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business
intermediate accounting

Questions and Answers of Intermediate Accounting

After reading the concepts of a good system of internal control covered in this chapter, the owner of a small business was concerned that his internal control was not good. He counted the daily cash
Mark has done the accounts for his local basketball club for a number of years. You joined the club in the last year and as you have studied some accounting Mark has asked you to help him with the
Favero Ltd accumulates the following data concerning a mixed cost using kilometres as the activity level.MonthKilometres drivenTotal
Overton Pty Ltd is a private company that runs a coffee shop. Its owner, Carl, is concerned that the cash flows for the past year have deteriorated and has provided the following abridged versions of
Bill has been running his local homewares store for 4 decades and has built up a large following of loyal customers. Bill believes that the key to developing a loyal customer base is to be generous
The accountant for Schulz Ltd compiled the following figures in order to estimate budgeted cash payments for March and April 2016:Purchases for December
Kay’s Hardware Ltd’s budgeted monthly sales for January to June 2016 are given below. About 70% of the monthly sales are expected to be on credit. Approximately 60% of the credit sales are
Hannah’s Handbags Pty Ltd is preparing a budget for the quarter ended 30 June 2016. Hannah estimates that approximately 70% the handbag sales will be for cash and the rest will be on credit. Of the
During October, Hair Styles Pty Ltd experiences the following transactions in establishing a petty cash fund.Oct. 1A petty cash fund is established with a cheque for $130 issued to the petty cash
Cathy’s Consulting collected its latest bank statement on 1 July 2016. All entries appearing in the bank statement that had not been entered into the cash journals were entered therein. The cash
The following information relates to the cash position of Cathy Fraser, loan broker:1. Cash at Bank account balance as at 30 June 2016: $45 451 debit.2. Bank statement balance as at 30 June 2016: $47
Sandy Poglase, owner of Sandy’s Sandwiches, wants a bank reconciliation statement to be prepared for the month ended 31 March 2016 using the following information:1. Final balance in the Cash
Lisa Ceja is unable to reconcile the bank balance at 31 January. Lisa’s reconciliation is as follows.Cash balance per bank$3 660.20Add: NSF cheque590.00Less: Bank service charge
Julia Ross Company has the following internal control procedures over cash payments. Identify the internal control principle that is applicable to each procedure.1. Company cheques are
Lee runs a fruit stall at the local market and at the end of each day he banks the cash in the cash register. The cash register records each sale and can provide a total for each day but Lee believes
Explain briefly the significance of each of the following in a comprehensive system of control over cash transactions:1. The segregation of cashier’s duties from other functions 2. The
On 30 June, Sophisticated Coffee had the following on its premises:1. 18 blank cheque forms2. a cheque for $275 received from a customer on 28 June but dated 1 July3.
Benjamin runs a cheese shop at the local shopping centre. Some months Benjamin seems to have more than enough cash to pay his bills when they are due. Other months Benjamin struggles to pay bills on
Lucerne Ltd sells feather quilts and has never used CVP analysis in its 4-year history. The manager provides you with the following sales and cost data for the first 4 years of operation:YearCosts of
Tania’s Legal Services rents a photocopier. The company is charged a fixed annual rental plus a per-copy charge. If the company makes 120 000 copies per year, the overall per-copy cost is estimated
Gavini’s Café is run by Alex and Lara Gavini. They usually run the business with three staff and this is sufficient when there are up to 30 customers in the café. When the bookings for an evening
‘Break-even analysis is all right if you have a one-product business, but it falls down badly if you want to derive a break-even point for several products.’ Discuss this statement.
Imagine you are the manager of a hotel. What are some of the fixed, variable and mixed costs of running the hotel and how could you use CVP relationships for profit planning?
As the marketing manager for a mobile phone company explain how CVP analysis could be useful in determining the best mix of price, volume, sales mix and advertising.
