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business
managerial accounting

Questions and Answers of Managerial Accounting

Determine the due date and the amount of interest due at maturity on the following notes: Face Amount Date of Note May 15 March 20 May 19 October 1 August 30 Term of Note 90 days 60 days 60 days 60
Using the data in Exercise 8-15, assume that during the second year of operations Filippi’s Plumbing Supply Co. had net sales of $5,500,000, wrote off $70,000 of accounts as uncollectible using the
Using the data in Exercise 8-11, assume that the allowance for doubtful accounts for Imperial Bikes Co. had a debit balance of $1,400 as of December 31, 2012. Journalize the adjusting entry for
Using data in Exercise 8-9, assume that the allowance for doubtful accounts for Quigley Industries has a credit balance of $14,280 before adjustment on November 30. Journalize the adjusting entry for
Identify the errors in the following bank reconciliation: Alma Co. Bank Reconciliation For the Month Ended November 30, 2012 Cash balance according to bank statement.... Add outstanding checks: No.
The following items may appear on a bank statement:1. EFT payment2. Note collected for company3. Bank correction of an error from recording a $7,200 deposit as $2,7004. Service chargeUsing the format
If the working papers correlating with this textbook are not used, omit Problem 6-4B. Data on the physical inventory of Chiron Co. as of December 31, 2012, are presented in the working papers. The
Based on the data in Exercise 6-11 and assuming that cost was determined by the FIFO method, show how the merchandise inventory would appear on the balance sheet.Data from Exercise 6-11:On the basis
The merchandise inventory would appear in the Current Assets section, as follows: Merchandise inventory—at lower of cost (FIFO) or market...........
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item as shown in Exhibit 8.Exhibit 8:
Ocean Atlantic Co. is a merchandising business. The account balances for Ocean Atlantic Co. as of July 1, 2012 (unless otherwise indicated), are as follows:During July, the last month of the fiscal
Selected transactions for Gourmet Company during January of the current year are listed in Problem 5-4A.InstructionsJournalize the entries to record the transactions of Gourmet Company for January
Based on the data presented in Exercise 5-8, journalize the closing entries.Data from Exercise 5-8:On December 31, 2012, the balances of the accounts appearing in the ledger of Warm Place Furnishings
The unadjusted trial balance of Bruno€™s Hauling at February 29, 2012, the end of the current year, is shown below.The data needed to determine year-end adjustments are as follows:a.
Info-Mart Company is an investigative services firm that is owned and operated by Tom Wagner. On June 30, 2012, the end of the current fiscal year, the accountant for Info-Mart Company prepared an
The following procedures were recently installed by The Blind Shop:a. At the end of a shift, each cashier counts the cash in his or her cash register, unlocks the cash register record, and compares
Selected transactions for Britt Co. during October of the current year are listed in Problem 5-4B.Journalize the entries to record the transactions of Britt Co. for October using the periodic
Determine the amount to be paid in full settlement of each of invoices (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid
On December 31, 2012, the balances of the accounts appearing in the ledger of Warm Place Furnishings Company, a furniture wholesaler, are as follows:a. Prepare a multiple-step income statement for
The beginning inventory for Francesca Co and data on purchases and sales for a three-month period are shown in Problem 6-1B.1. Record the inventory, purchases, and cost of merchandise sold data in a
The following information concerns production in the Baking Department for May. All direct materials are placed in process at the beginning of production.a. Determine the number of units in work in
The charges to Work in Process€”Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the
The cost of materials transferred into the Filling Department of Rose Petal Lotion Company is $18,400, including $6,900 from the Blending Department and $11,500 from the materials storeroom. The
The following information concerns production in the Forging Department for September. All direct materials are placed into the process at the beginning of production, and conversion costs are
