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managerial accounting
Questions and Answers of
Managerial Accounting
On January 1, the first day of the fiscal year, Nickson Company issues a $1,000,000, 6%, five-year bond, receiving cash of $936,420. The bond pays interest semiannually on June 30 and December 31,
If a corporation plans to issue $1,000,000 of 5% bonds at a time when the market rate for similar bonds is 4%, the bonds can be expected to sell at:a. their face amount.b. a premium.c. a discount.d.
On January 1, the first day of the fiscal year, Johnson Company issues a $2,000,000, 8%, five-year bond, receiving cash of $2,170,600. The bond pays interest semiannually on June 30 and December 31
On January 1, 20Y1, DeFrance Corporation issued for cash 40,000 shares of $10 par common stock at $24. On March 30, 20Y1, DeFrance issued 6,000 shares of cumulative preferred 3% stock of $100 par at
If the bonds payable account has a balance of $900,000 and the discount on bonds payable account has a balance of $72,000, what is the carrying amount of the
Which of the following is the entry to amortize a discount on bonds?a. Debit Discount on Bonds Payable;credit Interest Expense; credit Cashb. Debit Bonds Payable; credit Discount on Bonds Payable;
Berry Company reported the following on the company’s income statement in two recent years:a. Determine the times interest earned ratio for 20Y4 and 20Y5. Round to one decimal place.b. Is the
The balance in the discount on bonds payable account would usually be reported on the balance sheet in the:a. “Current assets” section.b. “Current liabilities” section.c. “Long-term
Altenburg Inc. is a lighting fixture wholesaler located in Arizona. During its current fiscal year, ended December 31, Altenburg completed the following selected transactions:Instructions Journalize
Which of the following is a disadvantage of the corporate form of organization?a. Limited liabilityb. Continuous lifec. Owner is separate from managementd. Ability to raise capital
Borzilova Company has 150,000 shares of $20 par common stock outstanding on January 1. During the year, the company had the following dividend transactions:a. On April 7, the company declared a cash
Paid-in capital for a corporation may arise from which of the following sources?a. Issuing preferred stockb. Issuing common stockc. Selling the corporation’s treasury stockd. All of the above
The following transactions were completed by Grayson Inc. during the current fiscal year ended December 31:Apr. 19. Reacquired 10,000 shares of its own $10 par common stock at $30 per share.Aug. 30.
The “Stockholders’ Equity” section of the balance sheet may include:a. common stock.b. stock dividends distributable.c. preferred stock.d. all of the above.
If a corporation reacquires its own stock, the stock is listed on the balance sheet in the:a. “Current assets” section.b. “Long-term liabilities” section.c. “Stockholders’ Equity”
Rockwell Inc. began the month of June with the following balances: Common Stock, $50,000;Additional Paid-In Capital, $2,000,000; and Retained Earnings, $3,900,000. During June, Rockwell issued for
A corporation has issued 25,000 shares of $100 par common stock and holds 3,000 of these shares as treasury stock. If the corporation declares a $2 per share cash dividend, what amount will be
Mohroman Inc. reported net income of $80,000 for 20Y2. The liability and equity accounts from the company’s comparative balance sheet are as follows:During the year, the company retired bonds
Financial statement data for the years 20Y2 and 20Y3 for Dovetail Corporation follow:a. Determine the earnings per share for 20Y2 and 20Y3.b. Is the change in the earnings per share from 20Y2 to 20Y3
Omicron Inc. reported net income of $120,000 for 20Y2. In addition, the income statement reported $12,000 of depreciation expense and a $15,000 loss on the disposal of equipment. The current
Select financial statement data for OM&M Inc. for two recent years follows:Based on these data, calculate the following liquidity measures for 20Y2:a. Current ratiob. Quick ratioc. Accounts
During its first month of operations, Templeton Company had the following cash transactions:a. Issued 30,000 shares of common stock.b. Purchased a new piece of equipment.c. Sold merchandise to
An example of a cash flow from an operating activity is:a. receipt of cash from the sale of stock.b. receipt of cash from the sale of bonds.c. payment of cash for dividends.d. receipt of cash from
The following data were taken from the financial statements of French Broad Steel Works Inc. for a recent year:Based on these data, determine the following profitability measures:a. Asset turnoverd.
