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financial accounting 11th

Questions and Answers of Financial Accounting 11th

Prepare budgeted income statement (Learning Objective 2)Wheels is an exotic car dealership. Suppose its Miami office projects that 2009 quarterly sales will increase by \(3 \%\) in Quarter 1, by
Compute cash receipts and payments (Learning Objective 3)}Aqua Pure is a distributor of bottled water. For each of the items a throughc, compute the amount of cash receipts or payments Aqua Pure will
Prepare sales and cash collections budgets (Learning Objectives 2, 3)}Rovniak Reeds, a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be \(\$ 890,000\) in October, \(\$
Prepare cash budget, then revise (Learning Objectives 3, 4)Battery Power, a family-owned battery store, began October with \(\$ 10,500\) cash. Management forecasts that collections from credit
Finish an incomplete cash budget (Learning Objective 3)You recently began a job as an accounting intern at Outdoor Adventures. Your first task was to help prepare the cash budget for February and
Prepare budgeted balance sheet (Learning Objective 3)}Use the following information to prepare a budgeted balance sheet for Marine.com at March 31, 2009. Show computations for the cash and owners'
Identify types of responsibility centers (Learning Objective 5)Identify each responsibility center as a cost center, a revenue center, a profit center, or an investment center.a. The bakery
Prepare performance reports at different organizational levels (Learning Objective 5)InTouch is a Seattle company that sells cell phones and PDAs on the Web. InTouch has assistant managers for its
Prepare budgeted income statement (Learning Objective 2)}The budget committee of Vinning Office Supply has assembled the following data. As the business manager, you must prepare the budgeted income
Continuation of P10-29A: cash budgets}Refer to P10-29A. Vinning Office Supply's sales are \(70 \%\) cash and \(30 \%\) credit (use the rounded sales on the last line of \(\mathrm{P} 10-29
Prepare budgeted balance sheet and statement of cash flows (Learning Objective 3)}Alliance Printing of Baltimore has applied for a loan. Bank of America has requested a budgeted balance sheet at
Continuation of P10-31A: revised sales (Learning Objective 4)}Refer to P10-31A. Before granting a loan to Alliance Printing, Bank of America asks for a sensitivity analysis assuming that April sales
Identify responsibility centers (Learning Objective 5)}Is each of the following most likely a cost center, a revenue center, a profit center, or an investment center?a. Shipping department of
Prepare performance reports for various organizational levels (Learning Objectives 1, 5)Winnie's World operates a chain of pet stores in the Midwest. The manager of each store reports to the region
Prepare budgeted income statement (Learning Objective 2)Representatives of the various departments of Go Sports have assembled the following data. As the business manager, you must prepare the
Continuation of P10-35B: cash budgets (Learning Objective 3)Refer to P10-35B. Go Sports' sales are \(50 \%\) cash and \(50 \%\) credit (use sales on the last two lines of P10-35B). Credit sales are
Prepare budgeted balance sheet and statement of cash flows (Learning}Objective 3)The Music Box has applied for a loan. First Central Bank has requested a budgeted balance sheet at June 30, 2009, and
Continuation of P10-37B: revised sales (Learning Objective 4)Refer to S10-37 Before granting a loan to The Music Box, First Central Bank asks for a sensitivity analysis, assuming that June sales are
Identify responsibility centers (Learning Objective 5)Is each of the following most likely a cost center, a revenue center, a profit center, or an investment center?a. Purchasing department of
Prepare performance reports for various organizational levels (Learning} Objectives 1, 5)Etown is a chain of home electronics stores. Each store has a manager who answers to a city manager, who, in
Identify cost behavior (Learning Objective 1)The chart below shows three different costs: Cost A, Cost B, and Cost C. For each cost, the chart shows the total cost and cost per unit at two different
Sketch cost behavior graphs (Learning Objective 1)Sketch graphs of the following cost behaviors. In each graph, the \(y\)-axis should be "total costs" and the \(\mathrm{x}\)-axis should be "volume of
Computer fixed costs per unit (Learning Objective 2)Sport-time produces high-quality basketballs. If the fixed cost per basketball is \(\$ 3\) when the company produces 12,000 basketballs, what is
Define various cost equations (Learning Objective 2)Write the cost equation for each of the following cost behaviors. Define the variables in each equation.a. Fixedb. Mixedc. Variable
Predict total mixed costs (Learning Objective 2)Ritter Razors produces deluxe razors that compete with Gillette's Mach line of razors. Total manufacturing costs are \(\$ 100,000\) when 20,000
Predict and graph total mixed costs (Learning Objectives 1, 2)Suppose World-Link offers an international calling plan that charges \(\$ 5.00\) per month plus \(\$ 0.35\) per minute for calls outside
Classify cost behavior (Learning Objective 3)}Ariel builds innovative loudspeakers for music and home theater. Identify the following costs as variable or fixed:a. Depreciation on equipment used to
Prepare and analyze a scatter plot (Learning Objective 3)Lube-for-Less is a car care center specializing in ten-minute oil changes. Lube-for-Less has two service bays, which limits its capacity to
Use the high-low method (Learning Objective 4)}Refer to the Lube-for-Less data in S6-8. Use the high-low method to determine the variable and fixed cost components of Lube-for-Less's operating costs.
