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managerial accounting
Questions and Answers of
Managerial Accounting
The following account balances were taken from the adjusted trial balance for Laser Corrective Vision Company, a health care company, for the fiscal year ended December 31, 20Y2:On January 1, 20Y2,
Three years ago, T. Roderick organized Harbor Realty. At July 31, 20Y6, the end of the fiscal year, the following end-of-period spreadsheet was prepared:Instructions 1. Prepare an income statement, a
Which of the following accounts in the Adjusted Trial Balance columns of the end-of-period spreadsheet (work sheet) would be reported on the statement of stockholders’ equity?a. Utilities Expenseb.
Which of the following accounts would be classified as a current asset on the balance sheet?a. Office Equipmentb. Landc. Accumulated Depreciationd. Accounts Receivable
Which of the following accounts would not be closed to the retained earnings account at the end of a period?a. Fees Earnedb. Wages Expensec. Rent Expensed. Accumulated Depreciation
Current assets and current liabilities for HQ Properties Company follow:a. Determine the working capital and current ratio for 20Y2 and 20Y1.b. Does the change in the current ratio from 20Y1 to 20Y2
Which of the following steps of the accounting cycle precedes the journalizing and posting of adjusting entries?a. A post-closing trial balance is prepared.b. An unadjusted trial balance is
On August 10, Knopfler Company purchased inventory on account from Fray Co. for $11,500, terms 2/10, n/30. Knopfler returned inventory with an invoice amount of $2,500 on August 14 and received full
If merchandise purchased on account is returned, the buyer may inform the seller of the details by issuing a(n):a. debit memo.b. credit memo.c. invoice.d. bill.
On December 30, Burrows Inc. sold $12,000 of merchandise to Wall Company on account, with terms 2/10, n/30. The merchandise cost Burrows $8,000. On January 3, Wall determines that a portion of the
If merchandise is sold on account to a customer for $1,000, terms FOB shipping point, 1/10, n/30, and the seller prepays $50 in freight, the amount of the discount for early payment would
The following account balances were taken from the adjusted trial balance for Laser-Tek Company for the fiscal year ended December 31, 20Y2:Prepare a multiple-step income statement for Laser-Tek
The income statement in which the total of all expenses is deducted from the total of all revenues is termed the:a. multiple-step form.b. single-step form.c. account form.d. report form.
On a multiple-step income statement, the excess of sales over the cost of goods sold is called:a. operating income.b. income from operations.c. gross profit.d. net income.
Which of the following expenses would normally be classified as other expense on a multiple-step income statement?a. Depreciation expense—office equipmentb. Sales salaries expensec. Insurance
Stewart Co.’s beginning inventory and purchases during the year ended December 31, 20Y2, were as follows:Instructions 1. Determine the cost of inventory on December 31, 20Y2, using the perpetual
The beginning inventory, purchases, and sales of Item QX3 for the month of January are as follows:The company uses the perpetual inventory system. Determine (1) the cost of goods sold for January
The inventory costing method that is based on the assumption that costs should be charged against revenue in the order in which they were incurred is:a. FIFO.b. LIFO.c. weighted average cost.d.
The beginning inventory, purchases, and sales of Item QX3 for the month of January are as follows:The company uses the perpetual inventory system. Determine (1) the cost of goods sold for January
A profit-making business operating as a separate legal entity and in which ownership is divided into shares of stock is known as a:a. proprietorship.b. service business.c. partnership.d. corporation.
The resources owned by a business are called:a. assets.b. liabilities.c. retained earnings.d. common stock.
A listing of a business entity’s assets, liabilities, and stockholders’ equity as of a specific date is a(n):a. balance sheet.b. income statement.c. statement of stockholders’ equity.d.
