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survey of accounting
Questions and Answers of
Survey of Accounting
During its fiscal year ending on July 31, 2004, the Dr. Ing. h.c. F. Porsche AG, commonly known as “Porsche,” manufactured 81,531 vehicles. During that same year Porsche recorded depreciation of
The July 2003 issue of Strategic Finance contains the article “Roles and Practices in Management Accounting Today: Results from the 2003 IMA-E&Y Survey” written by Ashish Garg, Debashis Ghosh,
Flying High Inc. (FHI) is a division of The Master Toy Company. FHI makes remote-controlled airplanes. During 2004, FHI incurred the following costs in the process of making 5,000 planes.Required:a.
Loftis Services Company (LSC) has 50 employees, 36 of whom are assigned to Division A and 14 to Division B. LSC incurred \($360,000\) of fringe benefits cost during 2006.Required:Determine the amount
Burr Ridge Construction Company is composed of two divisions: (1) Home Construction and (2) Commercial Construction. The Home Construction Division is in the process of building 12 houses and the
Donna Hats Inc. manufactures three different styles of hats: Vogue, Beauty, and Deluxe. Donna expects to incur \($600,000\) of overhead cost during the next fiscal year. Other budget information
Ritchey Company makes three products in its factory: plastic cups, plastic tablecloths, and plastic bot¬ tles. The expected overhead costs for the next fiscal year include the following.Ritchey uses
Sudderth Construction Company expects to build three new homes during a specific accounting period. The estimated direct materials and labor costs are as follows.Assume Sudderth needs to allocate two
Production workers for Bakari Manufacturing Company provided 320 hours of labor in January and 480 hours in February. Bakari expects to use 4,000 hours of labor during the year. The rental fee for
Production workers for Poole Manufacturing Company provided 2,700 hours of labor in January and 1,800 hours in February. The company, whose operation is labor intensive, expects to use 36,000 hours
Coastal Air is a large airline company that pays a customer relations representative \($4,000\) per month. The representative, who processed 1,000 customer complaints in January and 1,300 complaints
Mimosa Corporation expects to incur indirect overhead costs of \($72,000\) per month and direct manufacturing costs of \($11\) per unit. The expected production activity for the first four months of
Seiko Manufacturing Company produced 1,200 units of inventory in January 2007. It expects to produce an additional 8,400 units during the remaining 11 months of the year. In other words, total
Barnhart Manufacturing Co. expects to make 48,000 chairs during 2006. The company made 8,000 chairs in January. Materials and labor costs for January were \($32,000\) and \($48,000\) , respectively.
McLaurin Department Stores Inc. has three departments: women’s, men’s, and children’s. The following are the indirect costs related to its operations:Required:a. Organize the costs in the
Brentwood Clinics provides medical care in three departments: internal medicine (IM), pediatrics (PD), and obstetrics gynecology (OB). The estimated costs to run each department follow:Brentwood
Belcher Manufacturing Company makes two different products, M and N. The company’s two departments are named after the products; for example, Product M is made in Department M. Belcher s accountant
The Newman School of Vocational Technology has organized the school training programs into three departments. Each department provides training in a different area as follows: nursing assistant,
Eagle Airlines is a small airline that occasionally carries overload shipments for the overnight delivery company Never-Fail Inc. Never-Fail is a multimillion-dollar company started by Peter Never
McCord Manufacturing Company makes tents that it sells directly to camping enthusiasts through a mail-order marketing program. The company pays a quality control expert \($75,000\) per year to
Foreman Manufacturing Company uses two departments to make its products. Department is a cutting department that is machine intensive and uses very few employees. Machines cut and form parts and then
Roddick Corporation estimated its overhead costs would be \($36,000\) per month except for January when it pays the \($72,000\) annual insurance premium on the manufacturing facility. Accordingly,
Dana Helton is considering expanding her business. She plans to hire a salesperson to cover trade show's. Because of compensation, travel expenses, and booth rental, fixed costs for a trade show are
New budget constraints have pressured Body Perfect Gym to control costs. The owner of the gym, Mr. Ripple, has notified division managers that their job performance evaluations will be highly
The following information was taken from the Form 10-K SEC filings for CSX Corporation and Starbucks Corporation. It is from the 2002 fiscal year reports, and all dollar amounts are in millions.CSX
The March 8, 2004, edition of BusinessWeek contained an article titled “Courting the Mass Affluent”. The article discusses the efforts of Charles Schwab Corp. to attract a bigger share of
Why are ratios and trends used in financial analysis?
What do the terms liquidity and solvency mean?
What is apparent from a horizontal presentation of financial statement information? A vertical presentation?
What is the difference between the current ratio and the quick ratio? What does each measure?
Why are absolute amounts of limited use when comparing companies?
What is the difference between return on investment and return on equity?
What are some limitations of the earnings per share figure?
What is the formula for calculating return on investment (ROI)?
What is information overload?
What is the price-earnings ratio? Explain the difference between it and the dividend yield.
What environmental factors must be considered in analyzing companies?
