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managerial accounting tools for business decision making
Questions and Answers of
Managerial Accounting Tools For Business Decision Making
How should ESPN account for the \(\$ 1.1\) billion per year franchise fee?
Do you think that this treatment would be allowed under U.S. GAAP?
Assume that Drummond Corp. purchases a delivery truck for \($15,000\) cash plus sales taxes of \($900\) and delivery costs of \($500.\) The buyer also pays \($200\) for painting and lettering,
Kant Enterprises purchased a truck for \(\$ 11,000\) on ( 80 g) January 1,2009 . The truck will have an estimated salvage value of \(\$ 1,000\) at the end of 5 years. If you use the units-of-activity
When would it be appropriate for a company to lower its allowance for doubtful accounts as a percentage of its receivables?
How would reported net income likely differ during the first year of this promotion if Mitsubishi used the direct write-off method versus the allowance method?
What steps should the banks have taken to ensure the accuracy of financial information provided on loan applications?
What issues should management consider in deciding whether to factor its receivables?
Why would unsupervised employees or employees who report to each other represent potential internal control threats?
Why would a company's stock price fall if it reports deficiencies in its internal controls?
In 2010 Patterson Wholesale Company had net credit sales of \(\$ 750,000\). On January 1,2010 , Allowance for Doubtful Accounts had a credit balance of \(\$ 18,000\). During 2010, \(\$ 30,000\) of
Fraud Bureaut is a free service, established to alert consumers and investors about prior complaints relating to online vendors, including sellers at online auctions, and to provide consumers,
What steps might the companies take to avoid such a serious disruption in the future?
What effect does an overstatement of inventory have on a company's financial statements?
Why is inventory control important to managers such as those at Wal-Mart and Best Buy?
If a perpetual system keeps track of inventory on a daily basis, why do companies ever need to do a physical count?
If a company expects significant returns, what are the implications for revenue recognition?
Why have investors and analysts demanded more accuracy in isolating "Other gains and losses" from operating items?
Explain how Wal-Mart's profitability gave it a strategic advantage over Kmart.
Aerosmith Company's accounting records show the following at the year-end December 31, 2010. Purchase Discounts Freight-in Purchases Beginning Inventory Ending Inventory Purchase Returns $ 3,400
Arbor Corporation had reported the following amounts at December 31, 2010: Sales \(\$ 184,000\); ending inventory \(\$ 11,600\); beginning inventory \(\$ 17,200\); purchases \(\$ 60,400\); purchase
What is a post-audit? What are the potential benefi ts of a post-audit?
On January 1, Xiang Corporation issues \($500,000,\) 5-year, 12% bonds at 96 with interest payable on January 1. The entry on December 31 to record accrued bond interest and the amortization of bond
Compute the profit margin for 2017.(a) 17.1%.(c) 37.9%.(b) 18.1%.(d) 5.9%.
In this chapter, we evaluated a home electronics giant, Best Buy. Tweeter Home Entertainment sold consumer electronics products from 154 stores on the East Coast under various names. It specialized
What organization issues U.S. accounting standards?(a) Financial Accounting Standards Board.(b) International Accounting Standards Committee.(c) International Auditing Standards Committee.(d) None of
What motivates sales executives and finance and accounting executives to participate in activities that result in inaccurate reporting of revenues?
Suppose that Robert Jones purchases a \(\$ 100\) gift card at Best Buy on December 24, 2009, and gives it to his wife Mary Jones on December 25, 2009. On January 3, 2010, Mary uses the card to
Cookie Creations is gearing up the winter holiday season. Natalie has had a busy month of December. She needs to journalize and post the month's transactions and complete the accounting cycle,
Square Deal, a large national retail chain, is nearing its fiscal year-end. It appears that the company is not going to hit its revenue and net income targets. The company's marketing manager, Mickey
In order for these companies to prepare and issue financial statements, their accounting equations (debit and credits) must have been in balance at year-end. How could these errors or misstatements
Do you think that the Chicago Bears football team would be likely to have the same major revenue and expense accounts as the Cubs?
In what ways is this Microsoft division using accounting to assist in its effort to become more profitable?
