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survey of accounting
Questions and Answers of
Survey of Accounting
Midwest Company manufactures portable radios. Shop Smart, a large retail merchandiser, wants to buy 200,000 radios from Midwest Company for $\$ 12$ each. The radio would carry Shop Smart's name and
Logan Company manufactures several toy products. One is a large plastic truck. which requires a plastic truck body, two metal axles, and four rubber wheels. Logan presently manufactures and assembles
Tasty Burger is thinking of making the hamburger rolls for its chain of fast food restaurants. Two machines, $\mathrm{A}$ and $\mathrm{B}$, are being considered for purchase. The company now
Northeast Reinsurance Company is growing rapidly. As it has grown, it has added legal staff to provide for its legal services. One of the principals of the company is an attorney who has provided
Snow Corporation manufactures freezers for residential use. The company is planning to produce a new freezer suitable for apartments. These smaller freezers require a component that Snow Corporation
Mountain Land Inc. manufactures skis, ski boots, and ski poles for downhill skiing. The company is thinking of dropping ski poles as a product line. The following report was prepared by the
Hansig Manufacturing Company has been producing three products: A, B, and C. Now that the plant has been shifted to an assembly-line operation, a fourth product. D, has been added. Each product has
End Trail Campground is open year-round. However, 80 percent of its revenues are generated from May through october. Since only 20 pereont of the revemues are generated from November to April, the
Clarity Corporation produces three sizes of television sets: 10 -inch screen, 19 -inch screen, and 24 inch screen. The revenues and costs per unit for each size are as
A company is examining two of its products, $\mathrm{X}-121$ and $\mathrm{Y}-707$. The following information is being reviewed\begin{tabular}{|c|c|c|}\hline & $X-121$ & $Y-707$ \\\hline Unit selling
Dresser Inc. manufactures three super-sport-hero dolls: Super I)unk. Pete Tulip and Zonk. Production, however, is limited by the skilled labor necessary (o) preduce the unique dolls. Data on each of
Cole Company manufactures only two products-a battery charger and a testing machine for automobile engines. An average of 30,000 chargers and 50,000 testers are sold each year. This year, the company
Style Company manufactures three items, S1, S2, and S3, which are used in the pro duction of fabrics. Each item can be sold at the point that all three are separated from the joint production
TeleCom Products manufactures desktop and wall-mounted telephone units. The company is seeking to come up with a reasonable price for its desktop slimline model. Production costs for each unit
What is a company's hurdle rate? How is it used?
What rate does the payback reciprocal approximate, and how can this information be useful?
Campus Print Shop is thinking of purchasing a new, modern copier that automati- cally collates pages. The machine would cost $22,000 cash. A service contract on the machine, considered a must because
Yoshika Landscaping is contemplating purchasing a new ditchdigging machine that promises savings of $\$ 5,600$ per year for 10 years. The machine costs $\$ 21,970$, and no salvage value is expected.