The cost of materials transferred into the Rolling Department of Matco Steel Company is $506,000 from the Casting Department. The conversion cost for the period in the Rolling Department is $108,684
The Cutting Department of Tangu Carpet Company provides the following data for December 2012. Assume that all materials are added at the beginning of the process.a. Prepare a cost of production
Airfoil Castings Inc. casts blades for turbine engines. Within the Casting Department, alloy is first melted in a crucible, then poured into molds to produce the castings. On March 1, there were 190
Beacon Paper Company manufactures newsprint. The product is manufactured in two departments, Paper-making and Converting. Pulp is first placed into a vessel at the beginning of paper-making
Cool Springs Bottling Company bottles popular beverages in the Bottling Department. The beverages are produced by blending concentrate with water and sugar. The concentrate is purchased from a
Instant Pix Inc. produces photographic paper for printing digital images. One of the processes for this operation is a coating (solvent spreading) operation, where chemicals are coated on to paper
The following are some quotes provided by a number of managers at Ken-Tex Machining Company regarding the company’s planned move toward a just-in-time manufacturing system:Director of Sales:I’m
The Converting Department of Sydney Napkin Company uses the average cost method and had 1,600 units in work in process that were 60% complete at the beginning of the period. During the period, 16,200
Units of production data for the two departments of Continental Cable and Wire Company for May of the current fiscal year are as follows:Each department uses the average cost method.a. Determine the
The following information concerns production in the Finishing Department for March. The Finishing Department uses the average cost method.a. Determine the number of units in work in process
The charges to Work in Process€”Baking Department for a period as well as information concerning production are as follows. The Baking Department uses the average cost method, and all
The following information concerns production in the Forging Department for April. The Forging Department uses the average cost method.a. Determine the cost per equivalent unit.b. Determine the cost
The manufacturing costs of Fuld Industries for three months of the year are provided below.Using the high-low method, determine (a) The variable cost per unit (b) The total fixed cost.
Colt Industries Inc., operating at full capacity, sold 30,000 units at a price of $56 per unit during 2012. Its income statement for 2012 is as follows:The division of costs between fixed and
The manufacturing costs of Greenburg Enterprises for the first three months of the year are provided below.Using the high-low method, determine (a) The variable cost per unit (b) The total
Armstrong Company, operating at full capacity, sold 80,000 units at a price of $124 per unit during 2012. Its income statement for 2012 is as follows:The division of costs between fixed and variable
For the coming year, Viking Products Inc. anticipates a unit selling price of $125, a unit variable cost of $50, and fixed costs of $1,200,000.1. Compute the anticipated break-even sales (units).2.
Gluxman Company sells 10,000 units at $25 per unit. Variable costs are $22 per unit, and fixed costs are $20,000. Determine(a) The contribution margin ratio, (b) The unit contribution
Last year, Gelbin Inc. had sales of $240,000, based on a unit selling price of $120. The variable cost per unit was $90, and fixed costs were $42,000. The maximum sales within Gelbin’s relevant
Gregory Enterprises sells a product for $80 per unit. The variable cost is $55 per unit, while fixed costs are $20,000. Determine (a) The break-even point in sales units (b) The break-even
Grobe Inc. sells a product for $50 per unit. The variable cost is $40 per unit, while fixed costs are $14,000. Determine (a) The break-even point in sales units (b) The break-even point if
Fortress Inc. manufactures pistons for custom motorcycles within a relevant range of 300,000 to 375,000 pistons per year. Within this range, the following partially completed manufacturing cost
Emily Enterprises reports the following data:Determine Emily Enterprises€™s operating leverage. Sales Variable costs Contribution margin Fixed costs Income from operations $180,000 100,000
Crane Inc. has decided to use the high-low method to estimate the total cost and the fixed and variable cost components of the total cost. The data for various levels of production are as follows:a.
