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fundamentals of advanced accounting
Questions and Answers of
Fundamentals Of Advanced Accounting
If total monthly fixed costs for a company were plotted on a graph for seven months, would the line drawn between the plotted points be parallel to the base or sloped? Explain why.
In what two ways can the breakeven point be stated?
How is the contribution margin per unit used?
What is the simplest way to verify the accuracy of a breakeven calculation?
What two types of costs influence management's decisions?
To earn a planned net income, the required contribution margin must equal what two amounts?
A blank income statement for Wightman’s Lumber is included in the Working Papers. 1. Use the following information to prepare Wightman Lumber’s January income statement reporting contribution
An income statement for Cherie’s Pizza is included in the Working Papers. 1. Use the following information to calculate the breakeven point in sales dollars and unit sales for July. The August
Use the working papers and data from Work Together 15-2. Forms for completing this Work Together are provided in the Working Papers. Your instructor will guide you through the following examples.1.
Use the February information from the Work Together above. An income statement for Wightman Lumber is included in the Working Papers. Work independently to complete this problem.1, Prepare Wightman
Use the August information from the Work Together above. An income statement for Cherie’s Pizza is included in the Working Papers. Work independently to complete this problem.1. Calculate the
Use the working papers and data from On Your Own 15-2. Forms for completing this On Your Own are provided in the Working Papers. Work independently to complete this problem.1. Assume Cherie’s Pizza
Milford Pump Company's income statement has been prepared for November of the current year.Instructions:1. Prepare Milford Pump Company’s November income statement reporting contribution margin.2.
Farris Electronics is considering expanding its product line to include portable radios. Management projects that radios would sell for \($60.00\) each. Variable costs are projected to be \($25.00\)
Dennis Williams is projecting the coming year’s net income potential for Williams Paint. The paint is sold for\($15.00\) a gallon. Variable costs per gallon are \($10.00\), and annual fixed costs
The following information pertains to a product sold by Gomez Company:Instructions:1. Determine the net income or lossa. if 17,000 units are sold.b. if 20,000 units are sold.c. if 23,000 units are
Schenk, Inc., sells desk lamps and desks. The following information is from the June income statement.Schenk’s management is interested in knowing the number of lamps and desks it must sell to earn
Ratliff Corporation produces lawn fertilizer spreaders. Ratliff’s income statement shown has been prepared for August of the current year.Instructions:1. Prepare Ratliff’s August income statement
Millard, Inc., sold 68,000 computer printers last year with the following results.Complete each of the following instructions independently of the others.Instructions:1. Millard projects that it can
People often think that only accountants need to know accounting. Many students may not consider taking accounting because they have no interest in being an accountant. Whether students aspire to be
Thomas Baker, president of Brundage Corporation, says he has observed that an increase in sales almost always results in an increase in net income. Therefore, he is considering recommending that the
Camille Stibbe is general manager of Alden Corporation. She suggests that the budgeted income statement and the cash budget seem to show the same information. Therefore, she recommends that one of
MPS Corporation manufactures and sells holiday towels. The number and unit price of the towels increase substantially during the third quarter. An accounting clerk has prepared the following sales
From net sales to the number of warehouses, the ten-year operating and financial highlights on pages B-2-B-3 of Appendix B in this textbook provide a historical perspective to Costco's growth. This
PhotoMax, Inc., plans to prepare a sales budget schedule and a purchases budget schedule for 20X3. Management has set a sales goal of 250,000 units. After reviewing price trends, the sales manager
The sales manager and administrative manager of Coffee Oasis have made the following projections to be used in preparing a budgeted income statement.a. Total net sales for 20X3 are projected to be
The following table shows SeaWest Fabrication’s projected net sales, purchases, and cash payments for expenses for 20X3.Additional information is as follows:a. Actual amounts for the fourth quarter
On December 31, 20X2, the accounting records of Zylar, Inc., show the following unit sales for 20X2.The following are additional actual amounts for the 4th quarter of 20X2.Management has established
A partially completed performance report for Quasar Robotics, Inc., is in the Working Papers.Quasar Robotics, Inc., has just completed its first quarter of the fiscal year ended December 31,
A work sheet for Provident Electronics, Inc., for the current year is provided in the Working Papers.1. Calculate net income before federal income tax.2. Calculate the amount of federal income tax
Financial statements for Provident Electronics, Inc., are given in the Working Papers. The Working Papers provide other selected information and forms needed to complete the problem.1. Calculate and
Use the work sheet for Provident Electronics, Inc. from Work Together 13-1. Statement paper and pages 14, 15, and 16 of a general journal are provided in the Working Papers. Your instructor will
General ledger account titles and balances for Trexler, Inc., are recorded on a work sheet in the Working Papers accompanying this textbook.Instructions:Complete the work sheet for the current year
During the past year, three corporations earned the following net income before federal income taxes:InstructionsCalculate the amount of federal income tax expense for each of the three corporations.
