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financial accounting information for decisions
Questions and Answers of
Financial Accounting Information For Decisions
Red Coffee Company packages coffee beans for use in restaurants and coffee shops. Direct materials are added at the end of the process. The following data were presented for September:Determine the
Green Machine is a company that makes ride-on mowers for home use. The company utilizes an assembly-line manufacturing system to make the mowers. The company uses process costing as it does not keep
Massive Mining Co. refines iron ore for export markets. The following data relates to the company’s mine for the month of April: 25,000 units of work in process existed on April 1, the costs for
The job cost records for Azzizi Company for the month of June show the following information:1. Determine the value of the work-in-process inventory for June 30 and the finished goods for June 30.2.
chell, Pickings, and Matthews is a law firm that focuses on environmental law. It employs ten lawyers and three partners. During the last year, each lawyer and partner charged 1,500 billable hours to
The Big Table Co. produced a batch of 20 tables during June on Job 2487.The following materials were issued to Job 2487:Twenty hours of labour were charged to the job. The labour cost is \($20\) per
(Job Costing) Fisher Ltd. manufactures custom furniture and uses a job costing system. On January 1, 2012, there were no balances in work-in-process or finished goods inventories. The following
For each of the following companies, identify whether it would use a process or job costing system.a) Lawyer's officeb) Oil and gas companyc) Newspaperd) Catering companye) Textbook publisherf)
Smiley Homes recently purchased a large piece of land and has begun construction of ten new homes, which are anticipated to cost a total of \($280,000\) each to manufacture. At the end of Year 1,
The Children’s Hospital has hired Fared Construction as the contractor to build the new cancer wing for the hospital. The project, earning Fared Construction\($52,000,000\) in revenues, is expected
Houston Publishing purchases paper by the ream for the production of textbooks for colleges and universities. One ream of paper is equivalent to approximately 500 pages of paper. The publisher
A cellphone manufacturer orders batteries in lot sizes of 15,000 batteries. Each phone manufactured by the company requires one battery. The annual demand for cellphones is 250,000 phones. The
UltraFit Organic Foods orders many of its grocery items in lot sizes of 50 units. Average demand for organic coffee is 20,000 one-kilogram bags per year. Ordering cost is \($12.50\) per order, with
Mayo Manufacturing had the following activity levels and costs for the last two months:Assuming both activity levels are within the relevant range, what are the variable costs, fixed costs, and mixed
At Goldfish Enterprises, the costs for 15,000 hours of consultant services are $345,000 and the costs for 7,000 hours are $185,000. What are the variable costs per unit for Goldfish?a. $20.00b.
What is the variable cost of producing one unit?a. $100b. $202¢. $267d. $265
What is the total production cost for one unit?a. $106.50b. $297.00c. $347.00d. $267.00
Corporate Document Service incurs variable costs of \($7\) every time a document is pro- cessed. The company also has fixed costs of \($100,000\) per month. The selling price for each service is
Relay Co. makes baseballs. It can make 300,000 baseballs a year at a variable cost of \($750,000\) and a fixed cost of \($450,000.\) Relay predicts that next year it will sell 240,000 baseballs at
Yorkstar plans for a profit of \($40,000\) and expects to sell 20,000 units. Variable cost is \($8\) per unit and total fixed costs are \($100,000.\) Calculate the selling price per
Ryanna's Flowershop sells her flower arrangements for an average price of \($30\) per bunch, with an average cost of \($20.\) Her fixed costs are \($66,000\) per year. How many flower arrangements
Jasper Technology Consultants have fixed costs of \($450,000\) per year. There are 10,000 hours billed on average per year. If variable costs are \($35\) per hour, calculate the breakeven charge rate
Hong Long Ltd. has a product that is sold for \($75;\) variable costs are \($30\) and fixed costs are \($1,000\) per month. Calculate how many products must be sold to obtain a profit of \($10,000\)
Victory Sales Co. predicts its selling price to be \($20\) per unit. Estimated costs include: direct materials, \($8\) per unit; direct labour, \($5\) per unit; and fixed overhead, \($7,000.\)
Hall Company produces 1,000,000 widgets per year and has a total plant capacity of 1,200,000 widgets. Based on making 1,000,000 widgets a year, the revenues and costs for one widget areThe company
Gigantic Motors has just developed a new SUV—the Rage. The costs associated with making the Rage includeWhat is its prospective selling price, using cost-plus pricing, if the company wants a
Division A sells tomato paste internally to Division B, which, in turn, makes tomato sauce that is sold for \($3\) per jar. The costs to manufacture tomato paste are \($2.50\) per kg. Approximately
Goods that are completed in the production process of a manufacturing businessa. Increase work-in-process inventory and decrease finished goods inventory b. Decrease work-in-process inventory and
In a retail organization, salesa. Increase inventory and increase cost of goods soldb. Increase inventory and decrease cost of goods soldc. Decrease inventory and decrease cost of goods soldd.