In November 2009 after having incorporated Cookie Creations Inc., Natalie begins operations. She has decided to not pursue the offer to supply cookies to Biscuits. Instead she will focus on offering
During 2010, Gibson Company assets decreased \(\$ 50,000\) and its liabilities decreased \(\$ 90,000\). Its stockholders' equity therefore:(a) increased \(\$ 40,000\).(b) decreased \(\$ 140,000\)(c)
Presented below are three economic events. On a sheet of paper, list the letters (a), (b), an (c) with columns for assets, liabilities, and stockholders' equity. In each column, indicate whether the
Bob Sample and other student investors opened Campus Carpet Cleaning, Inc. on September 1, 2010. During the first month of operations the following transactions occurred.The chart of accounts for the
After investigating the different forms of business organization, Natalie Koebel decides to operate her business as a corporation, Cookie Creations Inc., and she begins the process of getting her
What can various company managers do to ensure that working capital is managed efficiently to maximize net income?
Discuss the difference in the debt to total assets ratio of Microsoft and General Motors.
What is meant by the phrase "make the country's businesses more transparent"? Why
What problems might Best Buy's year-end create for analysts?
For 2010 Stone land Corporation reported net income \(\$ 26,000\); net sales \(\$ 400,000\); and average shares outstanding 6,000 . There were preferred stock dividends of \(\$ 2,000\). What was the
Companies can use free cash flow to:(a) pay additional dividends.(b) acquire property, plant, and equipment.(c) pay off debts.(d) All of the above.
What organization issues U.S. accounting standards?(a) Financial Accounting Standards Board.(b) International Accounting Standards Committee.(c) International Auditing Standards Committee.(d) None of
Verifiability is an ingredient of: Reliability (a) Yes Relevance Yes (b) No No (c) Yes No (d) No Yes
What accounting constraint refers to the tendency of accountants to resolve uncertainty in a way least likely to overstate assets and net income?(a) Comparability.(b) Materiality.(c) Conservatism.(d)
What was Tootsie Roll's largest current asset, largest current liability, and largest item under "Other assets" at December 31, 2007 ?
What are the benefits to the company and to the employees of making the financial statements available to all employees?
How might accounting help you?
What benefits does a sound accounting system provide to a not-for-profit organization?
What is one way that some of these disputes might be resolved?
Classify each item as an asset, liability, common stock, revenue, or expense.1. Cost of renting property 2. Truck purchased 3. Notes payable 4. Issuance of ownership shares 5. Amount earned from
State whether each of the following items is most closely associated with the management discussion and analysis (MD&A), the notes to the financial statements, or the auditor's report.1. Descriptions
Which financial statement reports assets, liabilities, and stockholders' equity?(a) Income statement(b) Retained earnings statement.(c) Balance sheet.(d) Statement of cash flows.
As of December 31, 2007, Stone land Corporation has assets of \(\$ 3,500\) and stockholders' equity of \(\$ 2,000\). What are the liabilities for Stone land Corporation as of December 31, 2007?(a)
A job order cost sheet for Michaels Company is shown belowInstructions(a) Answer the following questions.(1) What was the balance in Work in Process Inventory on January 1 if this was the only
Kwik Kopy Company applies operating overhead to photocopying jobs on the basis of machine hours used. Overhead costs are expected to total $290,000 for the year, and machine usage is estimated at
Armando Company manufactures pizza sauce through two production departments: Cooking and Canning. In each process, materials and conversion costs are incurred evenly throughout the process. For the
The Sanding Department of Jo Furniture Company has the following production and manufacturing cost data for March 2017, the first month of operation.Production: 11,000 units finished and transferred
Karlene Industries produces plastic ice cube trays in two processes: heating and stamping. All materials are added at the beginning of the Heating Department process. Karlene uses the
Domestic Fabrics has budgeted overhead costs of $955,000. It has allocated overhead on a plantwide basis to its two products (wool and cotton) using direct labor hours which are estimated to be
Organic Products, Inc., uses a traditional product costing system to assign overhead costs uniformly to all products. To meet Food and Drug Administration (FDA) requirements and to assure its
The controller of Teton Industries has collected the following monthly expense data for use in analyzing the cost behavior of maintenance costs.Instructions (a) Determine the fi xed-cost and
Zion Seating Co., a manufacturer of chairs, had the following data for 2017:Instructions (a) What is the contribution margin ratio?(b) What is the break-even point in dollars?(c) What is the margin
Yard-King manufactures lawnmowers, weed-trimmers, and chainsaws. Its sales mix and unit contribution margins are as follows.Yard-King has fixed costs of $4,620,000.Instructions Compute the number of
Rene Company manufactures and sells three products. Relevant per unit data concerning each product are given below.Instructions(a) Compute the contribution margin per unit of limited resource
The CVP income statements shown below are available for Vericelli Company and Boone CompanyInstructions (a) Compute the degree of operating leverage for each company and interpret your results.(b)
Francis Corporation manufactures and sells three different types of water-sport wakeboards. The boards vary in terms of their quality specifications—primarily with respect to their smoothness and
Maningly Inc. has been manufacturing its own lampshades for its table lamps. The company is currently operating at 100% of capacity. Variable manufacturing overhead is charged to production at the
Tek Enterprises uses a computer to handle its sales invoices. Lately, business has been so good that it takes an extra 3 hours per night, plus every third Saturday, to keep up with the volume of
Benai Lorenzo, a recent graduate of Bonita’s accounting program, evaluated the operating performance of Wasson Company’s six divisions. Benai made the following presentation to the Wasson board
Notown Recording Studio rents studio time to musicians in 2-hour blocks. Each session includes the use of the studio facilities, a digital recorded CD of the performance, and a professional music
Mercury Corporation manufactures car audio systems. It is a division of Country-Wide Motors, which manufactures vehicles. Mercury sells car audio systems to other divisions of Country-Wide, as well
Jake Company expects to have a cash balance of $45,000 on January 1, 2017. Relevant monthly budget data for the fi rst 2 months of 2017 are as follows.Collections from customers: January $100,000.
