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financial accounting

Questions and Answers of Financial Accounting

Three Turtles is a specialty pet gift shop selling exotic pet-related items online. The shop has no physical location. Results for last year are shown next:For internal planning and decision-making
Vintage Carriage Company offers guided horse-drawn carriage rides through historic Camden, South Carolina. The carriage business is highly regulated by the city. Vintage Carriage Company has the
Squire Manufacturing manufactures a single product that it will sell for $77 per unit. The company is looking to project its operating income for its first two years of operations. Cost information
The ReCycle is a bicycle built largely from recycled materials. Identify the following costs connected with the manufacture of the ReCycle bike as variable or fixed: a. Rubber used in bike tires b.
Rathke Industries manufactures and sells a single product. The controller has prepared the following income statement for the most recent year:The company produced 14,000 units and sold 8,500 units
The annual data that follow pertain to Aquatic Optics, a manufacturer of swimming goggles (the company has no beginning inventory): Sales price
Sandy Dawson is the Chief Operating Officer at Mercy Hospital in Atlanta, Georgia. She is analyzing the hospital's overhead costs but is not sure whether nursing hours or the number of patient days
Pursell Industries is in the process of analyzing its manufacturing overhead costs. Management is not sure if the number of units produced or number of direct labor (DL) hours is the best cost driver
The Willowick Ice Cream Shoppe sold 8,700 servings of ice cream during June for $3 per serving. The shop purchases the ice cream in large tubs from the Deluxe Ice Cream Company. Each tub costs the
Value Strings produces student-grade violins for beginning violin students. The company produced 2,500 violins in its first month of operations. At month end, 750 finished violins remained unsold.
Mario's Foods produces frozen meals, which it sells for $8 each. The company uses the FIFO inventory costing method, and it computes a new monthly fixed manufacturing overhead rate based on the
Louis Becker is the Chief Operating Officer at Union Hospital in Newark, New Jersey. She is analyzing the hospital's overhead costs but is not sure whether nursing hours or the number of patient days
Watson Industries is in the process of analyzing its manufacturing overhead costs. Management is not sure if the number of units produced or the number of direct labor (DL) hours is the best cost
The Edgewater Ice Cream Shoppe sold 8,900 servings of ice cream during June for $4 per serving. The shop purchases the ice cream in large tubs from the Premium Ice Cream Company. Each tub costs the
Montrose Oil and Lube is a car care center specializing in ten-minute oil changes. Montrose Oil and Lube has two service bays, which limits its capacity to 4,000 oil changes per month. The following
World Strings produces student-grade violins for beginning violin students. The company produced 2,700 violins in its first month of operations. At month end, 800 finished violins remained unsold.
Murphy's Foods produces frozen meals, which it sells for $7 each. The company uses the FIFO inventory costing method, and it computes a new monthly fixed manufacturing overhead rate based on the
Caesar Entertainment Corporation's Form 10-K contains a variety of data in addition to financial statements. Below is a list that contains Caesars' food and beverage costs (adapted) taken from its
1. Briefly describe an organization with which you are familiar. Describe a situation when a manager in that organization could use cost behavior information and how the manager could use the
Choose a company with which you are familiar that manufactures a product or provides a service. In this activity, you will be making reasonable estimates of the costs and activities associated with
Fanfare Products, Inc., is a manufacturer of mobile devices. Kyle is the plant manager at Fanfare's Toledo, Ohio, plant. The Toledo plant manufactures a smart phone, the Zoom, which has sold well for
The U.S. government estimated4 that Air Force One costs the taxpayers $179,750 per hour. Air Force One is a custom-built Boeing 747 for the president's use while in office. (There are technically a
Refer to the Montrose Oil and Lube data in S6-7. Use the high-low method to determine the variable and fixed cost components of Montrose Oil and Lube's operating costs. Use this information to
Brimfield Catering uses the high-low method to predict its total overhead costs. Past records show that total overhead cost was $25,600 when 860 hours were worked and $27,800 when 960 hours were
Use the information from the Fun Time Cruiseline Data Set to compute the following: a. What is the contribution margin per passenger? b. What is the contribution margin ratio? c. Use the unit
Use the information from the Fun Time Cruiseline Data Set. a. Compute the operating leverage factor when Fun Time Cruiseline sells 12,000 dinner cruises. b. If volume increases by 6%, by what
Boswell's Beanery is a locally owned specialty food product company in Northeast Ohio that has been in existence for over 30 years. Its products include flavored coffees and teas, dips, dressings,
Angel Rain Gear sells monogrammed umbrellas on Etsy. Angel Rain Gear is currently selling 2,000 umbrellas a month at a price of $25 per umbrella. The variable cost of each umbrella sold includes $10
Popped is a specialty popcorn store. It offers two varieties of popcorn: plain and flavored. The flavors range from Caramel Popcorn to Dark Chocolate Drizzled Popcorn to White Cheddar Popcorn. The
Vicki sells authentic Amish quilts on her website. Suppose Vicki expects to sell 1,000 quilts during the coming year. Her average sales price per quilt is $250, and her average cost per quilt is
Use the data from S7-15 to compute Vicki's operating leverage factor at an expected sales level of 1,000 quilts. If sales volume increases 20%, by what percentage will her operating income change?
