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intermediate accounting

Questions and Answers of Intermediate Accounting

Many people think of cash as coins and notes. In accounting cash has a broader meaning. What type of assets are defined as cash in accounting?
Pizza Cheese Ltd produces cheese topping for the fast pizza industry. At the beginning of April, 40 000 kilograms of cheese topping was in process, 100% complete as to raw materials and 60% complete
Delish Ltd produces a dishwashing liquid. At the beginning of January, 126000litres of liquid cleaner were in process, 100% complete as to raw materials and 40% complete as to conversion costs.
Fine Furniture Ltd had a balance in its Work in Process Inventory account on 1 October 2016 of $13 600 made up of two jobs: Job 730, $6400; and Job 731, $7200. At the end of October, costs assigned
Creative Advertisements Pty Ltd, a marketing firm, uses a job order costing system to charge its clients. The firm specialises in marketing work for small local businesses in Melbourne such as
Beautiful Bottles Pty Ltd, bottle manufacturer for the food industry, has just installed a job order costing system. The company uses machine hours to apply its overhead to work in process. On 1 May
Fine Furniture Ltd uses a job order costing system. The September cost data were as follows:Raw materials purchased on creditDirect labour costsRaw materials issued to productionActual factory
Job order cost data for Jobs 125 to 134 are shown below. The costs were incurred by Beejay Ltd during March and April, the company’s first 2 months of operations.Job order no.Costs at 1 AprilApril
The expected costs and operating data for two manufacturers are presented below:Aloe LtdBasil LtdUnits producedFactory overhead costsDirect labour hoursDirect labour
As a manager you have been asked by your employer, BestTime Hotels, to determine the overhead rate applicable to each night’s accommodation in one of the hotel’s rooms. The hotel has 150 rooms
Fine Furniture Ltd, which specialises in the manufacture of custom-built furniture, uses a job order costing system. On 1 March, the company had no beginning work in process inventory. During March,
Refer to the scene setter and explain why it is important to manage cash flows. Suggest methods a business can utilize to manage its cash flows.
Tom Shanks, production manager for Innovative Products Ltd, had just finished his annual performance appraisal with the managing director, May Martin. May had indicated that, although Tom’s
Hardwood Furniture Ltd produces standard dining-room tables and chairs on a production line that includes a cutting department, a shaping department, a construction department and a finishing
A. Prepare a table showing the predetermined factory overhead rate based on each of the following: direct materials cost, direct labour cost, direct labour hours, machine hours, and units of
Melaleuca Manufacturing Ltd produces timber felling machines for the forestry industry around the world. Its two machines are the Tree Toppler, which cuts down trees and clears undergrowth, and the
Tsoulos, Tsoulakis and Associates is a small firm of architectural consultants. At 1 July 2015, three architects other than the principals, Tony Tsoulos and Maria Tsoulakis, are employed. The
Cakemix Ltd produces cakes. Production is carried out in three processes — mixing, baking and packaging. The work in process accounts for the three processes for the month of April are set out
Internet Inhand Ltd began producing netbooks on 1 July 2016. A unit of production passes through two processes — manufacturing and finishing. Production data for the month of July are presented
Refer to the Hotbox Ltd production process details in problem 9.10.RequiredExplain in detail, using the facts from Problem 9.10, why it is most appropriate for Hotbox Ltd to use a process costing
Hotbox Ltd produces pizza boxes using two processes — cutting and packaging. The production budget for the year ending 30 June 2016 estimated raw materials use of $400000, factory overhead of
Chiu Ltd prepares bulk supplies of Singapore noodles using two departments, a Blending Department and a Packaging Department. The finished product is sold in large quantities to retailers that
EmployUs Pty Ltd is a human resource management firm that specialises in employing middle to senior management staff on behalf of other firms. The charge to employ a person is set at 50% of the first
Newbery and Newstead is a public accounting firm specialising in auditing local medium-sized businesses. Fees charged for each audit are determined on the basis of identifiable hours worked on an
Swiss Chocolates Ltd produces blocks of chocolate. Raw materials in the form of cocoa solids, milk and sugar are added at the beginning of the process, flavouring, fruit and nuts are added half-way
Eatern and Sons Ltd accounts for its manufacturing costs using a job order costing system and has provided the following production data during June 2016.· Job Z241 was in process as of 1 June
Abbott Ltd produces a chemical used to clean showers in a single process in the Production Department. Raw materials in the form of chemicals are added at the beginning of the process, and a litre
The April 2016 transactions of Jackson Productions Ltd, which uses a job order costing system, are shown below. (Ignore GST.)1. Raw materials purchased, $342000.2. Raw materials issued to
A job order cost sheet for Standish Ltd is shown below:Job order no. 92For 2000 unitsDateDirect MaterialsDirect LabourManufacturing OverheadBeg. bal.
