole.4. Its principles and practices are verv
Which of these statements is true regarding product and period costs?1. Factory maintenance is a product cost and sales commission is a period cost.2. Sales commission is a product cost and depreciation on factory equipment is a product cost.3. Sales commission is a product cost and factory rent is
Which of these statements is true regarding fixed and variable costs?1. Fixed costs stay the same and variable costs increase in total as activity volume increases.2. Both fixed and variable costs increase as activity volume increases.3. Both fixed and variable costs stay the same in total as
Compute cost of goods sold for year 2013 using the following information Finished goods inventory, Dec. 31, 2012.. Goods in process inventory, Dec. 31, 2012 Goods in process inventory, Dec. 31, 2013 Cost of goods manufactured, year 2013 Finished goods inventory, Dec. 31, 2013 $345,000 83,500 72,300
A company has year-end cost of goods manufactured of $4,000, beginning finished goods inventory of $500, and ending finished goods inventory of $750. Its cost of goods sold is 1. $4,250 2. $4,000 3. $3,750 4. $3,900
Identify the usual sequence of manufacturing activities by filling in the blank (1, 2 or 3) corresponding to its order: _______. Production activities: _________sales activities;________ materials activities.
Prepare the 2013 manufacturing statement for Briton Company using the following information Direct materials $190,500 Direct labor.... 63,150 Factory overhead costs 24,000 Goods in process, Dec. 31, 2012 .... 157,600 Goods in process, Dec. 31, 2013 ... 142,750
Match each lean business concept with its best description by entering its letter in the blank. 1. 2. 3. 4. Just-in-time manufacturing _ Continuous improvements Customer orientation Total quality management A. Focuses on quality throughout the production process. B. Flexible product designs can be
Refer to QS 18-12 and compute raw materials inventory turnover and the number of days’ sales in raw materials inventory.
Complete the following statements by filling in the blanks.1.______ ______ usually covers a period of one year.2. ______is the process of monitoring planning decisions and evaluating an organization’s activities and employees.3. ______is the process of setting goals and making plans to achieve
Listed here are product costs for the production of soccer balls. (1) Classify each cost (a) as either variable or fixed and (b) as either direct or indirect. (2) What pattern do you see regarding the relation between costs classified by behavior and costs classified by traceability? Product Cost
Using the following data, compute (1) the cost of goods manufactured and (2) the cost of goods sold for both Garcia Company and Culpepper Company. Garcia Culpepper Company Company Beginning finished goods inventory $12,000 $16,450 Beginning goods in process inventory 14,500 19,950 Beginning raw
Compute cost of goods sold for each of these two companies for the year ended Decemher 31,2013 1 Viking Retail 2 Log Homes Manufacturing 4 5 3 Beginning inventory Merchandise Finished goods $275,000 $450,000 6 Cost of purchases 500,000 7 Cost of goods manufactured 900,000 8 Ending inventory 9
For each of the following accounts for a manufacturing company, place a tick mark in the appropriate column indicating that it appears on the balance sheet, the income statement, the manufacturing statement, and/or a detailed listing of factory overhead costs. Assume that the income statement shows
Given iho (bllowing sclcclcti accoiinl balances ot'Shanla Ctnnpany, prepare its nianiit’acluring statement for the year eiuleti on December 31,2013. Incliitle a listing of the iiulividnal overhead account balances in this statement. Sales Raw materials inventory. Dec. 31, 2012... Goods in process
U.se the information in Exercise 18-12 to prepare an income statement for Shanta Company (a manufacturer). Assume that its cost of goods manufactured is $534,390.
