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managerial accounting
Questions and Answers of
Managerial Accounting
The unadjusted and adjusted trial balances for McWay Services Co. on August 31, 2012, are shown below. Journalize the five entries that adjusted the accounts at August 31, 2012. None of the accounts
Pacific Financial Services Co., which specializes in appliance repair services, is owned and operated by Eileen Hastings. Pacific Financial Services Co.??s accounting clerk prepared the unadjusted
Galloway Company is a small editorial services company owned and operated by Fran Briggs. On July 31, 2012, the end of the current year, Galloway Company??s accounting clerk prepared the unadjusted
Goldfinch Company specializes in the maintenance and repair of signs, such as billboards. On January 31, 2012, the accountant for Goldfinch Company prepared the following trial
Econo Company, an electronics repair store, prepared the unadjusted trial balance shown below at the end of its first year of operations. For preparing the adjusting entries, the following data were
Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accrued revenue, or (4) accrued expense.a. Cash received for services not yet renderedb. Insurance paidc. Rent revenue
Indicate with a Yes or No whether or not each of the following accounts normally re-quires an adjusting entry.a. Building b. Capital Stock c. Cashd. Interest Expensee. Miscellaneous
Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry.a. Accumulated Depreciationb. Dividendsc. Office Equipmentd. Salaries Payable e.
Identify the errors in the following trial balance. All accounts have normal balances. Bluefin Co. Unadjusted Trial Balance For the Month Ending August 31, 2012 Debit Credit Balances Balances 45,000
The accounts in the ledger of Diva Co. as of July 31, 2012, are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally
Based upon the data presented in Exercise 2-13, (a) prepare an unadjusted trial balance, listing the accounts in their proper order. (b) Based upon the unadjusted trial balance, determine the net
Based upon the T accounts in Exercise 2-13, prepare the nine journal entries from which the postings were made. Journal entry explanations may be omitted.Data from Exercise 2-13:Southwest Tours Co.
Elite Video has the following unadjusted trial balance as of October 31, 2012. The debit and credit totals are not equal as a result of the following errors:a. The balance of cash was overstated by
For the year ended December 31, 2020, the job cost sheets of DeVoe Company contained the following data:Prepare entries in a job-order cost system and a partial income statement.Other data:1. Raw
Wellspring produces agricultural irrigation equipment. During a year, the amount of overhead costs on a per month basis varies in relation to the machine hours used in a given year. The low for the
Explain the importance of having guidelines for ethical behaviour.
What significant regulatory trends are affecting accounting in general today? How do these regulatory trends affect the field of managerial accounting?
Compare a traditional production system with a lean production system. Discuss the similarities and differences.
It has been said that external failure costs can be catastrophic and much higher than the costs of other categories. What are some examples of external failure costs? Why is it often difficult to
What are the four categories of quality-related costs? Name a cost in each of the four categories for each of the following types of organizations:a. Restaurantb. Hospitalc. Law firmd. Banke. Tire
Describe areas of focus in contemporary managerial accounting.
MusicTowne sells amplifiers. Information from the quarter shows income of $800,000 and cost of goods sold as $400,000. The company has $200,000 in selling expenses, which includes a 10% commission
Haddleburg Property Management (HPM) offers a variety of services to homeowners. The services include: Outside Care, which includes grass-cutting, snow shovelling, tending of gardens, and so forth;
Do sunk costs affect a sell or process-further decision? Why or why not?
Describe two ways managers can use flexible budgets.
Given what you have discovered about the cost of materials for this product, were the price variances for each material likely to be favourable or unfavourable? Answer separately for each individual
Given what you have discovered about the cost of labour, was the labour price variance likely to be favourable or unfavourable?
It is unlikely that the company has released information about its efficiency variances. In general, though, what could cause this company’s material efficiency variances to be favourable? What
In general, what could cause this company’s labour efficiency variances to be favourable? What could cause these labour efficiency variances to be unfavourable?
Charlie Beagle noted a small variance on the income statement of Daribund Inc. The company manufactured 17,000 units last year using a total of 75,000 kilograms of material purchased at a cost of
One subunit of BlueHill Company had the following financial results last month:
The accountant for a subunit of BlueHill Company went on vacation before completing the subunit’s monthly performance report. This is as far as she got:Requirements1. Complete the performance
Based on the data in Exercise 4-25, prepare the closing entries for Zeidman Security Services Co.Data from Exercise 4-25:Zeidman Security Services Co. offers security services to business clients.
An accountant prepared the following post-closing trial balance: Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct.