Ivey Inc. sells a product for $100 per unit. The variable cost is $75 per unit, and fixed costs are $30,000. Determine (a) The break-even point in sales units (b) The break-even point in
Hofstra Company sells a product for $120 per unit. The variable cost is $100 per unit, and fixed costs are $120,000. Determine (a) The break-even point in sales units (b) The break-even
Diamond Railroad decided to use the high-low method and operating data from the past six months to estimate the fixed and variable components of transportation costs. The activity base used by
a. Bryan Company budgets sales of $1,800,000, fixed costs of $1,000,000, and variable costs of $1,080,000. What is the contribution margin ratio for Bryan Company?b. If the contribution margin ratio
For a recent year, McDonald€™s company-owned restaurants had the following sales and expenses (in millions):Assume that the variable costs consist of food and packaging, payroll, and 40% of
For the current year ending March 31, Ewok Company expects fixed costs of $740,000, a unit variable cost of $55, and a unit selling price of $80.a. Compute the anticipated break-even sales (units).b.
Anheuser-Busch InBev Companies, Inc., reported the following operating information for a recent year (in millions):In addition, assume that Anheuser-Busch InBev sold 200 million barrels of beer
Currently, the unit selling price of a product is $110, the unit variable cost is $80, and the total fixed costs are $345,000. A proposal is being evaluated to increase the unit selling price to
Media outlets such as ESPN and Fox Sports often have Web sites that provide in-depth coverage of news and events. Portions of these Web sites are restricted to members who pay a monthly subscription
At the beginning of the 2012 school year, Candace Thompson decided to prepare a cash budget for the months of September, October, November, and December. The budget must plan for enough cash on
At the beginning of the period, the Assembly Department budgeted direct labor of $166,500 and property tax of $12,000 for 9,000 hours of production. The department actually completed 11,200 hours of
At the beginning of the period, the Fabricating Department budgeted direct labor of $6,500 and equipment depreciation of $2,000 for 400 hours of production. The department actually completed 500
MyLife Publishers Inc. projected sales of 165,000 diaries for 2012. The estimated January 1, 2012, inventory is 24,200 units, and the desired December 31, 2012, inventory is 18,200 units. What is the
Confederate Candle Co. projected sales of 64,000 candles for 2012. The estimated January 1, 2012, inventory is 2,900 units, and the desired December 31, 2012, inventory is 3,200 units. What is the
The controller of Santa Fe Housewares Inc. instructs you to prepare a monthly cash bud-get for the next three months. You are presented with the following budget information:The company expects to
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
Confederate Candle Co. budgeted production of 64,300 candles in 2012. Wax is required to produce a candle. Assume eight ounces (one-half of a pound) of wax is required for each candle. The estimated
MyLife Publishers Inc. budgeted production of 159,000 diaries in 2012. Each diary requires assembly. Assume that 12 minutes are required to assemble each diary. If assembly labor costs $14.50 per
Confederate Candle Co. budgeted production of 64,300 candles in 2012. Each candle requires molding. Assume that 15 minutes are required to mold each candle. If molding labor costs $13.00 per hour,
Prepare a cost of goods sold budget for Confederate Candle Co. using the information in Practice Exercises and Assume the estimated inventories on January 1, 2012, for finished goods and work in
MyLife Publishers Inc. collects 25% of its sales on account in the month of the sale and 75% in the month following the sale. If sales on account are budgeted to be $340,000 for April and $300,000
Confederate Candle Co. pays 20% of its purchases on account in the month of the purchase and 80% in the month following the purchase. If purchases are budgeted to be $18,000 for October and $19,500
Levi Strauss & Co.manufactures slacks and jeans under a variety of brand names, such as Dockers® and 501 Jeans ®. Slacks and jeans are assembled by a variety of different sewing
Earthy Grains Food Company is a diversified food company with three operating divisions organized as investment centers. Condensed data taken from the records of the three divisions for the year
The income from operations and the amount of invested assets in each division of Steele Industries are as follows:a. Compute the rate of return on investment for each division.b. Which division is
Based on the data in Exercise 23-10, assume that management has established a 9% mini-mum acceptable rate of return for invested assets.a. Determine the residual income for each division.b. Which
On May 1, Interstate Distribution Company is considering leasing a building and buying the necessary equipment to operate a public warehouse. Alternatively, the company could use the funds to invest