Use the work sheet prepared in Application Problem 13-1.Instructions:1. Prepare an income statement for the current year ended December 31.2. Calculate and record the following component
Use the work sheet prepared in Application Problem 13-1.Instructions:1. Journalize the adjusting entries. Use page 13 of a general journal.2. Journalize the closing entries. Use page 14 of a general
The general ledger account titles and balances for Lander, Inc., are recorded on a work sheet in the Working Papers.Instructions:1. Complete the work sheet for December 31 of the current year. Record
Goldstein, Inc., has completed its work sheet and financial statements for the fiscal year ending on December 31 of the current year. The income statement for Goldstein is in the Working Papers.The
The market price of a stock may change daily as its shares are traded on a stock exchange. Research and write a brief report about one of the stock exchanges. Describe such things as how a company is
A corporation president suggests to the accounting department that the statement of stockholders' equity be dropped from the end-of-fiscal-period work. The president's reason is that the same
Kevin Edwards has \($20,000.00\) in a savings account that is earning 6% interest. He is thinking of investing the money in stock that has a stated value and a current market price of \($100.00\) per
The corporate income tax for a year divided by the net income before taxes is the effective tax rate. Companies track their effective tax rate over the years to determine any trends that may be
The amount of net income belonging to a single share of stock is called earnings per share (EPS). EPS is shown on the income statement. In some cases, the company must calculate EPS. two different
How does the budgeting process help control expenses?
What is the length of time generally covered by a company's budget?
Will net income increase or decrease if the percentage change in expenses is less than the percentage change in net sales? Explain.
How do annual goals help a company?
What factors are considered in preparing a sales budget schedule?
What information is reported in a cash budget?
How does a performance report differ from a comparative income statement?
To finance rapid expansion, how can a corporation acquire additional capital?
What accounts are affected, and how, when LampLight receives cash for preferred stock sold at par value?
What accounts are affected, and how, when LampLight receives cash for preferred stock sold for more than par value?
What accounts are affected, and how, when LampLight receives cash for preferred stock sold for less than par value?
What is the function of stated value?
What accounts are affected, and how, when treasury stock is sold for more than its original cost?
What accounting concept is being applied when a corporation records the purchase of treasury stock at the price paid regardless of the stock's par or stated value?
What are two advantages of raising needed capital by selling stock?
What is an advantage of raising additional capital by borrowing?
What is a disadvantage of borrowing additional capital?
What accounts are affected, and how, when cash is deposited in a bond sinking fund in the second year of a bond issue?
Page 4 of a cash receipts journal and page 2 of a general journal are provided in the Working Papers.Journalize each transaction completed during the current year. May 2. Received cash from Kari
Page 11 of a cash receipts journal and page 8 of a cash payments journal are provided in the Working Papers.Journalize each transaction completed during the current year. Mar. 9. Paid cash to Dana
On February 1, 20X1, Cyrotech, Inc., received \($300,000.00\) cash for a bond issue. The bond agreement provides that a bond sinking fund is to be increased annually by \($37,500.00\) for the next
PC Design, Inc., is authorized to issue 200,000 shares of \($5.00\) stated value common stock and 50,000 shares of 12%, \($100.00\) par value preferred stock. PC Design has 25,000 shares of common
Advanced Laser, Inc., is authorized to issue 150,000 shares of $10.00 stated value common stock. Advanced Laser has 50,000 shares of stock outstanding.Instructions:Journalize the transactions
On January 1, 20X1, Security Communications, Inc., received cash, \($200,000.00,\) for a bond issue. The bond agreement provides that a bond sinking fund is to be increased by \($20,000.00\) every
On January 1, 20X1, Sentry VideoLink, Inc., received cash, \($50,000.00,\) for a bond issue. The bond agreement provides that Sentry VideoLink is to increase a bond sinking fund by \($5,000.00\)
Interspan Technologies, Inc., is authorized to issue 100,000 shares of \($1.00\) stated value common stock and 25,000 shares of 10%, \($100.00\) par value preferred stock. On January 1, 20X1,
The most important step in the employment process is the interview. During the interview, an employer will ask you a variety of questions about your abilities, qualifications, and attitudes. You must
Cecil Thomas pays \($12,000.00\) for 2,000 shares of \($5.00\) stated value common stock of Datkins, Inc. A year later, Mr. Thomas sells the 2,000 shares of stock to Sally Gilliam for a total of
Gonzalez Corporation is authorized to issue 1,000,000 shares of \($10.00\) par value common stock and 100,000 shares of 10%, \($100.00\) par value preferred stock. The company has the following stock
Corporations can issue a variety of kinds or classes of stock. Most companies issue common stock. Some companies are also authorized to issue preferred stock. Information about the par value of each
What is amortization?