Innovative Products Ltd uses a job order costing system to control costs in its two production departments. Factory overhead is applied on the basis of machine hours in the Construction Department
Professionals Pty Ltd is a firm that offers a wide variety of professional services such as marketing, employment of professionals for other firms and accounting services. The firm has the following
Imelda Instrument Ltd manufactures two products: missile range instruments and space pressure gauges. During January, 53 range instruments and 360 pressure gauges were produced, and overhead costs of
Green Consultants Pty Ltd specialise in consulting on landscape design. The company developed a predetermined charge-out rate based on hours for each of its consultants on 1 July 2016 to assign the
Basic Chemicals Ltd incurred the following transactions during the accounting period:1. Purchased raw materials on account $45 850.2. Raw materials of $36 400 were
Easy Construction Pty Ltd produces a single product, using two production departments — Construction and Packaging. The June cost and operating data for the Construction Department is:Beginning
After reading the chapter, discuss the areas in which accountants work, and indicate which area(s) you find most interesting and/or familiar. If you intend to pursue a career in any one of these
Herman and Sons' Law Offices opened on January 1, 2018. During the first year of business, the company had the following transactions:• January 2: The owners invested $250,000 (the par value of
Branton Stores began operations on January I, 2018. Branton had the following transactions in its first year of business:• January 4: Owners invested $400,000 (the par value of the stock) in
Jester Entertainment Company began operations on January 1, 2018. The company had the following transactions in its first year of business:January 4: Owners invested $120,000 (the par value of the
PharmY,Inc. is a U.S. GAAP reporter that is in the pharmaceutical industry. In the current year. PharmY incurred expenditures related to laboratory experiments designed to discover a new drug. The
Abtos Company is a U.S. manufacturer that is publicly traded. Abtos reports $12 million of inventory on its balance sheet, inventory includes raw materials, work-in-process, and finished goods. Is
Part I: Read paragraph OB11 of Statement of Financial Accounting Concepts No. 8. Conceptual Framework for Financial Reporting: Chapter 1. The Objective of General purpose Financial Reporting, and
How does FASB define cash equivalents? Provide the Codification reference.
What is the Basis for Conclusions and where can they be found for U.S. GAAP?
How does the Accounting Standards Codification make the body of U.S. GAAP easier to use?
You are provided the following information for the Del Campo Consulting Associates.RequiredAssume that all supplies purchased were used in operations in the year of purchase. Rental payments pertain
Review the following accounting practices and indicate whether you believe that the practice is correct or incorrect. Justify your answer with an accounting concept. principle, or assumption.a.
Complete the following statements by identifying the appropriate term or concept.a. A___________sets forth theory, concepts, and principles to ensure that accounting standards are coherent and
Determine the concept that is violated in each of the following cases:a. Management examined registration and legal fees for a trademark, and determined that it should record a trademark for $5,000.b
Noeleen Auto Mall. Ltd. recently completed an initial public offering (IPO) for $23,000,000 by listing its common shares on the New York Stock Exchange. Prior to its [PO. Noeleen was a privately held
List the components of the current conceptual framework.
When are expenses recognized under U.S. GAAP?
What is the difference between a point-in-time element and a period-of-time element?
What is predictive value?
What are the attributes of relevance?
What is the SEC's role in standard setting, both historically and currently?
What is the composition of the FASB's membership?
What is the standard-setting process followed by FASB?
What is an economic entity?
What is the definition of financial accounting?
Smart Manufacturing Systems Pty Ltd’s accountant recently prepared the following data from the company’s accounting records for the year ended 30 June 2016:SalesInventories at 1 July 2015:Raw
Precision Balls Ltd produces and sells high-quality lawn bowls sets. Each set of balls is contained in a wooden carrying case, which is purchased from an outside supplier. The wooden cases are held
Chee Yong Chaw began his business on 1 July 2016. The business balances its books at month-end and uses special journals and the periodic inventory system. Transactions for July 2016 were as
James Schroeder uses sales, purchases, cash receipts, cash payments and general journals along with subsidiary ledgers for accounts receivable and accounts payable in the accounts of his business.
Zhang Ltd uses sales, purchases, cash receipts, cash payments and a general journal along with subsidiary ledgers for accounts receivable and accounts payable. Zhang Ltd’s financial year ends on
A. Elliott started business on 1 July 2016. The accounting system includes a sales journal, a purchases journal, a cash receipts journal, a cash payments journal and a general journal. The chart of
Refer to the details and data presented in problem 7.5, and assume further that Galluzo Ltd and its suppliers are registered for the GST. The following additional accounts are in the general ledger
Summary financial information for two independent companies is presented below:Kalkallo LtdMickleham LtdSalesSales returnsNet salesCost of salesGross
The trial balance of Westmeadow Weightlifting contains the following account balances at 30 June.DebitCreditInventoryWalter Westmeadow, DrawingsSalesSales returns and allowancesDiscount allowedCost
The following information is taken from the trial balance of Petra’s Pedicure Parlour.DebitCreditInventory, 1 July 2016Petra Portillo, DrawingsSalesSales returns and allowancesDiscount
Selected accounts and a section of a worksheet for Sunhill Stores are shown below:Worksheet (section only)AccountAdjusted trial balanceIncome statementBalance
The account balances below are taken from the records of Gilberton Retail Prepare an income statement under the perpetual inventory system for the year ended 30 June 2016.Cost of salesInventory, 30
The production of 100 cartons of cans of soft drinks could be costed as part of a job order costing system or a process costing system. Do you agree? Explain.