Consider each part independently.1. Super-Fix Company would like to move its auto repair shop to a downtown location in order to attract more customers. What is the maximum Super-Fix should pay to
Your late, rich uncle left you $\$ 250,000$. The executor of the estate has asked if you would rather receive the full amount now or $\$ 30,000$ a year for the next 40 years.Which of these options
The manager of Simple Company must choose between (wo investments Project A costs $\$ 50,000$ and promises cash savings of $\$ 10,000$ a year over a uscful life of 10 years. Project B costs
Um Good, Inc., a candy maker, is thinking of purchasing a new machine. A mar keting firm has estimated that the new machine could increase revenues by $\$ 30) .(\times 6)$ a year for the next 5
The Carroll Broom Company is thinking of purchasing a new automatic straw-binding machine. The company president, Joan Carroll, has determined that such a machine would save the company $\$ 10,000$
The local fire department has determined the Sleep-Eazy Mattress Company is not in full compliance with local fire regulations. To comply, Sleep-Eazy has two alternatives: It may install an automatic
Juan Gonzales, the president of Nogalis Corporation, is trying to decide whether he should buy a new machine that will improve production efficiency. The machine will increase cash inflows $\$ 5,000$
Daphney Corporation has 20,000 shares of $\$ 10$ par value common stock outstanding. Stockholders expect to receive annual dividends of $\$ 2$ per share. In addition, the corporation has issued $\$
Your company's cost of capital was determined to be 12 percent. Several investment alternatives are being considered, and the discounted cash flows have given the following results:Net present
California Company is trying to determine the relative profitability of two alternative investments. Investment A requires an initial cash outlay of $\$ 10,000$ and has a net present value of $\$
Tucker Yard Service Company is contemplating purchasing a new riding lawnmower for its business. One particular model has special features that enhance the cutting and the collecting of the mowed
A fast-food establishment is thinking of buying a new cooking grill and refrigeration unit. The cost of these new machines is $\$ 12,500$ and $\$ 9,000$, respectively. The installation costs of the
Southside Junk Yard needs to buy a car smasher. The machine would add the following revenues to the business over the next three years:Year 1 Cash savings $=\$ 30,000$Year 2 Cash savings plus
You have been offered the opportunity to purchase a franchise of sunshine Juice Stores. You will have to pay $\$ 155.625$ for the initial investment in the store and its equipment, plus $\$ 30.000)$
Nina Roberts has the opportunity to invest in a timber forest. She would have to invest $\$ 100,000$. Revenues of $\$ 20,000$ per year are projected for 20 yean However. these revenues will not begin
Nucore Company is thinking of purchasing a new candy-wrapping machine at a cost of $\$ 370,000$. The machine should save the company approximately $\$ 70,000$ in operating costs per year over its
The manager of Soft \& Creamy Ice Cream is thinking of buying a new soft ice cream machine. The machine will cost $\$ 13,500$ and will last 10 years. Soft ice cream sales are expected to generate $\$
Brad Miller is considering investing in a coin-operated laundromat. He can buy a small laundromat for $\$ 30,000$. Expected net revenues after expenses for maintenance and cleaning are $\$ 7,500$ per
Tom Thurlow wants to buy a boat but is short of cash. Two alternatives are available Tom can accept $\$ 2.000$ per year from his brother for partial ownenship in the boat. or he can earn money by
A small sales company is committed to supplying three sales representatives with new cars. The company has two alternatives. It can either buy the three cars and sell them after two years, or it can
As one aspect of its business, New Lawn Company currently rents a ditchdigging machine for an average of $\$ 48$ per job. A used machine is available for $\$ 995$ but would cost $\$ 498$ to repair.
Clarence Gleason has inherited an apartment complex. He is now faced with the decision of whether to sell or to rent the property. A real estate advisor believes that Clarence should rent the
Julie Kowalis, an investment analyst, wants to know if her investments during the past four years have earned at least a 12 percent return. Four years ago, she had the following investments:a. She
Taglioni's Pizza Company has to choose a new delivery car from among three alternatives. Assume that gasoline costs $\$ 1.30$ per gallon and that the firm's cost of capital is 12 percent. The car
Sunshine Corporation is considering several long-term investments. Management wants to accept the two best projects, given the following data.1. Determine the net present value and the profitability
Get Rich Corporation has to choose between two investment opportunities. Investment A requires an immediate cash outlay of $\$ 100,000$ and provides after-tax income of $\$ 20,000$ per year for 10
The management of Kitchen Shop is thinking of buying a new drill press to aid in adapting parts for different machines. The press is expected to save Kitchen Shop $\$ 8,000$ per year in costs.