After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $315,000 and a credit of $449,500. At the same date, Retained Earnings has a
List the errors you find in the following balance sheet. Prepare a corrected balance sheet. Poshe Services Co. Balance Sheet For the Year Ended May 31, 2012 Assets Liabilities Current assets:
Fouts Systems Co. offers its services to residents in the Chicago area. Selected accounts from the ledger of Fouts Systems Co. for the current fiscal year ended October 31, 2012, are as
FedEx Corporation had the following revenue and expense account balances (in millions) at its fiscal year-end of May 31, 2009: a. Prepare an income statement.b. Compare your income statement with
The unadjusted trial balance of Oak and Brass Interiors at December 31, 2012, the end of the current year, is shown below. The data needed to determine year-end adjustments are as follows:a.
The following account balances were taken from the adjusted trial balance for On-Time Messenger Service, a delivery service firm, for the current fiscal year ended April 30, 2012: Prepare an income
Prime Time Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on July 31, 2012, is shown below. The following business transactions were
On June 1, 2012, Lindsey Brown established Equity Realty. Lindsey completed the fol-lowing transactions during the month of June: a. Opened a business bank account with a deposit of $15,000 in
Two income statements for Boyer Company are shown on the following page.Prepare a horizontal analysis of Boyer Company's income statements. Boyer Company Income Statements For Years Ended December 31
Chalet Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Capital Stock; Retained Earnings; Dividends; Fees Earned; Rent Expense;
Imperial Carpet has the following unadjusted trial balance as of March 31, 2012.The debit and credit totals are not equal as a result of the following errors:a. The balance of cash was understated by
On September 1 of the current year, Maria Eds all established a business to manage rental property. She completed the following transactions during September:a. Opened a business bank account with a
Pat Sharpe enjoys listening to all types of music and owns countless CDs. Over the years, Pat has gained a local reputation for knowledge of music from classical to rap and the ability to put
Following are the amounts of the assets and liabilities of New World Travel Agency at December 31, 2012, the end of the current year, and its revenue and expenses for the year. The retained earnings
On October 3, A2Z Repair Service extended an offer of $75,000 for land that had been priced for sale at $90,000. On November 23, A2Z Repair Service accepted the seller’s counteroffer of $82,000.
Anny’s Dry Cleaners is owned and operated by Anny Brum. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of drycleaning is done by another
The financial statements at the end of Cyber Realty??s first month of operations are shown below. By analyzing the interrelationships among the four financial statements, determine the
Determine the missing amount for each of the following: = Liabilities + Stockholders' (Owners') Equity = $150,000 Assets а. + $450,000 b. $275,000 50,000 C. 615,000 = 190,000 +
The revenues and expenses of Escape Travel Service for the year ended November 30, 2012, are listed below.Fees earned.......................................$942,500Office
The following selected transactions were completed by Speedy Delivery Service during October:1. Received cash in exchange for capital stock, $30,000.2. Purchased supplies for cash, $1,500.3. Paid
From the following list of selected items taken from the records of Hoosier Appliance Service as of a specific date, identify those that would appear on the balance sheet:1. Accounts Receivable2.
One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different corporations:Determine the missing amounts, identifying them by
Empire Realty, organized May 1, 2012, is owned and operated by Bertram Mitchell. How many errors can you find in the following statements for Empire Realty, prepared after its first month of
Innerscape Interiors is owned and operated by Jean Cartier, an interior decorator. In the ledger of Innerscape Interiors, the first digit of the account number indicates its major account
Alpha School is a newly organized business that teaches people how to inspire and influence others. The list of accounts to be opened in the general ledger is as follows:Accounts
Prepare a journal entry for the purchase of office supplies on August 7 for $4,000, paying $1,000 cash and the remainder on account.
The following table summarizes the rules of debit and credit. For each of the items (a) through (l), indicate whether the proper answer is a debit or a credit. Increase Decrease Normal Balance
During the month, Iris Labs Co. has a substantial number of transactions affecting each of the following accounts. State for each account whether it is likely to have (a) debit entries only, (b)
Identify each of the following accounts of Advanced Services Co. as asset, liability, stock-holders’ equity, revenue, or expense, and state in each case whether the normal balance is a debit or a
Refer to the data for Uxmaiz Corporation in Exercise 4–5.Job X32ZBeginning balance . . . . . . . . . . . . . . . . . . . .$5,000Charged to the job during May. . . . . . . . . .Direct materials. . .
In May 2020, the budget committee of Big Jim Stores assembles the following data for preparing the merchandise purchases budget for the month of June:Prepare a purchases budget and budgeted income
On January 1, 2021, the Chinlee Company budget committee reached agreement on the following data for the six months ending June 30, 2021:Prepare production and direct materials budgets by quarters
Zeller Company estimates that 2020 sales will be $40,000 in quarter 1, $48,000 in quarter 2, and $58,000 in quarter 3. Cost of goods sold is 50% of sales. Management desires to have ending finished
The U.S. Institute of Management Accountants has developed ethical standards for managerial accountants. Explain the importance of business ethics.InstructionsIdentify the four specific standards.