If total assets increased $20,000 during a period and total liabilities increased $12,000 during the same period, the amount and direction (increase or decrease) of the change in stockholders’
If revenue was $45,000, expenses were $37,500, and dividends were $10,000, the amount of net income or net loss would be:a. $45,000 net income.b. $7,500 net income.c. $37,500 net loss.d. $2,500 net
Arrowhead Delivery Service is owned and operated by Gates Deeter. The following selected transactions were completed by Arrowhead Delivery during August:Indicate the effect of each transaction on the
The revenues and expenses of Ousel Travel Service for the year ended November 30, 20Y8, follow:Prepare an income statement for the year ended November 30, 20Y8. Fees earned Office expense
Using the income statement for Ousel Travel Service from Exercise 4, prepare a statement of stockholders’ equity for the year ended November 30, 20Y8. Shane Ousel invested an additional$50,000 in
Using the following data for Ousel Travel Service as well as the statement of stockholders’ equity from Exercise 5, prepare a balance sheet as of November 30, 20Y8: Accounts payable Accounts
A summary of cash flows for Ousel Travel Service for the year ended November 30, 20Y8, follows:The cash balance as of December 1, 20Y7, was $203,000.Prepare a statement of cash flows for Ousel Travel
The following data were taken from Mesa Company’s balance sheet:a. Compute the ratio of liabilities to stockholders’ equity.b. Has the creditor’s risk increased or decreased from December 31,
Cecil Jameson, Attorney-at-Law, is organized as a corporation and operated by Cecil Jameson.On July 1, 20Y4, the company has the following assets, liabilities, and common stock: cash, $1,000;
On January 1, 20Y5, Dr. Marcie Cousins established Health-Wise Medical, a medical practice organized as a corporation. The following conversation occurred the following August between Dr. Cousins and
A debit may signify a(n):a. increase in an asset account.b. decrease in an asset account.c. increase in a liability account.d. increase in the stockholders’ equity (common stock) account.
The type of account with a normal credit balance is:a. an asset.b. stockholders’ equity (dividend).c. a revenue.d. an expense.
A debit balance in which of the following accounts would indicate a likely error?a. Accounts Receivableb. Cashc. Fees Earnedd. Miscellaneous Expense
The receipt of cash from customers in payment of their accounts would be recorded by:a. a debit to Cash and a credit to Accounts Receivable.b. a debit to Accounts Receivable and a credit to Cash.c. a
The form listing the titles and balances of the accounts in the ledger on a given date is the:a. income statement.b. balance sheet.c. statement of stockholders’ equity.d. trial balance.
J. F. Outz, M.D., organized Hearts Inc. three years ago to practice cardiology. During April 20Y7, Hearts Inc. completed the following transactions:Hearts Inc.’s account titles, numbers, and
A company that manufactures recreational pedal boats has approached Mike Cichanowski to ask if he would be interested in using Current Designs’ rotomould expertise and equipment to produce some of
Impro Company operates in a province where corporate taxes and workers’ compensation insurance rates have recently doubled. Impro’s president has just assigned you the task of preparing an
Information for Sierra Company is given in D13-10. In addition, the company’s required rate of return is 12%.Instructions(a) Calculate the net present value on this project and discuss whether it
The executive team at Current Designs has gathered to evaluate the company’s operations for the last month. One of the topics on the agenda is a special order to produce a batch of 20 kayaks for a
Using the data in BE12-6, calculate the fixed overhead production volume variance.Data From BE12-6:H&X Co. uses a standard job cost system with a normal capacity of 25,000 direct labour hours. H&X
Using the data in BE12-6, calculate the fixed overhead spending (budget) variance.Data From BE12-6:H&X Co. uses a standard job cost system with a normal capacity of 25,000 direct labour hours. H&X
Doggone Groomers is in the dog-grooming business. Its operating costs are described by these formulas:Puli, the owner, has determined that direct labour is the cost driver for all three categories of
Presented below is selected financial information for two divisions of Yono Brewing.InstructionsSupply the missing information for the lettered items. Fill in information related to ROI and residual
Using the data in BE9-4, calculate the markup percentage using variable-cost pricing.Data From BE9-4:Schuman Corporation produces microwave units. The following per-unit cost information is
Swayze Small Engine Repair charges $42 per hour of labour. It has a material loading percentage of 40%. On a recent job to replace the engine of a riding lawnmower, Swayze worked 10.5 hours and used
