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managerial accounting
Questions and Answers of
Managerial Accounting
This problem continues the Canyon Canoe Company situation from Chapter 8. Amber and Zack Wilson are continuing to review business practices. Currently, they are reviewing the company’s property,
The financial statement presentation of debt securities categorized as trading, held-to-maturity, or available-for-sale as of March 31, 2018, is due shortly to Catherine’s supervisor. She has
How are held-to-maturity debt investments reported on the financial statements?
Where on the financial statements is an unrealized holding gain or loss on available-for-sale debt investments reported?
Where on the financial statements is an unrealized holding gain or loss on trading debt investments reported?
What adjustment must be made at the end of the period for trading debt investments and available-for-sale debt investments?
What method is used for investments in equity securities with more than 50% ownership? Briefly describe this method.
What method is used for investments in equity securities when the investor has significant influence and typically 20% to 50% ownership? Briefly describe how dividends declared and received and share
When disposing of an available-for-sale debt investment, where is the gain or loss on disposal reported in the financial statements?
Briefly describe the specific types of debt and equity securities.
View a link to Target Corporation’s Fiscal 2015 annual report at http://www .pearsonhighered.com/ Horngren. Refer to the Target Corporation financial statements, including Notes 14 and 15. Answer
The Fraser River Corporation has purchased a new piece of factory equipment on January 1, 2018, and wishes to compare three depreciation methods: straight-line, double-declining-balance, and
What is the depreciation method that is used for tax accounting purposes? How is it different than the methods that are required by GAAP to be used for financial accounting purposes?
The Lake Lucerne Company uses the allowance method of estimating bad debts expense. An aging schedule is prepared in order to calculate the balance in the allowance account. The percentage
List some common examples of other receivables, besides accounts receivable and notes receivable.
Visit http://www.pearsonhighered.com/Horngren to view a link to Target Corporation’s 2015 Fiscal Year Annual Report. Study the audit opinion (labeled Report of Independent Registered Public
Lori Anders of Wilderness Associates is getting ready to prepare the October bank reconciliation.The cash balance on the books of Wilderness Associates on October 31 is $3,546.Lori reviews the bank
Obtain the annual reports of as many companies as you have team members—one company per team member. Most companies post their financial statements on their Web sites.Requirements1. Identify the
Johnson Company uses a perpetual inventory system. The January 2018 inventory information is as follows. Assume cash purchases and sales.
Discuss the materiality concept. Is the dollar amount that is material the same for a company that has annual sales of $10,000 compared with a company that has annual sales of $1,000,000?
Dobbs Wholesale Antiques makes all sales under terms of FOB shipping point. The company usually ships inventory to customers approximately one week after receiving the order. For orders received late
This problem continues the Canyon Canoe Company situation and focuses on non-merchandising transactions, adjusting and closing entries, and preparing financial statements. Canyon Canoe Company does
Cougar Mountain Sports has prepared an adjusted trial balance for the fiscal year ended June 30, 2018. Notes to the adjusted trial balance are located below the totals.Use the blue shaded areas on
This case, based on the balance sheet of Target Corporation, will familiarize you with some of the assets and liabilities of that company. Visit http://www.pearsonhighered.com/ Horngren to view a
Cedar River Corporation started operations on July 1, 2018. On July 31, a trial balance was prepared, adjusting entries were journalized and posted, and an adjusted trial balance was completed. A
For each account listed, identify whether the account is a temporary account (T) or a permanent account (P).a. Rent Expenseb. Prepaid Rentc. Equipmentd. Common Stocke. Salaries Payablef. Dividendsg.
One year ago, Tyler Stasney founded Swift Classified Ads. Stasney remembers that you took an accounting course while in college and comes to you for advice. He wishes to know how much net income his
Cedar River Corporation started operations on July 1, 2018. The transactions that occurred during the month were journalized and posted, and a trial balance was prepared at the end of the month. The
Austin Acoustics recorded the following transactions during October:a. Received $2,500 cash from customer for three months of service beginning October 1 and ending December 31. The company recorded
What is an accrued expense? Provide an example.
What is a deferred revenue? Provide an example.
What is the difference between cash basis accounting and accrual basis accounting?
