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business
managerial accounting

Questions and Answers of Managerial Accounting

Frank Western, supervisor of the machining department of Freemont Company, was visibly upset after being reprimanded for his department?s poor performance over the prior month. The department?s
Lane Company manufactures a single product that requires a great deal of hand labour. Overhead cost is applied on the basis of direct labour-hours. The company?s condensed flexible budget for
Begum Company has developed the following standard overhead costs based on a capacity of 400,000 direct labour-hours:Variable overhead costs (2 hours at $4)..........................................$
Winterfell Inc., a manufacturing company, has the following standard costs for one unit of production: The planning budget for the quarter was based on 6,200 units. Actual results for the last
Following are a number of terms associated with decentralization in organizations:Cost centre..................................Profit centreSegment.......................................Investment
Indi Services Corporation, headquartered in Bengaluru, India, provides specialized information technology (IT) services and consists of three divisions: (1) financial services, (2) health services,
Prairie Electronics, located in Regina, manufactures three product lines: (1) high-end speakers, (2) personal computers, and (3) handheld devices. For 20X5, it compiled the following budgeted
The valve division of Bendix Inc. produces a small valve that is used by various companies as a component part in their products. Bendix Inc. operates its divisions as autonomous units, giving its
Klinker Corporation consists of three segments: North America, Europe, and Asia. Revenues during 20X3 for the three segments were $1,200,000, $3,800,000, and $800,000, respectively. Variable costs
Selected operating data for two divisions of Outback Brewing, Ltd. of Australia are as follows: Required: 1. Compute the rate of return for each division using the ROI formula stated in terms of
Provide the missing data in the following tabulation: Division Alpha Bravo Charlie $12,000,000 Sales ? $ 1,200,000 Net operating income 210,000 Average operating assets $1,600,000 ? Margin 7% 8% ?
WeiermanDepartment Store is located in the downtownarea of Edmonton, Alberta. While the store had been profitable formany years, it is facing increasingcompetition fromlarge national chains that have
Crawford Company’s plans for a new product require a target cost per unit of $50. It plans to sell 20,000 units at $60 per unit. The average investment, including design and development, is
Meiji Isetan Corp. of Japan has two regional divisions with headquarters in Osaka and Yokohama. Selected data on the two divisions follow (in millions of yen, denoted by ?): Required: 1. For each
A family friend has asked for your help in analyzing the operations of three anonymous companies. Required: Company в $7,000,000 Sales $10,800,000 $9,000,000 Net operating income $ 280,000
CommercialServices.com Corporation provides business-to-business services on the Internet. Data concerning the most recent year
Selected sales and operating data for three divisions of a multinational structural engineering firmare provided below: Required: 1. Compute the ROI for each division using the formula stated in
Guenther Corporation uses the return on investment (ROI) measure to evaluate its managers. A summary of the performance of two divisions is given below: The minimum required return on operating
Eucalyptus Design Ltd. of Canberra, Australia, is a company specializing in providing design services to residential developers. Last year, the company had net operating income of $604,000 on sales
Financial data for Joel de Paris Inc. for last year follow: The company paid dividends of $15,000 last year. The ?Investment in Buisson, S.A.? on the balance sheet represents an investment in the
The following information relates to Lionel Manufacturing Company for 20X7:Original cost of assets as of January 1, 20X6....................................................$200,000Useful life of
Xylo Co. reported the following statistics and results for 20X9:ROI.............................................................................................14%Invested capital (average operating
One division of a company has reported the following operating results for the year just ended:Sales................................................................$600,000Operating
The income statement for Huerra Company for last year is provided below: The company had average operating assets of $2,000,000 during the year. Required: 1. Compute the company?s ROI for the
Explain the balanced scorecard.
Mushi Heavy Industries manufactures primarily heavy machinery and drilling installations for mining, oil wells, and other similar industries. The vice-president of the transport division, newly
Bharat Curry Foods (BCF) prepares and sells frozen curry dinners. The company reported the following operating results for 20X1, in which there were no inventories of dinners at the beginning and end
Typically, the market price of a company’s shares takes a beating when the company announces that it has not met analysts’ expectations. As a result, many companies are under a lot of pressure to
Several investors are in the process of organizing a new company. The investors believe that $1,000,000 will be needed to finance the new company’s operations, and they are considering three
Gauging the success of a company usually involves some assessment of the firm’s earnings. When evaluating earnings, investors should consider the quality and sources of the company’s earnings, as
Distinguish between a manager’s financing and operating responsibilities. Which of these responsibilities is the return on total assets ratio designed to measure?
Why is it more difficult to obtain positive financial leverage from preferred shares than from long-term debt?
