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financial and managerial accounting
Questions and Answers of
Financial And Managerial Accounting
Silverado maintains a fully funded pension plan. During 2007, \(\$ 1\) million was paid to retired workers, and workers currently employed by the company earned a portion of the right to receive
Company One has debt totaling \(\$ 2,000,000\) and total stockholders' equity of \(\$ 4,000,000\). Company Two has debt totaling \(\$ 3,000,000\) and stockholders' equity of \(\$ 5,000,000\).a.
On September 1, 2007, Park Rapids Lumber Company issued \(\$ 80\) million in 20 -year, 10 percent bonds payable. Interest is payable semiannually on March 1 and September 1. Bond discounts and
On October 1, 2007, Walla signed a 4-year, \(\$ 100,000\) note payable to Vicksburg National Bank in conjunction with the purchase of equipment. The note calls for interest at an annual rate of 12
Lake Company obtained authorization to issue 10 -year bonds with a face value of \(\$ 5\) million. The bonds are dated June 1,2007, and have a contract rate of interest of 6 percent. They pay
On September 1, 2007, Bella Company issued \(\$ 5\) million in 10 -year, 12 percent bonds payable. Interest is payable semiannually on March 1 and September 1. Bond discounts and premiums are
On January 22, 2007, Dome, Inc., sold 700 toner cartridges to Maxine Supplies. Immediately prior to this sale, Dome's perpetual inventory records for these units included the following cost
Toys "R" Us uses LIFO to account for its inventories. Recent financial statements were used to compile the following information (dollar figures are in billions):Had Toys "R" Us used the FIFO
In most situations, the higher the inventory turnover rate, the better. In her March 3, 2003, BusinessWeek article, "Q&A: Putting a Tech Giant Back on Its Feet," Faith Keenan wrote:Data storage
On April 1,2006 , Sanders Construction paid \(\$ 10,000\) for equipment with an estimated useful life of 10 years and a residual value of \(\$ 2,000\). The company uses the doubledeclining-balance
Swanson & Hiller, Inc., purchased a new machine on September 1, 2006, at a cost of \(\$ 108,000\). The machine's estimated useful life at the time of the purchase was five years, and its residual
Smart Hardware purchased new shelving for its store on April 1, 2007. The shelving is expected to have a 20 -year life and no residual value. The following expenditures were associated with the
R&R, Inc., purchased a new machine on September 1,2007 , at a cost of \(\$ 180,000\). The machine's estimated useful life at the time of the purchase was five years, and its residual value was \(\$
Davidson, DDS, purchased new furniture for its store on May 1, 2007. The furniture is expected to have a 10 -year life and no residual value. The following expenditures were associated with the
Neil Gross claims that the value of companies has been shifting from tangible assets-the bricks and mortar-to intangible assets, such as patents, customer lists, and brands. His article, "Valuing
A note to a recent annual report issued by General Motors Corporation includes the following information:a. Does the company's use of three different inventory methods violate the accounting
A recent annual report of Gateway, Inc., reveals the following information (dollar amounts are stated in millions):a. Compute Gateway's inventory turnover rate for the year (round to nearest
A recent balance sheet of Wal-Mart reports sales of \(\$ 285,222\) million and cost of goods sold of \(\$ 219,793\) million for the year ended January 31, 2005. The comparable sales and cost of goods
On January 15, 2007, BassTrack sold 1,000 Ace-5 fishing reels to Angler's Warehouse. Immediately prior to this sale, BassTrack's perpetual inventory records for Ace-5 reels included the following
Describe the nature and usefulness of a cash budget.
Determine the maturity date and maturity value of each of the following notes. (Assume a 360-day year in computing interest and maturity values, but count actual days to the maturity dates.)a. A \(\$
When preparing interim financial statements, why is it that the balance sheet accounts are not restated to correspond to the time period being covered?
A set of financial statements:a. Is intended to assist users in evaluating the financial position, profitability, and future prospects of an entity.b. Is intended to assist the Internal Revenue
Which of the following statements relating to the role of professional judgment in the financial reporting process is (are) valid?a. Different accountants may evaluate similar situations
Why does internal accounting information need to be timely?