Analyze a scatter plot (Learning Objectives 3, 4)}The local Holiday Inn collected seven months of data on the number of room-nights rented per month and the monthly utilities cost. The data was
Theoretical comparison of high-low and regression analysis (Learning Objectives 4, 5) Refer to the Holiday Inn scatter plot in S6-10.1. Would the high-low method or regression analysis result in a
Write a cost equation given regression output (Learning Objective 5)A firm wanted to determine the relationship between its monthly operating costs and a potential cost driver. The output of a
Prepare a contribution margin income statement (Learning Objective 6)Pam's Quilt Shoppe sells homemade Amish quilts. Pam buys the quilts from local Amish artisans for \(\$ 250\) each, and her shop
Prepare income statement using variable costing (Learning Objective 7)(Appendix) Consider the Sportade example on pages 332-338. Suppose that during April, the company produces 10,000 cases of
Continuation of S6-14: absorption costing (Learning Objective 7)(Appendix) Refer to the Sportade example on pages 332-338 and the data and your answer to S6-14.1. Prepare the April income statement
Graph specific costs (Learning Objective 1)Graph these cost behavior patterns over a relevant range of 0 to 10,000 units:a. Variable expenses of \(\$ 8\) per unitb. Mixed expenses made up of fixed
Identify cost behavior terms (Learning Objectives 1, 2, 3, 4, 5)Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not be used
Forecast costs at different volumes (Learning Objectives 1, 2)}Perreth Drycleaners has capacity to clean up to 5,000 garments per month.\section*{Requirements}1. Complete the following schedule for
Prepare income statement in two formats (Learning Objective 6)}Refer to the Perreth Drycleaners in E6-18. Assume that Perreth charges customers \(\$ 7\) per garment for dry cleaning. Prepare
Use unit cost data to forecast total costs (Learning Objective 2)Mailbox Magic produces decorative mailboxes. The company's average cost per unit is \(\$ 26.43\) when it produces 1,000 mailboxes.a.
Use account analysis to determine cost behavior (Learning Objective 3)Use your judgment (just as a manager would use his judgment for account analysis) to determine the cost behavior of each of the
Create a scatter plot (Learning Objective 3)}Alice Jungemann, owner of Flower Power, operates a local chain of floral shops. Each shop has its own delivery van. Instead of charging a flat delivery
High-low method (Learning Objective 4)Refer to Alice's Flower Power data in E6-22. Use the high-low method to determine Flower Power's cost equation for van operating costs. Use your results to
Continuation of E6-23: regression analysis (Learning Objective 5)Refer to the Flower Power data in E6-22. Use Microsoft Excel to:1. Run a regression analysis (use Excel shown on pages 324 or 325).2.
Prepare and interpret a scatter plot (Learning Objective 3)}Dave's "Golden Brown" Pancake Restaurant features sourdough pancakes made from a strain of sourdough dating back to the Alaskan gold rush.