Mercury Inc. reported net income of $100,000 for 20Y2. In addition, the income statement reported $20,000 of depreciation expense and a $10,000 gain on the sale of land. The noncurrent assets from
An example of a cash flow from an investing activity is:a. receipt of cash from the sale of equipment.b. receipt of cash from the sale of stock.c. payment of cash for dividends.d. payment of cash to
The net income reported on the income statement for the year was $55,000, and depreciation of fixed assets for the year was $22,000. The balances of the current asset and current liability accounts
An example of a cash flow from a financing activity is:a. receipt of cash from customers on account.b. receipt of cash from the sale of equipment.c. payment of cash for dividends.d. payment of cash
Which of the following methods of reporting cash flows from operating activities adjusts net income for revenues and expenses not involving the receipt or payment of cash?a. Direct methodb. Purchase
Select income statement data for Bukasy Company for two recent years ended December 31 are as follows:Prepare horizontal and vertical analyses of Bukasy’s income statement. Round percentages to one
The following are select balance sheet and income statement data for Wilton Strand Inc. for the year ended December 31, 20Y3:Based on these data, calculate the following solvency measures:a. Ratio of
What type of analysis is indicated by the following? a. Vertical analysisb. Horizontal analysisc. Liquidity analysisd. Profitability analysis Current assets Property, plant, and equipment Total
A partial list of the costs for MLB Mitt Company, a baseball glove manufacturer, is as follows:a. Ink used to print a player’s autographb. Salesperson’s salary and commissionc. Padding materiald.
The following information is available for January for MLB Mitt Company, a baseball glove manufacturer:For January, determine(a) The cost of goods manufactured (b) The cost of goods sold. Cost of
The ability of a company to pay its debts is called:a. earnings per share.b. liquidity.c. profitability.d. solvency.
The ratio that measures how much of a company is financed by debt and equity is the:a. current ratio.b. ratio of fixed assets to long-term liabilities.c. ratio of liabilities to
1. Indicate whether the following statements are true or false:a. Managerial accounting information is designed primarily to meet the needs of external users such as shareholders, creditors, and the
The ratio that measures the “instant” debt-paying ability of a firm, by focusing on current assets that can be easily converted to cash, is the:a. working capital.b. quick ratio.c. number of
A measure useful in evaluating efficiency in the management of inventories is the:a. working capital.b. quick ratio.c. number of days’ sales in inventory.d. ratio of fixed assets to long-term
Which of the following best describes the difference between financial and managerial accounting?a. Managerial accounting provides information to support decisions, while financial accounting does
Which of the following is not one of the five basic phases of the management process?a. Planningb. Controllingc. Decision makingd. Operating
Which of the following is not considered a cost of manufacturing a product?a. Direct materials costb. Factory overhead costc. Sales salariesd. Direct labor cost
Which of the following costs would be included as part of the factory overhead costs of a microcomputer manufacturer?a. The cost of memory chipsb. Depreciation of testing equipmentc. Wages of
For the month of May, Latter Company has beginning finished goods inventory of $50,000, ending finished goods inventory of $35,000, and cost of goods manufactured of $125,000.What is the cost of
Grayson Company is a manufacturer that uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations:a. Purchased 400
Grayson Company estimates that total factory overhead costs will be $100,000 for the year. Direct labor hours are estimated as 25,000 for the year. The company has two completed jobs at the end of
The Mad-Fly Agency provides consulting services to a variety of clients across the country. The agency accumulates costs for each consulting project on the basis of direct labor costs and allocated
For which of the following would the job order cost system be appropriate?a. Antique furniture repair shopb. Rubber manufacturerc. Coal manufacturerd. Computer chip manufacturer
Job cost sheets accumulate all of the following costs except for:a. direct materials.b. indirect materials.c. direct labor.d. factory overhead applied.
