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Questions and Answers of College Accounting

Briefly explain the high-low point method for analyzing semi-variable costs.
What is the relevant range of activity as used in budgeting?
What is included in a budget performance report?
How are standards set for materials?
Explain how to compute the quantity variance for materials.
What does the price variance for materials show?
Which manager would more likely be responsible for materials quantity variances?
Who provides information about wage rates in setting labor standards?
What two variances make up the total labor variance?
Beta Company€™s records show the following data for the four quarters of 2019:Compute the fixed and variable elements of utilities cost, using the high-low point method. Direct Utilitles Quarter
In Lodi Power Corporation’s factory, fixed indirect labor costs are $6,600 per month. Variable indirect labor costs are $1.70 per direct labor hour. The budget for the month of May 2019 calls for
In preparing the standard cost for each unit of QS542, the company’s only product, the accountant for Green Earth Solvents Corporation has developed the following data for the year 2019:Total
The accountant of Venus Health Products, LLC, has compiled the following information about the direct labor hours and the indirect labor costs for each month of 2019:INSTRUCTIONS1. Compute the
West Texas Chemical Company manufactures a product called Kylon, which requires three raw materials. Production is in batches of 1,000 gallons of finished product. The firm uses standard costs as a
Organic Manufacturing Co. manufactures the product Orgex, which requires three raw materials. Production is in batches of 2,500 pounds of materials. Any waste is thrown away. The firm uses standard
Refer to The Home Depot, Inc., 2015 Annual Report (for the fiscal year ended January 31, 2016) in Appendix A. In the Notes to Consolidated Financial Statements, review the two paragraphs—Revenues
Go to the International Organization of Standardization website at www.iso.ch. Go to the site map and identify what the purpose is of an international standard. Who benefits from the standards
Ebeth Company’s direct labor costs were $100,000 for May 2019. Assuming that the company applies overhead at the rate of 65 percent of direct labor costs, give the general journal entry for May
KZ Co. estimates the following manufacturing overhead costs for 2019:Estimated direct labor hours......................60,000 hoursEstimated direct labor costs...................$900,000Estimated
Give the entry in general journal form to record the issuance of the direct materials into production.During July 2019, Kali Co. purchased and issued the following materials and supplies. Use July 31
Give the entry in general journal form to record the issuance of the manufacturing supplies into production.During July 2019, Kali Co. purchased and issued the following materials and supplies. Use
A payroll summary prepared at ROB Manufacturing Company showed the following figures for January 2019:Direct labor costs incurred...............$50,000.00Indirect labor costs
Give the entry in general journal form to record the cost of the manufacturing supplies purchased.During July 2019, Kali Co. purchased and issued the following materials and supplies. Use July 31 as
Give the entry in general journal form to record the cost of the materials purchased.During July 2019, Kali Co. purchased and issued the following materials and supplies. Use July 31 as the date for
Discuss how costs flow through the Raw Materials Inventory,Work in Process Inventory, and Finished Goods Inventory accounts to cost of goods sold.
Name three types of businesses that would use a job order cost accounting system.
What account is debited and what account is credited when completed goods are transferred from the factory floor to the finished goods storeroom?
Why is an overhead application rate used?
Name five common manufacturing overhead costs.
What account is debited and what account is credited when manufacturing overhead is applied?
What is a materials requisition?
What does the Raw Materials Inventory account show?
When direct materials are issued from the storeroom, what entries are made in the subsidiary records?
What information does a job order cost sheet contain?
Why does managerial accounting focus on the future?
Where is information obtained for preparing the statement of cash flows?
