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managerial accounting

Managerial Accounting For Undergraduates 1st Edition Christensen, Theodore E. Hobson, L. Scott Wallace, James S. - Solutions

In groups of two to four students, use the Internet to find a manufacturing company that presents three inventory accounts on the balance sheet or in the notes to the financial statements. Include a
Using the Internet, find a company that has standards for ethical behavior. (Some companies refer to these standards as a “code of ethics”; others may use different terminology.) Write a one-page
Companies Accused of Committing Fraud. Using a source like The Wall Street Journal, Business Week, or an Internet search engine, find an article about an organization accused of committing accounting
American Institute of Certified Public Accountants. Go to the Web site of the American Institute of Certified Public Accountants (AICPA; http://www.aicpa.org). Review various parts of the site (e.g.,
Go to the Web site of the Institute of Management Accountants (http://www.imanet.org). Review various parts of the site (e.g., About IMA or Certification) and write a one-page summary of your
Refer to the previous exercise P5-4A for Gonalong,Requireda. If Gonalong were to notify customers 3 and 9 that it will no longer be able to provide them services in the future, will that increase
Assume that manufacturing overhead for Glassman Company in the previous exercise consisted of the following activities and costs:The following additional data were provided for Job 845:Requireda.
For each of the manufacturing transactions or activities indicated in Exercise E3-5A, briefly identify the detailed forms, records, or documents (if any) that would probably underlie each journal
Using the data in Exercise 3-1A, but assuming that the basis for applying consulting overhead is direct labor hours, complete requirements (a) through (c).
The procurement process for Li Wholesale Company includes a series of activities that transforms a materials requisition into a vendor check. The process begins with a request for materials. The
Columbia Insurance Company has a process for making payments on insurance claims as follows:An activity analysis revealed that the cost of these activities was as follows:Receiving
a. Using the activity data in Exercise 27-19 prepare a cost of quality report. Assume that sales are $2,000,000. Round percentages to one decimal place.b. Using the activity data in Exercise prepare
Mountain States Cable Co. provides cable TV and Internet service to the local community. The activities and activity costs of Mountain States are identified as follows:Prepare a Pareto chart of these
a. Using the information in Exercise 27-17 prepare a cost of quality report. Assume that the sales for the period were $3,000,000.b. Interpret the cost of quality report.Data from Exercise
Silicon Solutions Inc. manufactures RAM memory chips for personal computers. An activity analysis was conducted, and the following activity costs were identified with the manufacture and sale of
Jamaican Sugar Company manufactures three products (white sugar, brown sugar, and powdered sugar) in a continuous production process. Senior management has asked the controller to conduct an
Safeguard Insurance Company carries three major lines of insurance: auto, workers’ compensation, and homeowners. The company has prepared the following report for 2013:Management is concerned that
A project has estimated annual net cash flows of $8,200 for four years and is estimated to cost $30,050. Assume a minimum acceptable rate of return of 10%. Using Exhibit 2, determine (1) the net
A project has estimated annual net cash flows of $86,400 for five years and is estimated to cost $259,000. Assume a minimum acceptable rate of return of 12%. Using Exhibit 2, determine (1) the net
Voice Com, Inc., uses the product cost concept of applying the cost-plus approach to product pricing. The costs of producing and selling 5,000 units of cellular phones are as follows:Voice Com
The following data were summarized from the accounting records for Jareau Construction Company for the year ended June 30, 2012:Prepare divisional income statements for Jareau Construction Company.
The following data relating to direct materials cost for November of the current year are taken from the records of Tot Toys Inc., a manufacturer of plastic toys:Determine the standard direct
As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January 1, 2013, the following tentative trial balance as of December 31, 2012, is prepared
The budget director of Hi Performance Athletic Co., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the
The budget director of Feathered Friends Inc., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the
The budget director of Outdoor Chef Grill Company requests estimates of sales, production, and other operating data from the various administrative units every month. Selected information concerning
Da Vinci Frame Company prepared the following sales budget for the current year:At the end of December 2012, the following unit sales data were reported for the year:For the year ending December 31,
The following excerpt is from Coca-Cola Company’s 2017 annual report filed with the SEC.Management evaluates the performance of our operating segments separately to individually monitor the
A Salisbury Corporation investment center shows an operating income of $81,000 and an investment in operating assets of $900,000.RequiredCompute the return on investment.
In July 2015, H. J. Heinz Company and Kraft Foods Group completed their merger. The new company, named The Kraft Heinz Company (KHC), became the fifth largest food and beverage company in the world.