Asheville Company is preparing its master budget for 2017. Relevant data pertaining to its sales and production budgets are as follows.Sales. Sales for the year are expected to total 2,100,000 units.
Barrett Company has completed all operating budgets other than the income statement for 2017. Selected data from these budgets follow.Sales: $300,000 Purchases of raw materials: $145,000 Ending
Felix Company uses a fl exible budget for manufacturing overhead based on direct labor hours. Variable manufacturing overhead costs per direct labor hour are as follows.Fixed overhead costs per month
The White Division of Mesin Company reported the following data for the current year.Top management is unhappy with the investment center’s return on investment (ROI). It asks the manager of the
Hector Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product.Direct materials (6 pounds at $2.50 per pound) $15.00 Direct labor (3.1 hours
Manufacturing overhead data for the production of Product H by Yamato Company are as follows. Overhead incurred for 35,000 actual direct labor hours worked $140,000 Overhead rate (variable $3;
BTMS Inc. wants to purchase a new machine for $30,000, excluding $1,500 of installation costs. The old machine was bought five years ago and had an expected economic life of 10 years without salvage
Furst Corporation had the following transactions.1. Paid salaries of $14,000.2. Issued common stock for equipment worth $16,000.3. Sold equipment (cost $10,000, accumulated depreciation $6,000) for
Strong Corporation’s comparative balance sheets are presented below.Additional information:1. Net income was $28,300. Dividends declared and paid were $26,400.2. Equipment that cost $10,000 and had
The income statement for the year ended December 31, 2017, for Kosinski Manufacturing Company contains the following condensed information.Included in operating expenses is a $24,000 loss resulting
The comparative condensed balance sheets of Roadway Corporation are presented below.Instructions (a) Prepare a horizontal analysis of the balance sheet data for Roadway Corporation using 2016 as a
Rondo Corporation’s comparative balance sheets are presented below.Rondo’s 2017 income statement included net sales of $120,000, cost of goods sold of $70,000, and net income of
The events and transactions of Dever Corporation for the year ending December 31, 2017, resulted in the following data. Cost of goods sold $2,600,000 Net sales 4,400,000 Other expenses and losses
Fredricks Company reports the following costs and expenses in MayInstructions From the information, determine the total amount of:(a) Manufacturing overhead(b) Product costs(c) Period costs. Factory
Tommi Corporation incurred the following costs while manufacturing its product.Work-in-process inventory was $10,000 at January 1 and $14,000 at December 31. Finished goods inventory was $60,500 at
Superior Company has the following cost and expense data for the year ending December 31, 2017.Instructions (a) Prepare a cost of goods manufactured schedule for Superior Company for 2017.(b)
Disney faces many situations where it needs to apply the decision tools learned in this chapter, such as using a job cost sheet to determine a film’s profitability. For example, assume Disney uses
Old Rosebud is a Kentucky horse farm that specializes in boarding thoroughbred breeding mares and their foals. Customers bring their breeding mares to Old Rosebud for delivery of their foals and
Magee Inc. pays its sales manager a bonus of $10,000 if the manager meets the sales quota. The sales manager can exert either high effort or low effort. The additional disutility of the manager in
James, Inc., a large mail-order catalog firm, is thinking of expanding into Canada. The Buffalo district office would manage the expansion and must decide how much to spend on the advertising
What are some of the reasons for allocating costs?
Describe some ways cost allocations can affect cash flows.
How do cost allocations act as a tax system?
Define externality and give an example of one.
What is the difference between a positive and a negative externality?
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