Postclosing trial balance data and other financial data for The KatieB Company as of December 31, 2019 and 2018, follow.INSTRUCTIONSPrepare a statement of cash flows for 2019. Additional information
A comparative balance sheet for Graco, Inc., on December 31, 2019 and 2018, follows. Additional information about the firm€™s financial activities during 2019 is also given
The following transactions occurred at BBS Company in 2019. Use this information to compute the company’s net cash flow from investing activities.1. The company purchased a new building for
The following transactions occurred at Landmark Corporation in 2019. Use this information to compute the company’s net cash flow from investing activities.1. The company issued 50,000 shares of its
The following information is taken from the income statement of Pittsburg Inc. for 2019:Additional information relating to account balances at the beginning and end of the year appears
The income statement of Windbrook, Inc., showed net income of $70,000 for 2019. The firm’s beginning inventory was $49,000 and its ending inventory was $54,000. Accounts payable were $44,000 on
The current assets and current liabilities of JAE Company on December 31, 2019 and 2018, are as follows. The corporation€™s net income for 2019 was $50,000. Included in its expenses was
What effect would each of the following transactions have on the statement of cash flows?1. The sum of $8,000 in cash was received from the sale of used office equipment that originally cost $15,000.
Why must noncash investing and financing activities be disclosed on the statement of cash flows?
Why are cash equivalents included on the statement of cash flows?
On January 1, 2019, the balance of the Accounts Payable account was $31,000. On December 31, 2019, the balance was $41,000. How, if at all, would this change be reflected in the statement of cash
Explain the difference between the direct method and the indirect method of preparing the statement of cash flows.
A corporation’s income statement shows bond interest expense of $16,500. Amortization of the discount on the bonds during the year was $1,500. What is the amount of cash outflow for bond interest
A corporation’s income statement shows a gain of $8,000 on the sale of plant and equipment. In computing the net cash provided by operating activities, how would this $8,000 be treated?
Is an investment in a corporate bond maturing 180 days after the purchase date a cash equivalent? Explain.
Charles Allen, the accountant for Road Inc., was asked to make a presentation to the board of directors concerning the corporation’s year-end financial position. While flying to the meeting on
Pro Needs Inc.€™s condensed income statement and balance sheet for the years 2019 and 2018 follow.INSTRUCTIONSUsing the following additional information, fill in the missing values:1. Accounts
Condensed financial statements for Abba Corp. and Zero Corp. for 2019 follow:INSTRUCTIONS1. Compute the following ratios for each company:a. Rate of return on net salesb. Rate of return on total
PART IUsing the data from Problem 23.1B, Grace’s Art Shop, Inc., calculate the following financial ratios. Comment on any ratio that merits further consideration. Inventory on December 31, 2018,
Grace€™s Art Shop, Inc., sells vintage books. The firm€™s comparative income statement and balance sheet for the years 2018 and 2019 follow:INSTRUCTIONS1. Prepare both a horizontal and a
PART IUsing the financial statements for The Stair Company from Problem 23.1A, calculate the following financial ratios for 2018 and 2019. Comment on any ratio that merits additional
The Stair Company sells computer parts through a retail store that it operates. The firm€™s comparative income statement and balance sheet for the years 2019 and 2018 follow:INSTRUCTIONS1.
Compute the accounts receivable turnover on December 31, 2019, for Canna, Inc. Assume that all sales were credit sales. Canna, Inc. Comparative Income Statement Years Ended December 31, 2019 and
Using the data for the two years, calculate the inventory turnover for each year. The beginning inventory for year 2018 was $59,000. Canna, Inc. Comparative Income Statement Years Ended December 31,
Calculate the current ratio for each year. Canna, Inc. Comparative Income Statement Years Ended December 31, 2019 and 2018 Amounts 2018 2019 1635750 9 6750 1539000 106 6 300 4 72700 2 15000 2 10000
Calculate the price-earnings ratio for the two years displayed. The common stock selling price at year-end 2019 was $2.00 and for 2018 was $1.60. Canna, Inc. Comparative Income Statement Years Ended
Calculate the earnings per share of common stock for each year. Canna, Inc. Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Assets Current Assets 124540 135750 55705 315995 112250 Cash
Briefly define responsibility accounting.
