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business
managerial accounting

Questions and Answers of Managerial Accounting

Selected accounts from the ledger of Balboa Sports for the current fiscal year ended June 30, 2012, are as follows: Prepare a retained earnings statement for the year. Retained Earnings 42,000 July
Three Winds Consulting is a consulting firm owned and operated by Gabriel Brull. The following end-of-period spreadsheet was prepared for the year ended June 30, 2012. Based on the preceding
Pacifica Consulting is a consulting firm owned and operated by Tara Milsap. The end-of-period spreadsheet shown below was prepared for the year ended August 31, 2012. Based on the preceding
The debits and credits for three related transactions are presented in the following T accounts. Describe each transaction. Cash Sales | (1) (5) 32,340 35,000 Accounts Receivable 35,000 (3) Sales
Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid
Herbst Co. issued $80,000,000 of five-year, 13% bonds with interest payable semiannually, at a market (effective) interest rate of 11%. Determine the present value of the bonds payable, using the
Selected transactions completed by Everyday Products Inc. during the fiscal year ending December 31, 2012, were as follows:a. Issued 12,500 shares of $25 par common stock at $32, receiving cash.b.
The comparative balance sheet of Wen Technology, Inc., at December 31, 2013 and 2012, is as follows: The noncurrent asset, noncurrent liability, and stockholders?? equity accounts for 2013 are as
On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debit
The financial statements for Nike, Inc., are presented in at the end of the text.The following additional information (in millions) is available:Accounts receivable at May 31,
What do the following data taken from a comparative balance sheet indicate about the company€™s ability to borrow additional funds on a long-term basis in the current year as compared to
PepsiCo, Inc., the parent company of Frito-Lay snack foods and Pepsi beverages, had the following current assets and current liabilities at the end of two recent years: a. Determine the (1) current
Recent balance sheet information for two companies in the food industry, H.J. Heinz Company and The Hershey Company, is as follows (in thousands of dollars):a. Determine the ratio of liabilities to
Indicate whether each of the following costs of an automobile manufacturer would be classified as direct materials cost, direct labor cost, or factory overhead cost:a. Depreciation of welding
Several items are omitted from each of the following income statement and cost of goods manufactured statement data for the month of December 2012: 1. Determine the amounts of the missing items,
The following information is available for Yu Company for 2012: 1. Prepare the 2012 statement of cost of goods manufactured.2. Prepare the 2012 income statement. Inventories January 1 December 31
The following information is available for The Green Hornet Corporation for 2012: 1. Prepare the 2012 statement of cost of goods manufactured.2. Prepare the 2012 income statement. January 1 $165,000
Identify the following costs as a prime cost (P), conversion cost (C), or both (B) for a magazine publisher.a. Maintenance on printing machinesb. Glue used to bind magazinec. Wages of printing
Identify the following costs as a product cost or a period cost for an automobile manufacturer.a. Sales staff salariesb. Rent on office buildingc. Wages of employees that operate painting equipmentd.
Identify the following costs as a product cost or a period cost for a magazine publisher.a. Maintenance on printing machinesb. Sales salariesc. Depreciation expense—corporate headquartersd. Paper
Swain Company has the following information for January:Cost of direct materials used in production...................$12,000Direct
Partial balance sheet data for Lawler Company at December 31, 2012, are as follows: Prepare the Current Assets section of Lawler Company??s balance sheet at December 31, 2012. Finished goods
Saron Manufacturing Company reported the following materials data for the month ending April 30, 2012:Materials purchased...................................$860,000Materials inventory, April
Two items are omitted from each of the following three lists of cost of goods manufactured statement data. Determine the amounts of the missing items, identifying them by letter. $ 16,000 $ 36,000
The following information is available for Neaves Manufacturing Company for the month ending January 31, 2012:Cost of direct materials used in production......................$215,000Direct
Two items are omitted from each of the following three lists of cost of goods sold data from a manufacturing company income statement. Determine the amounts of the missing items, identifying them by
Cost data for Bedford Manufacturing Company for the month ending May 31, 2012, are as follows: a. Prepare a cost of goods manufactured statement for May 2012.b. Determine the cost of goods sold for
The following information is available for Vega Manufacturing Company for the month ending July 31, 2012:Cost of goods manufactured.................$270,000Selling
GIA Co. uses a job order cost system. The following data summarize the operations related to production for August:a. Materials purchased on account, $660,000.b. Materials requisitioned, $577,500, of
Sinatra Industries, Inc., uses a job order cost system. The following data summarize the operations related to production for June 2012, the first month of operations: a. Materials purchased on
The following information is available for the first month of operations of Icahn Inc., a manufacturer of art and craft items:Sales