The owner–manager of a small business enterprise was heard to make the following remark: ‘Break-even analysis has little relevance for my business. I am not in business to break even, but to make
Many airlines offer substantial discounts on some of their normal airfares. How can these discounts be justified on the basis of CVP relationships? Use relevant examples to explain your answer.
What type of cost behaviour describes the cost of operating a mobile phone?
‘In predicting the future profitability of a business there is a basic limitation in the standard form of income statement’. Discuss this statement.
Discuss the difficulties that would arise in CVP analysis if each of the six assumptions that underlie the analysis was totally unrealistic.
Fixed costs are not usually constant over all volumes of output. What are some of the factors that are likely to mean that fixed costs change over all volumes? Give an example.
‘It is reasonable to assume variable expenses approximate a straight line over the relevant range of operations (even if the overall variable expense line is curved)’. Discuss this statement.
Refer to the 2013 financial report of JB Hi-Fi Limited on its website, www.jbhifi.com.au, and answer the following questions.1. How is ‘cash’ defined in the financial statements?2. Did the total
You are the assistant accountant at Krispies Co. Ltd, a distributor of snack foods. Krispies has a large loan from a bank, and part of the loan agreement stipulates that the company must maintain a
The Leaning Tower of Metropolis is a tall structure attached to the top of the highest building in the city with a lift in the centre to take paying customers to a viewing platform at the top of the
Based on the Herald Sun article, how would you help Ninette decide on ways to improve the cash flow of the hotel?Your friend Ninette Nobis was a tourism management student when you were at university
Ken Dunlop of Dunlop’s Dishes wishes to prepare a cash budget for the 6 months ending 30 June 2017 so he can arrange for overdraft drawings facilities, if required. The following information is
Prickly Pear Ltd wishes to prepare a cash budget for the first quarter of 2016. In response to your request for past and projected financial data, you receive the following:Projected sales (excludes
The owner of Smith Hardware has completed a bank reconciliation and cannot get the bank’s records to agree with the cash records of his business. He concludes that internal control has somehow
Brockbank Builders Ltd is preparing a cash budget for May and June of 2016. Past records reveal that 20% of all credit sales are collected during the month of sale, 60% in the month following the
The following transactions and events relate to the petty cash fund (imprest amount $200) of Honshu Ltd (all amounts include GST): 1. Paid $27.50 delivery charges on inventory
As the accountant for Sam & Ben’s Ice Cream you are required to perform a bank reconciliation at the end of June 2016. The bank reconciliation statement for the previous month is set out
As accountant for J. Stojanovic & Son, you are required to perform a bank reconciliation at the end of June 2016. The bank reconciliation statement for the previous month is set out below:Bank
The March 2016 bank statement of Tong’s Toyworld has just been received from its bankers. The following information is available:1. The March bank column totals of the cash receipts and cash
The bank reconciliation statement of Feng Zhen Liu on 21 June 2016 was as shown below.FENG ZHEN LIUBank Reconciliation Statementas at 21 June 2016Balance as per bank statementAdd: Unpresented
The following information was available from records and the bank statement of Baldacchino Services Ltd, on 31 May.The date and the amount of each deposit as recorded during May were as
Information about Bond Ltd’s cash position for the month of December is presented below:1. The general ledger Cash at Bank account had a balance of $21 200 on 30 November.2. The cash receipts
Information about the cash position for Cavanagh’s Charter Tours Pty Ltd for the month of June is presented below:1. The general ledger Cash at Bank account had a balance of $12 600 on
