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managerial accounting

Managerial Accounting 6th Edition Karen Braun - Solutions

Cajun Fast, an independently owned restaurant chain, specializes in Cajun cuisine fast food. Following is a partial performance report that a Cajun Fast manager has been working on using Excel.Requirements1. Using the Excel file provided in MyLab Accounting, complete the VARIANCE column. Use the
Candyberry Amusements is an owner/operator of several amusement parks. Following is a partial performance report that a Candyberry manager built in Excel.Requirements1. Using the Excel file provided in MyLab Accounting, calculate total sales revenue, total expenses, and operating income in the
Some companies integrate sustainability measures into the traditional four perspectives in their balanced scorecards. Other companies create a new perspective (or two) for sustainability. Which method do you think would result in better supporting sustainability efforts throughout the organization?
Burberry Amusements is an owner/operator of several amusement parks. Following is a partial performance report that a Burberry manager built in Excel.Requirements1. Using the Excel file provided in MyLab Accounting, calculate total sales revenue, total expenses, and operating income in the
Find an annual report for a publicly held company (go to the company’s website and look for “Investor Relations” or a similar link). How many sustainability initiatives can you find in the annual report? What internal balanced scorecard measures do you think they might use to measure progress
Swirl Confections produces fudge in 10-pound batches. Each batch takes 0.25 hours of direct labor, which includes allowances for breaks, cleanup, and other downtime. Swirl pays its direct labor workers an average of $20.50 per hour. Calculate the standard direct labor cost per batch of fudge.
Service organizations also use standards. Describe what types of standards might be in effect at each of the following types of organizations:HospitalsLaw firmsAccounting firmsAuto repair shopsFast-food restaurants
Refer to the data in E11-25A.Data in E11-25A.Boat Guard, which used a standard cost accounting system, manufactured 210,000 boat fenders during the year, using 1,780,000 feet of extruded vinyl purchased at $1.30 per foot. Production required 4,900 direct labor hours that cost $13.00 per hour. The
Zack Backpack Company manufactures a variety of backpack models. Each backpack requires a variety of direct materials, including fabric, buckles, zippers, and other materials.Company managers have the following investigation rules for direct materials price variances:Variances greater than 20% are
Dock Guard, which uses a standard cost accounting system, manufactured 230,000 boat fenders during the year, using 1,660,000 feet of extruded vinyl purchased at $1.20 per foot. Production required 4,400 direct labor hours that cost $15.50 per hour. The materials standard was 7 feet of vinyl per
The Lovejoy Hotel upgrades its conference facilities approximately every five years so that it can book larger, more profitable conventions than if it had older décor and technologies.Managers at Lovejoy are evaluating a potential conference facilities upgrade plan that would require an initial
Refer to the data in E11-43B.Data in E11-43B.Dock Guard, which uses a standard cost accounting system, manufactured 230,000 boat fenders during the year, using 1,660,000 feet of extruded vinyl purchased at $1.20 per foot. Production required 4,400 direct labor hours that cost $15.50 per hour. The
Describe the capital budgeting process in your own words.
Refer to the Wolf Valley Data Set in E12-34A.Data in E12-34A.Consider how Wolf Valley, a popular ski resort, could use capital budgeting to decide whether the $8 million Brook Park Lodge expansion would be a good investment.Requirements1. What is the project’s NPV? Is the investment attractive?
Oftentimes, investments in sustainability projects do not meet traditional investment selection criteria. Suppose you are a manager and have prepared a proposal to install solar panels to provide lighting for the office. The payback period for the project is longer than the company’s required
Think of a company with which you are familiar. What are some examples of possible sustainable investments that the company may be able to undertake? How might the company management justify these possible investments?
McCabe Company reported the following financial statements for 2019 and 2020:Compute the following investing cash flows:a. Purchases of plant assets (all were for cash). There were no sales of plant assets.b. Proceeds from the sale of investments. There were no purchases of investments. 1234SOLO
Compare the NPV of the hybrid model with the cost of the gasoline-engine model. Which model has the lowest cost (the lowest NPV)? From a purely financial standpoint, does the hybrid model make sense?