Carlin Furniture Company refinishes and reupholsters furniture. Carlin uses a job order cost system. When a prospective customer asks for a price quote on a job, the estimated cost data are inserted
During June, Plowers Company accumulated 2,400 hours of direct labor costs on Job 30 and 3,000 hours on Job 32. The total direct labor was incurred at a rate of $22 per direct labor hour for Job 30
Materials issued for the current month are as follows: Journalize the entry to record the issuance of materials. Material Steel Requisition No. Job No. Amount 201 110 $30,500 202 Plastic 112 23,500
Designer Software Inc. is a designer, manufacturer, and distributor of software for micro-computers. A new product, Design 2012, was released for production and distribution in early 2012. In
Gorman Furniture Company manufactures furniture. Gorman uses a job order cost system. Balances on April 1 from the materials ledger are as follows: Fabric...........................$40,000Polyester
The weekly time tickets indicate the following distribution of labor hours for three direct labor employees: The direct labor rate earned per hour by the three employees is as follows: Ken
Bryson Company operates two factories. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on the basis of direct labor hours in Factory 2. Estimated factory
Pierpont Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: The average shop direct
Curl Company completed 425,000 units during the year at a cost of $20,187,500. The beginning finished goods inventory was 35,000 units at $1,470,000. Determine the cost of goods sold for 435,000
Barley Medical Center has a single operating room that is used by local physicians to perform surgical procedures. The cost of using the operating room is accumulated by each patient procedure and
Skeleton Company completed 155,000 units during the year at a cost of $2,418,000. The beginning finished goods inventory was 15,000 units at $225,000. Determine the cost of goods sold for 160,000
The following account appears in the ledger after only part of the postings have been completed for March: Jobs finished during March are summarized as follows: a. Journalize the entry to record
Cox Publishing Inc. began printing operations on August 1. Jobs 101 and 102 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 103 and
Lightner Trophies Inc. uses a job order cost system for determining the cost to manufacture award products (plaques and trophies). Among the company??s products is an engraved plaque that is awarded
The law firm of Yoo and Sachs accumulates costs associated with individual cases, using a job order cost system. The following transactions occurred during July: July 3. Charged 500 hours of
The Pedersen Company provides advertising services for clients across the nation. The Pedersen Company is presently working on four projects, each for a different client. The Pedersen Company
Design Flooring Carpet Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is spun into yarn. The output of the Spinning Department is transferred to the
G&P Soap Company manufactures powdered detergent. Phosphate is placed in process in the Making Department, where it is turned into granulars. The output of Making is transferred to the Packing
Swiss Velvet Chocolate Company processes chocolate into candy bars. The process begins by placing direct materials (raw chocolate, milk, and sugar) into the Blending Department. All materials are
Domino Foods, Inc., manufactures a sugar product by a continuous process, involving three production departments—Refining, Sifting, and Packing. Assume that records indicate that direct materials,
White Star Flour Company manufactures flour by a series of three processes, beginning with wheat grain being introduced in the Milling Department. From the Milling Department, the materials pass
Meadowland Chemical Company manufactures specialty chemicals by a series of three processes, all materials being introduced in the Distilling Department. From the Distilling Department, the materials
The chief cost accountant for Dr. Cinnamon Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning April 1 would be $106,800, and
HomeStyle Soup Co. uses a process cost system to record the costs of processing soup, which requires the cooking and filling processes. Materials are entered from the cooking process at the beginning
Natco Aluminum Company uses a process cost system to record the costs of manufacturing rolled aluminum, which consists of the smelting and rolling processes. Materials are entered from smelting at
Matco Steel Company has two departments, Casting and Rolling. In the Rolling Department, ingots from the Casting Department are rolled into steel sheet. The Rolling Department received 9,200 tons
The unadjusted trial balance of Launderland at November 30, 2012, the end of the cur-rent fiscal year, is shown below. The data needed to determine year-end adjustments are as follows:a. Laundry
Mather Services Company is a financial planning services firm owned and operated by Lee Mather. As of July 31, 2012, the end of the current fiscal year, the accountant for Mather Services Company
Kelly Pitney began her consulting business, Kelly Consulting, P.C., on April 1, 2012. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated on pages
DNA 4 U Company offers legal consulting advice to prison inmates. DNA 4 U Company prepared the end-of-period spreadsheet at the top of the following page at April 30, 2012, the end of the current
Beacon Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacon Company prepared the end-of-period spreadsheet shown on the next page at October 31,
The accountant for E-Z Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the unadjusted trial balance and the amounts of the adjustments are correct.
