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business
financial accounting 11th
Questions and Answers of
Financial Accounting 11th
If the Grand Canyon Railway expects to serve 1,200 passengers next month, what is the margin of safety?a. 200 passengersb. 1,000 passengersc. 1,200 passengersd. 2,200 passengers
If the Grand Canyon Railway serves 1,200 passengers, what is its operating leverage factor?a. 1b. 6c. 3.27d. 0.16
If the Grand Canyon Railway's volume decreases by \(8 \%\), by what percentage will its operating income decrease?a. \(48 \%\)b. \(1 \%\)c. \(26.16 \%\)d. \(8 \%\)
If the Grand Canyon Railway cuts its ticket price to \(\$ 50\) per passenger, what is the new breakeven point?a. 100 more passengers than with the original \(\$ 60\) ticket priceb. 250 more
The Grand Canyon Railway is thinking about selling souvenirs on the train. The souvenirs will sell for \(\$ 10\) each and have a variable cost of \(\$ 4\) each. The Grand Canyon Railway managers
Calculate the unit contribution margin and the contribution margin ratio
Use CVP analysis to find breakeven points and target profit volumes
Perform sensitivity analysis in response to changing business conditions
Find breakeven and target profit volumes for multiproduct companies
Determine a firm's margin of safety and operating leverage
Compute unit contribution margin and contribution margin ratio (Learning Objective 1) \\ Use the information from the Bay Cruiseline Data Set to compute the following:}a. What is the contribution
Project change in income (Learning Objective 1)Use the information from the Bay Cruiseline Data Set. If Bay Cruiseline sells an additional 500 tickets, by what amount will its operating income
Find breakeven (Learning Objective 2)Use the information from the Bay Cruiseline Data Set to compute the number of dinner cruise tickets it must sell to break even.a. Use the income statement
Find target profit volume (Learning Objective 2)Use the information from the Bay Cruiseline Data Set. If Bay Cruiseline has a target operating income of \(\$ 40,000\) per month, how many dinner
Prepare a CVP graph (Learning Objective 2)}Use the information from the Bay Cruiseline Data Set. Draw a graph of Bay Cruiseline's CVP relationships. Include the sales revenue line, the fixed expense
Interpret a CVP graph (Learning Objective 2)}Describe what each letter stands for in the CVP graph. D 300 200 F C G 150 H B A E The breakeven point is atunits and at J. dollars of sales.
Changes in sales price and variable costs (Learning Objective 3)}Use the information from the Bay Cruiseline Data Set.1. Suppose Bay Cruiseline cuts its dinner cruise ticket price from \(\$ 60\) to
Changes in fixed costs (Learning Objective 3)}Use the information from the Bay Cruiseline Data Set. Suppose Bay Cruiseline embarks on a cost-reduction drive and slashes fixed expenses from \(\$
Compute weighted-average contribution margin (Learning Objective 4)Use the information from the Bay Cruiseline Data Set. Suppose Bay Cruiseline decides to offer two types of dinner cruises: regular
Continuation of S7-9 : breakeven (Learning Objective 4)}Refer to your answer to \(57-9\).a. Compute the total number of dinner cruises that Bay Cruiseline must sell to break even.b. Compute the
Compute margin of safety (Learning Objective 5)}Use the information from the Bay Cruiseline Data Set. If Bay Cruiseline sells 7,000 dinner cruises, compute the margin of safety:a. In units (dinner
Compute and use operating leverage factor (Learning Objective 5)Use the information from the Bay Cruiseline Data Set.a. Compute the operating leverage factor when Bay Cruiseline sells 10,000 dinner
Compute margin of safety (Learning Objective 5)Consider Kay's e-tail poster business. Suppose Kay expects to sell 800 posters. Use the original data ( \(\$ 35\) sales price, \(\$ 21\) variable cost,
Compute and use operating leverage factor (Learning Objective 5)Suppose Kay sells 800 posters. Use the original data ( \(\$ 35\) sales price, \(\$ 21\) variable cost, \(\$ 7,000\) fixed expenses) to
Prepare contribution margin income statements (Learning Objective 1)}Aussie Travel uses the contribution margin income statement internally. Aussie's firstquarter results are as follows:Aussie's
Work backward to find missing information (Learning Objectives 1, 2)Berg Drycleaners has determined the following about their costs: total variable expenses are \(\$ 40,000\), total fixed expenses
Find breakeven and target profit volume (Learning Objectives 1, 2)Big Foot produces sports socks. The company has fixed expenses of \(\$ 85,000\) and variable expenses of \(\$ 0.85\) per package.
