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business
managerial accounting

Questions and Answers of Managerial Accounting

McCormick & Company Incorporated, is a global leader in flavor that manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products. The company’s
For each transaction listed, identify the recording error and indicate the journal
Match each example with a component of a computerized accounting information system. Components may be used more than once.
Match each example with a component of a computerized accounting information system. Components may be used more than once.
What is a control account?
What is an accounting information system (AIS)?
Select a company and obtain its financial statements. Convert the income statement and the balance sheet to common size, and compare the company you selected to the industry average. The Risk
Riverside Sweets, a retail candy store chain, reported the following figures:
What are the three main ways to analyze financial statements?
The James Island Clothing Company began operations on July 1, 2018. The adjusted trial balance as of December 31, 2018, appears below, along with transaction data for 2018
The statement of cash flows categorizes like transactions for optimal reporting. Identify each item as a(n):• Operating activity—addition to net income (O+) or subtraction from net income (O-)•
Consider the following transactions: Identify the category of the statement of cash
Consider the following transactions:a. Purchased equipment for $130,000 cash.b. Issued $14 par preferred stock for cash.c. Cash received from sales to customers of $35,000.d. Cash paid to vendors,
Obtain the annual reports (or annual report data) of five well-known companies. You can get the reports either from the companies’ Web sites, from your college library, or by mailing a request
Naxion Corporation began operations on January 2, 2018, and had the following transactions during the year:Jan. 2 Issued 250,000 shares of $1 par value common stock at $45 per share. Total shares
What is a prior-period adjustment?
Use the Target Corporation financial statements to answer the following questions. Visit http:// www.pearsonhighered. com /Horngren to view a link to Target Corporation’s Fiscal 2015 Annual
The Walt Disney Company is a diversified entertainment company that is comprised of five different business segments. Walt Disney began as a cartoon studio in 1920 and today is known as a leading
Patrick’s Delivery Services is buying a van to help with deliveries. The cost of the vehicle is $35,000, the interest rate is 6%, and the loan is for three years. The van is to be repaid in three
In regard to a bond discount or premium, what is the effective-interest amortization method?
Explain each of the key factors that the time value of money depends on.
What type of account is Discount on Bonds Payable? What is its normal balance? Is it added to or subtracted from the Bonds Payable account to determine the carrying amount?
In regard to a bond discount or premium, what is the straight-line amortization method?
Details about a company’s liabilities appear in a number of places in the annual report. Visit http://www.pearsonhighered.com/ Horngren to view a link to Target Corporation’s Annual Report. Use
Many small businesses have to squeeze down costs any way they can just to survive. One way many businesses do this is by hiring workers as “independent contractors” rather than as regular
Ankel Footwear employees three salespeople, and pays time-and-a-half for overtime. Weekly paychecks are distributed on the Tuesday following the last day of the week (Saturday). Ankel withholds
Curtis Company is facing a potential lawsuit. Curtis’s lawyers think that it is reasonably possible that it will lose the lawsuit. How should Curtis report this lawsuit?
When do businesses record warranty expense, and why?
Coltrane Company has a $5,000 note payable that is paid in $1,000 installments over five years. How would the portion that must be paid within the next year be reported on the balance sheet?
In 150 words or fewer, explain the difference between trading debt investments and available-for-sale debt investments.
Details about a company’s investments appear in a number of places in the annual report. Use Target Corporation’s Fiscal 2015 annual report to answer the following questions. Visit http://www.
This problem continues the Canyon Canoe Company situation from Chapter 8. Amber and Zack Wilson are continuing to review business practices. Currently, they are reviewing the company’s property,
The financial statement presentation of debt securities categorized as trading, held-to-maturity, or available-for-sale as of March 31, 2018, is due shortly to Catherine’s supervisor. She has
How are held-to-maturity debt investments reported on the financial statements?
Where on the financial statements is an unrealized holding gain or loss on available-for-sale debt investments reported?
Where on the financial statements is an unrealized holding gain or loss on trading debt investments reported?
What adjustment must be made at the end of the period for trading debt investments and available-for-sale debt investments?