hollowing are three .separate events affecting the managerial accounting systems for different eompanies. Match the management concept(s) that the eompany is likely to adopt for the event identified. There is some overlap in the meaning of customer orientation and total quality management and,
Customer orientation means that a company’s managers and employees respond to customers’ changing wants and needs. A manufacturer of metal parts has created a customer satisfaction survey that it asks each of its customers to complete. The survey asks about the following factors: (A) product
This chapter explained the purpose of managerial accounting in the context of the current business environment. Review the automobile section of your local newspaper; the Sunday paper is often best. Review advertisements of sport-utility vehicles and identify the manufacturers that offer these
The following calendar year-end information is taken from the December 31, 2013, adjusted trial balance and other records of DeLcon Company.Required 1. Prepare the company’s 2013 manufacturing statement.2. Prepare the company’s 2013 income statement that reports separate categories for {a)
Many fast-food restaurants compete on lean business concepts. Match each of the following activities at a fast-food restaurant with the lean business concept it strives to achieve. Some activities might relate to more than one lean business concept. 1. Courteous employees 2. Food produced to order
This chapter described the purpose of managerial accounting in the context of the current business environment. Review the home electronics section of your local newspaper; the Sunday paper is often best. Review advertisements of home electronics and identify the manufacturers that offer these
The following calendar year-end information is taken from the December 31, 2013, adjusted trial balance and other records of Elegant Furniture.Required 1. Prepare the company’s 2013 manufacturing statement.2. Prepare the company’s 2013 income statement that reports separate categories for (a)
Canon manufactures digital cameras and must compete on lean manufacturing concepts. Match each of the following activities that it engages in with the lean manufacturing concept it strives to achieve. (Some ac-» tivities might relate to more than one lean manufacturing concept.) 1. Manufacturing
Managerial accounting is more than recording, maintaining, and reporting financial results. Managerial accountants must provide managers with both financial and nonfmancial information including estimates, projections, and forecasts. An important estimate for Polaris is its reserve for warranty
Managerial accounting professionals follow a code of ethics. As a member of the Institute of Management Accountants, the managerial accountant must comply with Standards of Ethical Conduct.Required 1. Identifv. print, and read the Statement ofEthical Professional Practice posted at www.IMAnet.org.
The following calendar-year information is taken from the December 31, 2013, adjusted trial balance and other records of Dahlia Company.Required 1. Each team member is to be responsible for computing one of the following amounts. You are not to duplicate your teammates’ work. Get any necessary
Visit your favorite fast-food restaurant. Observe its business operations.Required 1. Describe all business activities from the time a customer arrives to the time that Customer departs.2. List all costs you can identify with the separate activities described in part 1.3. Classify each cost from
Identify the three categories of cash flows reported separately on the statement of cash flows.
Identify the cash activity category for each transaction; (a) purchase equipment for cash,(b) cash payment of wages, (c) sale of common stock for cash, (d) receipt of cash dividends from stock investment, (e) cash collection from customers, (f) notes issued for cash.
Determine the net cash provided or used by operating activities using the following data: net income, $74,900; decrease in accounts receivable, $4,600; increase in inventory, $11,700; decrease in accounts payable, $1,000; loss on sale of equipment, $3,400; payment of cash dividends, $21,500.
This period's wages and other operating expenses total $112,000. Beginning-of-period prepaid expenses totaled $1,200, and its ending balance is $4,200. There were no beginning-of-period accrued liabilities, but end-of-period wages payable equal $5,600. How much cash is paid for wages and other
Use the following balance sheets and income statement to answerRequired Use the indirect method to prepare the cash provided or used from operating activities section only of the statement of cash flows for this company. CRUZ, INC. Comparative Balance Sheets December 31, 2013 2013 2012 Assets Cash
Use the following balance sheets and income statement to answerFurniture costing $55,000 is sold at its book value in 2013. Acquisitions of furniture total $45,000 cash, on which no depreciation is necessary because it is acquired at year-end. What is the cash inflow related to the sale of
Use the following balance sheets and income statement to answer1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2013?2. Assume that no additional notes payable are issued in 2013. What cash amount is paid to reduce the notes payable balance in 2013?