Continuation of E7-17: changing costs (Learning Objective 3)Refer to Big Foot in E7-17. If Big Foot can decrease its variable costs to \(\$ 0.75\) per package by increasing its fixed costs to \(\$
Find breakeven and target profit volume (Learning Objectives 1, 2)Owner Shan Lo is considering franchising her Happy Wok restaurant concept. She believes people will pay \(\$ 5\) for a large bowl of
Continuation of E7-19: changing business conditions (Learning Objective 3) Refer to Happy Wok in E7-19. Lo did franchise her restaurant concept. Because of Happy Wok's success, Noodles-n-More has
Compute breakeven and project income (Learning Objectives 1, 2)Dave's Steel Parts produces parts for the automobile industry. The company has monthly fixed expenses of \(\$ 640,000\) and a
Continuation of E7-21: changing business conditions (Learning Objective 3)Refer to Dave's Steel Parts in E7-21. Dave feels like he's in a giant squeeze play: The automotive manufacturers are
Identify information on a CVP graph (Learning Objective 2)Chad Brown is considering starting a Web-based educational business, e-Prep MBA. He plans to offer a short-course review of accounting for
Prepare a CVP graph (Learning Objective 2)Suppose that Turner Field, the home of the Atlanta Braves, earns total revenue that averages \(\$ 24\) for every ticket sold. Assume that annual fixed
Work backward to find new breakeven point (Learning Objectives 2, 3)Bevil Industries is planning on purchasing a new piece of equipment that will increase the quality of its production. It hopes the
Find consequence of rising fixed costs (Learning Objectives 1, 3)DeAnna Braun sells homemade knit scarves for \(\$ 16\) each at local crafts shows. Her contribution margin ratio is \(62.5 \%\).
Extension of E7-26: multiproduct firm (Learning Objective 4)}Arlan Braun admired his wife's success at selling scarves at local crafts shows (E7-26), so he decided to make two types of plant stands
Find breakeven for a multiproduct firm (Learning Objective 4)}Racer Scooters plans to sell a motorized standard scooter for \(\$ 54\) and a motorized chrome scooter for \(\$ 78\). Racer Scooters
Work backward to find missing data (Learning Objective 4)}Kenisha manufactures two styles of watches-the Digital and the Classic. The following data pertain to the Digital:Kenisha's monthly fixed
Breakeven and an advertising decision at a multiproduct company (Learning Objectives 3, 4, 5)Dick's Sporting Goods is a national retailer of sporting equipment. Last year, Dick's sales revenues
Compute margin of safety and operating leverage (Learning Objective 5) Use the Aussie Travel data in E7-15 to answer the following questions:1. What is Aussie Travel's current margin of safety (in
Work backward through margin of safety (Learning Objective 5)}Bill's Bait Shop had budgeted bait sales for the season at \(\$ 10,000\), with a \(\$ 2,000\) margin of safety. However, due to
Compute margin of safety and operating leverage (Learning Objective 5)}Ronnie's Repair Shop has a monthly target operating income of \(\$ 12,000\). Variable expenses are \(70 \%\) of sales, and
Use operating leverage factor to find fixed costs (Learning Objective 5)Murray Manufacturing had a 1.25 operating leverage factor when sales were \(\$ 50,000\). Murray Manufacturing's contribution
Comprehensive CVP analysis (Learning Objectives 1, 2, 3, 4, 5)FlashCo. manufactures \(1 \mathrm{~GB}\) flash drives (jump drives). Price and cost data for a relevant range extending to 200,000 units
Find missing data in CVP relationships (Learning Objectives 1, 2)The budgets of four companies yield the following information:\section*{Requirements}1. Fill in the blanks for each company.2.