What method is used for investments in equity securities with more than 50% ownership? Briefly describe this method.
What method is used for investments in equity securities when the investor has significant influence and typically 20% to 50% ownership? Briefly describe how dividends declared and received and share
When disposing of an available-for-sale debt investment, where is the gain or loss on disposal reported in the financial statements?
Briefly describe the specific types of debt and equity securities.
View a link to Target Corporation’s Fiscal 2015 annual report at http://www .pearsonhighered.com/ Horngren. Refer to the Target Corporation financial statements, including Notes 14 and 15. Answer
The Fraser River Corporation has purchased a new piece of factory equipment on January 1, 2018, and wishes to compare three depreciation methods: straight-line, double-declining-balance, and
What is the depreciation method that is used for tax accounting purposes? How is it different than the methods that are required by GAAP to be used for financial accounting purposes?
The Lake Lucerne Company uses the allowance method of estimating bad debts expense. An aging schedule is prepared in order to calculate the balance in the allowance account. The percentage
List some common examples of other receivables, besides accounts receivable and notes receivable.
Visit http://www.pearsonhighered.com/Horngren to view a link to Target Corporation’s 2015 Fiscal Year Annual Report. Study the audit opinion (labeled Report of Independent Registered Public
Lori Anders of Wilderness Associates is getting ready to prepare the October bank reconciliation.The cash balance on the books of Wilderness Associates on October 31 is $3,546.Lori reviews the bank
Obtain the annual reports of as many companies as you have team members—one company per team member. Most companies post their financial statements on their Web sites.Requirements1. Identify the
Johnson Company uses a perpetual inventory system. The January 2018 inventory information is as follows. Assume cash purchases and sales.
Discuss the materiality concept. Is the dollar amount that is material the same for a company that has annual sales of $10,000 compared with a company that has annual sales of $1,000,000?
Dobbs Wholesale Antiques makes all sales under terms of FOB shipping point. The company usually ships inventory to customers approximately one week after receiving the order. For orders received late
This problem continues the Canyon Canoe Company situation and focuses on non-merchandising transactions, adjusting and closing entries, and preparing financial statements. Canyon Canoe Company does
Cougar Mountain Sports has prepared an adjusted trial balance for the fiscal year ended June 30, 2018. Notes to the adjusted trial balance are located below the totals.Use the blue shaded areas on
This case, based on the balance sheet of Target Corporation, will familiarize you with some of the assets and liabilities of that company. Visit http://www.pearsonhighered.com/ Horngren to view a
Cedar River Corporation started operations on July 1, 2018. On July 31, a trial balance was prepared, adjusting entries were journalized and posted, and an adjusted trial balance was completed. A
For each account listed, identify whether the account is a temporary account (T) or a permanent account (P).a. Rent Expenseb. Prepaid Rentc. Equipmentd. Common Stocke. Salaries Payablef. Dividendsg.
One year ago, Tyler Stasney founded Swift Classified Ads. Stasney remembers that you took an accounting course while in college and comes to you for advice. He wishes to know how much net income his
Cedar River Corporation started operations on July 1, 2018. The transactions that occurred during the month were journalized and posted, and a trial balance was prepared at the end of the month. The
Austin Acoustics recorded the following transactions during October:a. Received $2,500 cash from customer for three months of service beginning October 1 and ending December 31. The company recorded
What is an accrued expense? Provide an example.
What is a deferred revenue? Provide an example.
What is the difference between cash basis accounting and accrual basis accounting?
Refer to http://www.pearsonhighered.com/Horngren to view a link to Target Corporation’s Fiscal 2015 Annual Report.Requirements1. Calculate the debt ratio for Target Corporation as of January 30,
Redmond Corporation started operations on April 1, 2018. Seventeen transactions occurred during April. Financial statements are prepared at the end of the month.Requirements1. Use Excel to record the
This and similar cases in later chapters focus on the financial statements of a real company—Target Corporation, a discount merchandiser that sells a wide assortment of general merchandise and
Echo Lake Corporation started operations on November 1, 2018. Nine transactions occur during November. Financial statements are prepared at the end of the month.Requirements1. Use Excel to prepare a
Centerpiece Arrangements has just completed operations for the year ended December 31, 2018. This is the third year of operations for the company. The following data have been assembled for the
What is the calculation for ROA? Explain what ROA measures.