Use the following balance sheets and income statement to answer1. How much cash is paid to acquire merchandise inventory during year 2013?2. How much cash is paid for operating expenses during year 2013? CRUZ, INC. Comparative Balance Sheets December 31, 2013 2013 2012 Assets Cash $ 94,800 $ 24.000
Use the following balance sheets and income statement to answerUse the direct method to prepare the cash provided or used from operating activities section only of the statement of cash flows for this company CRUZ, INC. Comparative Balance Sheets December 31, 2013 2013 2012 Assets Cash $ 94,800 $
Compute cash flows from investing activities using the following company information. Sale of short-term investments Cash collections from customers Purchase of used equipment. Depreciation expense. $ 6,000 16,000 5,000 2,000
Compute cash flows from financing activities using the following company information Additional short-term borrowings $20,000 Purchase of short-term investments 5,000 Cash dividends paid 16,000 Interest paid... 8,000
Fitzpatrick Company's calendar-year 2013 income statement shows the following: Net Income. $374,000; Depreciation Expense, $44,000; Amortization Expense, $7,200; Gain on Sale of Plant Assets, $6,000. An examination of the company's current assets and current liabilities reveals the following
Information: The following income statement and information about changes in noncash current assets and current liabilities are reportedChanges in current asset and current liability accounts for the year that relate to operations followRequired Prepare only the cash flows from operating activities
Refer to the information about Sonad Company in Exercise 16-6. Use the direct method to prepare only the cash provided or used by operating activities section of the statement of cash flows for this company.
Information: The following financial statements and additional information are reported.Additional Informationa. A $30,000 note payable is retired at its $30,000 carrying (book) value in exchange for cash.b. The only changes affecting retained earnings are net income and cash dividends paid.c. New
Refer to the information in Exercise 16-10.Using the direct method, prepare the statement of cash flows for the year ended June 30, 2013.
Complete the following spreadsheet in preparation of the statement of cash flows. (The statement of cash flows is not required.) Prepare the spreadsheet as in Exhibit 16A.1; report operating activities under the indirect method. Identify the debits and credits in the Analysis of Changes columns
Lansing Company’s 2013 income statement and selected balance sheet data at December 31, 2012 and 2013, follow,Required Check Cash from operating Prepare the cash flows from operating activities section only of the company’s 2013 statement of cash flows using the indirect method. LANSING COMPANY
Refer to the information in Problem 16-7A.Required Prepare the cash flows from operating activities section only of the company’s 2013 statement of cash flows using the direct method.
Refer to the information reported about Satu Company in Problem 16-4B.Required Prepare a complete statement of cash flows using a spreadsheet as in Exhibit 16A.1; report operating ac¬ tivities under the indirect method. Identify the debits and credits in the Analysis of Changes columns with
Refer to the information in Problem 16-7B.Required Prepare the cash flows from operating activities section only of the company’s 2013 statement of cash flows using the direct method.
Refer to Polaris’ financial statements in Appendix A to answer the following.1. Is Polaris’ statement of cash flows prepared under the direct method or the indirect method? How do you know?2. For each year 2011, 2010, and 2009, is the amount of cash provided by operating activities more or less
Use the following financial statements of Precision Co. to complete these requirements.1. Prepare comparative income statements showing the percent increase or decrease for year 2013 in comparison to year 2012.2. Prepare common-size comparative balance sheets for years 2013 and 2012.3. Compute the
What is (Jalloway Company’s current ratio?a. 0.69b. 1.31c. 3.XSd. 6.69e. 2..39 GALLOWAY COMPANY Balance Sheet December 31, 2013 Assets Cash..... $ 86,000 Accounts receivable 76,000 Merchandise inventory 122,000 Prepaid insurance 12,000 Long-term investments.. 98,000 Plant assets, net.... 436,000
What is CJalloway Company’s acid-te.st ratio?a. 2.39b. 0.69c. 1.31d. 6.69e. 3.88 GALLOWAY COMPANY Balance Sheet December 31, 2013 Assets Cash..... $ 86,000 Accounts receivable 76,000 Merchandise inventory 122,000 Prepaid insurance 12,000 Long-term investments.. 98,000 Plant assets, net....
What is Calloway Company’s debt ratio?a. 2.5.78%b. 100.00%c. 74.22%d. 137.78%e. 34.74% GALLOWAY COMPANY Balance Sheet December 31, 2013 Assets Cash..... $ 86,000 Accounts receivable 76,000 Merchandise inventory 122,000 Prepaid insurance 12,000 Long-term investments.. 98,000 Plant assets, net....