What is a code of ethics, and how do such codes add to the integrity of accounting information?
What is the primary mission of the Institute of Management Accountants?
What is the mission of the American Institute of Certified Public Accountants, and does the organization have primarily a U.S. or an international focus?
Who makes up the majority of the members of the American Accounting Association, and how has this organization affected the practice of accounting?
Which of the following does not describe accounting?a. Language of business.b. Is an end rather than a means to an end.c. Useful for decision making.d. Used by business, government, nonprofit
External users of financial accounting information include all of the following except:a. Investors.b. Labor unions.c. Line managers.d. General public.
Objectives of financial reporting to external investors and creditors include preparing information about all of the following except:a. Information used to determine which products to produce.b.
In the early 1980s, Chrysler Corporation was in severe financial difficulty and desperately needed large loans for the company to survive. What factors prevented Chrysler from simply providing
In 2001 and 2002, several accounting scandals were uncovered which resulted in very significant financial losses for investors and creditors of U.S. corporations. This led to legislation that placed
The Internet is a good place to get information that is useful to you in your study of accounting. For example, you can find information about current events, professional accounting organizations,
Tik-a-Lock, Inc., manufactures travel locks. The budgeted selling price is \($18\) per lock, the variable cost is \($12\) per lock, and budgeted fixed costs are $12,000.Requirement 1. Prepare a
Consider the following partially completed income statement performance report for Work, Inc.Requirement 1. Complete the flexible budget variance analysis by filling in the blanks in the partial
Smithson, Inc., is a manufacturer of lead crystal glasses. The standard materials quantity is .9 pound per glass at a price of \($0.45\) per pound. The actual results for the production of 7,100
Smithson, Inc., manufactures lead crystal glasses. The standard direct labor time is 1/4 hour per glass, at a price of \($15\) per hour. The actual results for the production of 6,800 glasses were
Smithson, Inc., manufactures lead crystal glasses. The following information relates to the company’s overhead costs:Smithson allocates manufacturing overhead to production based on standard direct
The following materials variance analysis was performed for Goldman.Requirement 1. Record Goldman’s direct materials journal entries Actual Price Actual Quantity $0.65 x 7,700 Standard Price
The following labor variance analysis was performed for Goldman.Requirement 1. Record Goldman’s direct labor journal entries. Actual Rate X Actual Hours Standard Rate Actual Hours Standard Rate X
Goldman completed 70,000 glasses in 2011, at a standard cost of \($360,000\). The company sold all of them on account at a sale price of \($8.00\) each. There were no beginning or ending inventories
ErgoNow sells its main product, ergonomic mouse pads, for \($13\) each. Its variable cost is \($5.60\) per pad. Fixed costs are \($200,000\) per month for volumes up to 60,000 pads. Above 60,000
Top managers of Root Industries predicted 2010 sales of 15,000 units of its product at a unit price of \($7.50\) Actual sales for the year were 14,100 units at \($9.00\) each. Variable costs were
Quality, Inc., produced 1,000 units of the company’s product in 2011. The standard quantity of materials was three yards of cloth per unit at a standard price of \($1.10\) per yard. The accounting
All-Star Fender, which uses a standard cost accounting system, manufactured 20,000 boat fenders during the year, using 146,000 feet of extruded vinyl purchased at \($1.15\) per square foot.