High-low method (Learning Objective 4)}Refer to Dave's “Golden Brown" Pancake Restaurant in E6-25.1. Use the high-low method to determine Dave's operating cost equation.2. Use your answer from
Regression Analysis (Learning Objective 5)Refer to Dave's "Golden Brown" Pancake Restaurant in E6-25.1. Use Microsoft Excel to perform regression analysis on Dave's monthly data. Based on the output,
Determine cost behavior and predict operating costs (Learning Objective 4)Bayview Apartments is a 500 -unit apartment complex. When the apartments are \(90 \%\) occupied, monthly operating costs
Critique the high-low method (Learning Objective 4)}You have been assigned an intern to help you forecast your firm's costs at different volumes. He thinks he will get cost and volume data from the
Prepare a contribution margin income statement (Learning Objective 6)}Precious Pets is a small e-tail business specializing in the sale of exotic pet gifts and accessories over the Web. The business
Prepare a contribution margin income statement (Learning Objective 6)Charleston Carriage Company offers guided horse-drawn carriage rides through historic Charleston, South Carolina. The carriage
Absorption and variable costing income statements (Learning Objective 7) (Appendix) The 2008 data that follow pertain to Rays, a manufacturer of swimming goggles (Rays has no beginning inventories in
Analyze cost behavior (Learning Objectives 1, 2, 3, 4)}Berg Industries is in the process of analyzing its manufacturing overhead costs. Berg Industries is not sure if the number of units produced or
Continuation of P6-33A: regression analysis (Learning Objective 5)}Refer to Berg Industries in P6-33A.1. Use Excel regression analysis to determine Berg Industries' manufacturing overhead cost
Prepare traditional and contribution margin income statements (Learning Objective 6) Kelsey's Ice Cream Shoppe sold 9,000 servings of ice cream during June for \(\$ 3\) per serving. Kelsey purchases
Determine financial statement components (Learning Objective 7) (Appendix)Violins-by-Hannah produces student-grade violins for beginning violin students. The company produced 2,000 violins in its
Absorption and variable costing income statements (Learning Objective 7) (Appendix) Mario's Foods produces frozen meals, which it sells for \(\$ 7\) each. The company uses the FIFO inventory costing
Analyze cost behavior (Learning Objectives 1, 2, 3, 4L}Braunhaus Microbrewery is in the process of analyzing its manufacturing overhead costs. Braunhaus Microbrewery is not sure if the number of
Continuation of P6-38B: regression analysis (Learning Objective 5)}Refer to Braunhaus Microbrewery in P6-38B.1. Use Excel regression analysis to determine Braunhaus Microbrewery's manufacturing
Contribution margin income statement (Learning Objective 6)}Rachel's Rock Shop is a full-service music store. Rachel rents and sells instruments, sells sheet music, and hires musicians on an
Determine financial statement components (Learning Objective 7) (Appendix) MaggieB, a budding professional tennis player, was unsatisfied with the tennis racquets currently available at sports stores
Absorption and variable costing income statements (Learning Objective 7) (Appendix) Game Source manufactures video games, which it sells for \(\$ 40\) each. The company uses the FIFO inventory
What is the contribution margin ratio (rounded)?a. \(16.67 \%\)b. \(100 \%\)c. \(83.33 \%\)d. need sales volume to calculate
Compute the breakeven point in sales dollars.a. \(\$ 300,000\)b. \(\$ 60,000\)c. \(\$ 50,000\)d. \(\$ 100,000\)
What will the Railway's operating income be if they sell 1,001 tickets in one month?a. \(\$ 50\)b. \(\$ 10\)c. \(\$ 60\)d. \(\$ 60,060\)
If the Grand Canyon Railway wants to earn \(\$ 100,000\) in profit per month, how many tickets must it sell?a. 1,000b. 31,000c. 30,000d. 3,000
On the Grand Canyon Railway's CVP graph, the total cost line intersects the total revenue line at which of the following points?a. the level of the fixed costsb. the level of the variable costsc. the
If the Grand Canyon Railway expects to serve 1,200 passengers next month, what is the margin of safety?a. 200 passengersb. 1,000 passengersc. 1,200 passengersd. 2,200 passengers
If the Grand Canyon Railway serves 1,200 passengers, what is its operating leverage factor?a. 1b. 6c. 3.27d. 0.16
If the Grand Canyon Railway's volume decreases by \(8 \%\), by what percentage will its operating income decrease?a. \(48 \%\)b. \(1 \%\)c. \(26.16 \%\)d. \(8 \%\)
If the Grand Canyon Railway cuts its ticket price to \(\$ 50\) per passenger, what is the new breakeven point?a. 100 more passengers than with the original \(\$ 60\) ticket priceb. 250 more
The Grand Canyon Railway is thinking about selling souvenirs on the train. The souvenirs will sell for \(\$ 10\) each and have a variable cost of \(\$ 4\) each. The Grand Canyon Railway managers
Calculate the unit contribution margin and the contribution margin ratio
Use CVP analysis to find breakeven points and target profit volumes
Perform sensitivity analysis in response to changing business conditions
Find breakeven and target profit volumes for multiproduct companies
Determine a firm's margin of safety and operating leverage
Compute unit contribution margin and contribution margin ratio (Learning Objective 1) \\ Use the information from the Bay Cruiseline Data Set to compute the following:}a. What is the contribution
Project change in income (Learning Objective 1)Use the information from the Bay Cruiseline Data Set. If Bay Cruiseline sells an additional 500 tickets, by what amount will its operating income
Find breakeven (Learning Objective 2)Use the information from the Bay Cruiseline Data Set to compute the number of dinner cruise tickets it must sell to break even.a. Use the income statement
Find target profit volume (Learning Objective 2)Use the information from the Bay Cruiseline Data Set. If Bay Cruiseline has a target operating income of \(\$ 40,000\) per month, how many dinner
Prepare a CVP graph (Learning Objective 2)}Use the information from the Bay Cruiseline Data Set. Draw a graph of Bay Cruiseline's CVP relationships. Include the sales revenue line, the fixed expense
Interpret a CVP graph (Learning Objective 2)}Describe what each letter stands for in the CVP graph. D 300 200 F C G 150 H B A E The breakeven point is atunits and at J. dollars of sales.