What is Galloway Company’s equity ratio?a. 2.5.78%b. 100.00%c. 34.74%d. 74.22%e. 137.78% GALLOWAY COMPANY Balance Sheet December 31, 2013 Assets Cash..... $ 86,000 Accounts receivable 76,000 Merchandise inventory 122,000 Prepaid insurance 12,000 Long-term investments.. 98,000 Plant assets,
Use the following information for Tide Corporation to determine the 2012 and 2013 trend percents for net QS 17-2 sales using 2012 as the base year ($ thousands) Net sales 2013 2012 $801,810 $453,000 Cost of goods sold... 392,887 134,088
Refer to the Simon Company information in Exercise 17-7. The company’s income statements for the years ended December 31, 2014 and 2013, follow. Assume that all sales are on credit and then compute: (1) days’ sales uncollected, (2) accounts receivable turnover, (3) inventory turnover, and (4)
Enter the letter of the description A through H that best fits each term or phrase 1 through 8.A. Records and tracks the bondholders’ names.B. Is unsecured; backed only by the issuer’s credit standing.C. Has varying maturity dates for amounts owed.D. Identifies rights and responsibilities of
Heineken N.V. reports the following information for its Loans and Borrowings as of December 31, 2010, including proceeds and repayments for the year ended December 31, 2010 (euros in millions).1. Prepare Heineken’s journal entry to record its cash proceeds from issuances of its loans and borrow¬
Complete the following descriptions by filling in the blanks. 1. Equity securities giving an investor significant influence are accounted for using the. 2. Available-for-sale debt securities are reported on the balance sheet at. 3. Trading securities are classified as assets. 4. Accrual of interest
Complete the following descriptions by filling in the blanks. 1. The controlling investor is called the , and the investee is called the. 2. A long-term investment classified as equity securities with controlling influence implies that the inves- tor can exert a influence over the investee.
The Carrefour Group reports the following description of its trading securities (titled “financial assets reported at fair value in the income statement”).Note 10 to Carrefour’s 2010 financial statements reports €7 million in unrealized gains for 2010 and €26 million in unrealized losses
Complete the following descriptions by filling in the blanks. 1. Debt securities reflect a deposit. 2. Equity securities reflect an relationship such as investments in notes, bonds, and certificates of relationship such as shares of stock issued by companies. 3. Short-term investments are
Complete the following descriptions by filling in the blanks 1. Consolidated show the financial position, results of operations, and cash flows of all entities under the parent's control, including all subsidiaries. 2. The equity method with. controlling influence. is used to account for long-term
Prescrip Co. began operations in 2012. The cost and fair values for its long-term investments portfolio in available-for-sale securities are shown below. Prepare Prescrip’s December 31, 2013, adjusting entry to relJect any necessai^ fair value adjustment for these investments. December 31,
Ticker Services began operations in 2011 and maintains long-term investments in available-for-sale securi¬ ties. The year-end cost and fair values for its portfolio of these investments follow. Prepare journal entries to record each year-end fair value adjustment for these securities.Information
On May 8, 2013, Jett Company (a U.S. company) made a credit sale to Lopez (a Mexican company). The terms of the sale required Lopez to pay 800,000 pesos on February 10, 2014. Jett prepares quarterly financial statements on March 31, June 30, September 30, and December 31. The exchange rates for
Rose Company had no short-term investments prior to year 2013. It had the following transactions involv¬ ing short-term investments in available-for-sale securities during 2013.Required 1. Prepare journal entries to record the preceding transactions and events.2. Prepare a table to compare the
Doering Company, a U.S. corporation with customers in several foreign countries, had the following selected transactions for 2013 and 2014.2013Pesos (Mexico) ............ $0.1055 Yen (Japan) .......... 0.0093 Pounds (Britain) ..............1.4620 Ringgits (Malaysia) .......... 0.4456 2014 Jan. 12
Slip Systems had no short-term investments prior to 2013. It had the following transactions involving short-term investments in available-for-sale securities during 2013.Required 1. Prepare journal entries to record the preceding transactions and events.2. Prepare a table to compare the year-end
Paris Enterprises, which began operations in 2013, invests in long-term available-for-sale securities. Following is a series of transactions and events involving its long-term investment activity.201320142015Required 1. Prepare journal entries to record these transactions and events and any
Troyer’s long-term available-for-sale portfolio at December 31, 2012, consists of the followingTroyer enters into the following long-term investment transactions during year 2013.The fair values of its investments at December 31, 2013, are: R, $568,125; S, $210,375; U, $272,800; V, $134,938; W,
Datamix, a U.S. corporation with customers in several foreign countries, had the following .selected trans¬ actions for 2013 and 2014.2013 May 26 Sold merchandise for 6.5 million yen to Fuji Company of Japan, payment in full to be received in 60 days. On this day, the exchange rate for yen is
Refer to the opening feature in this chapter about Catherine and David Cook and their com¬ pany, myYearbook (now rebranded as MeetMe). Assume that they must acquire the Japanese rights to certain games and social applications that will then be produced for presentation on MeetMe’s U.S. site.