Empire Labs Inc. was organized several years ago to produce and market several new miracle drugs. The company is small but growing, and you are considering the purchase of some of its common shares
Refer to the data in Problem 13–9. Although Empire Labs Inc. has been profitable since it was organized several years ago, the company is beginning to experience some difficulty in paying its bills
Weaver Company experiences a great deal of seasonal variation in its business activities. The company’s high point in business activity is in June; its low point is in January. During which month
Refer to the data in Problem 13–9. The president of Empire Labs Inc. is deeply concerned. Sales increased by $5 million from last year to this year, yet the company’s net income increased by only
Oxident Products is the manufacturer of a vitamin supplement. The changes that have taken place on the company?s balance sheet accounts as a result of the past year?s activities follow: The
With the economy in expansion, profits at Canada’s large corporations are high, and cash flowing in is at record levels. Management must decide what to do with the growing pool of cash. Should the
Give an example of a direct exchange, and explain how such exchanges are handled when preparing a cash flow statement.
How do absorption costing and variable costing differ in how they treat fixed manufacturing overhead costs?
A company purchased a new machine for $12,400. The expected useful life of this machine is six years with no salvage value. The new machine’s CCA rate is 17%. The company has a minimum after-tax
Bliny Corporation makes a product with the following standard costs for direct material and direct labour:Direct material: 2.00 metres at $3.25 per metre.................................$6.50Direct
The following data are available for Kenora Products for the month of March:Beginning inventory of finished goods.......................................................0 unitsUnits produced in
Genola Fashions, a U.S. company, began production of a new product on June 1. The company uses a standard costing system, establishing the following standards for one unit of the new
Lucido Products markets two computer games: Claimjumper and Makeover. A contribution margin income statement for a recent month for the two games appears as follows: Required: 1. Compute the
Manager: The use of absorption versus variable costing can significantly affect profitability of a company.Accountant: Not really. Before the accountant could explain the differences, the manager
Kramer Corporation is considering two investment projects, each of which would require $50,000. Cost and cash flow data concerning the two projects follow: The high-speed photocopier will have a
Candy Inc. wants to purchase a new brewing vat for $20,000, including $1,500 of installation costs. The old vat was bought five years ago and had an expected economic life of 10 years without salvage
Alpha Corporation produces two products, AA and BB. The following information is presented for the two products: Required: Compute the break-even point in dollars for Alpha Corporation if the ratio
Amalgam Corporation Ltd. (ACL) prepares external financial statements using absorption costing and internal financial statements using variable costing. You have the following information regarding
Vyasa Publishing Company hires students from the local university to collate pages on various printing jobs. This collating is all done by hand, at a cost of $60,000 per year. A collating machine has
A variance analysis investigating the purchase and use of direct materials and direct labour has been completed and the following results are known:Direct materials purchases:AQ × AP: 12,000 metres
Adam Corporation has recorded the following budgeted information for its first quarter: Required: 1. Compute the budgeted sales mix for the first quarter. 2. Compute the budgeted weighted-average
Fine Gadgets produces WiFi-enabled wrist watches. The following data is available for 2018:UnitsBeginning
A company is planning to purchase a new machine. The cost of the new machine is $800,000, and the company will incur a one-time cost of $90,000 to train new staff to operate it. Cash flows before tax
Overhead is applied to a single product using direct labour-hours. Fixed overhead cost should be $180,000 per year for a planned volume of production of 20,000 units of output. During the year, the
Connect Us Corporation sells four products. The products’ unit contribution margins are $42, $36, $50 and $20, and the sales mix ratio for the four products is 1:3:4:2. Quarterly fixed costs are
Olongapo Sports Corporation is the distributor in the Philippines of two premium golf balls?the Flight Dynamic and the Sure Shot. Monthly sales and the contribution margin ratios for the two products
A company is considering buying a higher-quality replacement machine at a cost of $950,000. The company will incur installation costs of $15,500. The new machine will also require $50,000 in training
Gold Star Rice, Ltd., of Thailand, exports Thai rice throughout Asia. The company grows three varieties of rice?Fragrant, White, and Loonzain. Budgeted sales by product and in total for the coming
A car manufacturer wants to replace a machine on its assembly line with a new high-tech machine. The new machine can be purchased for $1,249,000, which includes all installation costs. The production
Crocus Company has created a new type of bicyle for active senior citizens. It comes in two models?the Gold and the Silver. Cost and production data are as follows: Required: 1. Calculate the
Treat each part independently.Required:1. The Atlantic Medical Clinic can purchase a new computer system that will save $7,000 annually in billing costs. The computer system will last for eight years
Brock Company produces and sells an industrial product. The company has just opened a new plant to manufacture the product, and the following cost and revenue data have been provided for the first
A body lotion company can upgrade the quality of one of its products by purchasing new equipment at a cost of $155,000. The new equipment would replace old equipment that has a current market value
Island Novelties, Inc. of Palau makes two products?Hawaiian Fantasy and Tahitian Joy. Present revenue, cost, and sales data on the two products follow: Fixed expenses total $1,427,400 per year. The
Rapid Parcel Service has been offered an eight-year contract to deliver mail and small parcels between military installations. To accept the contract, the company would have to purchase several new
Kirchner Corporation produces three models of lawnmowers ? Economy, Standard and Fancy. The following data is available for 20X0. Fixed costs for the combined sales are $170.3 million. During the
My Best Friends Corporation (MBFC) produces electronic friends. Two such friends are Party Animal and Study Mate. The following information is available for them for the year 20X0: Required: The
A small discount perfume shop is available for sale at a nearby factory outlet centre. The business can be purchased from its current owner for $97,500. The following information relates to this
Ami Smith is the director of the canoe division of Watersport Inc. The actual net income and the total assets of the division are $500,000 and $2,500,000, respectively. Smith is evaluated by
Kootenay Vineyards is a large Canadian producer of red wines. The company needs to replace its wine-making equipment. The current equipment was purchased 18 years ago at a cost of $2,000,000, and was
Snoqualmie Inc. manufactures snowsuits. Snoqualmie is considering purchasing a new sewing machine at a cost of $2,500,000. Its existing machine was purchased five years ago at a price of $1,800,000,
What dangers lie in using standards as punitive tools?