Schuman Corporation produces microwave units. The following per-unit cost information is available: direct materials $36; direct labour $24; variable manufacturing overhead $18; fixed manufacturing
Travis Corporation produces high-performance rotors. It expects to produce 50,000 rotors in the coming year. It has invested $10 million to produce the rotors. The company has a required return on
Information for Large Orange Company is given in BE8-4. What is the total product cost for the company under throughput costing?Data From BE8-4:Large Orange Company produces basketballs. It incurred
For nearly 20 years, Custom Coatings has provided painting and galvanizing services for manufacturers in its region. Manufacturers of various metal products have relied on the quality and quick
ComfortCraft manufactures swivel seats for customized vans. It currently manufactures 10,000 seats per year, which it sells for $480 per seat. It incurs variable costs of $180 per seat and fixed
Richard Casper owns the Fredonia Barber Shop. He employs five barbers and pays each a base rate of $1,000 per month. One of the barbers serves as the manager and receives an extra $500 per month. In
The following CVP income statements are available for Old Company and New Company:Instructions(a) Calculate the break-even point in dollars and the margin of safety ratio for each company.(b)
Kosinksi Manufacturing carries no inventories. Its product is manufactured only when a customer's order is received. It is then shipped immediately after it is made. For its fiscal year ended October
Rapid Auto has over 200 auto-maintenance service outlets nationwide. It provides two main lines of service: oil changes and brake repair. Oil changes and related services represent 70% of its sales
Bergen Hospital is contemplating an investment in an automated surgical system. Its current process relies on the number of skilled physicians. The new equipment would employ a computer robotic
FireOut, Inc. manufactures steel cylinders and nozzles for two models of fire extinguishers: (1) a home fire extinguisher and (2) a commercial fire extinguisher. The home model is a high-volume
Quik Prints Company is a small printing and copying firm with three high-speed offset printing presses, five copiers (two colour and three black and white), one collator, one cutting and folding
Perdon Corporation manufactures safe—large mobile safes and large walk-in stationary bank safes. As part of its annual budgeting process, Perdon is analyzing the profitability of its two products.
Ready Ride is a trucking company. It provides local, short-haul, and long-haul services. It has developed the following three cost pools:Instructions(a) Calculate the activity-based overhead rates
Building a kayak using the composite method is a very labour-intensive process. In the fabrication department, the kayaks go through several steps as employees carefully place layers of Kevlar® in a
Building a kayak using the composite method is a very labour-intensive process. In the fabrication department, the kayaks go through several steps as employees carefully place layers of Kevlar® in a
Fernando Company manufactures pizza sauce through two production departments: cooking and canning. In each process, materials and conversion costs are incurred evenly throughout the process. For the
Production costs chargeable to the Finishing Department in May at Kim Company are materials $8,000, labour $20,000, overhead $18,000, and transferred-in costs $67,000. Equivalent units of production
Huegel Hollow Resort has ordered 20 rotomoulded kayaks from Current Designs. Each kayak will be formed in the rotomoulded oven, cooled, and then the excess plastic trimmed away. Then, the hatches,
Agassi Company uses a job order cost system in each of its three manufacturing departments. Manufacturing overhead is applied to jobs on the basis of direct labour cost in Department D, direct labour
Easy Decorating uses a job-order costing system to collect the costs of its interior decorating business. Each client’s consultation is treated as a separate job. Overhead is applied to each job
In March, Stinson Company completes Jobs 10 and 11. Job 10 cost $20,000 and Job 11 cost $30,000. On March 31, Job 10 is sold to the customer for $35,000 in cash. Journalize the entries for the
Reyes Tool & Die begins operations on January 1. Because it does all the work to customer specifications, the company decides to use a job-order costing system. Prepare a fl ow chart of a typical
Match Manufacturing Company specializes in producing fashion outfits. On July 31, 2016, a tornado touched down at its factory and general office. The inventories in the warehouse and the factory were
The administrators of the local hospital are interested in identifying the various costs and expenses that are incurred in producing a patient's X-ray. A list of such costs and expenses is presented
The following information is available for Rolen Manufacturing Company.Prepare the costs of goods manufactured schedule for the month of April.