Hoover’s Kitchen, a fast-food restaurant company, operates a chain of restaurants across the nation. Each restaurant employs eight people; one is a manager paid a salary plus a bonus equal to 3
At the various activity levels shown, Taylor Company incurred the following costs.Required:Identify each of these costs as fixed, variable, or mixed. Units sold 20 40 60 80 100 a. Total salary cost
Simon Corporation incurs the following annual fixed costs:Required: Determine the total fixed cost per unit of production, assuming that Simon produces 4,000, 4,500, or 5,000 units. Item Cost
The following variable production costs apply to goods made by Keller Manufacturing Corporation.Required: Determine the total variable production cost, assuming that Keller makes 10,000, 15,000, or
Whaley Company’s cost and production data for two recent months included the following:Required:a. Separately calculate the rental cost per unit and the utilities cost per unit for both January and
Hernadez Trophies makes and sells trophies it distributes to little league ballplayers. The company normally produces and sells between 10,000 and 13,000 trophies per year. The following cost data
Barlow Entertainment sponsors rock concerts. The company is considering a contract to hire a band at a cost of \($50,000\) per concert.Required:a. What are the total band cost and the cost per person
Barlow Entertainment sells souvenir T-shirts at each rock concert that it sponsors. The shirts cost \($8\) each. Any excess shirts can be returned to the manufacturer for a full refund of the
Damon Corporation paid one of its sales representatives \($5,000\) during the month of March. The rep is paid a base salary plus \($15\) per unit of product sold. During March, the rep sold 200
The following income statements illustrate different cost structures for two competing companies.Required:a. Reconstruct Keef’s income statement, assuming that it serves 160 customers when it lures
The following income statement was drawn from the records of Mantooth Company, a merchandising firm.Required:a. Reconstruct the income statement using the contribution margin format.b. Calculate the
The following income statement applies to Lyons Company for the current year:Required:a. Use the contribution margin approach to calculate the magnitude of operating leverage.b. Use the operating
Thorpe Corporation sells products for \($15\) each that have variable costs of \($10\) per unit. Thorpe’s annual fixed cost is \($300,000\) .Required:Determine the break-even point in units and
Jaffe Company incurs annual fixed costs of \($60,000\). Variable costs for Jaffe’s product are \($7.50\) per unit, and the sales price is \($12.50\) per unit. Jaffe desires to earn an annual profit
Amaya Corporation produced 150,000 watches that it sold for \($24\) each during 2006. The company determined that fixed manufacturing cost per unit was \($6\) per watch. The company reported a
Information concerning a product produced by Cheung Company appears here.Required:Determine the following:a. Contribution margin per unit.b. Number of units that Cheung must sell to break even.c.
Bates Company makes a product that sells for \($18\) per unit. The company pays \($8\) per unit for the variable costs of the product and incurs annual fixed costs of \($150,000\) . Bates expects to
Jenny Tang has decided to start Tang Cleaning, a residential housecleaning service company. She is able to rent cleaning equipment at a cost of \($600\) per month. Labor costs are expected to be
Citizens Bank’s start-up division establishes new branch banks. Each branch opens with three tellers. Total teller cost per branch is \($80,000\) per year. The three tellers combined can process up
Adriane Dawkins operates a sales booth in computer software trade shows, selling an accounting software package, Account-tech. She purchases the package from a software manufacturer for \($200\)
Smartt Training Services (STS) provides instruction on the use of computer software for the employees of its corporate clients. It offers courses in the clients’ offices on the clients’
Autumn and Zogby Universities offer executive training courses to corporate clients. Autumn pays its instructors \($6,000\) per course taught. Zogby pays its instructors \($300\) per student enrolled
Norm Champion is a venture capitalist facing two alternative investment opportunities. He intends to invest \($500,000\) in a start-up firm. He is nervous, however, about future economic volatility.
Dester Manufacturing Company makes a product that it sells for \($50\) per unit. The company incurs variable manufacturing costs of \($20\) per unit. Variable selling expenses are \($5\) per unit,
Musso Company is considering the addition of a new product to its cosmetics line. The company has three distinctly different options: a skin cream, a bath oil, or a hair coloring gel. Relevant
What is the significance of inventory turnover, and how is it calculated?
Cadeshia Industries recognized accrued compensation cost. Use the following model to show how this event would affect the company’s financial statement under the following two assumptions: (1) the
Chappell Industries recognized the annual cost of depreciation on December 31, 2007. Using the following horizontal financial statements model, indicate how this event affected the company’s
Andrea Pomare was talking to another accounting student, Don Cantrell. Upon discovering that the accounting department offered an upper-level course in cost measurement, Andrea remarked to Don,
A review of the accounting records of Zammon Manufacturing indicated that the company incurred the following payroll costs during the month of August.1. Salary of the company president—\($75,000\)
Trammell Manufacturing experienced the following events during its first accounting period.1. Recognized depreciation on manufacturing equipment.2. Recognized depreciation on office furniture.3.