Refer to the latest financial report of JB Hi-Fi Limited on its website, www.jbhifi.com.au, and answer the following questions:Required1. What inventories are carried by JB Hi-Fi Ltd in the
Toolkit Pty Ltd manufactures high-quality tools for sale to tradespeople. The company produces two major lines of products — spanners and hammers. Trevor is the manager of spanner production and
Sustainable manufacturing is increasing in importance as consumers and governments become more aware of the long-term impacts of the production of the products we use. On page 000 the concept of
A. Determine the selling price of each computer over the past year.B. Innovative Computers Pty Ltd wants to increase sales by 25% in the next year. Management is not sure whether to increase the
Moore Manufacturing Pty Ltd makes refrigerators and is trying to determine the cost of its ending work in process. The accountant has put together the following data for the year ended 30 June
Basic Chemicals Ltd produces a highly flammable chemical product. The company experienced a flood on 1 April 2016 that destroyed its entire work in process inventory but did not affect the raw
The listing of the ledger accounts (unadjusted) of Smart Manufacturing Systems Pty Ltd at 30 June 2016 is presented below. All ledger balances are normal balances.SMART MANUFACTURING SYSTEMS PTY
The unadjusted trial balance of Innovative Computers Pty Ltd on 30 June 2016 is presented below:INNOVATIVE COMPUTERS PTY LTDUnadjusted Trial Balanceas at 30 June 2016DebitCreditCash at bankTrade
You are provided with the cost of goods manufactured statement and income statement for Prider Manufacturers Ltd.RequiredPrepare the closing entries for Prider Manufacturers Ltd.PRIDER MANUFACTURERS
You are provided with the worksheet shown on page 000 for Norman Pty Ltd for the year ended 30 June 2016. The adjustments have already been made and the worksheet begins with the adjusted trial
The following data were taken from the records of Manik Manufacturing Ltd for the year ended 30 June 2016.Raw materials inventory, 1/7/15Raw materials inventory, 30/6/16Finished goods inventory,
The following accounts and amounts (balances are normal balances) were taken from the records of Prider Manufacturers Ltd at 30 June 2016:Advertising expenseSales travel expenseDepreciation –
An analysis of the accounts of Beautiful Bottles Pty Ltd reveals the following manufacturing cost data for the month ended 30 June 2016.BeginningEndingInventories:Raw materialsWork in processFinished
Two cases of data concerning production costs, other expenses and sales are presented below:Case 1Case 2Beginning work in processEnding work in processDirect materials costDirect labourFactory
Smart Manufacturing Systems Pty Ltd uses a periodic inventory system and closes its accounts on 30June each year. The company’s closing entries made on 30 June 2016 were as shown
Incomplete information concerning the financial performance of two manufacturing companies is presented below.Company ACompany BWork in process, 1/7/15Work in process, 30/6/16Direct materials
As the marketing manager for Fast Fones Industries Pty Ltd, you have asked the accountant what it costs to make the Fone2000 model because you want to set a price for the phone. A similar phone
During the year ended 30 June 2016, Beautiful Bottles Pty Ltd incurred the following costs in connection with its production activities.Raw materials purchasesFactory electricityIndirect labourDirect
For company A, B and C, fill in the missing data. Each company is independentIncome statementCompany ACompany BCompany CSales(1)154 40080 300Beginning finished goods(2)36 3008 500Cost of goods
During the year ended 30 June 2016, Fast Fones Industries Pty Ltd incurred the following costs.Direct labourDirect materialFactory overhead$751 2002 855 6006 853 440The
During the year ended 30 June 2016, Beautiful Bottles Pty Ltd incurred the following costs:Direct labourDirect materialsFactory overhead$326 400445 250913 920The company charges
Management uses different costs for different purposes in decision making. Included in the different costs are product costs, period costs, variable costs and fixed costs.RequiredAs a manager, choose
Information from the records of Manufacturing Systems Pty Ltd for the year ended 30 June 2016 is given below.Factory overhead, 150% of direct material costDirect labourRaw material inventory,
Information from the records of Smart Manufacturing Systems Pty Ltd for the year ended 30 June 2016 is given below.Factory overhead, 200% of direct labour costRaw materials inventory, 1 July 2015Cost
Below is selected financial data extracted from the accounting records of Wilson Manufacturing Pty Ltd for the year ended 30 June 2016.Beginning work in processEnding work in processBeginning raw
Smart Manufacturing Systems Pty Ltd provides the following information:Administrative salariesAdvertising expenseDirect labourFactory depreciationFinished goods, 1 July 2015$ 20
Listed below are selected financial data from the accounting records of Innovative Computers Pty Ltd for the year ended 30 June 2016.Cost of goods manufacturedEnding finished goodsIncomeBeginning

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