Sure-Bilt Construction Company is considering selling excess machinery with a book value of $280,000 (original cost of $400,000 less accumulated depreciation of $120,000) for $276,000, less a 5%
The capital investment committee of Safety Haul Trucking Inc. is considering two in-vestment projects. The estimated income from operations and net cash flows from each investment are as follows:Each
Lifestyle Publications Inc. is considering two new magazine products. The estimated net cash flows from each product are as follows:Each product requires an investment of $320,000. A rate of 10% has
Runway Apparel Inc. is considering two investment projects. The estimated net cash flows from each project are as follows:Each project requires an investment of $700,000. A rate of 15% has been
Evergreen Security Bank, Inc., wishes to evaluate three capital investment projects by using the net present value method. Relevant data related to the projects are summarized as follows:1. Assuming
Toasted Treats Snack Company is considering two possible investments: a delivery truck or a bagging machine. The delivery truck would cost $44,271 and could be used to deliver an additional 61,000
Al a Mode, Inc., is considering one of two investment options. Option 1 is a $60,000 investment in new blending equipment that is expected to produce equal annual cash flows of $16,000 for each of
The total factory overhead for Urban Styles, Inc., is budgeted for the year at $225,000, divided into two departments: Cutting, $72,000, and Sewing, $153,000. Urban Styles manufactures two types of
Oasis Palms Hotel uses activity-based costing to determine the cost of servicing customers. There are three activity pools: guest check-in, room cleaning, and meal service. The activity rates
Contemporary Lighting Inc. manufactures entry and dining room lighting fixtures. Five activities are used in manufacturing the fixtures. These activities and their associated budgeted activity costs
Kitchen Mate, Inc., is estimating the activity cost associated with producing ovens and refrigerators. The indirect labor can be traced into four separate activity pools, based on time records
Memory Disk Inc. is considering a change to activity-based product costing. The company produces two products, CDs and DVDs, in a single production department. The production department is estimated
Gourmet Appliance Company manufactures small kitchen appliances. The product line consists of blenders and toaster ovens. Gourmet Appliance presently uses the multiple production department factory
Valley Hospital plans to use activity-based costing to assign hospital indirect costs to the care of patients. The hospital has identified the following activities and activity rates for the hospital
David Harrelson Motorcycle Company manufactures a variety of motorcycles. Harrelson’s purchasing policy requires that the purchasing agents place each quarter’s purchasing requirements out for
The High Altitude Ski Company manufactures skis in the finishing and assembly process. Skis are manufactured in 34-ski batch sizes. The finishing time is 20 minutes per ski. The assembly time is 16
Glow Bright Co. manufactures light bulbs. Glow Bright’s purchasing policy requires that the purchasing agents place each quarter’s purchasing requirements out for bid. This is because the
The chief executive officer (CEO) of Advent Inc. has just returned from a management seminar describing the benefits of the just-in-time philosophy. The CEO issued the fol-lowing statement after
Classic Chef Appliance Company manufactures home kitchen appliances. The manufacturing process includes stamping, final assembly, testing, and shipping. In the stamping operation, a number of
The Nite Life Jean Company manufactures jeans in the cutting and sewing process. Jeans are manufactured in 90-jean batch sizes. The cutting time is 9 minutes per jean. The sewing time is 12 minutes
Audio Max Electronics Company manufactures electronic stereo equipment. The manufacturing process includes printed circuit (PC) card assembly, final assembly, testing, and shipping. In the PC card
The American textile industry has moved much of its operations offshore in the pursuit of lower labor costs. Textile imports have risen from 2% of all textile production in 1962 to over 70% in 2010.
Connect Tek Inc. manufactures and assembles two major types of telephone assemblies€” a cordless phone and a cellular phone. The process consists of a just-in-time cell for each product. The data
Optic Matrix Inc. manufactures and assembles automobile instrument panels for both Yokohama Motors and Detroit Motors. The process consists of a just-in-time product cell for each
Active Apparel Company manufactures various styles of men’s casual wear. Shirts are cut and assembled by a workforce that is paid by piece rate. This means that they are paid according to the

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