Kasey Manufacturing Company began operations on January 1. During the year, it started and completed 4,000 units of product. The company incurred the following costs.1. Raw materials purchased and
Each of the following events describes acquiring an asset that requires a year-end adjusting entry. Explain how acquiring the asset and making the adjusting entry affect the amount of net income and
During 2008, Wake Manufacturing Company incurred \($9,000,000\) of research and development (R&D) costs to create a long-life battery to use in computers. In accordance with FASB standards, the
Auto-sound Company manufactures and sells high-quality audio speakers. The speakers are encased in solid walnut cabinets supplied by Garrison Cabinet Inc. Garrison packages the speakers in durable
After reviewing the financial statements of Baird Company, Tim Hanson concluded that Baird was a service company because its financial statements displayed no inventory accounts.Required:Explain how
Lucy Quinn, a teacher at Grove Middle School, is in charge of ordering the T-shirts to be sold for the school’s annual fund-raising project. The T-shirts are printed with a special Grove School
Jay’s Pet Supplies purchases its inventory from a variety of suppliers, some of which require a six- week lead time before delivery. To ensure that she has a sufficient supply of goods on hand, Ms.
Reavis Manufacturing Company was started on January 1, 2006, when it acquired \($90,000\) cash by issuing common stock. Reavis immediately purchased office furniture and manufacturing equipment
Chateau Manufacturing Company experienced the following accounting events during its first year of operation. With the exception of the adjusting entries for depreciation, all transactions are cash
The following transactions pertain to 2007, the first year operations of Lakeview Company. All inventory was started and completed during 2007. Assume that all transactions are cash transactions.1.
Savoy Company began operations on January 1, 2006, by issuing common stock for \($36,000\) cash. During 2006, Savoy received \($48,000\) cash from revenue and incurred costs that required \($72,000\)
Dextron Manufacturing Company (DMC) was started when it acquired \($60,000\) by issuing common stock. During the first year of operations, the company incurred specifically identifiable product costs
Hacienda Company invented a new process for manufacturing ice cream. The ingredients are mixed in high-tech machinery that forms the product into small round beads. Like a bag of balls, the ice cream
Levis Manufacturing Company obtains its raw materials from a variety of suppliers. Levis’s strategy is to obtain the best price by letting the suppliers know that it buys from the lowest bidder.
Pass CPA Inc. provides review courses for students studying to take the CPA exam. The cost of textbooks is included in the registration fee. Text material requires constant updating and is useful for
Victor Holt, the accounting manager of Sexton Inc., gathered the following information for 2006. Some of it can be used to construct an income statement for 2006. Ignore items that do not appear on
The September 1999 issue of Strategic Finance contains the article “Counting More, Counting Less: Transformations in the Management Accounting Profession,” written by Keith Russell, Gary Siegel,
The 1998 annual report of the Maytag Corporation contained the following excerpt:During the first quarter of 1996, the Company announced the restructuring of its major appliance operations in an
Mensa Mountaineering Company (MMC) provides guided mountain climbing expeditions in the Rocky Mountains. Its only major expense is guide salaries; it pays each guide \($4,800\) per climbing
Sharp Company makes and sells pencil sharpeners. The variable cost of each sharpener is \($20\) . The sharpeners are sold for \($30\) each. Fixed operating expenses amount to \($40,000\) .Required:a.
Don Moon is the owner of The Clothes Shop. At the beginning of the year, Moon had \($1,200\) in inventory. During the year, Moon purchased inventory that cost \($6,500\). At the end of the year,
The following data were taken from Microsoft Corporation’s 2004 annual report. All dollar amounts are in millions.Required:a. Compute Microsoft’s gross margin percentage for 2004 and 2003.b.
The following events were completed by Chris Toy Shop in September 2009:Required:a. Record each event in a statements model like the following one. The first event is recorded as an example.b.
Use the Topps Company annual report to answer the following questions.a. Which accounts on Topps’ balance sheet are accrual type accounts?b. Which accounts on Topps’ balance sheet are deferral
Beta One Inc. is a pharmaceutical company heavily involved in research leading to the development of genealogy-based medicines. Although the company has several promising research studies in
Use the Topps Company’s annual report to answer the following questions.a. What was Topps’ net income for 2003?b. Did Topps’ net income increase or decrease from 2002 to 2003, and by how
The following business scenarios are independent of one another.1. Tilly Jensen starts a business by transferring \($5,000\) from her personal checking account into a checking account for the
Selected financial information for Wingo Company for 2007 follows.Required:Assuming that the merchandise inventory buildup was relatively constant, how many times did the merchandise inventory turn
The following data come from the financial records of Cowser Corporation for 2005.Required:How many times was interest earned in 2005? Sales Interest Expense Income Tax Expense Net Income $135,000
Moran Corporation wrote off a \($1,000\) uncollectible account receivable against the \($8,500\) balance in its allowance account.Required:Explain the effect of the write-off on Moran’s current
On June 30, 2006, Victor Company’s total current assets were \($160,000\) and its total current liabilities were \($100,000\). On July 1, 2006, Victor issued a short-term note to a bank for
On June 30, 2006, Victor Company’s total current assets were \($160,000\) and its total current liabilities were \($100,000\) . On July 1, 2006, Victor issued a long-term note to a bank for
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