Todd Motor Company manufactures automobiles. During September 2020, the company purchased 5,000 headlights at a cost of $8 per lights. There was no beginning inventory of lights. Todd withdrew 4,650
For the quarter ended March 31, 2020, Westphal Company accumulates the following sales data for its product, Garden-Tools: $350,000 budgeted; $335,000 actual. Prepare a static budget report for the
For the year ending December 31, 2020, Sanjay Company accumulates the following data for the plastics division, which it operates as an investment centre: contribution margin—$700,000 budgeted,
Mega Company is considering the purchase of a new machine. The invoice price of the machine is $75,000, freight charges are estimated to be $4,000, and installation costs are expected to be $6,000.
Financial data for Bridger, Inc., for last year are as follows:The company paid dividends of $197,000 last year. The Investment in Brier Company on the balance sheet
Jasmine Lee owns a catering company that serves food and beverages at exclusive parties and business functions. Lees business is seasonal, with a heavy schedule during the summer months
Sebolt Wire Company heats copper ingots to very high temperatures by placing the ingots in a large heat coil. The heated ingots are then run through a shaping machine that shapes the soft ingot into
The number of X-rays taken and X-ray costs over the last nine months in Beverly Hospital are given below:Required:1. Using the high-low method, estimate the cost formula for X-ray costs.2. Using the
Zerbel Company, a wholesaler of large, custom-built air conditioning units for commercial buildings, has noticed considerable fluctuation in its shipping expense from month to month, as shown
A restaurant is purchasing an adjoining piece of land to be used to expand the restaurant’s parking area. The land cost is $85,000. Grading and leveling the land will cost $10,000. Paving the lot
A corporation purchases a piece of property that will be depreciated using the straight line method of depreciation. The asset is purchased for $60,000 and it has a salvage value of $10,000. What
A hotel property has an ad valorem value of $18,000,000. The millage rate for the local school district in which the hotel is located is 2.5. What would be the local school district’s portion of
When deprecation is NOT taken into account, a capital gain can most simply be defined as the difference between an asset’sa. Original purchase price and the price for which it is later sold.b.
An investor finances a $4,000,000 project with 80% debt and 20% equity. The interest payment due on the debt in year one is 8%. The investor achieves a net operating income of $600,000 from the
A restaurant manager has a capital lease. The lease calls for a $2,000 per month lease payment, which includes $1,800 in principal and $200 in interest. Prior to entering any information about the
When accounting for an operating lease, each lease payment is listed on the a. Income statement as an operating expense.b. Balance sheet as a credit to owners’ equity.c. Balance sheet as a
An investor wishes to buy a 250-room hotel for $32,000 per key. The investor’s bank is willing to lend an amount that would create a 60% loan to value (LTV)ratio loan.How much is the bank willing
A hospitality business owner pays $50,000 per year in interest on loans to her business. The annual net operating income from her business is $220,000. What is this owner’s debt coverage
For any profitable business investment, it is generally true thata. The greater the financial leverage, the greater the ROI achieved by the investor.b. The greater the financial leverage, the smaller
Which describes an investor who is willing to give capital to a business but who will play little or no part in the actual management of the business?a. Passive investorb. Active investorc. Equity
For investors, “financing” is the term used to describe thea. Methods utilized to obtain the money needed to invest.b. Length of time borrowed money is invested.c. Amount of money that must be
An individual purchases an interest in a restaurant for $500,000. Three years later the investor sells his interest for $620,000. What was the percentage amount of this investor’s total gain on the
An investor makes an initial investment of $700,000. The investment returned a compounded 7% per year for three years. What was the total value of the investment at the end of the three years?a.
An investor considers purchasing a 300 room full-service hotel that generates a net operating income (NOI) of $450,000 per year. The investor is willing to purchase the hotel at a cap rate of 8%. At
An investment has a future value of $150,000 when it is held for five years at an annual investment earnings rate of 10%. What is the present value of this investment, when rounded up to the nearest
The two factors that most affect the returns achieved on an investment area. Rate of investment return and length of investment.b. Rate of investment return and amount of investment.c. Amount of
A restaurant manager served 70,000 covers last month and achieved a check average of $20.00. The manager’s food cost was 25%. For next month the manager will raise menu prices by 5% and expects her
A restaurant manager served 50,000 covers last month and achieved a check average of $18.00. The manger’s food cost was 28%. For next month the manager will raise menu prices by 5%. The manager
A restaurant manager estimates his total labor cost for next month to be 35% of forecasted revenue. Employee benefits are estimated to be 20% of total labor costs. Management salaries for the month
Which form of cash is type generally most available to pay an operation’s bills as they come due?a. Money held in unrestricted bank accountsb. Money held in cashier banksc. Money held in petty cash
In the hospitality industry, cash needs are typically at their highest a. When sales are at their highest.b. At the beginning of an accounting period.c. When sales are at their lowest.d. At the
An operation’s aging report is used monitor itsa. Accounts receivable (AR).b. Accounts payable (AP).c. Credit applications(CA).d. Statement of cash flows (SCF).
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