The Cupcake Factory plans to open a new retail store in Austin, Texas. The store will sell specialty cupcakes for $6 per cupcake (each cupcake has a variable cost of $3). The company is negotiating
Jamison Travel uses the contribution margin income statement internally. Jamison's first quarter results are as follows:Jamison's relevant range is sales of between $120,000 and
Use the information from the Fun Time Cruiseline Data Set. If Fun Time Cruiseline sells an additional 700 tickets, by what amount will its operating income increase (or operating loss decrease)? Fun
Colton Dry Cleaners has determined the following about its costs: Total variable expenses are $42,000, total fixed expenses are $30,000, and the sales revenue needed to break even is $50,000.
Socks Unlimited produces sports socks. The company has fixed expenses of $85,000 and variable expenses of $1.20 per package. Each package sells for $2.00. Requirements 1. Compute the contribution
Refer to Socks Unlimited in E7-21A. If the company can decrease its variable costs to $1.00 per package by increasing its fixed costs to $100,000, how many packages will it have to sell to generate
Owner Yang Wong is considering franchising her Noodle Time restaurant concept. She believes people will pay $6.50 for a large bowl of noodles. Variable costs are $1.95 a bowl. Wong estimates monthly
Refer to Noodle Time in E7-23A. Wong did franchise her restaurant concept. Because of Noodle Time's success, Noodles 'n More has come on the scene as a competitor. To maintain its market share,
Robert's Steel Parts produces parts for the automobile industry. The company has monthly fixed expenses of $720,000 and a contribution margin of 90% of revenues. Requirements 1. Compute Robert's
Refer to Robert's Steel Parts in E7-25A. Robert feels like he's in a giant squeeze play: The automotive manufacturers are demanding lower prices, and the steel producers have increased raw material
Dunlap Garage Doors manufactures a premium garage door. Currently, the price and cost data associated with the premium garage door are as follows: Average selling price per premium garage door
Eduardo Industries is planning on purchasing a new piece of equipment that will increase the quality of its production. It hopes the increased quality will generate more sales. The company's
The Ohio State Fair is one of the largest state fairs in the United States. It draws nearly one million visitors over the twelve-day period each July and August. The fair is a nonprofit organization.
Use the information from the Fun Time Cruiseline Data Set to compute the number of dinner cruise tickets it must sell to breakeven and the sales dollars needed to breakeven. Fun Time Cruiseline Data
Mary Walker sells homemade knit scarves for $25 each at local craft shows. Her contribution margin ratio is 60%. Currently, the craft show entrance fees cost Mary $1,500 per year. The craft shows are
Curtis Walker admired his wife's success at selling scarves at local craft shows, so he decided to make two types of plant stands to sell at the shows. Curtis makes twig stands out of downed wood
Funtime Quadcopters plans to sell a standard quadcopter (toy drone) for $55 and a deluxe quadcopter for $85. Funtime purchases the standard quadcopter for $45 and the deluxe quadcopter for $65.
Wellington Medical Supply is a retailer of home medical equipment. Last year, Wellington's sales revenues totaled $6,300,000. Total expenses were $2,200,000. Of this amount, approximately $1,260,000
Terry's Towing Service has a monthly target operating income of $30,000. Variable expenses are 40% of sales, and monthly fixed expenses are $7,500. Requirements 1. Compute the monthly margin of
Mogadore Manufacturing had a 1.25 operating leverage factor when sales were $60,000. The company's contribution margin ratio was 25%. What were the company's fixed expenses?