In its Form 10-K Skechers U.S.A., Inc., describes itself as follows:We design and market Skechers-branded lifestyle footwear for men, women and children, and performance footwear for men and women
Use the 2017 Form 10-K for Southwest Airlines to complete the requirements below. To obtain the Form 10-K you can use either the EDGAR system (see instructions in Appendix A at the back of this
Use the same transaction data for Magnificent Modems, Inc., as was used in Chapter 1.Requireda. Based on these data, identify each cost incurred by the company as (1) fixed versus variable relativeto
On January 4, 2017, Macy’s, Inc., faced with declining revenues and profits announced a series of actions it planned to implement to try to improve its operations. In its press release the company
The Quench Beverage Company bottles soft drinks into aluminum cans. The manufacturing process consists of three activities:1.Mixing:water, sugar, and beverage concentrate are mixed.2. Filling:mixed
Audio Master, Inc., manufactures audio speakers. Each speaker requires $125 per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs for the
Martin Lighting Inc. manufactures lighting fixtures, using just-in-time manufacturing methods. Style BB-01 has a materials cost per unit of $32. The budgeted conversion cost for the year is $126,000
Motion Media Inc. uses a just-in-time strategy to manufacture DVD players. The company manufactures DVD players through a single product cell. The budgeted conversion cost for the year is $760,500
Diamond Technologies has recently implemented a just-in-time manufacturing approach. A production department manager has approached the controller with the following comments: I am very upset with
The management of Grid Iron Burger fast-food franchise wants to provide hamburgers quickly to customers. It has been using a process by which precooked hamburgers are prepared and placed under hot
Tower Insurance Company takes ten days to make payments on insurance claims. Claims are processed through three departments: Data Input, Claims Audit, and Claims Adjustment. The three departments are
Carlton Maples caught the flu and needed to see the doctor. Maples called to set up an appointment and was told to come in at 1:00 P.M. Maples arrived at the doctor’s office promptly at 1:00 P.M.
Orion Devices Inc. is considering a new just-in-time product cell. The present manufacturing approach produces a product in four separate steps. The production batch sizes are 60 units. The process
Michigan Machining Company machines metal parts for the automotive industry. Under the traditional manufacturing approach, the parts are machined through two processes: milling and finishing. Parts
Lamont Company incurred an activity cost of $48,000 for inspecting 8,000 units of production. Management determined that the inspecting objectives could be met without inspecting every unit.
Briggs Company incurred an activity cost of $250,000 for inspecting 25,000 units of production. Management determined that the inspecting objectives could be met without inspecting every unit.
A quality control activity analysis indicated the following four activity costs of a hotel:Inspecting cleanliness of rooms..........................................$ 84,000Processing lost customer
A quality control activity analysis indicated the following four activity costs of a manufacturing department:Rework...........................................................$ 18,000Inspecting
Which of the following are features of a just-in-time manufacturing system?a. Production pace matches demandb. Centralized work in process inventory locationsc. Push schedulingd. Receive raw
Which of the following are features of a just-in-time manufacturing system?a. Centralized maintenance areasb. Smaller batch sizesc. Employee involvementd. Less wasted movement of material and people
The management of Daisy Dairy Company, described in Problem now plans to use the multiple production department factory overhead rate method. The total factory overhead associated with each
The management of California Chrome Company, described in Problem now plans to use the multiple production department factory overhead rate method. The total factory overhead associated with each
Eaton Metal Fabricators Inc.’s Fabrication Department incurred $215,000 of factory overhead cost in producing gears and sprockets. The two products consumed a total of 4,000 direct machine hours.
The plant manager of Dublin Electronics Company is considering the purchase of new automated assembly equipment. The new equipment will cost $2,500,000. The manager believes that the new investment
Earth’s Bounty, Inc., is planning to invest in new manufacturing equipment to make a new garden tool. The new garden tool is expected to generate additional annual sales of 10,000 units at $58
Wisconsin Fabricators Inc. is considering an investment in equipment that will replace direct labor. The equipment has a cost of $90,000 with a $10,000 residual value and a 10-year life. The
The following data were taken from the records of Gentry Company for December 2012:Administrative expenses..............................................................$ 72,000Cost of goods sold (at
When constructing a common sized income statement, all amounts are expressed as a percentage of:a. net incomeb. gross profit.c. net saled. income from operations.
The current ratio of Hydro Company at 12/31/2015, calculated using the above data, was 3.13 and the company’s working capital was \($170,000.\) Which of the following would happen if the firm paid
What was the firm’s inventory turnover for 2015?a. 6.67b. 4c. 6.d. 3.69
What was the firm’s return on common stockholders’ equity for 2015?a. 25.7 percentb. 17.1 percentc. 12.9 percentd. 21.4 percent
What was the firm’s average collection period for 2015?a. 36.5 daysb. 37.4 daysc. 35.6 daysd. 18.3 days
What was the firm’s times-interest-earned ratio for 2015?a. 4b. 3c. 5d. 6
What was the firm’s return on sales for 2015?a. 4.0 percentb. 4.5 percentc. 5.0 percentd. 5.5 percent
What was the firm’s return on assets for 2015?a. 6.0 percentb. 7.0 percentc. 7.5 percentd. 8.0 percent
What does the operating-cash-flow-to-capital-expenditures ratio measure?
Below is a list of aspects of various capital expenditure proposals that the capital budgeting team of Modern Systems, Inc., has incorporated into its net present value analyses during the past year.