The following information has been extracted from the cash records of Wheeler Ltd and shows four independent situations. Assume there were no direct bank debits or credits on the bank statement and
The daily sales for Sunny Fruit & Vegetable Shop during the week ended 5 April 2016 were as follows:Total sales(including GST)Sales on accountBankedApril 2016Monday 1Tuesday 2Wednesday 3Thursday
During the week ended 12 September 2016 the daily sales for Calum’s Chocolaterie were as follows:Total sales (including GST)Sales on accountBankedSeptember 2016Monday 8Tuesday 9Wednesday 10Thursday
Companies report all amounts related to other comprehensive income net of tax. Net of tax means that the amount of income (or loss) reported includes any income tax effects. Companies do not include
Pfizer Inc, is a U.S, company that manufactures and distributes pharmaceutical and consumer healthcare products that are similar to those sold by Johnson & Johnson. In the following, we present
Pfizer Inc, is a US company that manufactures and distributes pharmaceutical and consumer healthcare products that are similar to those sold by Johnson & Johnson. Use the excerpts of Johnson
The CFO of First Things Computing, Inc, (FTC) prepared the following net income statement for the year ended December 31, 2019.FTC had 15,000 common shares outstanding for the entire year. It had no
Clockers, lnc, committed to sell a division on March 22, 2018. It sold the division on June 14, 2020. Income from operating this division was $3,240,000, $1,005,000, and $332,000 in 2018, 2019 and
Use the following excerpt from Dragonfly Corporation's balance sheer and its income statement to compute Dragonfly's profit margin and return on assets for 2018 and 2019. Comment on Dragonfly's
Bluebird Products, Inc, provided the following information from its current-year trial balance.Bluebird issued $345,000 of no-par common stock on June 30 of the current year. The company is subject
Ciara's Cookie Company provided the following account balances from its year-end trial balance.During the year, Ciara issued no -par common stock. The proceeds of the new issue were $25,000. The
Elegant Homes Corporation provided the following statement of net income on December 31, 2018, before the disposal of a business segment. The income statement includes the results of operations of
Complete the following vertical analyses of Dragonfly Corporation's income statement. What line item is the largest percent of sales in 2019? How has it changed from 2018 to 2019? As of percent of sa
Complete the following horizontal analyses of Dragonfly Corporation's income statement. What was the largest percentage increase in expenses? What was the largest percentage decrease in expenses?
Using the information provided in E4-14:Data from E4-14.MPS, Inc, has the following unadjusted account balances as of December 31, 2018, the company's year-end:• Cash: $430,000• Accounts
Magic Cleaning Services (MCS) has a fiscal year-end of December 31. It is the first year of operations. At of year-end, MCS has the following unadjusted trial balance:Addition, it has not adjusted
Thomas and Associates, a law firm, accrued $4,000 for four days of wages on December 31. On January 7, it paid two weeks of wages, totaling $10,000, to employees. The company·s fiscal year-end is
Using the information in E4-22, prepare the post-closing trial balance for Diane's Dairy Sales & Delivery.Data from E4-22.Diane's Dairy Sales & Delivery finished its first year of operations
Coftee's Company committed to a plan on October 1 of the current year to discontinue its beverage segment. Income from operating the segment was $1,250,000 for January through September and $727,000
Jojo, Inc, held a discontinued operation as of December 31, 2018. The operating loss from the discontinued operation was $500,000 for the period. As of December 31, 2018, the net assets of the
Using the information provided in BE5-7, prepare a multiple-step income statement for the current year. Car Corporation Trial Balance ISelected Accounts) For the Year Ended December 33 Credit Account
How is a company's profit margin calculated?