Refer to http://www.pearsonhighered.com/Horngren to view a link to Target Corporation’s Fiscal 2015 Annual Report.Requirements1. Calculate the debt ratio for Target Corporation as of January 30,
Redmond Corporation started operations on April 1, 2018. Seventeen transactions occurred during April. Financial statements are prepared at the end of the month.Requirements1. Use Excel to record the
This and similar cases in later chapters focus on the financial statements of a real company—Target Corporation, a discount merchandiser that sells a wide assortment of general merchandise and
Echo Lake Corporation started operations on November 1, 2018. Nine transactions occur during November. Financial statements are prepared at the end of the month.Requirements1. Use Excel to prepare a
Centerpiece Arrangements has just completed operations for the year ended December 31, 2018. This is the third year of operations for the company. The following data have been assembled for the
What is the calculation for ROA? Explain what ROA measures.
How does retained earnings increase? What are the two ways that retained earnings decreases?
What is accounting?
Use the same transaction data for Magnificent Modems, Inc., as was used in Chapter 1. (See page 52.)Requireda. Use the following partially completed form to prepare an income statement using the
RequiredBuild the spreadsheet pictured in Exhibit 3.3. 11e sure to use formulas that will automatically calculate profitability if fixed cost, variable cost, or sales volume is changed.
RequiredMatch the numbers shown in the graph with the following items.a. Fixed cost line d. Area of profitb. Total cost line
RequiredIdentify the following costs as fixed or variable:Costs related to plane trips between New York, New York, and Los Angeles, California, follow. Pilots are paid on a per-trip basis.a.
Magnificent Moderns, Inc., makes modern cards that are used m notebook computers. The company completed the following transactions during 2014. All purchases and sales were made with cash.1. Acquired
Victor Holt, the accounting manager of Sexton, Inc., gathered the following information for 2014. Some of it can be used to construct an income statement for 2014. Ignore items that do not appear on
RequiredIndicate whether each of the following costs should be classified as a product cost or as a general, selling, and administrative cost.a. The depreciation on the company treasurer’s
RequiredIndicate whether each of the following items is representative of financial or managerial accounting.a. A weekly cash budget used by the treasurer to determine whether cash on hand is
RequiredIndicate whether each of the following costs should be classified as a product cost or as a selling. general, and administrative cost.a. Interest on the mortgage for the company’s corporate
RequiredIndicate whether each of the following items is representative of managerial or of financial accounting.a. Information is based on estimates that are bounded by relevance and timeliness.b.
What is cost-plus pricing?
What does the fixed overhead budget variance measure?
What is a self-imposed budget? What are the major advantages of self-imposed budgets? What caution must be exercised in their use?
What are unit-level, batch-level, product-level, customer-level, and organization-sustaining activities?
A number of graphs displaying cost behavior patterns are shown below. The vertical axis on each graph represents total cost and the horizontal axis represents the level of activity (volume).
Distinguish between (a) a variable cost, (b) a fixed cost, and (c) a mixed cost.
The questions in this exercise are based on Anheuser-Busch Companies, Inc. The company had almost $15 billion in net sales in 2004. Although the company derives revenue from various sources, we are
Refer to the data for Durall Company in the preceding case. Assume that the company uses the FIFO method.Required:1. Prepare a report for the Forming Department for October showing how much cost
Refer to the data for the Mixing Department in Honeybutter, Inc., in Problem 4-19. Assume that the company uses the FIFO method rather than the weighted-average method in its process costing
Refer to the data for Arbon Company in Exercise 4-16.Required:Assuming that the company uses the direct method rather than the step-down method to allocate service department costs, how much overhead
Refer to the data for Gulf Fisheries, Inc., in Exercise 4-14.Required:Compute the equivalent units for May for the Cleaning Department, assuming that the company uses the FIFO method of accounting
Refer to the data for Kalox, Inc., in Exercise 4-11.Required:Assume that the company uses the FIFO method of accounting for units and costs.1. Compute the equivalent units for May’s activity for
How are service department costs allocated to other departments under the step-down method?
How are interdepartmental service costs handled under the direct method?
Coral Corporation is evaluating a proposal to supply warehouse space to a potential customer as well as maintain all the required warehouse records. Coral has a storage barn not currently in use;
Linda Trueblood, president of ProSkate, was staring at the most recent quarterly performance report and was not pleased. “How can this be possible?” she asked of her senior management team. “I
Make an appointment to meet with the manager of an auto repair shop that uses standards. In most cases, this would be an auto repair shop that is affiliated with a chain, such as Petro-Canada or
What are the four categories of quality costs, and how do they interact?