If Skechers sells goods to Famous Footwear with terms FOB shipping point, which company reports these goods in its inventory while they are in transit?
An art gallery purchases a painting for $11,400 on terms FOB shipping point. Additional costs in obtaining and offering the artwork for sale include $130 for transportation-in, $150 for import tariffs, $100 for insurance during shipment, $180 for advertising, $400 for framing, and $800 for office
A company takes a physical count of inventory at the end of 2012 and finds that ending inventory is understated by $10,000. Would this error cause cost of goods sold to be overstated or understated in 2012? In year 2013? If so, by how much?
Craig Company buys and sells one product. Its beginning inventory, purchases, and sales during calendar year 2013 follow:Additional tracking data for specific identification: (1) January 15 sale—200 units @ $14, (2) April 1 sale—200 units @ $15, and (3) November 1 sale—200 units @ $14 and 100
Refer to the information in Demonstration Problem 1 to answer the following requirements.Required 1. Calculate the cost of goods available for sale.2. Apply the four different methods of inventory costing (FIFO, LIFO, weighted average, and specific identification) to calculate ending inventory and
Identify the costs of merchandise inventory.
Analyze the effects of inventory methods for both financial and tax reporting.
Analyze the effects of inventory errors on current and future financial statements
Assess inventory management using both inventory turn¬ over and days’ sales in inventory
Perpetual: Assume that Marvel uses a perpetual specific identi¬ fication inventory system. Its ending inventory consists of 20 units from beginning inventory, 40 units from the July 3 pur¬ chase, and 45 units from the July 15 purchase. What is the dol¬ lar value of its ending inventory?a.
Periodic: Assume that Marvel uses a periodic FIFO inventory system. What is the dollar value of its ending inventory?a. $2,940d. $2,852b. $2,685e. $2,705c. $2,625 Use the following information from Marvel Company for the month of July Beginning inventory Purchase July July 3 July 8 Sale... July 15
Information: A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 350 units. 150 units remain in ending inventory at January 31.Required Assume the perpetual inventory system is used and then determine the costs assigned to
Refer to the information in QS 6-1 and assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO. (Round per unit costs and inventory LIFO P1 amounts to dollars and cents.)
Refer to the information in QS 6-1 and assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round per unit costs and inventory amounts to dollars and cents.)
Refer to the information in QS 6-1 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. (Round per unit costs and inventory amounts to dollars and cents.)
Refer to the information in QS 6-1 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round per unit costs and inventory amounts to dollars and cents.)
Information: Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. During December, Monson sells 15 units for $20 each on December 15.Required Monson uses a perpetual inventory system. Determine the costs assigned to the December 31
Refer to the information in QS 6-8 and assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. (Round per unit costs and inventory amounts to dollars and cents.)
Refer to the information in QS 6-8 and assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round per unit costs and inventory amounts to dollars and cents.)
Refer to the information in QS 6-8 and assume the perpetual inventory system is u.sed. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase.
Refer to the information in QS 6-8 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. (Round per unit costs and inventory amounts to dollars and cents.)
Information: Laker Company reported the following January purchases and sales data for its only product.Required The Company uses a perpetual inventory system. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c)
Refer to the information in Exercise 6-3 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory and to cost of goods sold using {a) specific identification, (b) weighted average, (c) FIFO, and {d) LIFO. (Round per unit costs and inventory amounts to
Information: Hemming Co. reported the following current-year purchases and sales for its only product.Required Check Ending inventory: LIFO, Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using (a) FIFO and (b) LIFO. Compute the
Refer to the information in Exercise 6-7. Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 100 units from the October 26 purchase. Using the specific identification method, calculate (a) the cost of goods sold and (b) the gross profit.
Information: Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. (For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale

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