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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

Robo-Pool manufactures robotic pool vacuums. Each unit requires $225 of raw materials and $375 of conversion costs and is sold for $700. During a recent month, the company produced and sold 120
Use lean accounting to prepare journal entries for the following transactions.1. Purchased $22,500 of raw materials on credit.2. Applied conversion costs of $67,500.3. Incurred actual conversion
Identify each of the following production processes as lean (L) or traditional (T).The process produces standard goods, with no option for customization. Production begins with the quarterly sales
Samsung reports accounts payable of ₩9,569,549 (in millions) and cost of goods sold of ₩28,155,597(in millions) for a recent year. Compute payable outstanding. Round the answer to the nearest
A company reports ending accounts payable of $2,055 and cost of goods sold of $18,300. Compute payable outstanding.Round the answer to the nearest whole day.
A company reports ending work in process inventory of $770 and cost of goods sold of $23,404. Compute days’ sales in work in process inventory. Round the answer to the nearest whole day.
Compute(a) Cycle time,(b) Value-added time,(c) Non-value-added time,(d) Cycle efficiency using the following information for a manufacturer. 2.10 days Move time. 0.75 days Process time. 0.50 days
A manufacturer estimates annual conversion costs of $1,000,000 and plans production of 1,600 hours to make 12,800 units. The company can produce 8 units per hour.1. Compute the conversion cost rate
A manufacturer estimates annual conversion costs of $1,207,500 and plans production of 2,100 hours. Compute the conversion cost rate per hour.
Use lean accounting to prepare journal entries for the following transactions.1. Sold $33,250 of goods for cash.2. Recorded cost of goods sold of $23,250, and finished goods inventory of $1,860.
Use lean accounting to prepare journal entries for the following transactions.1. Sold $16,800 of goods on credit.2. Recorded cost of goods sold of $11,760.
Use lean accounting to prepare journal entries for the following transactions.1. Applied $43,600 of conversion costs to production.2. Incurred actual conversion costs of $43,600. Hint: Credit
Use lean accounting to prepare the journal entry to record the purchase of $28,000 of raw materials on credit.
Identify each of the following as applying more to lean (L) or to traditional (T) businesses.Production begins with a customer order.Reducing defects is not a priority.Inventory levels are lower.Wait
Identify each of the following as applying more to lean (L) or to traditional (T) businesses.Production begins with sales forecasts.Uses “pull” production.Aims for zero defects.Uses large batch
Do lean accounting systems use Finished Goods Inventory accounts? Explain.
Why do lean accounting systems not use separate Raw Materials Inventory accounts?
Define setup time and provide some examples of tasks that are included in setup time.
Can management of a retail company like Amazon use lean techniques? Explain.
Apple wants a closed-loop supply chain. Define a closed-loop supply chain and discuss methods the company uses to meet its goal.
What are three common problems with push production?
How does push production differ from pull production?
What are the three key principles of the lean business model?
Compute the amount that can be borrowed under each of the following circumstances:1. A promise to repay $90,000 seven years from now at an interest rate of 6%.2. An agreement made on February 1,
Spiller Corp. plans to issue 10%, 15-year, $500,000 par value bonds payable that pay interest semiannually on June 30 and December 31. The bonds are dated December 31, 2019, and are issued on that
Otto Co. borrows money on April 30, 2019, by promising to make four payments of $13,000 each on November 1, 2019; May 1,2020; November 1, 2020; and May 1, 2021.1. How much money is Otto able to
Refer to Samsung’s statement of cash flows in Appendix A for the year ended December 31, 2017.Required1. What amount (in millions of Korean won) did Samsung spend to acquire property, plant, and
OptiLux is considering investing in an automated manufacturing system. The system requires an initial investment of $4million, has a 20-year life, and will have zero salvage value. If the system is
Suppose Gaurab Chakrabarti and Sean Hunt’s company, Solugen, makes peroxide-based cleaners in different strengths. The founders must decide on the best sales mix. Assume the company has a capacity
Assume Samsung is designing a new smartphone. Each unit of this new phone is expected to require $285 of direct materials, $10 of direct labor, $30 of variable overhead, $5 of variable selling and
Assume Apple is designing a new smartphone. Each unit of this new phone is expected to require $230 of direct materials, $10 of direct labor, $20 of variable overhead, and $20 of variable selling and
HH Auto Repair reports the following information for the coming year.1. Compute the rate per hour of direct labor (in $).2. Compute the materials markup (in %).3. What price should the company quote
Cheng Co. reports the following information for the coming year. Determine its (a) rate per hour of direct labor (in $) and(b) materials markup (in %). Direct labor rate, including fringe benefits
Meng uses time and materials pricing. Its rate per hour of direct labor is $55. Its materials markup is 30%. What price should Meng quote for a job that will take 80 direct labor hours and use $3,800
Raju is a price-taker in a competitive product market. The current market price is $80 per unit, and Raju’s desired profit is 20% of market price. Using target costing, what is the highest Raju’s
Zycon has produced 10,000 units of partially finished Product A. These units cost $15,000 to produce, and they can be sold to another manufacturer for $20,000. Instead, Zycon can process the units
What is time and materials pricing?