Find breakeven and target profit and prepare income statements (Learning Objectives 1, 2)}A traveling production of The Phantom of the Opera performs each year. The average show sells 800 tickets at
Comprehensive CVP problem (Learning Objectives 1, 2, 5)}Team Spirit imprints calendars with college names. The company has fixed expenses of \(\$ 1,035,000\) each month plus variable expenses of \(\$
Compute breakeven, prepare CVP graph, and respond to change (Learning Objectives 1, 2, 3)}Personal Investors is opening an office in Lexington, Kentucky. Fixed monthly expenses are office rent ( \(\$
CVP analysis at a multiproduct firm (Learning Objectives 4, 5)}The contribution margin income statement of Extreme Coffee for February 2008 follows:Extreme Coffee sells three small coffees for every
Find missing data in CVP relationships (Learning Objectives 1, 2)}The budgets of four companies yield the following information:\section*{Requirements}1. Fill in the blanks for each company.2.
Find breakeven and target profit and prepare income statement (Learning Objectives 1, 2)}International Productions performs Cats, the play. The average show sells 1,000 tickets at \(\$ 60\) a ticket.
Comprehensive CVP problem (Learning Objectives 1, 2, 5)}Fanfare sells flags with team logos. Fanfare has fixed expenses of \(\$ 678,600\) per year plus variable expenses of \(\$ 4.20\) per flag. Of
Compute breakeven, prepare CVP graph, and respond to change (Learning Objectives \(1,2,3\) )}Money Maker Investment Group is opening an office in Atlanta. Fixed monthly expenses are office rent \((\$
CVP analysis at a multiproduct firm (Learning Objectives 4, 5)}The contribution margin income statement of Isabelle's Ice Cream Shoppe for July 2008 follows:Isabelle sells four sugar cones for every
. Determine feasibility of business plan (Learning Objective 2)Brian and Nui Soon live in Macon, Georgia. Two years ago, they visited Thailand. Nui, a professional chef, was impressed with the
. Ethical dilemma with CVP analysis error (Learning Objective 2)}You have just begun your summer internship at Tmedic. The company supplies sterilized surgical instruments for physicians. To expand
. Advertising campaign and production level decisions (Learning Objectives 1, 3)EZPAK Manufacturing produces filament packaging tape. In 2008, EZPAK Manufacturing produced and sold 15 million rolls
In making short-term special decisions, you shoulda. focus on total costsb. separate variable from fixed costsc. use a traditional absorption costing approachd. focus only on quantitative factors
In deciding whether to drop its electronics product line, Amazon.com would considera. the costs it could save by dropping the product lineb. the revenues it would lose from dropping the product
In deciding which product lines to emphasize, Amazon.com should focus on the product line that has the highesta. contribution margin per unit of the constraining factorb. contribution margin per unit
When making outsourcing decisionsa. the manufacturing full unit cost of making the product in-house is relevantb. the variable cost of producing the product in-house is relevantc. avoidable fixed
When pricing a product or service, managers must consider which of the following?a. only variable costsb. only period costsc. only manufacturing costsd. all costs
Which of the following costs are irrelevant to business decisions?a. sunk costsb. costs that differ between alternativesc. variable costsd. avoidable costs
When making decisions, managers shoulda. consider sunk costsb. consider costs that do not differ between alternativesc. consider only variable costsd. consider revenues that differ between
Describe and identify information relevant to short-term business decisions
Make special order decisions?