National Retail Stores has identified the following data from its accounting records for the year ended December 31: Sales, \($1,100,000;\) purchases, \($650,000;\) and general and administrative
Backflush costing does not account fora. Raw materials inventory b. Work-in-process inventoryc. Finished goods inventoryd. Cost of goods sold
The key advantage of a just-in-time inventory management system isa. The reduction in carrying costsb. Improved relationships with suppliersc. Greater employee satisfactiond. All of the above
An item of inventory is purchased for \($1,500.\) The sales price was \($2,000,\) but as the item has now been replaced by a new model, it can only be sold for a discounted price of \($1,350.\) The
The cost of 8, 000 units sold in the month and the value of ending inventory using the weighted average method area. $16,873; $6,327b. $16,400; $6,800c. $17,000; $7,000d. $52,000; $19,500 Purchases
The cost of 8,000 units sold in the month and the value of ending inventory using the FIFO method area. $16,400; $6,800b. $16,873; $6,327c. $52,000; $19,500d. $18,400; $6,900 Purchases made during
Bluesky Limited’s Assembly Department had 20,000 units in its WIP inventory on March 1,2012. Direct materials are added at the beginning of the assembly process. An additional 60,000 units were
Jerry's Engineering has a three-year contract to construct a large piece of capital equipment for its client. The contract price is \($4\) million. At the end of the first financial year of the
Kurt's Kitchen orders 1,000 packages of ketchup per month to meet customer demand. Kurt used all of the ketchup packages in the given month. The ketchup ordering cost is \($50\) per order, while the
The following information has been recorded for Model B manufactured by JKL Enterprises:The EOQ for Model B isa. 1,639b. 300 c. 110d. None of the above Annual ordering costs $4,000 Annual carrying
Management control encompasses which of the following activities?a. Creating goals, strategies, and policies for an organizationb. Implementing strategiesc. Managing the performance of individual
____________ is used by an organization to assess the internal and external environments.a. Environmental scanningb. Environmental managementc. Evaluation and controld. Internal and external
Which of the following items would NOT be a part of management control system?a. Budgetsb. Plans and objectivesc. Policies and proceduresd. Incentives and reward structurese. Published financial
Which of the following is an example of a feedback system?a. flashing engine warning symbol on the dashboard of a carb. An employee manual outlining the steps to assemble an electronic toyc. Standard
Feedforward control systems: can be characterized bya. Predesigned standardsb. A process where errors are identified and actions are taken to correct the errorsc. Involvement of management in
Intangible asset would NOT includea. Organizational cultureb. Employee skills and knowledgec. owned by the businessd. Goodwill
Which of the following tools translates an organization’s strategy) into a number of performance measures (both financial and non-financial)?a. Balanced scorecardb. Operations budgetc. Mission and
Carol's Cupcakes would like to report a measure of profitability on her BSC. Under ‘Which perspective should she include this measure?a. Customer perspectiveb. Internal business process
Andrew Finning, the CFO for New Bank, wants to measure the increase in the number of loan applications on the bank's BSC. In which perspective should this measure be included?a. Customer
Manufacturing cycle time is a measure that could be included under which perspective?a. Customer perspectiveb. Internal business process perspectivec. Financial perspectived. Learning and growth
One of the objectives of the learning and growth perspective isa. Increasing customer satisfactionb. Increasing market sharec. Improving knowledge of employeesd. Lowering costs of manufacture
A more holistic approach to performance management that supports the strategic management process and aims to overcome the difficulties of integrating information from diverse systems is calleda.