A company estimated $420,000 of factory overhead cost and 16,000 direct labor hours for the period. During the period, a job was completed with $4,500 of direct materials and $3,000 of direct labor.
If the factory overhead account has a credit balance, factory overhead is said to be:a. underapplied.b. overapplied.c. underabsorbed.d. in error.
The Bottling Department of Rocky Springs Beverage Company had 2,000 liters in the beginning work in process (30% complete). During the month, 28,500 liters were started and 29,000 liters were
For which of the following businesses would the process cost system be most appropriate?a. Custom furniture manufacturerb. Commercial building contractorc. Crude oil refineryd. Automobile repair shop
The cost of direct materials transferred into the Bottling Department of Rocky Springs Beverage Company is $22,800. The conversion costs for the period in the Bottling Department are $8,790. The
Information relating to production in Department A for May is as follows:If 500 units were one-fourth completed at May 31, 5,500 units were completed during May, and the first-in, first-out method is
There were 2,000 pounds in process at the beginning of the period in the Packing Department.Packing received 24,000 pounds from the Blending Department during the month, of which 3,000 pounds were in
The cost of materials transferred into the Bottling Department of Rocky Springs Beverage Company is $22,800, including $20,000 from the Blending Department and $2,800 from the materials storeroom.
Information from the accounting system revealed the following:Which of the following statements best interprets this information?a. The total costs are out of control.b. The product costs have
Based on the data presented in Question 3, what is the conversion cost per equivalent unit?a. $10b. $15c. $25d. $32
Which of the following statements is most accurate?a. The single plantwide factory overhead rate method will usually provide management with accurate product costs.b. Activity-based costing can be
San Madeo Company had the following factory overhead costs:The factory budgeted to work 20,000 direct labor hours in the upcoming period. San Madeo uses a single plantwide factory overhead rate based
Lifestyle Furniture Company manufactures home furniture products. The total factory overhead for the company is budgeted at $600,000 for the year. The company manufactures two products: a computer
The total factory overhead for Lifestyle Furniture Company is budgeted at $600,000 for the year, divided between two departments: Fabrication, $420,000, and Assembly, $180,000. Lifestyle manufactures
The total factory overhead for Lifestyle Furniture Company is budgeted at $600,000 for the year, divided among four activities: fabrication, $300,000; assembly, $120,000; setup, $100,000; and
Which of the following activity bases would best be used to allocate setup activity to products?a. Number of inspectionsb. Direct labor hoursc. Direct machine hoursd. Number of production runs
Metro University uses activity-based costing to assign indirect costs to academic departments, using four activities.The activity base, budgeted activity cost, and estimated activity-base usage for
Production Department 1 (PD1) and Production Department 2 (PD2) had factory overhead budgets of $26,000 and $48,000, respectively. Each department was budgeted for 5,000 direct labor hours of
The following activity rates are associated with moving rail cars by train: $4 per gross ton mile; $50 per rail car switch; $200 per rail car. A train with 20 rail cars traveled 100 miles.Each rail
Support Department 1 has $200,000 in costs distributed to it. Costs from Support Department 1 will be allocated to other departments based on labor hours. Support Department 2 uses 50 labor hours
Maeser Productions, a film production company, allocates support activity costs to production activities using the reciprocal services method. Specifically, the costs from two support activities,
Jupiter Enterprises LLC has two support departments and two production departments. Support Department 1 has $500,000 in costs distributed to it. Costs from Support Department 1 will be allocated to
Which of the following is the most accurate method of support department cost allocation?a. The direct methodb. The indirect methodc. The sequential methodd. The reciprocal services method
Which of the following is not true of the sequential method of support department cost allocation?a. The sequential method is more complex than the direct method.b. The sequence used for allocating
Based on the following table, and using the direct method, what percent of Support Department 2 costs will be allocated to Production Department 2? Support Department 1 cost driver Support Department
Three products result from a joint production process. There are 50 units of product B158, 100 units of product B159, and 50 units of product B160. Using the physical units method, what percent of
Guybrush Enterprises produces two types of particle board: high and low density. Both types of wood go through a joint production process where wood chips are milled and mixed with resin, wax, water,
O&W Metal Company makes designer emblems for luxury vehicles. Each emblem is handcrafted out of titanium to the customer’s design specifications. O&W’s artisans are paid an hourly wage
Based on the data presented in Question 4, and using the sequential method, what percent of Support Department 2 costs will be allocated to Production Department 2 (assume Support Department 1 costs
Which of the following describes variable costs?a. Costs that vary on a per-unit basis as the level of activity changesb. Costs that vary in total in direct proportion to changes in the level of
Toussant Company sells 20,000 units at $120 per unit. Variable costs are $90 per unit, and fixed costs are $250,000.a. Prepare an income statement for Toussant in contribution margin format.b.