The Golden Candle Company plans to open a new retail store in Lewiston, Maine. The store will sell specialty candles for an average of $15 each. The average variable costs per candle are as
Marcus Allen is evaluating a business opportunity to sell premium car wax at vintage car shows. The wax is sold in 64-ounce tubs. Marcus can buy the premium wax at a wholesale cost of $29 per tub. He
Ruby Company manufactures and sells a single product. The company's sales and expenses for last year follow:Requirements 1. Fill in the missing numbers in the preceding table. Use the following
Alpha Manufacturing manufactures 256GB SD cards (memory cards for mobile phones, digital cameras, and other devices). Price and cost data for a relevant range extending to 200,000 units per month are
Use the information from the Fun Time Cruiseline Data Set. If Fun Time Cruiseline has a target operating income of $30,000 per month, how many dinner cruise tickets must the company sell? Fun Time
Hopper Travel uses the contribution margin income statement internally. Hopper's second-quarter results are as follows:Hopper's relevant range is sales of between $100,000 and
Douglas Dry Cleaners has determined the following about its costs: Total variable expenses are $30,000, total fixed expenses are $28,000, and the sales revenue needed to break even is $35,000.
Socks Incorporated produces sports socks. The company has fixed expenses of $100,000 and variable expenses of $1.00 per package. Each package sells for $2.00. Requirements 1. Compute the contribution
Refer to Socks Incorporated in E7-42B. If Socks Incorporated can decrease its variable costs to $0.80 per package by increasing its fixed costs to $125,000, how many packages will it have to sell to
Owner Yuning Zhu is considering franchising her Oodles of Noodles restaurant concept. She believes people will pay $7.00 for a large bowl of noodles. Variable costs are $2.45 a bowl. Zhu estimates
Refer to Oodles of Noodles in E7-44B. Since franchising Oodles of Noodles, the restaurant has not been very successful due to The Noodle Company coming on the scene as a competitor. To increase its
Oleg's Steel Parts produces parts for the automobile industry. The company has monthly fixed expenses of $750,000 and a contribution margin of 75% of revenues. Requirements 1. Compute Oleg's Steel
Refer to Oleg's Steel Parts in E7-46B. Oleg feels like he's in a giant squeeze play: The automotive manufacturers are demanding lower prices, and the steel producers have increased raw material
Kirby Garage Doors manufactures a premium garage door. Currently, the price and cost data associated with the premium garage door are as follows: Average selling price per premium garage door
Brewer Industries is planning on purchasing a new piece of equipment that will increase the quality of its production. It hopes the increased quality will generate more sales. The company's
Use the information from the Fun Time Cruiseline Data Set. 1. Suppose Fun Time Cruiseline cuts its dinner cruise ticket price from $50 to $45 to increase the number of passengers. Compute the new
The Ohio State Fair is one of the largest state fairs in the United States. It draws nearly one million visitors over the twelve-day period each July and August. The fair is a nonprofit organization.
Debbie DeLozier sells homemade knit scarves for $15 each at local craft shows. Her contribution margin ratio is 60%. Currently, the craft show entrance fees cost Debbie $900 per year. The craft shows
Chris DeLozier admired his wife's success at selling scarves at local craft shows (E7-51B), so he decided to make two types of plant stands to sell at the shows. Chris makes twig stands out of downed
Toyz Quadcopters plans to sell a standard quadcopter (toy drone) for $45 and a deluxe quadcopter for $55. Toyz purchases the standard quadcopter for $25 and the deluxe quadcopter for $35. Management
Bangor Medical Supplies is a retailer of home medical equipment. Last year, Bangor's sales revenues totaled $6,200,000. Total expenses were $2,500,000. Of this amount, approximately $1,612,000 was
Shannon's Towing Service has a monthly target operating income of $15,000. Variable expenses are 70% of sales, and monthly fixed expenses are $12,000. Requirements 1. Compute the monthly margin of
Benson Manufacturing had a 1.25 operating leverage factor when sales were $50,000. The company's contribution margin ratio was 20%. What were the company's fixed expenses?