Ethan Coleman, the president and CEO of High-Tech Inc., recently stated:We are in the business of innovation! If we don’t innovate and encourage creative thinking in our employees, we are doomed.
Identify if each of the following is a control system. Why or why not?a. The employees of Hadden Industries respect their employer and always try to make a high quality product.b. Benjamin Quarin
The following discussion took place between Harold ‘Adams, the Garcia Industries plant supervisor, and Serena Garcia, the company president:Harold: “Serena, I think we have some very good
According to Anthony and Govindarajan (2000), every control system as at least four elements:1. A detector or sensor that measures what is happening 2. An assessor that determines the significance of
Robert Kaplan and David Norton (2004) state that “intangible assets almost never create value by themselves.” The value of intangible assets is strong only if the intangible assets support the
Goodall Corporation makes a wireless computer keyboard called the Blackbird. The following information was compiled for 2010 and 2011.Due to increases in direct materials costs, Goodall is concerned
Rose Oil Cosmetics plans to grow its company by offering a new line of anti-aging products that are superior and uniquely different than their competitor's product.Rose Oil knows that it needs to
Mandy’s Magic Cleaners manufacturers cleaning products for the restaurant industry, including industrial strength degreasers and dishwasher products. Her products have an average sales price of $40
Phone-Tech manufactures cellphones that utilize a touch-screen platform. Part of its overall strategy is to provide a high-quality phone that customers NEVER return for warranty repair. The company
No-One-Home is a security system provider in western Canada. Over the years, the company has implemented many management techniques (such as flexible budgeting, just-in-time inventory management, and
The financial statements of Voyager Productions Ltd. are shown below:Calculate the following ratios: a. Return on investment (ROI) b. Return on capital employed (ROCE) c. Operating margin d.
Jupiter Services has produced some financial ratios for the past two years. Use the ratios that have already been calculated to draw some conclusions about Jupiter's a. Profitability b.
Jones and Calenti Retail Stationery sells its products to other businesses. It has provided the following information: Sales Cost of sales Inventory at end of year Accounts receivable at end of year
The five-year financial statements of Raj Inc. show the following sales figures: 2012 2011 2010 2009 2008 Sales (in $millions) $155 $144 $132 $130 $120 Calculate the sales growth figures for each
Calculate the overhead-to-sales ratio. Sales Raj Inc. Statement of Comprehensive Income, 2012 (in $millions) Cost of sales Gross profit Selling, administration expenses Operating profit before
Equinox Services Inc. provides a range of business consultancy services. Its financial statements for the last two years are given in Exhibit 5.15. Exhibit 5.15 Equinox Services Inc. Statement of
Homes Inc:’s Statement of Comprehensive Income shows the following: 2012 2011 Sales $1,250,000 $1,175,000 Cost of sales 787,000 715,000 Selling & admin. expenses 324,000 323,000
Using the above information for Acorn Services Inc., the return on capital employeda. Has improved from 40.3% to 56.4%b. Has worsened from 56.4% to 40.3%c. Has improved from 46.3% to 57.6%d. Has
In reviewing liquidity and leveraging ratios for Acorn Services Inc., we can say thata. Long-term debt has increased as a proportion of total capital employed, and liquidity has improved due to the
Fortune Stationers is open 250 days each year and last year achieved sales of $9 million with a gross profit of 60% of sales. At the end of the year, Fortune's statement of financial position
Rockford Inc. is a retail chain with 160 stores and 14,000 employees. Its financial statements for 2012 are shown below:Calculate sufficient ratios for both 2012 and 2011 to demonstrate the changes
Ratunga Inc. manufactures and sells office furniture to business customers. It is listed on a stock exchange. A ratio analysis of its statement of comprehensive income and statement of financial
Cleereen's working capital ratio is a. 0.85 b. 2.77 c. 3.92 d. 9.15 Below is some information from the financial records of Cleereen Co.: Accounts payable $ 18,000 Accounts receivable 20,000 Bank
P5.14 Cleereen's acid ratio is a. 0.85 b. 1.42 c. 2.77 d. 3.92 Below is some information from the financial records of Cleereen Co.: Accounts payable $ 18,000 Accounts receivable 20,000 Bank
Cleereen’s asset turnover isa. 90.9%b. 110.0%c. 157.3%d. 121.3% Below is some information from the financial records of Cleereen Co.: Accounts payable $ 18,000 Accounts receivable 20,000 Bank
Give two reasons why a company might prefer to take on long-term debt rather than issue more shares.