Make pricing decisions?
Make dropping a product, department, or territory decisions?
Make product mix decisions?
Make outsourcing (make-or-buy) decisions?
Make sell as is or process further decisions?
For most businesses, straight-line depreciation on the company's buildings is aa. variable costb. fixed costc. mixed costd. step cost
The following graph indicates which type of cost behavior?a. variable costb. fixed costc. mixed costd. step cost Total cost (y) Volume (x)
Which of the following cost behaviors best explains why companies like to operate at or near full capacity?a. variable costb. fixed costc. mixed costd. step cost
Each month, a fitness club incurs \(\$ 7,000\) of fixed operating costs plus \(\$ 6\) of operating costs for every club member. If \(x\) represents the number of club members, which of the following
Manufacturing overhead is usually aa. variable costb. fixed costc. mixed costd. step cost
(Appendix) The only difference between variable costing and absorption costing lies in the treatment ofa. fixed manufacturing overhead costsb. variable manufacturing overhead costsc. direct materials
(Appendix) When inventories decline, operating income under variable costing isa. lower than operating income under absorption costingb. the same as operating income under absorption costingc. higher
Describe key characteristics and graphs of various cost behaviors
Use cost equations to express and predict costs
Use account analysis and scatter plots to analyze cost behavior
Use the high-low method to analyze cost behavior
Use regression analysis to analyze cost behavior
Prepare contribution margin income statements for service firms and merchandising firms
Use variable costing to prepare contribution margin income statements for manufacturers (Appendix)
Wal-Mart is a:a. service companyb. retailerc. wholesalerd. manufacturer
Which is not an element of Nissan's value chain?a. administrative costsb. cost of shipping cars to dealersc. salaries of engineers who update car designd. cost of print ads and television commercials
For Nissan, which is a direct cost with respect to the Xterra?a. depreciation on plant and equipmentb. cost of vehicle enginec. salary of engineer who rearranges plant layoutd. cost of customer
Which of the following is not part of Nissan's manufacturing overhead?a. insurance on plant and equipmentb. depreciation on its North American corporate headquarters in Nashvillec. plant property
In computing cost of goods sold, which of the following is the manufacturer's counterpart to the merchandiser's purchases?a. direct materials usedb. total manufacturing costs incurred during the
Classify costs by value chain function (Learning Objective 2)}Classify each of Hewlett-Packard's (HP's) costs as one of the six business functions in the value chain.a. Depreciation on Roseville,
Classify costs as direct or indirect (Learning Objective 3)}Classify the following as direct or indirect costs with respect to a local Blockbuster store (the store is the cost object). In addition,
Give examples of manufacturing costs (Learning Objective 4)}Consider Marvin Windows' manufacturing plant. Give two examples of each of the following:a. Direct materialsb. Direct laborc. Indirect
Classify inventoriable and period costs (Learning Objective 4)}Classify each of Georgia-Pacific's costs as either inventoriable product costs or period costs. Georgia-Pacific is a manufacturer of
Recalculate Cost of Goods Manufactured (Learning Objective 5)Turn to Exhibit 2-15. If direct material purchases and freight-in were \(\$ 20,000\) rather than \(\$ 27,000\), what would be the cost of
Determine whether information is relevant (Learning Objective 6)}Classify each of the following costs as relevant or irrelevant to the decision at hand and briefly explain your reason.a. Cost of
Discontinued operations. (LO 1)Use the following information to construct a partial income statement beginning with income from continuing operations. Income from continuing operations Loss during
Extraordinary items. (LO 1)Tropical Vacations suffered a \(\$ 1,070,000\) loss due to a tsunami, which qualifies as an extraordinary item for financial statement purposes. The tax benefit of the loss
Horizontal analysis. (LO 2)Making Every Day Sunny Umbrellas reported the following amounts for sales during the past 5 years. Using 2006 as the base year, perform a horizontal analysis. What
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