The Jiayin Li Corporation, which is a technology company, was formed on January 1 of the current year. Transactions completed during the first year of operation follow.January 1: Issued 1,000,000
The Umbro Company, which is a fitness center, was formed on January 2 of the current year. Transactions completed during the first year of operation are presented below.January 2: Issued 900,000
Sherlock Locksmiths, Inc, has the following adjusted trial balance for the year ended December 31, 2018.Requireda. Journalize and post the necessary closing entries. Omit explanations.b. Prepare a
Using the information in P4-6 and P4-7, perform the following steps for Tides Tea Company:Data from P4-6Tides Tea Company began operations on January 1, 2018. During the first year of business, the
The post-closing trial balance for Heron Consulting Services, inc, at December 31 of the prior year is presented here. The company respond the following transactions during the current
Using the information provided in P4-6, perform the following steps for Tides Tea Company:Data from P4-6Tides Tea Company began operations on January 1, 2018. During the first year of business, the
Tides Tea Company began operations on January 1, 2018. During the first year of business, the company had the following transactions:• January 18: The owners invested $200,000 (the par value of
Using the information in P4-3 and P4-4, perform the following steps for Herman and Sons':Data from P4-3Herman and Sons' Law Offices opened on January 1, 2018. During the first year of business, the
Using the information provided in P4-3, perform the following steps:Data from P4-3Herman and Sons' Law Offices opened on January 1, 2018. During the first year of business, the company had the
Diane's Dairy Sales & Delivery finished its first year of operations on December 31, 2018. After adjusting journal entries, the company presented the following adjusted trial balance.Using this
Using the information provided in E4-6, prepare Dover Direct Insurance Agency's unadjusted trial balance a t June 30, 2018.Data from E4-6.The Dover Direct Insurance Agency began operations on June 1,
Hartman Housewares Company began the current year with the following account balances:Cash ....................................................... $70,000Accounts Receivable
G&S Auto Body, Inc. started 2018 with the following balances:Cash ........................................................ $ 40,000Accounts Receivable
Using the information provided in E4-7, prepare CC&C's t-accounts for all relevant accounts for the year ended December 31, 2018. Post journal entries in E4-7 to the general ledger.Data from
Cakes & Crumbs Bakery (CC&C) ended its first year of operations on December 31, 2018. During 2018. the following transactions occurred:January 10: The owners of CC&C invested $200,000
Using the information provided in E4-5, post Dover Direct Insurance Agency's journal entries to the general ledger for all relevant accounts for the month ended June 30, 2018.You do not need to
The Dover Direct Insurance Agency began operations on June 1, 2018. In the month of June, the following transactions occurred:June 2: Dover Direct's owner invested $80,000 (the par value of the
Using the information provided in E4-3, prepare Master Mind's t-accounts for each transaction.Data from E4-3.Master Mind Games, Inc, is a new corporation started on January 1, 2018. The following
Master Mind Games. Inc. is a new corporation started on January 1. 2018. The following transactions occurred during the first year of operations.a . On January 1 , the owners invested a total of
‘Although the process of bank reconciliation provides a measure of control over cash in a business entity, bank reconciliation is useless unless it operates within a framework which incorporates
For company X, Y and Z, fill in the missing data. Each company is independent.Income statementCompany XCompany YCompany ZSales$320 000(5)120 000Beginning finished goods(2)49 0007800Cost of goods
Marko is studying for a marketing degree at university and when he graduates he would like to work for an international marketing firm. Explain to Marko how an understanding of cost accounting would
Describe the flow of costs in a job order cost accounting system. Use a relevant example to illustrate your answer.
`If you order a vehicle with special features from a large motor vehicle manufacturer then it is possible to track the production of your vehicle online so that you know when the manufacturer began
‘With process costing, the need to distinguish between direct and indirect materials and labour is not as important as in the case of a job order costing system.’ Discuss this statement.
Why is it important to assign costs to equivalent units when such units do not really exist in a physical form?
When your motor vehicle is serviced, the account you receive lists such things as labour, part numbers of parts used, consumables, GST and who performed the service. What type of cost
‘In service businesses, the principles of costing services are the same as for producing physical products, and the same problems exist.’ Do you agree? Explain.
With Surteco Australia, the plastics manufacturer in the scene setter, would direct labour be the most appropriate cost driver to allocate overhead given its recent changes to manufacturing?
Explain two reasons why the actual overhead cost incurred might not always equal the overhead applied to production.
Internal control of cash is strengthened by requiring that each day’s receipts are deposited intact and that all payments are made by cheque or electronic transfer. Do you agree? Why or why not?

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