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managerial accounting

Managerial Accounting 3rd Canadian edition Wendy M. Tietz, Louis Beaubien, Karen W. Braun - Solutions

At a recent staff meeting, the management of Rocket Technologies, Inc., was consider-ing discontinuing the Maestro line of electronic games from the product line. The chief financial analyst reported the following current monthly data for the Maestro:Units of
Fulp Inc. and Baucom Inc. have the following operating data:a. Compute the operating leverage for Fulp Inc. and Baucom Inc.b. How much would income from operations increase for each company if the sales of each increased by 25%?c. Why is there a difference in the increase in income from
a. If Steele Company, with a break-even point at $378,000 of sales, has actual sales of $540,000, what is the margin of safety expressed (1) in dollars and (2) as a percentage of sales?b. If the margin of safety for Kramer Company was 20%, fixed costs were $900,000, and variable costs were 70% of
Sunshine Airways provides air transportation services between Philadelphia and Orlando. A single Philadelphia to Orlando round-trip flight has the following operating statistics:It is assumed that the fuel, crew salaries, and airplane depreciation are fixed, regardless of the number of seats sold
Geitner Sports Inc. manufactures and sells two products, baseball bats and baseball gloves. The fixed costs are $460,000, and the sales mix is 60% bats and 40% gloves. The unit selling price and the unit variable cost for each product are as follows:a. Compute the break-even sales (units) for the
Name the following chart, and identify the items represented by the letters (a) through (f). Operating Profit (Loss) $150,000 a $100,000 $50,000 $(50,000) $(100,000) $(150,000) 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 Units of Sales
Name the following chart, and identify the items represented by the letters (a) through (f). Sales and Costs $200,000 $150,000 $100,000 $50,000 a 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 Units of Sales
For the coming year, Weill Inc. anticipates fixed costs of $240,000, a unit variable cost of $80, and a unit selling price of $120. The maximum sales within the relevant range are $1,200,000.a. Construct a cost-volume-profit chart.b. Estimate the break-even sales (dollars) by using the
Rose Petal Lotion Company consists of two departments, Blending and Filling. The Filling Department received 46,000 ounces from the Blending Department. During the period, the Filling Department completed 46,500 ounces, including 2,300 ounces of work in process at the beginning of the period. The
Robusta Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at
Plowers Company estimates that total factory overhead costs will be $480,000 for the year. Direct labor hours are estimated to be 60,000. For Plowers Company, (a) Determine the predetermined factory overhead rate, (b) Determine the amount of factory overhead applied to Jobs 30 and 32 in
Tylee Furniture Company refinishes and reupholsters furniture. Tylee uses a job order cost system. When a prospective customer asks for a price quote on a job, the estimated cost data are inserted on an unnumbered job cost sheet. If the offer is accepted, a number is assigned to the job, and the
Dandee Company has the following information for July:Cost of direct materials used in production...........$ 84,000Direct labor..................................................................110,000Factory overhead..........................................................56,000Work in process
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, identifying them by letter.2. Prepare a statement of cost of goods manufactured for Margo Company.3.
The financial statements for Nike, Inc., are presented in Appendix D at the end of the text. What is the major source of financing for Nike?
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 within the discount period. Freight Paid by Seller Returns and Allowances Freight Terms FOB shipping
Identify the errors in the following income statement: Keepsakes Company Income Statement For the Year Ended February 29, 2012 Revenue from sales: Sales...... $7,200,000 Add: Sales returns and allowances $275,000 Sales discounts 130,000 405,000 Gross sales .... $7,605,000 Cost of merchandise sold..
Piedmont Company purchased merchandise on account from a supplier for $30,000, terms 1/10, n/30. Piedmont Company returned $4,000 of the merchandise and received full credit.a. If Piedmont Company pays the invoice within the discount period, what is the amount of cash required for the payment?b.