Is departmental accounting a form of responsibility accounting? Explain.
Why would a retail operation departmentalize its records?
How is contribution margin computed?
How does a departmentalized income statement differ from one that is not departmentalized?
Explain the difference between semidirect and indirect expenses.
Suggest a logical basis for allocating these indirect expenses: housekeeping services; office equipment repairs; general institutional advertising.
Why is interest expense not allocated to departments?
Fancy Fashion insurance expense for the year totaled $35,000 and is to be allocated on the basis of the book value of the inventory and equipment in each department. Compute the amount to be
The total office expense for the year at Fancy Fashion was $80,000. Compute the amount to be allocated to each department using total sales as the basis for the allocation.Selected financial data, as
The uncollectible accounts expense at Fancy Fashion is estimated to be 3/4 of 1 percent of net credit sales. Compute the amount to be allocated to each department.Selected financial data, as of
Data related to the income and expenses of the LA Company for the year ending December 31, 2019, follow:Allocated indirect expensesKitchen department..................................$77,900Bath
Data from the departmental income statement of Lake Jenny Inc. for the year ended December 31, 2019, is given below. Assuming that a department€™s direct expenses can be eliminated if it is
The Holiday Company sells a product for $49. It costs $19 to obtain the product. The company has a total of $15,000 of fixed expenses. What is the break-even point?
Selected information from the adjusted trial balance of Warmers Inc. as of December 31, 2019, follows:INSTRUCTIONSPrepare a departmental income statement for the year ended December 31, 2019. The
The Green Shop sells plants, fertilizers, and other garden products. The store has three departments: plants, chemicals, and tools. Certain information about the revenues and expenses of the
Biz Helper Inc. has three departments: printing, supplies, and cards. Certain information about the revenues and expenses of the departments for the year ending December 31, 2019, is given below.
Holiday Gifts has three sales departments: dishes, clothing, and paper products. The store€™s condensed income statement for the year ended December 31, 2019, is shown below:The proprietor asked
At the last staff meeting of the Gulf Shop, the question of how expenses are allocated to each department was raised. Since year-end bonuses are awarded to the managers on the basis of departmental
Refer to the 2015 Annual Report (for the fiscal year ended January 31, 2016) for The Home Depot, Inc., in Appendix A, particularly the Five-Year Summary of Financial and Operating Results. In the
Ford Motor Company (www.fordmotorcompany.com) and General Motors (www.gm.com) have two departments: Automobile Sales and Financing. Go to each company’s financial statements on its website
How do the accounting problems of a manufacturing business differ from those of a merchandising business?
Holding Company makes shipping containers. The Trial Balance section of its worksheet and other year-end data follow.INSTRUCTIONS1. Prepare a 12-column manufacturing worksheet for the fiscal year
Gibson is the manager of a company that produces toasters. He has instructed his production department to replace a steel handle shaft with a plastic shaft. This will save the company $1 per toaster.
Name the three inventory accounts found in the chart of accounts of a manufacturing business and explain each one.
What is the relationship between the cost of goods manufactured and the income statement?
What procedure is used on the statement of cost of goods manufactured to arrive at the cost of raw materials used?
What is indirect labor?
It is possible that one company might consider an item, such as glue, as one of its direct materials, while another company with identical manufacturing processes might classify the item as one of
How would the wages of the employee who issues materials from the factory storeroom be classified?
What is manufacturing overhead?
Why does the figure for total manufacturing cost not equal the cost of goods manufactured?
Tent Manufacturing Company makes camping equipment. Selected account balances (listed alphabetically) for this firm on December 31, 2019, the end of its fiscal year, are given below. Data about the
How is the work in process inventory determined?
Give some examples of manufacturing overhead items.
What is the source of the information for preparing the journal entry to close manufacturing cost accounts to the Manufacturing Summary account?
Are the financial statements prepared after the closing entries have been posted? Explain.

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