The auto repair shop of Quality Motor Company uses standards to control the labour time and labour cost in the shop. The standard labour cost for a motor tune-up follows: The record showing the
The following standard costing data, per unit, are for Black Ltd. for January: Direct materials..............................................45 kilograms at $8 per kilogramDirect labour 6 hours
Privack Corporation has a standard costing system in which it applies overhead to products on the basis of the standard direct labour-hours allowed for the actual output of the period. Data
Canuck Maple makes maple syrup. It is based in a small town between Montreal and Quebec City. The owner uses a special recipe handed down through several generations in his family to make the highly
Dawson Toys, Ltd. produces a toy called the Maze. The company has recently established a standard costing system to help control costs with the following standards for the Maze toy:Direct materials:
During the 2016 Republican primary race to be the nominee of the Republican Party for president in the general election for president of the United States, Donald Trump was accused by his opponents
You are employed by Olster Company, which manufactures products for the health and nutrition market. As a rising executive in the company, you are scheduled to make a presentation in a few hours to
Erie Company manufactures an MP3 player called the Jogging Mate. The company uses standards to control its costs. The labour and variable overhead standards that have been set for one Jogging Mate
Logistics Solutions provides order-fulfillment services for online merchants. The company maintains warehouses that stock items carried by its online clients. When a client receives an order from a
Refer to the data in Exercise 11–2. Assume that instead of producing 2,000 units during the month, the company produced only 1,500 units, using 6,500 kilograms of material in the production
AirCooks, Inc. prepares in-flight meals for a number of major airlines. One of the company’s products is grilled salmon in dill sauce with new baby potatoes and spring vegetables. During the most
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labour standards for one unit of Zoom follow: The budgeted fixed overhead cost is $15,800 per
Bandar Industries Berhad of Malaysia manufactures sporting equipment. One of the company’s products, a football helmet for the North American market, requires a special plastic. During the quarter
Chennai Manufacturing Company (CMC) is a small manufacturer based in southern India. CMC?s controller, Asha Pandey, recently implemented a standard costing system and has decided to use it as a
Martin Company manufactures a powerful cleaning solvent. The main ingredient in the solvent is a raw material called Echol. Information on the purchase and use of Echol follows:Purchase of Echol:
Victoria Chocolates, Ltd. makes premium handcrafted chocolate confections in Victoria, British Columbia. The owner of the company is setting up a standard costing system and has collected the
What is meant by variance?
Joe Swanson has an opportunity to acquire a franchise from The Yogurt Place, Inc. to dispense frozen yogurt products under the name The Yogurt Place. Swanson has assembled the following information
The Wrongway Ad Agency provides cars for its sales staff. In the past, the company has always purchased its cars from a dealer and then sold the cars after three years of use. The company’s present
Dr. Helen Floss is the managing partner of the Crestwood Dental Clinic. Floss is trying to determine whether the clinic should move patient files and other items out of a spare room in the clinic and
“As the discount rate increases, the present value of a given future cash flow also increases.” Do you agree? Explain your answer.
Kadalai Company makes metal blanks which it sells to metal fabrication and stamping companies. The sales forecasts for the next four years are 500,000 bars a year. The president estimates that he can
Manufacturing Division has recommended the purchase of a new model of equipment to save operating costs. Relevant information is shown below:Equipment
Explain how the cost of capital serves as a screening tool when dealing with the NPV method.
A $100,000 investment is expected to generate $27,740 in cash savings at the end of each year for five years.Required:What is the approximate internal rate of return?
Kathy Myers frequently purchases shares and bonds, but she is uncertain how to determine the rate of return that she is earning. For example, three years ago she paid $20,000 for 200 common shares of

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