How often is estimated federal income tax paid?
What relationship is represented by the price-earnings ratio?
What amounts must be known to calculate the rate earned on average total assets?
What four closing entries are recorded at the end of the period?
What form is used to file the federal income tax return for a corporation?
How does the liquidation of a corporation differ from the liquidation of a proprietorship or partnership?
Presidential Limousine, Inc., received its corporate charter on April 2 of the current year. The corporation is authorized to issue 50,000 shares of $20.00 stated-value stock. A cash receipts journal
Use the working papers from Work Together 11-1. A general journal and statement paper are provided in the Working Papers. Source documents are abbreviated as follows: memorandum, M; receipt, R. Your
On January 10 of the current year, the board of directors of Eagle Express, Inc. declared an annual dividend of \($60,000.00.\) On the date of record, the corporation had issued 2,000 shares of 6%,
Sierra Corporation received its corporate charter on June 3 of the current year. The corporation is authorized to issue 80,000 shares of $10.00 stated-value stock. A cash receipts journal and a cash
Use the working papers from On Your Own 11-1. A general journal and statement paper are provided in the Working Papers. Source documents are abbreviated as follows: memorandum, M; receipt, R. Work
On July 2 of the current year, the board of directors of StarVideo Corporation declared an annual dividend of \($90,000.00.\) On the date of record, the corporation had issued 3,500 shares of 8%,
Pacific Technologies Corporation received its charter on January 4 of the current year. The corporation is authorized to issue 200,000 shares of \($10.00\) stated-value common stock and 50,000 shares
Use the working papers for Application Problem 11-1.Instructions:1. Journalize the transactions. Source documents are abbreviated as follows: memorandum, M; receipt, R.2. Prepare a balance sheet for
The information shown below is available from the accounting records of two different corporations.Instructions:1. Calculate the value of preferred stock. ;2. Calculate the amount of dividends to be
PlasticTech, Inc. completed the following transactions during the current year.Instructions:Journalize the transactions. Use page 8 of a general journal and page 21 of a cash payments journal. Source
SkyPark, Inc. received its charter on August 1 of the current year. The corporation is authorized to issue 150,000 shares of \($5.00\) stated-value common stock and 50,000 shares of 10%, \($100.00\)
On January 1, 20X1, Atlantic Semiconductor Corporation had issued the following stock:250,000 shares of $10.00 stated-value common stock.20,000 shares of 12%, $100.00 par-value preferred
Most accountants actively participate in professional organizations. The organizations have periodic dinner meetings at which guest speakers make presentations regarding current accounting topics. As
Jennifer Hester is considering whether she should buy stock as an investment. She asks you whether it would be better to buy common stock or preferred stock. How would you answer her? Explain your
Salvatoro, 22 years old, recently inherited $5,000.00. He has decided to invest the money in the stock market. He wants his investment to grow quickly. A friend recommended mutual funds as a good way
Northwest Floors, Inc., has paid dividends every year since it started business in 20X1. The total dividend paid and the number of shares issued are given below for each year.Instructions:1.
As stated in this chapter, a corporation's board of directors decides the dividend policy for the corporation. Through 2003, Costco had never paid a dividend. Beginning in the third quarter of 2004,
What formula does Appliance Center use to calculate interest on notes?
How is the interest rate on a note stated?
The borrower pays what two amounts at the note's maturity?
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