The unadjusted and adjusted trial balances for McWay Services Co. on August 31, 2012, are shown below. Journalize the five entries that adjusted the accounts at August 31, 2012. None of the accounts
Pacific Financial Services Co., which specializes in appliance repair services, is owned and operated by Eileen Hastings. Pacific Financial Services Co.??s accounting clerk prepared the unadjusted
Galloway Company is a small editorial services company owned and operated by Fran Briggs. On July 31, 2012, the end of the current year, Galloway Company??s accounting clerk prepared the unadjusted
Goldfinch Company specializes in the maintenance and repair of signs, such as billboards. On January 31, 2012, the accountant for Goldfinch Company prepared the following trial
Econo Company, an electronics repair store, prepared the unadjusted trial balance shown below at the end of its first year of operations. For preparing the adjusting entries, the following data were
Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accrued revenue, or (4) accrued expense.a. Cash received for services not yet renderedb. Insurance paidc. Rent revenue
Indicate with a Yes or No whether or not each of the following accounts normally re-quires an adjusting entry.a. Building b. Capital Stock c. Cashd. Interest Expensee. Miscellaneous
Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry.a. Accumulated Depreciationb. Dividendsc. Office Equipmentd. Salaries Payable e.
Identify the errors in the following trial balance. All accounts have normal balances. Bluefin Co. Unadjusted Trial Balance For the Month Ending August 31, 2012 Debit Credit Balances Balances 45,000
The accounts in the ledger of Diva Co. as of July 31, 2012, are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally
Based upon the data presented in Exercise 2-13, (a) prepare an unadjusted trial balance, listing the accounts in their proper order. (b) Based upon the unadjusted trial balance, determine the net
Based upon the T accounts in Exercise 2-13, prepare the nine journal entries from which the postings were made. Journal entry explanations may be omitted.Data from Exercise 2-13:Southwest Tours Co.
Elite Video has the following unadjusted trial balance as of October 31, 2012. The debit and credit totals are not equal as a result of the following errors:a. The balance of cash was overstated by
For the year ended December 31, 2020, the job cost sheets of DeVoe Company contained the following data:Prepare entries in a job-order cost system and a partial income statement.Other data:1. Raw
Wellspring produces agricultural irrigation equipment. During a year, the amount of overhead costs on a per month basis varies in relation to the machine hours used in a given year. The low for the
Explain the importance of having guidelines for ethical behaviour.
What significant regulatory trends are affecting accounting in general today? How do these regulatory trends affect the field of managerial accounting?
Compare a traditional production system with a lean production system. Discuss the similarities and differences.
It has been said that external failure costs can be catastrophic and much higher than the costs of other categories. What are some examples of external failure costs? Why is it often difficult to
What are the four categories of quality-related costs? Name a cost in each of the four categories for each of the following types of organizations:a. Restaurantb. Hospitalc. Law firmd. Banke. Tire
Describe areas of focus in contemporary managerial accounting.
MusicTowne sells amplifiers. Information from the quarter shows income of $800,000 and cost of goods sold as $400,000. The company has $200,000 in selling expenses, which includes a 10% commission
Haddleburg Property Management (HPM) offers a variety of services to homeowners. The services include: Outside Care, which includes grass-cutting, snow shovelling, tending of gardens, and so forth;
Do sunk costs affect a sell or process-further decision? Why or why not?
Describe two ways managers can use flexible budgets.
Given what you have discovered about the cost of materials for this product, were the price variances for each material likely to be favourable or unfavourable? Answer separately for each individual
Given what you have discovered about the cost of labour, was the labour price variance likely to be favourable or unfavourable?
It is unlikely that the company has released information about its efficiency variances. In general, though, what could cause this company’s material efficiency variances to be favourable? What
In general, what could cause this company’s labour efficiency variances to be favourable? What could cause these labour efficiency variances to be unfavourable?
Charlie Beagle noted a small variance on the income statement of Daribund Inc. The company manufactured 17,000 units last year using a total of 75,000 kilograms of material purchased at a cost of
One subunit of BlueHill Company had the following financial results last month:
The accountant for a subunit of BlueHill Company went on vacation before completing the subunitâ€™s monthly performance report. This is as far as she got:Requirements1. Complete the performance
Based on the data in Exercise 4-25, prepare the closing entries for Zeidman Security Services Co.Data from Exercise 4-25:Zeidman Security Services Co. offers security services to business clients.
An accountant prepared the following post-closing trial balance: Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct.
After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $315,000 and a credit of $449,500. At the same date, Retained Earnings has a
List the errors you find in the following balance sheet. Prepare a corrected balance sheet. Poshe Services Co. Balance Sheet For the Year Ended May 31, 2012 Assets Liabilities Current assets:
Fouts Systems Co. offers its services to residents in the Chicago area. Selected accounts from the ledger of Fouts Systems Co. for the current fiscal year ended October 31, 2012, are as

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