Houston Paint Company’s budgeted production volume for the month was 30,000 gallons of paint. The standard overhead cost included a \($0.55\) variable overhead per gallon and fixed overhead costs
The May 2010 revenue and cost information for Boise Outfitters, Inc., follows:Requirement 1. Prepare a standard cost income statement for management through gross profit.Report all standard cost
The managers of Johnson DVD, Co., a contract manufacturer of DVD drives, are seeking explanations for the variances in the following report.Requirement 1. Explain the meaning of each of Johnson’s
Root Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Root allocates overhead based on yards of direct materials. The company’s performance report
CellBase Technologies manufactures capacitors for cellular base stations and other communications applications. The company’s December 2011 flexible budget income statement shows output levels of
Abby’s Shades manufactures lamp shades. Abby Sanders, the manager, uses standard costs to judge performance. Recently, a clerk mistakenly threw away some of the records, and Sanders has only
Stenback manufactures coffee mugs that it sells to other companies for customizing with their own logos. Stenback prepares flexible budgets and uses a standard cost system to control manufacturing
SmartSound manufactures headphone cases. During September 2011, the company produced and sold 105,000 cases and recorded the following cost data:Requirements 1. Compute the price and efficiency
McKnight Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. McKnight allocates overhead based on yards of direct materials. The company’s performance
Lilly’s Shades manufactures lamp shades. Lilly Sanders, the manager, uses standard costs to judge performance. Recently, a clerk mistakenly threw away some of the records, and Sanders has only
Smith manufactures coffee mugs that it sells to other companies for customizing with their own logos. Smith prepares flexible budgets and uses a standard cost system to control manufacturing costs.
HeadSmart manufactures headphone cases. During September 2011, the company produced 106,000 cases and recorded the following cost data:Requirements 1. Compute the price variance and efficiency
Sherman Lawn Service budgeted production volume for the month was 500 lawns. The standard overhead cost included \($20.00\) variable cost per lawn and fixed overhead costs of $5,000. Sherman actually
Assume Haupt Consulting has created a standard cost card for each job.Standard direct materials include 10 software packages at a cost of \($1,000\) per package. Standard direct labor costs per job
FastNet’s total flexible budget cost for 76 connectors per month is FastNet Systems is a start-up company that makes connectors for high-speed Internet connections. The company has budgeted
FastNet’s sales volume variance for total costs is FastNet Systems is a start-up company that makes connectors for high-speed Internet connections. The company has budgeted variable costs of
FastNet’s flexible budget variance for total costs is FastNet Systems is a start-up company that makes connectors for high-speed Internet connections. The company has budgeted variable costs of
FastNet Systems’ managers could set direct labor standards based on FastNet Systems is a start-up company that makes connectors for high-speed Internet connections. The company has budgeted
BackFill Systems allocates manufacturing overhead based on machine hours. Each connector should require 11 machine hours. According to the static budget, BackFill expected to incur: 1,045 machine
Mountaineers sells its rock-climbing shoes worldwide. Mountaineers expects to sell 4,000 pairs of shoes for \($165\) each in January, and 2,000 pairs of shoes for \($220\) each in February. All sales
Mountaineers has \($8,600\) cash on hand on December 1. The company requires a minimum cash balance of \($7,400\). December cash collections are \($548,600\). Total cash payments for December are
Riverbed Sporting Goods has the following sales budget:Suppose June sales are expected to be \($40,000\) rather than $60,000.Requirement 1. Revise Riverbed Sporting Goods’ sales budget RIVERBED
Look at the following performance report:Requirement 1. On which variances should the manager of the Mexican sauces product line focus his or her efforts, according to the management by exception
Diego Garcia owns a chain of travel goods stores. Last year, his sales staff sold 10,000 suitcases at an average sale price of \($150\). Variable expenses were 80% of sales revenue, and the total
Chloe Allred, division manager for Tires Plus, is speaking to the controller, Crystal Thayer, about the budgeting process. Chloe states, “I’m not an accountant, so can you explain the three main
Swenson Inc. sells tire rims. Its sales budget for the nine months ended September 30 follows:In the past, cost of goods sold has been 60% of total sales. The director of marketing and the financial
Posh International, Inc., is an exotic car dealership. Suppose that its Los Angeles office projects that 2011 quarterly sales will increase by 3% in Quarter 1, by 4% in Quarter 2, by 6% in Quarter 3,
