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managerial accounting tools for business decision making
Questions and Answers of
Managerial Accounting Tools For Business Decision Making
In what ways has cost accounting probably become more critical for Microsoft in recent years?
What criteria should be considered when selecting a cost accounting system for a service company?
Silva Co. started and completed 2,000 units for the period. Its beginning inventory is 600 units \(25 \%\) complete and its ending inventory is 400 units \(20 \%\) complete. Silva uses the FIFO
The Welding Department of Hirohama Manufacturing Company has the following production and manufacturing cost data for February 2010. All materials are added at the beginning of the process. Hirohama
In a production cost report, units to be accounted for are calculated as:(a) Units started into production + Units in ending work in process.(b) Units started into production - Units in beginning
Lowry Manufacturing uses a job order cost system and applies overhead to production on the basis of direct labor hours. On January 1, 2010, Job No. 25 was the only job in process. The costs incurred
Chris Duncan is a contractor specializing in custom-built jacuzzis. On May 1, 2010 , his ledger contains the following data.The Manufacturing Overhead account has debit totals of \(\$ 12,500\) and
Eckstein Manufacturing uses a job order cost system in each of its three manufacturing departments. Manufacturing overhead is applied to jobs on the basis of direct labor cost in Department A, direct
What type of costs do you think the company had been underestimating?
What types of costs will service companies report in job order cost systems?
What feature of these businesses creates an incentive to misstate cost accounting data on particular jobs? What can customers do to protect themselves from overbilling?
Ladoca Company, a manufacturer of tennis rackets, started proctuction in November 2010. For the preceding 5 years Ladoca had been a retailer of sports equipment. After a thorough survey of tennis
The following data were taken from the records of Ruiz Manufacturing Company for the year ended December 31, 2010.Instructions:(a) Prepare a cost of goods manufactured schedule. (Assume all raw
Agler Company is a manufacturer of toys. Its controller, Joyce Rotzen, resigned in August 2010. An inexperienced assistant accountant has prepared the following income statement for the month of
What are some of the steps that this company has taken in order to ensure that production meets demand?
Why might Nissan production require significantly fewer labor hours?
Why is it important to keep track of costs that are incurred to improve product quality?
Medina Manufacturing Company uses a simple manufacturing accounting system. At the end of its fiscal year on August 31, 2010, the adjusted trial balance contains the following accounts.Physical
Direct materials are a: Product Cost Manufacturing Overhead Period Cost (a) Yes Yes No (b) Yes No No (c) Yes Yes Yes (d) No No No
The formula to determine the cost of goods manufactured is:(a) Beginning raw materials inventory + Total manufacturing costs - Ending work in process inventory.(b) Beginning work in process inventory
Examples of recent trends in the economic environment of U.S. businesses are:(a) increasing deregulation, decreasing global conpetition, and a shift toward providing services rather than goods.(b)
If a company takes a large restructuring charge, what is the effect on the company's current income statements versus future ones?
How might management influence a company's current ratio?
Why might adding extra pages to the annual report not be beneficial to investors and analysts? What should be management's overriding objective in financial reporting?
Plano Corporation reported net income \(\$ 24,000\); net sales \(\$ 400,000\); and average assets \(\$ 600,000\) for 2010. What is the 2010 profit margin ratio?(a) \(6 \%\)(c) \(40 \%\).(b) \(12
Compute the days in inventory for 2010.(a) 64.4 days(b) 60.8 days.(c) 6 days.(d) 24 days
Compute the current ratio for 2010.(a) \(1.26: 1\)(b) \(3.0: 1\)(c) \(0.80: 1\)(d) \(3.75: 1\)
Compute the profit margin ratio for 2010.(a) \(17.1 \%\)(b) \(18.1 \%\)(c) \(37.9 \%\)(d) \(5.9 \%\)
Compute the return on common stockholders' equity for 2010(a) \(47.9 \%\).(b) \(51.7 \%\)(c) \(40.7 \%\)(d) \(44.0 \%\)
Compute the times interest earned for 2010.(a) 11.2 times(b) 65.3 times(c) 14.0 times(d) 13.0 times
What amount did Tootsie Roll Industries report as "Other comprehensive earnings" in 2007? By what percentage did Tootsie Roll's "Comprehensive earnings" differ from its "Net earnings"?
In general, why do differences exist between net income and net cash provided by operating activities?
Why do companies have negative cash from operations during the introductory phase?
Why does GM's cash provided by operating activities drop so precipitously when the company's sales figures decline?
The cash debt coverage ratio is:(a) a measure of liquidity.(b) a measure of profitability.(c) net income divided by average total liabilities.(d) a measure of solvency.