The following selected accounts and their current balances appear in the ledger of Carpet Land Co. for the fiscal year ended October 31, 2012: Instructions1. Prepare a multiple-step income statement.2. Prepare a retained earnings statement.3. Prepare a report form of balance sheet, assuming that
The following selected accounts and their current balances appear in the ledger of Black Lab Co. for the fiscal year ended April 30, 2012: 1. Prepare a multiple-step income statement.2. Prepare a retained earnings statement.3. Prepare a report form of balance sheet, assuming that the current
My-Best Weight Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 2012, the end of the current fiscal year, the balances of selected accounts from the ledger of My-Best Weight Co. areas follows: Prepare a classified
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 1 (2011) 398,500 Dividends 2,500 June 30 June 30 Sept. 30 10,000 30 10,000 Dec. 31 2,500 May 31
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 spreadsheet, prepare an income statement, retained earnings statement, and balance sheet for Three Winds
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 spreadsheet, prepare an income statement, retained earnings statement, and balance sheet for Pacifica
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 Discounts (1) 2,000 (5) 660 (5) 33,000 Merchandise Inventory Sales Returns and Allowances 2,000 (4)
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 within the discount period. Freight Paid by Seller Returns an Allowance Merchandise а. $36,000 FOB
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 present value tables in Exhibits 4 and 5. Round to the nearest dollar.
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. Issued 2,000 shares of $100 par preferred 5% stock at $105, receiving cash.c. Issued $400,000 of
The comparative balance sheet of Wen Technology, Inc., at December 31, 2013 and 2012, is as follows: The noncurrent asset, noncurrent liability, and stockholders?? equity accounts for 2013 are as follows: Prepare a statement of cash flows, using the indirect method of presenting cash flows from
On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 Jan. Balance 195,000 502,500 Feb. 10 Purchased for cash 307,500 Nov. 20 Purchased with
The financial statements for Nike, Inc., are presented in at the end of the text.The following additional information (in millions) is available:Accounts receivable at May 31, 2008.......................$ 2,795.3Inventories at May 31, 2008.........................................2,438.4Total
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 the preceding year? Current Year Preceding Year $720,000 Fixed assets (net) Total long-term
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 ratio and (2) quick ratio for both years. Round to one decimal place.b. ?What conclusions can you
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 stockholders' equity for both companies. Round to one decimal place.b. Determine the ratio of fixed
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 equipmentb. Assembly machinery lubricantsc. Steering wheeld. Wages of assembly line workere. Tiresf. V8
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, identifying them by letter.2. Prepare a statement of cost of goods manufactured for Jerry Company.3.
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 Materials $47,000 $58,500 Work in process 67,000 59,000 Finished goods 70,000 62,000 Advertising
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 Inventories December 31 $210,000 Materials Work in process Finished goods 306,000 290,000 298,000
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 machine employeesd. Paper used for the magazine
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. Steel
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 used for the magazine
Swain Company has the following information for January:Cost of direct materials used in production...................$12,000Direct labor...........................................................................31,000Factory
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 inventory $23,000 Supplies $41,000 Prepaid insurance 23,000 Materials inventory 50,000 Accounts
Saron Manufacturing Company reported the following materials data for the month ending April 30, 2012:Materials purchased...................................$860,000Materials inventory, April 1..........................350,000Materials inventory, April 30........................300,000Determine the
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 (c) Work in process inventory, November 1 (e) Total manufacturing costs incurred during November
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 labor..............................................................................185,000Work in process
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 letter. $ 44,000 235,000 $ 33,000 (c) Finished goods inventory, November 1 (e) Cost of goods
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 May 2012. Inventories Materials May 1 $168,000 May 31 $139,000 Work in process 240,000 260,000
The following information is available for Vega Manufacturing Company for the month ending July 31, 2012:Cost of goods manufactured.................$270,000Selling expenses..........................................58,000Administrative
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 which $73,500 was for general factory use.c. Factory labor used, $681,500, of which $95,500 was
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 account, $32,760. b. Materials requisitioned and factory labor used: c. Factory overhead costs incurred
The following information is available for the first month of operations of Icahn Inc., a manufacturer of art and craft items:Sales ...............................................................................$1,680,000Gross profit
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 on an unnumbered job cost sheet. If the offer is accepted, a number is assigned to the job, and the
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 and $20 per direct labor hour for Job 32. Journalize the entry to record the flow of labor costs into
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 23,500 203 Glue Indirect 2,000 204 Rubber 123 1,750 205 Aluminum 128 55,000
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 January, $1,250,000 was spent on developing marketing and advertising materials. For the first six months
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 Thain.............................$30.00Dick Lewis..............................34.00John
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 overhead costs, direct labor hours, and machine hours are as follows: a. Determine the 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 labor rate is $20 per hour. Determine the predetermined shop overhead rate per direct labor hour. $
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 units, assuming a FIFO cost flow.