List the most important issues that should be addressed in the MD&A.
A company has sales of \($100,000,\) salaries expense of \($30,000,\) utilities expense of \($2,000,\) and cost of sales of \($60,000.\) Calculate the following:a. Gross profitb. Gross profit
Describe the responsibility that management has regarding the preparation and presentation of financial statements.
Explain the purpose of the Conceptual Framework for Financial Reporting.
Explain what is meant by the following financial information terms:a. Confirmative valueb. Predictive valuec. Materiality
Kazam Services begins the month with capital of $200,000 and the following assets and liabilities: Assets non-C Property, plant, and equipment $500,000 Accounts receivable rent $125,000 Liabilities
Beaupre Ltee has property, plant, and equipment of \($250,000,\) current assets of \($125,000,\) non-current liabilities of \($125,000,\) and accounts payable within 12 months of \($75,000\).a. What
Disanity Corporation's statement of comprehensive income shows the following:Based on these figures, which of the following statements is true?a. Sales, cost of goods sold, and expenses have all
Indicate how the following transactions will be accounted for in the statement of comprehensive income and the statement of financial position for a company with a fiscal year-end of December 31,
Rosi Inc. imports high-end wooden furniture from ovérseas and sells it to furniture stores. The following are amounts extracted from the company’s A general ledger for January 2012:Prepare the
A company bought a machine on July 1, 2009, for \($50,000.\) At that date, it was estimated to have a useful life of five years and a residual value of \($5,000\) at the end of its useful life. On
Tubular Steel has 1 million shares issued that have a market price of \($5.00\) each. After-tax profits are \($350,000\) and the dividend paid is 25 cents per share.a. Dividend payout ratio is
When considering the working capital ratio/for a company with inventory, the acid test ratio willa. Always be betterb) Always be worsec. Always be the samed. May be better or worse
If ROCE declines from 12% to 10% from one year to the next aS shareholders’ equity has remained constant, it is most likely becausea. PBIT is higher and/or long-term debt is lowerb. PBIT is lower
Sales have increased in the previous year and the(gross-profit-to-sales ratio has increased but the operating-profit-to-sales ratio has fallen. This is most likely becausea. Expenses have increasedb.
Risk is highest whena. Degree of operating leverage is lower and interest cover ratio is lower.b. Degree of operating leverage is higher and the interest cover ratio is higher.c. Degree of operating
The asset turnover ratio representsa. How long assets are kept before they are soldb. The efficiency of use ofassets)ta(generate sales)c. New capital expenditured. The period over which assets are
Brigand Ltd. has 2 million shares issued with a market price of \($2.50\) each. The company wants to pay a dividend of 60% of its after-tax profits of \($1,750,000.\) The dividend yield would bea.
Brulé Ltee’s statement of comprehensive income shows the following:Based on these figures, which one of the following statements is true?a. Sales, cost of sales, and selling and administration
‘The term triple bottom line refers to disclosing which information?a. Financial, economic, and socialb. Assets, liabilities, and shareholders’ equityc. Names of owners, directors, and
Sustainability reporting refers to a company reporting ona. Its ability to continue making profits in the futureb. Its ability to obtain financing for future developmentc. The social and
Compared to the previous year, a company’s profits increased while its share price decreased.The company paid more dividends than the previous year, The number of shares issued remained unchanged.
Generally speaking, a company would strive for which of the following?a. Increase in rates of profit on shareholders’ equity, capital employed, and salesb. Increase in dividend EPS and P/Ec.
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