Rensing Corporation had these transactions during 2010.(a) Purchased a machine for \(\$ 30,000\), giving a long-term note in exchange.(b) Issued \(\$ 50,000\) par value common stock for cash.Classify
Jerez Company reported net income of \(\$ 190,000\) for 2010 . Jerez also reported depreciation expense of \(\$ 35,000\) and a loss of \(\$ 5,000\) on the sale of equipment. The comparative balance
The 2006 income statement for McDonald's Corporation shows cost of goods sold \(\$ 5,349.7\) million and operating expenses (including depreciation expense of \(\$ 1,249.9\) million) \(\$ 11,791.6\)
Tomlinson Corporation has paid 60 consecutive quarterly cash dividends ( 15 years). The last 6 months have been a real cash drain on the company, however, as profit margins have been greatly narrowed
In addition to regulatory cost, what is another reason why some owners choose not to take their companies public?
For stocks traded on organized stock exchanges, how are the dollar prices per share established? What factors might influence the price of shares in the marketplace?
What signal might a large stock repurchase send to investors regarding management's belief about the company's growth opportunities?
What factors must management consider in deciding how large a dividend to pay?
Raptor Inc. has retained earnings of \(\$ 500,000\) and total stockholders' equity of \(\$ 2,000,000\). It has 100,000 shares of \(\$ 8\) par value common stock outstanding, which is currently
In the stockholders' equity section of the balance sheet, common stock:(a) is listed before preferred stock.(b) is listed after retained earnings.(c) is part of paid-in capital.(d) is subtracted from
Roger is nearing retirement and would like to invest in a stock that will provide a good steady income. Roger should choose a stock with a:(a) high current ratio.(b) high dividend payout.(c) high
Due to five years of record earnings at Sing CD Corporation, the market price of its 500,000 shares of \($2\) par value common stock tripled from \($15\) per share to \($45\). During this period,
Jennifer Corporation has issued 300,000 shares of \($3\) par value common stock. It is authorized to issue 600,000 shares. The paid-in capital in excess of par value on the common stock is
The drop in stock prices did not change the debt to total assets ratios of these companies. Discuss how the perception of a high debt to total assets ratio changed before and after the fall in stock
Explain how the sale of plant assets could improve the company's solvency.
How can financial ratios such as those covered in this chapter provide protection for creditors?
To illustrate the usefulness of financial calculators on the Web.Instructions:Choose one of the many financial decisions listed at the site. Fill in inputs based on two different sets of assumptions.
Corricten Company borrows \(\$ 88,500\) on September 1, 2010, from Harrington State Bank by signing an \(\$ 88,500,12 \%\), one-year note. What is the accrued interest at December 31, 2010?(a) \(\$
Andre Company has total proceeds from sales of \(\$ 4,515\). If the proceeds include sales taxes of \(5 \%\), what is the amount to be credited to Sales?(a) \(\$ 4,000\).(b) \(\$ 4,300\)(c) \(\$
Cuso Inc. issues 10 -year bonds with a maturity value of \(\$ 200,000\). If the bonds are issued at a premium, this indicates that:(a) the contractual interest rate exceeds the market interest
Kant Corporation retires its \(\$ 100,000\) face value bonds at 105 on January 1, following the payment of interest. The carrying value of the bonds at the redemption date is \(\$ 103,745\). The
Which of the following is not a measure of liquidity?(a) Debt to total assets ratio.(b) Working capital.(c) Current ratio.(d) Current cash debt coverage.
On January 1 Pierce Corporation issues \(\$ 500,000\), 5 -year, \(12 \%\) bonds at 96 with interest payable on January 1 . The entry on December 31 to record accrued bond interest and the
On January 1, Daisey Duke Inc. issued \(\$ 1,000,000\), 10 -year, \(9 \%\) bonds for \(\$ 938,554\). The market rate of interest for these bonds is \(10 \%\). Interest is payable annually on December
On January 1, Anthony Corporation issued \(\$ 1,000,000,14 \%, 5\)-year bonds with interest payable on December 31.The bonds sold for \(\$ 1,072,096\). The market rate of interest for these bonds was
Why might airline managers choose to lease rather than purchase their planes?
How does measuring marketing ROI support the overall efforts of the organization?
How should ESPN account for the \(\$ 1.1\) billion per year franchise fee?
Do you think that this treatment would be allowed under U.S. GAAP?