Lipman Auto Parts, a family-owned auto parts store, began January with \($10,300\) cash. Management forecasts that collections from credit customers will be \($11,400\) in January and \($14,800\) in
You recently began a job as an accounting intern at Ralph Golf Park. Your first task was to help prepare the cash budget for April and May. Unfortunately, the computer with the budget file crashed,
Consider the following information for Omas.com at March 31, 2011.a. February 28 inventory balance, $17,780b. March payments for inventory, $4,400c. March payments of accounts payable and accrued
The budget committee of Clipboard Office Supply has assembled the following data. As the business manager, you must prepare the budgeted income statements for May and June 2011.Requirementa. Sales in
Cat World operates a chain of pet stores in the Midwest. The manager of each store reports to the regional manager, who, in turn, reports to the headquarters in Milwaukee, Wisconsin. The actual
Note Printing of Baltimore has applied for a loan. Bank of America has requested a budgeted balance sheet at April 30, 2011, and a budgeted statement of cash flows for April. As Note Printing’s
Sherman Lawn Service is projecting sales for April of \($20,000\). May’s sales will be 5% higher than April’s. June’s sales are expected to be 6% higher than May’s.Requirement 1. Prepare a
Haupt Consulting began January with \($10,000\) cash. Management forecasts that collections from credit customers will be \($50,000\) in January and \($53,500\) in February. Projected cash payments
Amazon.com expected to receive which of the following benefits when it started its budgeting process?a. The budget provides Amazon.corn’s managers with a benchmark against which to compare actual
Which of the following is the cornerstone (or most critical element) of the master budget?a. The sales budgetb. The purchases and cost of goods sold budgetc. The operating expenses budgetd. The
The income statement is part of which element of Amazon.com’s master budget?a. The operating budgetb. The capital expenditures budgetc. The financial budgetd. None of the above
Compute Amazon.com’s budgeted sales for the next (seven-day) week.Suppose Amazon.com sells one million hardcover books a day at an average price of \($37\). Assume that Amazon.com’s purchase
Determine Amazon.com’s budgeted purchases for the next (seven-day) week.Suppose Amazon.com sells one million hardcover books a day at an average price of \($37\). Assume that Amazon.com’s
What is Amazon.com’s budgeted operating income for a (seven-day) week?Suppose Amazon.com sells one million hardcover books a day at an average price of \($37\). Assume that Amazon.com’s purchase
Suppose Worldwide-Link offers an international calling plan that charges \($10.00\) per month plus \($0.30\) per minute for calls outside the United States.Requirements 1. Under this plan, what is
Mel owns a machine shop. In reviewing his utility bill for the last 12 months he found that his highest bill of \($2,400\) occurred in August when his machines worked 1,000 machine hours. His lowest
Storytime Park competes with Daisy World by providing a variety of rides. Storytime sells tickets at \($70\) per person as a one-day entrance fee. Variable costs are \($15\) per person, and fixed
SoakNSun Swim Park sells individual and family tickets, which include a meal, 3 beverages, and unlimited use of the swimming pools. SoakNSun has the following ticket prices and variable costs for
The manager of Swift Car Inspection reviewed his monthly operating costs for the past year. His costs ranged from \($4,400\) for 1,400 inspections to \($4,000\) for 900 inspections.Requirements 1.
For its top managers, Countrywide Travel formats its income statement as follows:Countrywide’s relevant range is between sales of \($251,000\) and \($365,000\).Requirements 1. Calculate the
Hang Ten, Co., produces sports socks. The company has fixed costs of \($90,000\) and variable costs of \($0.90\) per package. Each package sells for $1.80.Requirements 1. Compute the contribution
Owner Shan Lo is considering franchising her Noodles restaurant concept. She believes people will pay \($8\) for a large bowl of noodles. Variable costs are \($1.60\) per bowl. Lo estimates monthly
Gary’s Steel Parts produces parts for the automobile industry. The company has monthly fixed costs of \($630,000\) and a contribution margin of 95% of revenues.Requirements 1. Compute Gary’s
Country Road Driving School charges \($230\) per student to prepare and administer written and driving tests. Variable costs of \($70\) per student include trainers’ wages, study materials, and
Ronnie’s Repair Shop has a monthly target operating income of \($17,000\). Variable costs are 80% of sales, and monthly fixed costs are $12,000.Requirements 1. Compute the monthly margin of safety
British Productions performs London shows. The average show sells 1,200 tickets at \($50\) per ticket. There are 120 shows a year. The average show has a cast of 70, each earning an average of
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