Bayview Marine Company makes a variety of boating supplies. The controller is preparing its statement of cash flows for the most recent calendar year. A sample of the pivot table the controller prepared using Excel with the company’s general ledger data follows. This pivot table lists each
The Peacelove Hotel upgrades its conference facilities approximately every five years so that it can book larger, more profitable conventions than if it had older décor and technologies.Managers at Peacelove are evaluating a potential conference facilities upgrade plan that would require an
Refer to the Archer Hardware information in E12-42B. Compute the ARR for the investment.Data in E12-42B.Archer Hardware is adding a new product line that will require an investment of $1,460,000. Managers estimate that this investment will have a 10-year life and generate net cash inflows of
The Tennessee Scooter Company produces several types of scooters. The controller has gathered information from the company’s general ledger data for the past fiscal year and has performed some analysis in Excel. Screenshots containing samples from the Excel file follow in Boxes A, B, and C.1. In
Refer to the Soar Mountain Data Set in E12-55B.Data in E12-55B.Consider how Soar Mountain, a popular ski resort, could use capital budgeting to decide whether the $9.5 million State Park Lodge expansion would be a good investment.Requirements1. What is the project’s NPV? Is the investment
The Radiance Hotel upgrades its conference facilities approximately every five years so that it can book larger, more profitable conventions than if it has older décor and technologies.Managers at Radiance are evaluating a potential conference facilities upgrade plan that would require an initial
The Ohio Scooter Company produces several types of scooters. The controller has created an Excel file from the company’s general ledger data for the past fiscal year. A sample of that Excel general ledger data file follows.Net income for the past fiscal year was $1,600,000, while depreciation
The comparative balance sheet for Seaway Travel Services, Inc., for December 31, 2021 and 2020, is as follows:The following information is taken from the records of Seaway Travel Services, Inc.:a. Land was sold for $13,000.b. Equipment was purchased for cash.c. There were no disposals of equipment
Summarize the process for preparing the operating section of the statement of cash flows when using the direct method.
Riverview Marine Company makes a variety of boating supplies. The controller is preparing its statement of cash flows for the most recent calendar year. A sample of the pivot table the controller prepared using Excel with the company’s general ledger data follows. This pivot table lists each
The Minnesota Scooter Company produces several types of scooters. The controller has created an Excel file from the company’s general ledger data for the past fiscal year. A sample of that Excel general ledger data file follows.Net income for the past fiscal year was $1,615,000, while
The 2021 and 2020 balance sheets of Gibson Corporation follow. The 2021 income statement is also provided. Gibson had no noncash investing and financing transactions during 2021. During the year, the company sold equipment for $15,200, which had originally cost $12,800 and had a book value of
Margolin Home Products currently sells its products through multiple distribution channels. When the company first started, its home cleaning products were sold strictly through home party sales. About 15 years ago, the company set up a website and sold its products through its own website. It also
What does the accounts receivable turnover measure? What does a relatively high accounts receivable turnover indicate about a company?
The Patz Bookzzz Company currently sells its products, children’s books, through multiple distribution channels. It sells subscriptions that provide children with a box every month containing an assortment of age-appropriate books and magazines. The company also sells its books through book fairs
Compute the dollar amount of change and the percentage of change in Gambol News Group’s working capital each year during 2019 and 2020. Is this trend favorable or unfavorable? Total current assets......... Total current liabilities 2020 2019 2018 $275,640 $254,000 $214,500 $195,000 $182,000
Freedom Corporation reported these figures:Freedom Corporation has 2,500,000 shares of common stock outstanding. Its stock has traded recently at $32.90 per share. You would like to gain a better understanding of Freedom Corporation’s financial position. Assume all sales are on credit. Calculate
The Fitz Bookzzz Company currently sells its products, children’s books, through multiple distribution channels. It sells subscriptions that provide children with a box every month containing an assortment of age-appropriate books and magazines. The company also sells its books through book fairs
Bricker Frames has asked you to determine whether the company’s ability to pay current liabilities and total liabilities improved or deteriorated during 2020. To answer this question, compute these ratios for 2020 and 2019, using the following data:a. Current ratiob. Acid-test ratioc. Debt
Compute six ratios that measure Tomloff Corporation’s ability to earn profits. The company’s comparative income statement follows. The data for 2018 are given as needed.Did the company’s operating performance improve or deteriorate during 2020? 12345 Sales revenues Less: Cost of goods
Thornton Corporation reported these figures:Thornton Corporation has 3,125,000 shares of common stock outstanding. Its stock has traded recently at $31.20 per share. You would like to gain a better understanding of Thornton Corporation’s financial position. Assume all sales are on credit.