Assume that Drummond Corp. purchases a delivery truck for \($15,000\) cash plus sales taxes of \($900\) and delivery costs of \($500.\) The buyer also pays \($200\) for painting and lettering,
Kant Enterprises purchased a truck for \(\$ 11,000\) on ( 80 g) January 1,2009 . The truck will have an estimated salvage value of \(\$ 1,000\) at the end of 5 years. If you use the units-of-activity
When would it be appropriate for a company to lower its allowance for doubtful accounts as a percentage of its receivables?
How would reported net income likely differ during the first year of this promotion if Mitsubishi used the direct write-off method versus the allowance method?
What steps should the banks have taken to ensure the accuracy of financial information provided on loan applications?
What issues should management consider in deciding whether to factor its receivables?
Why would unsupervised employees or employees who report to each other represent potential internal control threats?
Why would a company's stock price fall if it reports deficiencies in its internal controls?
In 2010 Patterson Wholesale Company had net credit sales of \(\$ 750,000\). On January 1,2010 , Allowance for Doubtful Accounts had a credit balance of \(\$ 18,000\). During 2010, \(\$ 30,000\) of
Fraud Bureaut is a free service, established to alert consumers and investors about prior complaints relating to online vendors, including sellers at online auctions, and to provide consumers,
What steps might the companies take to avoid such a serious disruption in the future?
What effect does an overstatement of inventory have on a company's financial statements?
Why is inventory control important to managers such as those at Wal-Mart and Best Buy?
If a perpetual system keeps track of inventory on a daily basis, why do companies ever need to do a physical count?
If a company expects significant returns, what are the implications for revenue recognition?
Why have investors and analysts demanded more accuracy in isolating "Other gains and losses" from operating items?
Explain how Wal-Mart's profitability gave it a strategic advantage over Kmart.
Aerosmith Company's accounting records show the following at the year-end December 31, 2010. Purchase Discounts Freight-in Purchases Beginning Inventory Ending Inventory Purchase Returns $ 3,400
Arbor Corporation had reported the following amounts at December 31, 2010: Sales \(\$ 184,000\); ending inventory \(\$ 11,600\); beginning inventory \(\$ 17,200\); purchases \(\$ 60,400\); purchase
What is a post-audit? What are the potential benefi ts of a post-audit?
On January 1, Xiang Corporation issues \($500,000,\) 5-year, 12% bonds at 96 with interest payable on January 1. The entry on December 31 to record accrued bond interest and the amortization of bond
Compute the profit margin for 2017.(a) 17.1%.(c) 37.9%.(b) 18.1%.(d) 5.9%.
In this chapter, we evaluated a home electronics giant, Best Buy. Tweeter Home Entertainment sold consumer electronics products from 154 stores on the East Coast under various names. It specialized
What organization issues U.S. accounting standards?(a) Financial Accounting Standards Board.(b) International Accounting Standards Committee.(c) International Auditing Standards Committee.(d) None of
What motivates sales executives and finance and accounting executives to participate in activities that result in inaccurate reporting of revenues?
Suppose that Robert Jones purchases a \(\$ 100\) gift card at Best Buy on December 24, 2009, and gives it to his wife Mary Jones on December 25, 2009. On January 3, 2010, Mary uses the card to
Cookie Creations is gearing up the winter holiday season. Natalie has had a busy month of December. She needs to journalize and post the month's transactions and complete the accounting cycle,
Square Deal, a large national retail chain, is nearing its fiscal year-end. It appears that the company is not going to hit its revenue and net income targets. The company's marketing manager, Mickey
In order for these companies to prepare and issue financial statements, their accounting equations (debit and credits) must have been in balance at year-end. How could these errors or misstatements
Do you think that the Chicago Bears football team would be likely to have the same major revenue and expense accounts as the Cubs?
In what ways is this Microsoft division using accounting to assist in its effort to become more profitable?
In November 2009 after having incorporated Cookie Creations Inc., Natalie begins operations. She has decided to not pursue the offer to supply cookies to Biscuits. Instead she will focus on offering
During 2010, Gibson Company assets decreased \(\$ 50,000\) and its liabilities decreased \(\$ 90,000\). Its stockholders' equity therefore:(a) increased \(\$ 40,000\).(b) decreased \(\$ 140,000\)(c)
Presented below are three economic events. On a sheet of paper, list the letters (a), (b), an (c) with columns for assets, liabilities, and stockholders' equity. In each column, indicate whether the
Bob Sample and other student investors opened Campus Carpet Cleaning, Inc. on September 1, 2010. During the first month of operations the following transactions occurred.The chart of accounts for the
After investigating the different forms of business organization, Natalie Koebel decides to operate her business as a corporation, Cookie Creations Inc., and she begins the process of getting her
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