Dino Corporation is trying to decide which of five investment opportunities it should undertake. The company's cost of capital is 16 percent. Owing to a cash shortage, the company has a policy that
Jennifer Swartz works as an interior decorator for Modern Fashion Corporation. Her annual salary is $\$ 36,500$. Of that amount, 20 percent is withheld for federal income taxes, 7.15 percent for
Trent Jones, a recent college graduate, has been hired by Midwest Corporation at a salary of $\$ 36,000$ per year. In anticipation of his salary, Trent purchased a $\$ 14,000$ automobile and will pay
Daytona Electric makes and sells two kinds of portable radios-an AM-FM radio with CD player and an AM-FM radio. The sales forecasts for these radios for the next four quarters are as followsAt
James Seigel is the CEO of Seigel Monitor Company, a manufacturer of computer monitors. Seigel manufactures three types of computer monitors: SVGA, VGA, and EGA. The sales projections (in units) for
Shaver Bicycle Shop assembles and sells tricycles and bicycles. The frames are purchased from one supplier and the wheels from another. The following materials are required:\begin{tabular}{ll}\hline
Shanahan Corporation produces three types of videocassettes: VHS, S-VHS, and 8 millimeter. Shanahan purchases tape for the videocassettes from a firm in Mexico and purchases the cases from another
Super Good Chocolate Company makes and sells two kinds of candy chucolate peanut bars and caramel bars. The production budget for the next three months for each of the bars is as
Sanford Shoe Company makes three shoe styles: loafers, work boots, and tennis shoes. The production budget for the next three months for each type of shoe is:\begin{tabular}{|c|c|c|c|}\hline &
High Lift Garage Door Company makes two types of garage doors: aluminum and wood. During the past several years, management has kept accurate records of costs and resource requirements and has
The management of West Valley Memorial Hospital needs to prepare a cash budget for July 2000. The following information is available:a. The cash balance on July 1,2000 , is $\$ 236,000$.b. Actual
Medical Supplies, Inc., purchases first-aid items from large wholesalers. Medical Supplies then assembles and sells first-aid kits to businesses and contracts to maintain the first-aid kits. You have
Whitlock, Inc., buys hardware parts from various manufacturers and sells them to retail stores. Management is presently trying to prepare a cash budget for August and has the following information
Dr. Dawn Gifford is a new dentist specializing in treating children under the age of 18. Dr. Gifford has two primary sources of revenues: (1) fees from regular dental work (check-ups, cleanings,
Gold Manufacturing Inc. is a manufacturer of electric pencil sharpeners. The following is information regarding Gold Manufacturing for the fiscal year-end, May 31, 2000:\begin{tabular}{|c|c|}\hline
Silver Company has asked you to prepare a pro-forma income statement for the coming year. The following information is available:Expected sales revenue$\$ 1,240,000$\section*{Manufacturing
The accountants at Bryant Hardware Company are currently preparing the pro-forma statement of cash flows for August. In getting ready to prepare the statement, they have the following information
Horrock's Inc. is a small engineering corporation that survevs land for development. The company has grown rapidly over the past few years, and management has to decide whether new engineers should
Flannery Muffler Shop has budgeted to repair 10,000 mufflers during 2000. Each repair job takes $11 / 2$ hours, and employees are paid $\$ 12$ per hour. During 2000, Flannery actually repaired 9,425
Outdoors Unlimited operates a fishing lodge in northern Canada. The following cost information has been developed by the company's accountant:Fixed costs:Salaries . . . . . . . . . . . . . . . . . .