Do a web search on the terms carbon offset and carbon footprint. What is a carbon footprint? What is a carbon offset? Why would carbon offsets be of interest to a company? What are some companies that offer (sell) carbon offsets?
The controller for the Lillian Corporation created an Excel worksheet that included a profit calculation. The worksheet also contained a data table created using the What-if analysis tool to analyze the sales price, volume, and profit related to the graphics card the company manufactures. The
How can CVP techniques be used in supporting a company’s sustainability efforts? Conversely, how might CVP be a barrier to sustainability efforts?
Olivia Schnall operates a snow cone cart that she takes to outdoor festivals on the weekends. She makes the snow cones from ice shavings topped with flavored sugar syrup. She currently sells each snow cone for $3.00. The variable cost for each snow cone is $1.00 and the monthly fixed costs for
Robert’s Steel Parts produces parts for the automobile industry. The company has monthly fixed expenses of $720,000 and a contribution margin of 90% of revenues.Requirements1. Compute Robert’s Steel Parts’ monthly breakeven sales in dollars.2. Use the contribution margin ratio to project
Refer to Robert’s Steel Parts in E7-27A. Robert feels like he’s in a giant squeeze play: The automotive manufacturers are demanding lower prices, and the steel producers have increased raw material costs. Robert’s contribution margin has shrunk to 60% of revenues. The company’s monthly
Ripple Pool Toys Corporation manufactures a variety of pool toys. Ripple has just received a special order for a large volume of pool toys at reduced special order prices. The following is a screenshot of the special order in an Excel file in a worksheet named SpecialOrder.To follow is a sample
FlyAway Bags manufactures a variety of bags. FlyAway has just received a special order for a large volume of bags at reduced, special order prices. The following is a screenshot of the special order in an Excel file in a worksheet named SpecialOrder.To follow is a sample from FlyAway’s job cost
Sparkle Pool Toys Corporation manufactures a variety of pool toys. Sparkle has just received a special order for a large volume of pool toys at reduced special order prices. The following is a screenshot of the special order in an Excel file in a worksheet named SpecialOrder.To follow is a sample
Wheels Up Bags manufactures a variety of bags. Wheels Up has just received a special order for a large volume of bags at reduced, special order prices. The following is a screenshot of the special order in an Excel file in a worksheet named SpecialOrder.To follow is a sample from WheelsUp’s job
Employees at stores owned by the nationwide Kelley Grocery chain frequently hand out free samples of new food products to entice shoppers to purchase new products. Sometimes the free sample distribution leads to stockouts of the product if management has not adequately predicted the demand for the
Jubilee’s Yogurt Shoppe sells a variety of single-serve frozen yogurt flavors and toppings. The owner of Jubilee’s is trying to forecast its frozen yogurt sales for the upcoming year. The owner suspects that the number of times that Jubilee’s is mentioned in any news or social media each week
Employees at stores owned by the nationwide Corbin Grocery chain frequently hand out free samples of new food products to entice shoppers to purchase new products. Sometimes the free sample distribution leads to stockouts of the product if management has not adequately predicted the demand for the
Employees at stores owned by the nationwide Ivy Grocery chain frequently hand out free samples of new food products to entice shoppers to purchase new products. Sometimes the free sample distribution leads to stockouts of the product if management has not adequately predicted the demand for the new
TravelTime Bags manufactures a variety of bags. Travel Time has just received a special order for a large volume of bags at reduced, special order prices. The following is a screenshot of the special order in an Excel file in a worksheet named SpecialOrder.To follow is a sample from Travel Time’s
How are process costing and job costing similar? How are they different?