Explain how a price-setter differs from a price-taker.
What are incremental revenues?
Review Samsung’s financial statements in Appendix A and identify its(a) Total assets as of December 31, 2017,and December 31, 2016,(b) Operating profit for the year ended December 31,
Apple and Google compete in several product categories. Sales, income, and asset information are provided for fiscal year 2017 for each company below.Required1. Compute profit margin for each
Review Apple’s financial statements in Appendix A and identify its(a) Total assets as of September 30, 2017,and September 24, 2016, and(b) Operating income for the year ended September 30,
Santana Rey’s two departments, Computer Consulting Services and Computer Workstation Furniture Manufacturing, have each been profitable for Business Solutions. Santana has heard of the cash
Bonanza Entertainment began operations in January 2019 with two operating (selling) departments and one service(office) department. Its departmental income statements follow.The company plans to open
Williams Company began operations in January 2019 with two operating (selling) departments and one service (office)department. Its departmental income statements follow.Williams plans to open a third
Use the information below to compute the number of days in the cash conversion cycle for Apple ($ millions). Round calculations to the nearest whole day. Accounts payable, end of year..... Accounts
(1) Use the information below to compute the number of days in the cash conversion cycle for each year. Round calculations to the nearest whole day.(2) Did the company manage cash more effectively in
Jansen Company reports the following for its Ski department for the year 2019. All of its costs are direct, except as noted.Prepare a(1) Departmental income statement for 2019(2) Departmental
Marathon Running Shop has two service departments (advertising and administrative) and two operating departments(Shoes and Clothing). The table that follows shows the direct expenses incurred and
(1) Use the information below to compute the number of days in the cash conversion cycle for each company.(2) Which company is more effective at managing cash? Spartan Co. Chen Co. Days' sales in
Define and describe the cash conversion cycle and identify its three components.
What is a transfer price? What are the three main approaches to setting transfer prices?
Google aims to give its managers timely cost reports. In responsibility accounting, who receives timely cost reports and specific cost information? Explain.
Samsung has many departments. How is a department’s contribution to overhead measured?
How are decisions made in decentralized organizations?
In responsibility accounting, why are reports to higher-level managers usually summarized?
__________costs are not within the manager’s control or influence.
Away, as discussed in the chapter opener, uses a costing system with standard costs for direct materials,direct labor, and overhead costs. Two comments frequently are mentioned in relation to
Access Samsung’s financial statements in Appendix A.Required1. Identify and enter the 2016 and 2017 sales (in ₩ millions) into a table for Samsung.2. Assume that at the end of 2016 we estimate
Business Solutions’s second-quarter 2020 fixed budget performance report for its computer furniture operations follows. The $156,000 budgeted expenses include $108,000 in variable expenses for
Refer to the information in Problem 23-1B. Tohono Company’s actual income statement follows.Required1. Prepare a flexible budget performance report for 2019.2. Compute and interpret both the(a)
Tohono Company’s 2019 master budget included the following fixed budget report. It is based on an expected production and sales volume of 20,000 units.Required1. Classify all items listed in the
Refer to the information in Problem 23-1A. Phoenix Company’s actual income statement follows.Required1. Prepare a flexible budget performance report for 2019.2. Compute both the (a) sales variance
Phoenix Company’s 2019 master budget included the following fixed budget report. It is based on an expected productionand sales volume of 15,000 units.Required1. Classify all items listed in the
A manufactured product has the following information for August.Compute the(1) Standard cost per unit,(2) Total budgeted cost for production in August,(3) Total cost variance for August. Indicate
Lewis Co. reports the following results for May. Prepare a flexible budget report showing variances between budgeted and actual results. List variable and fixed expenses separately, and indicate
Xion Co. budgets a selling price of $80 per unit, variable costs of $35 per unit, and total fixed costs of $270,000. During June, the company produced and sold 10,800 units and incurred actual
List at least two positive and two negative features of standard costing systems.