Based on the following operating data, what is the operating leverage?a. 0.8b. 1.2c. 1.8d. 4.0 Sales...... Variable costs Contribution margin..... Fixed costs..... Operating income.. $ 600,000
If sales are $500,000, variable costs are $200,000, and fixed costs are $240,000, what is the contribution margin ratio?a. 40%b. 48%c. 52%d. 60%
Blueberry Inc., a consumer electronics company, manufactures and sells two products, smartphones and tablet computers. The unit selling price, unit variable cost, and sales mix for each product are
DeHan Company, a sporting goods manufacturer, sells binoculars for $140 per unit. The variable cost is $100 per unit, while the fixed costs are $1,200,000.a. Compute:1.The anticipated break-even
If the unit selling price is $16, the unit variable cost is $12, and fixed costs are $160,000, what is the break-even sales (units)?a. 5,714 unitsb. 10,000 unitsc. 13,333 unitsd. 40,000 units
Third Street Manufacturing Company has no beginning inventory, and sales are estimated to be 30,000 units at $100 per unit. Third Street’s management is evaluating whether to manufacture 30,000
Based on the data presented in Question 3, how many units of sales would be required to realize operating income of $20,000?a. 11,250 unitsb. 5,000 unitsc. 40,000 unitsd. 45,000 units
Walsh Company manufactured 30,000 units during July. There were no units in inventory on July 1. Costs and expenses for July were as follows:If the company sells 25,000 units at $75 (units
Vintage Apparel Company manufactures and sells two styles of baseball jerseys, the Retro and the New Age.These jerseys are sold in two regions, East and West. Information about the two jerseys and
Sales were $750,000, the variable cost of goods sold was $400,000, the variable selling and administrative expenses were $90,000, and fixed costs were $200,000. The contribution margin
During the year in which the number of units manufactured exceeded the number of units sold, the operating income reported under the absorption costing concept would be:a. larger than the operating
During a year in which the number of units manufactured is less than the number of units sold, the operating income reported under the variable costing concept would be:a. larger than the operating
The beginning inventory consists of 6,000 units, all of which are sold during the period. The beginning inventory fixed costs are $20 per unit, and the variable costs per unit are $90 per unit.
O-wen Snowboard Company designs and manufactures snowboards. The boards are assembled in the company’s Assembly Department in Colorado. Information for the Assembly Department is as follows:Prepare
Variable costs are $70 per unit and fixed costs are $150,000. Sales are estimated to be 10,000 units. How much would absorption costing operating income differ between a plan to produce 10,000 units
Cooperstown Retros makes replica major league baseball jerseys that match those worn in the 1950s. The company budgeted production of 15,000 jerseys in 20Y1. Each jersey requires 1.5 square yards of
A tight budget may create:a. budgetary slack.b. discouragement.c. a flexible budget.d. a “spend it or lose it” mentality.
Quincy Company has both cash and credit customers. The company expects that 40% of total monthly sales will be collected in cash in the month of sale, and the remaining 60% will be collected in the
The first step of the budget process is to:a. plan.b. direct.c. control.d. analyze feedback.
Static budgets are often used by:a. production departments.b. administrative departments.c. responsibility centers.d. capital projects.
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