Why not assign all costs of production during a period to only the completed units? What happens if a company does this? Why are the costs of production in any period allocated between completed units and units in work in process? Is there any situation where a company can assign all costs of
What information generated by a process costing system can be used by management? How can management use this process costing information?
Why are the equivalent units for direct materials often different from the equivalent units for conversion costs in the same period?
Describe the flow of costs in a process costing system. List each type of journal entry that would be made and describe the purpose of that journal entry.
If a company has very little or no inventory, what effect does that lack of inventory have on its process costing system? What other benefits result from having very little to no inventory?
What are the three main areas of management’s responsibility? How are these three areas interrelated? How does managerial accounting support each of the responsibility areas of managers?
Why is managerial accounting more suitable for internal reporting than for financial accounting?
How can what is taught in managerial accounting help you in other careers other than accounting?
Complete the following statements with one of the terms listed here.a. The_____is geared toward producing periodic financial statements that will be used by investors and creditors to make investment and lending decisions.b. _____Improves the quality of thought by skillfully analyzing, assessing,
A company currently has all of its managerial accountants reporting to the controller. What might be inefficient about this organizational structure? How might the company restructure? What benefits would the restructuring offer?
What skills are required of a management accountant? In what college courses are these skills taught or developed? What skills would be further developed in the workplace?
What is the Institute of Management Accountants (IMA)? What is the American Institute of Certified Public Accountants? How could being a member of a professional organization help a person’s career?
What are the four ethical standards in the Institute of Management Accountants’ Statement of Ethical Professional Practice? Describe the meaning of each of the four standards. How does each of these standards impact planning, directing, and controlling?
What business trends are influencing managerial accounting today? How do these trends impact management accountants’ roles in the organization?
Classify the type of data analytics (descriptive, diagnostic, predictive, prescriptive, or adaptive and autonomous) being used in each of the following situations.a. McGowan Company provides managers with regular key performance indicator (KPI) dashboards.b. Zerrot Corporation issues monthly
Following is a screenshot of an Excel file.Identify the letter on the screenshot that refers to each of the following features or tasks.1. Format as accounting number2. Insert new worksheet3. Insert function4. Worksheet name5. Decrease decimal6. Active cell7. Ribbon8. Name of workbook (file name)9.
Following is a list of tasks that can be performed using Excel in a Windows environment. Match each task with the correct description from the column on the right. Task 1. Change the the worksheets in the workbook 2. Copy and paste the contents of one cell to another cell 3. Copy the contents of a
The effect of sustainability on the planet (environment) is probably the most visible component of the triple bottom line. For a company with which you are familiar, list two examples of its sustainability efforts related to the planet.
Following is a screenshot of a worksheet in Excel. In this exercise, Excel for Windows is being used.RequirementsList the formula that would be entered in the specified cells in the Excel worksheet.a. Cell D2: Units times Priceb. How would cell D2 be copied to cells D3 through D5?c. Cell B6: Total
One controversial area regarding sustainability is whether organizations should use their sustainability progress and activities in their advertising. Do you think a company should publicize its sustainability efforts? Why or why not?
The following is a sample of a worksheet in Excel.To complete this exercise, download the Excel file from MyLab Accounting.RequirementsPerform the following tasks in the Excel worksheet you downloaded from MyLab Accounting.a. In Cell D2, multiply units times price.b. Copy Cell D2 to cells D3
What skills do employers value highly? What does that tell you about “what accountants do” at their companies?
If you are not an accounting major, how do the salaries of accountants compare with those of your chosen field? How do the opportunities compare (i.e., demand for accountants)?