The Glow Factory plans to open a new retail store in Racine, Wisconsin. The store will sell specialty candles for an average of $25 each. The average variable costs per candle are as follows: • Wax
Jake Spahr is evaluating a business opportunity to sell premium car wax at vintage car shows. The wax is sold in 64-ounce tubs. Jake can buy the premium wax at a wholesale cost of $32 per tub. He
Sunflower Company manufactures and sells a single product. The company's sales and expenses for last year follow:Requirements 1. Fill in the missing numbers in the preceding table. Use the following
Use the information from the Fun Time Cruiseline Data Set. Suppose Fun Time Cruiseline embarks on a cost reduction drive and slashes fixed expenses from $210,000 per month to $150,000 per month. 1.
Gamma Manufacturing manufactures 256GB SD cards (memory cards for mobile phones, digital cameras, and other devices). Price and cost data for a relevant range extending to 200,000 units per month are
The budgets of four companies yield the following information:Requirements 1. Fill in the blanks for each company. 2. Compute breakeven, in sales dollars, for each company. Which company has the
A traveling production of Wicked performs each year. The average show sells 1,400 tickets at $55 a ticket. There are 125 shows each year. The show has a cast of 45, each earning an average of $310
Spirit Calendars imprints calendars with college names. The company has fixed expenses of $1,095,000 each month plus variable expenses of $4.00 per carton of calendars. Of the variable expenses, 73%
DoubleTyme Investors is opening an office in Jeffersonville, Indiana. Fixed monthly expenses are office rent ($2,300), depreciation on office furniture ($300), utilities ($250), special telephone
Casual Seating Company is currently selling 2,000 oversized bean bag chairs a month at a price of $85 per chair. The variable cost of each chair sold includes $60 to purchase the bean bag chairs from
The contribution margin income statement of Morgantown Coffee for October follows:Morgantown Coffee sells three small coffees for every large coffee. A small coffee sells for $2.00, with a variable
A traveling production of Grease performs each year. The average show sells 1,400 tickets at $50 per ticket. There are 100 shows a year. The show has a cast of 40, each earning an average of $340 per
Whoosh Calendars imprints calendars with college names. The company has fixed expenses of $1,095,000 each month plus variable expenses of $6.50 per carton of calendars. Of the variable expenses, 68%
Use the information from the Fun Time Cruiseline Data Set. Suppose Fun Time Cruiseline decides to offer two types of dinner cruises: regular cruises and executive cruises. The executive cruise
William Investors is opening an office in Boise, Idaho. Fixed monthly costs are office rent ($2,100), depreciation on office furniture ($260), utilities ($280), special telephone lines ($600), a
Comfy Seating Company is currently selling 3,500 oversized bean bag chairs a month at a price of $100 per chair. The variable cost of each chair sold includes $60 to purchase the bean bag chairs from
The contribution margin income statement of Liberty Coffee for July follows:Liberty Coffee sells three small coffees for every large coffee. A small coffee sells for $3.00, with a variable expense of
Caesars Palace® Las Vegas made headlines when it undertook a $75 million renovation. In mid-September 2015, the hotel closed its then-named Roman Tower, which was last updated in 2001, and started a
Horner Work Wear, Inc., supplies uniforms for a variety of businesses. Collin Hoffman is a new intern in the Accounting Department at Horner. To expand sales, the company is considering paying
Goose down is used in a wide variety of products, including jackets, bedding, and pillows. In recent years, the cost of down has been increasing. For example, in 2009, a pound of goose down sold for
Refer to your answer to S7-7. a. Compute the total number of dinner cruises that Fun Time Cruiseline must sell to breakeven. b. Compute the number of regular cruises and executive cruises the company
Use the information from the Fun Time Cruiseline Data Set. If Fun Time Cruiseline sells 12,000 dinner cruises, compute the margin of safety a. in units (dinner cruise tickets). b. in sales
Consider Storage Solutions from S8-9. Assume that demand for Regular bins is limited to 36,000 units and demand for large bins is limited to 25,000 units. In
Suppose a Luca's Garden restaurant is considering whether to (1) bake bread for its restaurant in-house or (2) buy the bread from a local bakery. The chef estimates that variable costs of making each
Myer Food in Bowling Green, Kentucky, manufactures and markets snack foods. Mila Giles manages the company's fleet of 220 delivery trucks. Giles has been charged with "reengineering" the
Mast Truck Accessories has an inventory of 485 obsolete remote entry keys that are carried in inventory at a manufacturing cost of $75,175. Production Supervisor Carla Lewis must decide to do one of

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