You have an opportunity to invest in a concession at a world exposition. LOS To use the building and exhibits more fully, the venture is expected to cover a six-year period consisting of a
At a cash cost of \($330,000,\) Monona, Inc., can acquire equipment that will save \($100,000\) in annual cash operating expenses.No salvage value is expected at the end of its five-year useful life.
Swanson Corporation is evaluating five different capital expenditure proposals. The company’s cutoff rate for net present value analysis is 12%. A 15% salvage value is expected from each of the
Lyle Company is considering whether to enter into a franchise agreement that would give the company exclusive distribution rights in a three-state region to a quality line of leisure spas. The
Manchester Company is considering a proposal to purchase special equipment at a cost of \($640,000.\) The equipment will be useful for five years and has an expected \($60,000\) salvage value.
Free cash flow is a measure of a firm’sa. interest free debt.b. ability to generate net income.c. ability to generate cash and invest in new capital expenditures.d. ability to collect accounts
Which of the following events will not appear in the cash flows from financing activities section of the statement of cash flow?a. Borrowing cash from a bankb. Issuance of stock in exchange for plant
Taylor Company reports free cash flow of \($15,000,\) total cash of \($18,000,\) net income of \($50,000,\) current assets of \($90,000,\) average current liabilities of \($60,000,\) and cash flow
Which of the following is not a cash equivalent?a. Short-term U.S. Treasury billb. Short-term certificate of depositc. Money-market accountd. IBM common stock
Which of the following expenses are not added back to net income when using the indirect method to prepare a statement of cash flows?a. Amortization expenseb. Depletion expensec. Interest expensed.
Smith & Sons reports interest expense of \($90,000\) on its income statement. The beginning and ending balances for interest payable reported on its balance sheet are \($10,000\) and \($15,000,\)
Which of the following methods will disclose the cash received from customers in the statement of cash flows?a. Indirect methodb. Reconciliation methodc. Direct methodd. Both direct and indirect
Smith & Sons reports sales revenue of \($1,000,000\) on its income statement. Its balance sheet reveals beginning and ending accounts receivable of \($60,000\) and \($92,000,\) respectively. What is
A rich uncle allows you to stipulate which of two ways you receive your inheritance:a. \($850,000\) one year after his death orb. \($250,000\) on his death and \($200,000\) each year at the end of
Explain how to convert before-tax cash operating expenses and depreciation deductions into after-tax amounts.
Define cash payback period, state the related decision rule, and specify an important limitation of this analysis.
Define average rate of return, state the related decision rule, and specify an important limitation of this analysis.
Gardner, Inc., plans to finance its expansion by raising the needed investment capital from the following sources in the indicated proportions and respective capital cost rates:Calculate the weighted
Assuming that money is worth 10%, compute the present value of a. \($7,000\) received 15 years from today. Bingb. The right to inherit \($1,000,000\) 14 years from now.c. The right to receive
For each of the following independent situations, compute the net after-tax cash flow amount by subtracting cash outlays for operating expenses and income taxes from cash revenue. The cash outlay for
Lincoln Company has purchased equipment for \($200,000.\) After it is fully depreciated, the equipment will have no salvage value. Lincoln may select either of the following depreciation schedules
Anderson Company must evaluate two capital expenditure proposals.fin Anderson’s hurdle rate is 12%. Data for the two proposals follow.Using net present value analysis, which proposal is the more
Lakeland Company is considering the purchase of equipment for \($150,000\) The 4 equipment will expand the Company’s production and increase revenue by \($40,000\) per year.Annual cash operating
Gardner, Inc., plans to finance its expansion by raising the needed investment capital from the following sources in the indicated proportions and respective capital cost rates:Calculate the weighted
Assuming that money is worth 10%, compute the present value of 1.\($7,000\) received 15 years from today.2.The right to inherit \($1,000,000\) 14 years from now.3.The right to receive \($1,000\) at
For each of the following independent situations, compute the net after-tax cash flow amount by subtracting cash outlays for operating expenses and income taxes from cash revenue. The cash outlay for
Using the data in E12-3A, (a) calculate the individual after-tax cash flow effect of each relevant item in each independent situation, and (b) sum the individual after-tax cash ome flows in each
Lincoln Company has purchased equipment for $200,000. After it is fully depreciated, the equipment will have no salvage value. Lincoln may select either of the following depreciation schedules for
Anderson Company must evaluate two capital expenditure proposals.Anderson’s hurdle rate is 12%. Data for the two proposals follow.Using net present value analysis, which proposal is the more
Refer to the data in E12-6A. What is the cash payback period for Proposal X? For Proposal Y?
Lakeland Company is considering the purchase of equipment for \($150,000\) . The equipment will expand the Company’s production and increase revenue by \($40,000\) per year. Annual cash operating
Austin, Inc. plans to finance its expansion by raising the needed investment capital from the following sources in the indicated proportions and respective capital cost rates.Calculate the weighted
Assuming that money is worth 10%, compute the present value of 1.\($6,000\) received 15 years from today.2.The right to inherit \($2,000,000\) 14 years from now.3.The right to receive \($2,000\) at

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