Prepare a flexible budget performance report title (in proper form) for Spalding Company for calendar-year 2019. Why is a proper title important for this or any report?
Misfit Juicery sells juice made from misshapen and scrap fruit and vegetables. Co-founders Anna Yang and Phil Wong stress the importance of planning and budgeting for business success.Required1. How
Certified Management Accountants must understand budgeting. Access the Institute of ManagementAccountants website (imanet.org), click on the “CMA Certification” tab, and select “Taking the
Access Samsung’s and Apple’s income statements (in Appendix A) for fiscal year 2017. The ratio of investments in property, plant, and equipment to sales can be used to assess how much a company
Companies often budget selling expenses and general and administrative expenses (SGA) as a percentage of expected sales.Required1. For both Apple and Google, list sales (in dollars) and total selling
Financial statements often serve as a starting point in formulating budgets. Review Apple’s financial statements in Appendix A to determine its cash paid for acquisitions of property, plant, and
Santana Rey expects second-quarter 2020 sales of Business Solutions’s line of computer furniture to be the same as the first quarter’s sales (reported below) without any changes in strategy.
Near the end of 2019, the management of Isle Corp., a merchandising company, prepared the following estimated balance sheet for December 31, 2019.To prepare a master budget for January, February, and
The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Best Bikes.Required1. Classify each cost as either a product or period
Following are data for BioBeans and GreenKale, which sell organic produce and are of similar size.1. Compute the profit margin and the return on total assets for both companies.2. Based on analysis
Compute common-size percents for the following comparative income statements (round percents to one decimal). Using the common-size percents, which item is most responsible for the decline in net
The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company.Required1. Classify each cost as either a product or period
Following is an incomplete current-year income statement.Determine amounts a, b, and c. Additional information follows:Return on total assets is 16% (average total assets is $68,750).Inventory
Refer to Simon Company’s balance sheets in Exercise 17-6.(1) Compute the current ratio for each of the three years. Did the current ratio improve or worsen over the three-year period?(2) Compute
Simon Company’s year-end balance sheets follow.(1) Express the balance sheets in common-size percents. Round percents to one decimal.(2) Assuming annual sales have not changed in the last three
Common-size and trend percents for Roxi Company’s sales, cost of goods sold, and expenses follow. Determine whether net income increased, decreased, or remained unchanged in this three-year period.
Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2019.To prepare a master budget for January,
Keggler’s Supply is a merchandiser of three different products. The company’s February 28 inventories are footwear,20,000 units; sports equipment, 80,000 units; and apparel, 50,000 units.
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019.To prepare a master budget for April, May, and June of 2019, management gathers the following
Merline Manufacturing makes its product for $75 per unit and sells it for $150 per unit. The sales staff receives a 10%commission on the sale of each unit. Its December income statement
Built-Tight is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for product costs for the quarter follow.Sales are 20% cash and 80% on credit. All
Render Co. CPA is preparing activity-based budgets for 2019. The partners expect the firm to generate billable hours forthe year as follows.The company pays $15 per hour to data-entry clerks, $30 per
Zahn Co. predicts sales of 220 units in May and 240 units in June. Each month’s ending inventory should be 25% of the next month’s sales. The April 30 ending finished goods inventory is 55 units.
For each of the following items 1 through 6, indicate yes if it describes a potential benefit of budgeting or no if it describes a potential negative outcome of budgeting.Budgets help coordinate
For each of the following items 1 through 5, indicate yes if the item is an important budgeting guideline or no if it is not.Employees should have the opportunity to explain differences from budgeted
How does a budget benefit management in its control function?
Both Samsung and Apple sell smartphones. Assume the following data are available for a popular smart phone model of each company.Required1. Compute the contribution margin ratio for each model.2.
Both Apple and Google sell electronic devices, and each of these companies has a different product mix.Assume the following data are available for both companies.Required1. Compute each company’s
Apple offers extended service contracts that provide repair coverage for its products. Assume Apple charges$160 to repair an iPhone screen and $400 for other repairs. Services are provided in a ratio
Rivera Co. sold 20,000 units of its only product and incurred a $50,000 loss (ignoring taxes) for the current year, as shown here. During a planning session for year 2020’s activities, the
The following costs result from the production and sale of 12,000 CD sets manufactured by Gilmore Company for the year ended December 31, 2019. The CD sets sell for $18 each. The company has a 25%
Astro Co. sold 20,000 units of its only product and incurred a $50,000 loss (ignoring taxes) for the current year, as shown here. During a planning session for year 2020’s activities, the

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