Use the same data from BE2-12 above and the data below to determine the missing amounts.Data From BE2-12:
Mike Cichanowski founded Wenonah Canoe and later pur- chased Current Designs, a company that designs and manufactures kayaks. The kayak-manufacturing facility is located just a few minutes from the
The primary purpose of managerial accounting is to provide information useful for management decisions. Many of the managerial accounting techniques that you learn in this course will be useful for
The primary purpose of managerial accounting is to provide information useful for management decisions. Many of the managerial accounting techniques that you learn in this course will be useful for
Love All is a fairly large manufacturing company of hockey equipment, located in Toronto. The company manufactures hockey sticks, pucks, clothing, and skates, all bearing the company's distinctive
The U.S. Institute of Management Accountants has promulgated ethical standards for managerial accountants.InstructionsIdentify the four specific standards.
Indicate whether the following statements are true or false.1. Managerial accountants explain and report manufacturing and nonmanufacturing costs, determine cost behaviours,and perform
Classify each of the following accounts as being included on the Income Statement (I/S) or Balance Sheet (B/S); if B/S, choose from the categories below. The first three are completed to illustrate.
A company’s year-end balance sheet is shown below:AssetsLiabilities and Stockholders’ Equitya. What is the debt ratio?b. What other information about the existing long-term debt would creditors
On December 31, 2022, Madison Company had the following balances in selected asset accounts:a. Conduct a horizontal and vertical analysis on each of the assets using the template provided. To conduct
Ildi Co. is looking to expand operations. Ildi does not have enough cash on hand to pay for the expansion and, therefore needs to borrow additional funds. Currently, Ildi has outstanding debt of
Management’s Discussion and Analysis information (MD&A) for companies typically includes:▪ Unusual or infrequent transactions▪ Changes in sales due to price and volume components▪ Anticipated
Below, you will find the balance sheet data for High Couture, Inc. for Years 2 and 1:Also known for Year 2:Compute the following ratios for High Couture for Year 2:1. Return on total assets2. Return
Accounts receivable turnover gives indication of time needed to convert receivables into cash. A high turnover ratio indicates a very ineffective credit department with low paying customers and very
The following information pertains to Kenia Corporation as of the beginning of the current fiscal year:On 1/1, the company had issued 2,000 shares of common stock with $10 per share market value.a.
For inventory turnover, the higher the turnover, the more rapidly the inventory is sold. The ratio may be distorted if a company carries a lot of obsolete inventory. A high ratio could indicate
C Company has 10-year bonds that require the company to maintain a times-interest earned ratio above 5.0. A times-interest earned ratio below 5.0 results in the C Company defaulting on the bonds and
All of the following are assets: Accounts Payable, Inventory, Retained Earnings, and Accounts Receivable. If not, explain where the items that are not assets should be included.
The Institute of Management Accountants’ Statement of Ethical Professional Practice Standards include the standards: competence, confidentiality, credibility, and integrity. For each of the
XN suggests that having the highest amount of cash flows from operating activities is generally better than cash flows from investing or financing activities. Do you agree? Discuss.
Using the following information, indicate the proper sections of the statement of cash flows for each of the transactions by inserting the proper letter in the spaces provided. Choose from:A.
With respect to financial statement analysis, answer true or false for each of the following statements.a. Financial ratios illustrate financial information relationships for comparison purposes and
Past financial information and ratios are all that is necessary to evaluate the performance of a company. Supplier, employee, and customer relationships; innovation; time to process; scrap; and
The following ratios are from the most recent financial statements for Company XYZ and Company ABC both operating within the same industry.a. For each ratio:(1) identify the type of ratio (liquidity,
Describe how the IPO model can be integrated with data analytics.
The IMA identified six areas that a managerial accountant needs in order to remain relevant in today’s business environment. These areas include strategy, planning and performance, reporting and
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