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 includes the direct materials costs (drugs and medical devices), physician surgical time, 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 units, assuming a FIFO cost flow.
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 the jobs completed.b. Determine the cost of the unfinished jobs at March 31. Work in Process Balance,
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 104 are still in process at the end of the month, and all applicable costs except factory overhead
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 to participants who complete a training program at a local business. The company sells the plaque to
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 professional (lawyer) time to the Liddy Co. breech of contract suit to prepare for the trial, at a rate
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 accumulates costs for each account (client) on the basis of both direct costs and allocated indirect costs.
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 Tufting Department, where carpet backing is added at the beginning of the process and the process is
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 Department, where packaging is added at the beginning of the process. On May 1, G&P Soap Company
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 placed into production at the beginning of the blending process. After blending, the milk chocolate is
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, direct labor, and applied factory overhead for the first department, Refining, were $310,000,
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 through the Sifting and Packaging departments, emerging as packaged refined flour. The balance in the
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 pass through the Reaction and Filling departments, emerging as finished chemicals. The balance in
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 total direct labor costs would be $89,000. During April, the actual direct labor cost totaled $7,500,
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 of the filling process. The inventory of Work in Process??Filling on February 1 and debits to the
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 the beginning of the rolling process. The inventory of Work in Process??Rolling on June 1, 2012, and
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 from the Casting Department. During the period, the Rolling Department completed 9,050 tons, including
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 supplies on hand at November 30 are $5,000.b. Insurance premiums expired during the year are $6,400.c.
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 prepared an end-of-period spreadsheet (work sheet), part of which is shown below.Instructions1.
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 165–175. During May, Kelly Consulting entered into the following transactions: May 3. Received cash
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 fiscal year. Instructions1. Prepare an income statement for the year ended April 30.2. Prepare a
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, 2012, the end of the current fiscal year. Instructions1. Prepare an income statement for the year
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. Identify the errors in the accountant??s adjusting entries assuming that none of the accounts were
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 were affected by more than one adjusting entry. McWay Services Co. Trial Balance August 31, 2012
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 trial balance at October 31, 2012, shown below. The data needed to determine year-end adjustments are
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 trial balance shown on the next page. The data needed to determine year-end adjustments are as
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 balances: InstructionsJournalize the seven entries that adjusted the accounts at January 31. None of the accounts were
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 assembled:a. Fees earned but unbilled on April 30 were $10,000.b. Supplies on hand on April 30 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 earned but not receivedd. Salaries owed but not yet paid
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 Expensef. Prepaid Insurance
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. Suppliesf. Unearned Rent
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 Cash ...... Accounts Receivable. 98,400 Prepaid Insurance. 21,600 300,000 Equipment... Accounts
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 omitted. Prepare an unadjusted trial balance, listing the accounts in their normal order and inserting
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 income or net loss.Data from Exercise 2-13:Southwest Tours Co. is a travel agency. The nine
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. is a travel agency. The nine transactions recorded by Southwest Tours during May 2012, its first
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 $7,500.b. A cash receipt of $7,200 was posted as a debit to Cash of $2,700.c. A debit of $5,000 to
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 materials inventory totalled $15,000 on January 1. During the year, $140,000 of raw materials were
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 past year was 4,500 hours, and the expense associated was $90,000. The high for the period was 6,000
Explain the importance of having guidelines for ethical behaviour.

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