A merchandising company showed $250,000 in cost of goods sold on its income statement. The company’s beginning inventory was $75,000, and its ending inventory was $60,000. The accounts payable
Aucton Corporation is a manufacturing company that uses ABC for its external financial reports. The company’s activity cost pools and associated data for the coming year appear below: At the
Which of the following is not a type of quality cost?• Prevention cost• Appraisal cost• Internal failure cost• Design cost
Ricky Penner, a managerial accounting student, decided to apply the cost of quality framework to his university work. Help him list examples of internal and external failure as they pertain to (1) an
In 20X2, Montana’s manufacturing division implemented a system to report on quality costs. At the end of 20X5, the production manager wanted to know if quality costs were different from 20X3. The
Assume you recently accepted a job with a company that designs and builds helicopters for commercial and military use. The company has numerous contracts with the U.S. military that require the use
Refer to the information in question 4. How much is overor underapplied overhead?a. $10,250 overapplied.b. $10,250 underapplied.c. $5,250 overapplied.d. $5,250 underapplied.e. None of the above.
Sydney Malkin, an architect in a small town in Saskatchewan, was asked to bid on a major project to build a new arena for the city. While he had never been involved in such a project, he had played
For each of the following, independent scenarios, indicate the nature of the costs as variable, fixed, mixed, or step costs.1. A cellphone contract where there is a minimum cost per month plus
Rudolph, Donner, and Blitzen is a small, highly successful law firm in Markham, Ontario. The partners decide that they would like to give back to the community by opening a not-for-profit legal
Refer to the Farnsworth Company information in Problem 3-27 for the first I0 months of data on receiving orders and receiving cost. Now suppose that Tracy has gathered two more months of data:For the
Ellen McGuire operates a local courier service with 10 vehicles. These vehicles pick up and deliver packages within the urban area. Ellen is very concerned about her delivery costs and wants to get a
Peninsula Garden Centres Inc. produces tomato plants and vines in a greenhouse/nursery operation. The following information was provided for the coming year. A sales commission of 4 percent of sales
In the coming year, Empire Company expects to sell 75,500 units at $33 each. Empire's controller provided the following information for the coming year. Required 1. Calculate the cost of one unit of
Franklin Company purchases 4,500 units of Widgelets each year in lots of 500 units per order. The cost of placing one order is $22, and the cost of carrying one unit of product in inventory for a
Memorsave Inc. makes and sells picture frames and expects the following units to be sold from July to September of the coming
Imperial Doors produces two shower door models: Frosted23 and Frosted26. The Frosted23 sells for $250, and the Frosted26 sells for $375. Projected sales (number of doors) for the coming five quarters
Imperial Doors produces two shower door models: Frosted23 and Frosted26. Projected sales (number of doors) for the coming five quarters are as follows: The vice-president of sales believes that the
Typefast Inc. manufactures computer keyboards. The following is Typefast's production budget for the fourth quarter of the calendar
Recent monthly costs of providing on-board flight service incurred by Great Plains Airlines are shown in the following table.Required:1. Construct an Excel spreadsheet and use the Excel commands to
The Allegheny School of Music has hired you as a consultant to help in analyzing the behavior of the school’s costs. Use the account-classification method of cost estimation to classify each of the
Explain how to compute the after-tax amount of a cash revenue or expense.
Mind Challenge, Inc., publishes innovative science textbooks for public schools. The company’s management recently acquired the following two new pieces of equipment.• Computer-controlled
Allegience Insurance Company’s management is considering an advertising program that would require an initial expenditure of $165,500 and bring in additional sales over the next five years. The
Describe the relative-sales-value method of joint cost allocation.
Refer to the data given in the preceding exercise.Data from preceding exercise Breakfasttime Cereal Company manufactures two breakfast cereals in a joint process. Cost and quantity information
Winchester Chemicals uses a joint process to produce VX-4, a chemical used in the manufacture of paints and varnishes; HD-10, a chemical used in household cleaning products; and FT-5, a by-product
You just started a summer internship with the successful management consulting firm of Brooks & Angelou, which specializes in social and environmental issues. Your first day on the job was a busy
“I don’t understand this cost report at all,” exclaimed Jeff Mahoney, the newly appointed administrator of Mountainview General Hospital. “Our administrative costs in the new pediatrics
Use the Internet to access the website for one of the following companies, or any other company of your choosing.Univision www.univision.comExpedia.com www.expedia.comHolland America Line
Review Exhibit 6–12, which is a Tableau portrayal of the regression results for Donut Desire’s five donut shop locations, based on the entire 10-year data set (i.e., the past 10
The Iowa City Veterinary Laboratory performs a variety of diagnostic tests on commercial and domestic animals. The lab has incurred the following costs over the past year.Required:1. Plot the data
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