The following is a sample of a worksheet in Excel.To complete this exercise, download the Excel file from MyLab Accounting. Complete the exercise in Excel.Requirements1. Calculate total sales and put the total in Cell B14.2. Calculate average sales and put the total in Cell B16.3. Calculate total
The following is a sample of a worksheet in Excel.To complete this exercise, download the Excel file from MyLab Accounting.Requirements1. What number is in the last row and last column of the worksheet?2. What is the content in Cell G1234?3. What is the content in Cell M32240?4. What number is
The following is a sample of a worksheet in Excel.To complete this exercise, download the Excel file from MyLab Accounting.RequirementsPerform the following tasks in the Excel worksheet you downloaded from MyLab Accounting.a. In Cell D2, multiply Units times Price.b. Copy Cell D2 to cells D3
What cost term best fits the following descriptions?Choose from the following list of terms: direct cost, indirect cost, cost object, trace, allocate, and assign. Terms may be used more than once.a. Anything for which a manager would like to like to know the cost.b. A cost that can be traced to a
Compare product costs to period costs. Using a product of your choice, give examples of product costs and period costs. Explain why you categorized your costs as you did.
Greenwashing, the practice of overstating a company’s commitment to sustainability, has been in the news over the past few years. Perform an online search of the term greenwashing. What examples of greenwashing can you find?
Ricoh is a company that has designed its copiers so that at the end of the copier’s life, Ricoh will collect and dismantle the product for usable parts, shred the metal casing, and use the parts and shredded material to build new copiers. This product design can be called “cradle-to-cradle”
Describe the product that is being produced and the company that produces it.
Classify each cost you identified in the value chain as being either a product cost or a period cost. Explain your justification.
Rocky River Fast Lube does oil changes on vehicles in 15 minutes or less. The variable cost associated with each oil change is $12 (oil, filter, and 15 minutes of employee time). The fixed costs of running the shop are $8,000 each month (store manager salary, depreciation on shop and equipment,
Kareem Merchandise has several warehouses for its inventory located around the United States. The company’s controller has imported its inventory records into Excel. The following is a sample of the table of inventory records in that Excel file.For each of the situations listed below, indicate
Here is a sample listing of the Valley Mercantile Company’s sales data from the most recent year in an Excel table.For each of the situations listed below, indicate whether a sort, a filter, or both simultaneously would be the most efficient way of getting the information needed for management.
Suppose the smartphone manufacturer Kobo Electronics provides the following information for its costs last month (in millions):Requirements1. Classify each of these costs according to its place in the value chain (R&D, Design, Production, Marketing, Distribution, or Customer Service). 2.
Suppose Truck Shack incurred the following costs at its Philadelphia, Pennsylvania, store.Requirements1. Classify each cost as to which category of the value chain it belongs (R&D, Design, Purchases, Marketing, Distribution, Customer Service).2. Compute the total costs for each value chain
Hilton Merchandise has several warehouses for its inventory located around the United States. Hilton’s controller has imported its inventory records into Excel. The following is a sample of the inventory records in that Excel file. Access the full data set online in the MyLab Accounting
Here is a sample of the Kent Mercantile Company’s sales data from the most recent year. Access the full data set online in the MyLab Accounting exercise.Create a table in the Excel file provided in MyLab Accounting. Sort and filter that table to answer the following questions. Add dynamic column
Here is a sample of the Maxwell Mercantile Company’s sales data from the most recent year. Access the full data set online in the MyLab Accounting exercise.Create a table in the Excel file provided in MyLab Accounting. Sort and filter that table to answer the following questions. Add dynamic
The new University president is trying to understand the University’s finances. Classify each of the following costs as direct costs or indirect costs of operating the University’s College of Business:a. Exam copies printed for accounting classesb. Salary of the university registrarc. Computer
Value Electronics manufactures and sells a line of smartphones. Unfortunately, Value Electronics suffered serious fire damage at its home office. As a result, the accounting records for October were partially destroyed—and completely jumbled. Value Electronics has hired you to help figure out the
Gamma Electronics manufactures and sells smartphones. Unfortunately, the company recently suffered serious fire damage at its home office. As a result, the accounting records for October were partially destroyed and completely jumbled. Gamma has hired you to help figure out the missing pieces of
What follows is a table listing condensed revenue and expense figures for Caesars Entertainment Corporation for the years ending December 31, 2016 through 2018.Requirements1. Using the data provided, construct income statements for each of the three years; include the proper headings.2. Did
What product costs must be allocated to jobs? Why must these costs be allocated rather than assigned?

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