How does retained earnings increase? What are the two ways that retained earnings decreases?
What is accounting?
Use the same transaction data for Magnificent Modems, Inc., as was used in Chapter 1. (See page 52.)Requireda. Use the following partially completed form to prepare an income statement using the
RequiredBuild the spreadsheet pictured in Exhibit 3.3. 11e sure to use formulas that will automatically calculate profitability if fixed cost, variable cost, or sales volume is changed.
RequiredMatch the numbers shown in the graph with the following items.a. Fixed cost line d. Area of profitb. Total cost line
RequiredIdentify the following costs as fixed or variable:Costs related to plane trips between New York, New York, and Los Angeles, California, follow. Pilots are paid on a per-trip basis.a.
Magnificent Moderns, Inc., makes modern cards that are used m notebook computers. The company completed the following transactions during 2014. All purchases and sales were made with cash.1. Acquired
Victor Holt, the accounting manager of Sexton, Inc., gathered the following information for 2014. Some of it can be used to construct an income statement for 2014. Ignore items that do not appear on
RequiredIndicate whether each of the following costs should be classified as a product cost or as a general, selling, and administrative cost.a. The depreciation on the company treasurer’s
RequiredIndicate whether each of the following items is representative of financial or managerial accounting.a. A weekly cash budget used by the treasurer to determine whether cash on hand is
RequiredIndicate whether each of the following costs should be classified as a product cost or as a selling. general, and administrative cost.a. Interest on the mortgage for the company’s corporate
RequiredIndicate whether each of the following items is representative of managerial or of financial accounting.a. Information is based on estimates that are bounded by relevance and timeliness.b.
What is cost-plus pricing?
What does the fixed overhead budget variance measure?
What is a self-imposed budget? What are the major advantages of self-imposed budgets? What caution must be exercised in their use?
What are unit-level, batch-level, product-level, customer-level, and organization-sustaining activities?
A number of graphs displaying cost behavior patterns are shown below. The vertical axis on each graph represents total cost and the horizontal axis represents the level of activity (volume).
Distinguish between (a) a variable cost, (b) a fixed cost, and (c) a mixed cost.
The questions in this exercise are based on Anheuser-Busch Companies, Inc. The company had almost $15 billion in net sales in 2004. Although the company derives revenue from various sources, we are
Refer to the data for Durall Company in the preceding case. Assume that the company uses the FIFO method.Required:1. Prepare a report for the Forming Department for October showing how much cost
Refer to the data for the Mixing Department in Honeybutter, Inc., in Problem 4-19. Assume that the company uses the FIFO method rather than the weighted-average method in its process costing
Refer to the data for Arbon Company in Exercise 4-16.Required:Assuming that the company uses the direct method rather than the step-down method to allocate service department costs, how much overhead
Refer to the data for Gulf Fisheries, Inc., in Exercise 4-14.Required:Compute the equivalent units for May for the Cleaning Department, assuming that the company uses the FIFO method of accounting
Refer to the data for Kalox, Inc., in Exercise 4-11.Required:Assume that the company uses the FIFO method of accounting for units and costs.1. Compute the equivalent units for May’s activity for
How are service department costs allocated to other departments under the step-down method?
How are interdepartmental service costs handled under the direct method?
Coral Corporation is evaluating a proposal to supply warehouse space to a potential customer as well as maintain all the required warehouse records. Coral has a storage barn not currently in use;
Linda Trueblood, president of ProSkate, was staring at the most recent quarterly performance report and was not pleased. “How can this be possible?” she asked of her senior management team. “I
Make an appointment to meet with the manager of an auto repair shop that uses standards. In most cases, this would be an auto repair shop that is affiliated with a chain, such as Petro-Canada or
What are the four categories of quality costs, and how do they interact?
A merchandising company showed $250,000 in cost of goods sold on its income statement. The company’s beginning inventory was $75,000, and its ending inventory was $60,000. The accounts payable

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