Ben Fleming has just received a job offer of $\$ 35,000$ salary per year plus overtime pay, which will amount to $10 \%$ of his salary. The following is Ben's estimates of his living costs.Federal,
Carol Baum is an advertising specialist for Success Advertising, Inc. Her annual salary is $\$ 37,500$, of which 20 percent is withheld for federal income taxes, 7 percent for state income taxes,
Rockville Cabinet Company makes and sells two products: 2 -drawer and + drawer cabinets. The sales forecasts for these cabinets for the next four quarters are as
Chandler Manufacturing Company makes two products: widgets and gidgets. The following information is available on May 1:a. Direct materials needed to make a widget: six units of $\mathbf{X}$, three
Jersey Candy Company makes and sells two kinds of candy bars: chocolate almond and coconut. During the past several years, the company has kept accurate records of costs and resource requirements and
San Antonio Furniture Company makes two products: bookshelves and rocking chairs. The following information is available for September:a. Production requirements:c. Total actual resources used in
The following information is available for Raleigh Company:Additional information:a. Seventy percent of a month's sales is collected by month-end; the remaining 30 percent is collected in the
The following information is available for Durham Company, a merchandising retail company:Additional information:a. Seventy percent of a month's sales is collected by month-end; the remaining 30
Hare Manufacturing Company makes wax for automobiles. As part of overall planning, a cash budget is prepared quarterly each year. You have been asked to assist in preparing the cash budget for the
Keven Johnson, owner of Meyers Department Store, is negotiating a $\$ 50,000,15$ percent, 4 -month loan from the Lee County National Bank, effective October 1, 2000. The bank loan officer has
Athlete World is a sporting goods store. The data for use in preparing its forecast of cash needs for June are:b. Sales are made 60 percent on credit and 40 percent for cash. All credit sales are
Riverside Country Club has approximately $\mathbf{5 0 0}$ members. Each member has paid a $\$ 10,000$ initiation fee and pays $\$ 100$ a month in dues to remain an active member of the club. The club
Alex Corporation makes trailers for trucks. During the past few days, the company's accountants have been preparing the master budget for 2000 . To date, they have gathered the following projected
Style Right Company makes hair dryers. During the past few days, its accountants have been preparing the master budget for the coming year, 2000. To date, they have gathered the following projected
The accountants at Toledo Department Store are preparing the pro-forma statement of cash flows for 2000 . The following information is available:Required:Prepare the pro-forma statement of cash flows
Wasatch Medical Clinic has three doctors on staff. The clinic's budget for 2000 is as follows:1. Is this a static or flexible budget?2. Prepare a flexible budget showing expected income per doctor at
Peterson Management, Inc., is a small firm that sponsors time-management seminars in hotels throughout the country. It sponsors 20 two-day seminars during the year for a tuition fee of $\$ 200$ per
Distinguish between routine and nonroutine decisions.
Many accounting systems are designed to collect financial information for the purpose of preparing financial statements. What problem does this create for an accountant who is asked to compile
What is a differential cost? Give an example of how differential costs are used by managers making shortterm nonroutine decisions
What is a sunk cost? Why are sunk costs irrelevant in short-term nonroutine decision making?
Distinguish between the total-cost approach and the differential-cost approach to analyzing data for short-term nonroutine decisions.
What is the major limitation in using the total-cost approach to analyze data for short-term nonroutine decisions?
Explain why opportunit! costs are not meluded in the accounting records.
What is the significance of idle capac sts in deter mining the price of a special order?
If total manufacturing coss. including fixed manufacturing overhead are larger than the price offered by a purchaser for a spectal wrder. the order should not be accepted becallse the profts of the
In deciding whether to exit or enter a marhet what factors should be considered?
E & B Company has two divisions, processing and finishing. The Finishing Division has been purchasing certain products from the Processing Division at a price of $80 per unit. (A unit consists of 100
For each of the following situations, indicate whether the decision appears to be a routine operating decision; a short-term, nonroutine decision; or a long-term investment decision.1. Able
Quick Serve Company provides janitorial services for office buildings. Last year the firm acquired a cleaning machine for $\$ 100,000$. The firm expected to use the machine for five years. However,
Sturdy Chair Company manufactures wooden chairs. In producing the chairs a great deal of scrap wood is created. The company presently uses the word as fuet in a factory furnace. However, it has the
You are the controller for Comfort Shoe Company. The company has excess shoes which it has not been able to market through its own distribution outlets. The pres ident is negotiating with a large
Tiny Toy Company needs 40,000 miniature engines to complete its toy fire trucks If Tiny Toy Company buys rather than makes the part, some of the facilities still can not be used in another
Miller Manufacturing builds and markets personal computers for home and small business use. The company has been approached by an outside supplier offering to provide completed monitors to the
Alta Company has been manufacturing 8,000 units of part $\mathrm{X}$ for its products. The unit cost for the part is as follows:Direct materials ..... $\$ 3$Direct labor ..... 8 Variable
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