Changes in sales price and variable costs (Learning Objective 3)}Use the information from the Bay Cruiseline Data Set.1. Suppose Bay Cruiseline cuts its dinner cruise ticket price from \(\$ 60\) to
Changes in fixed costs (Learning Objective 3)}Use the information from the Bay Cruiseline Data Set. Suppose Bay Cruiseline embarks on a cost-reduction drive and slashes fixed expenses from \(\$
Compute weighted-average contribution margin (Learning Objective 4)Use the information from the Bay Cruiseline Data Set. Suppose Bay Cruiseline decides to offer two types of dinner cruises: regular
Continuation of S7-9 : breakeven (Learning Objective 4)}Refer to your answer to \(57-9\).a. Compute the total number of dinner cruises that Bay Cruiseline must sell to break even.b. Compute the
Compute margin of safety (Learning Objective 5)}Use the information from the Bay Cruiseline Data Set. If Bay Cruiseline sells 7,000 dinner cruises, compute the margin of safety:a. In units (dinner
Compute and use operating leverage factor (Learning Objective 5)Use the information from the Bay Cruiseline Data Set.a. Compute the operating leverage factor when Bay Cruiseline sells 10,000 dinner
Compute margin of safety (Learning Objective 5)Consider Kay's e-tail poster business. Suppose Kay expects to sell 800 posters. Use the original data ( \(\$ 35\) sales price, \(\$ 21\) variable cost,
Compute and use operating leverage factor (Learning Objective 5)Suppose Kay sells 800 posters. Use the original data ( \(\$ 35\) sales price, \(\$ 21\) variable cost, \(\$ 7,000\) fixed expenses) to
Prepare contribution margin income statements (Learning Objective 1)}Aussie Travel uses the contribution margin income statement internally. Aussie's firstquarter results are as follows:Aussie's
Work backward to find missing information (Learning Objectives 1, 2)Berg Drycleaners has determined the following about their costs: total variable expenses are \(\$ 40,000\), total fixed expenses
Find breakeven and target profit volume (Learning Objectives 1, 2)Big Foot produces sports socks. The company has fixed expenses of \(\$ 85,000\) and variable expenses of \(\$ 0.85\) per package.
Continuation of E7-17: changing costs (Learning Objective 3)Refer to Big Foot in E7-17. If Big Foot can decrease its variable costs to \(\$ 0.75\) per package by increasing its fixed costs to \(\$
Find breakeven and target profit volume (Learning Objectives 1, 2)Owner Shan Lo is considering franchising her Happy Wok restaurant concept. She believes people will pay \(\$ 5\) for a large bowl of
Continuation of E7-19: changing business conditions (Learning Objective 3) Refer to Happy Wok in E7-19. Lo did franchise her restaurant concept. Because of Happy Wok's success, Noodles-n-More has
Compute breakeven and project income (Learning Objectives 1, 2)Dave's Steel Parts produces parts for the automobile industry. The company has monthly fixed expenses of \(\$ 640,000\) and a
Continuation of E7-21: changing business conditions (Learning Objective 3)Refer to Dave's Steel Parts in E7-21. Dave feels like he's in a giant squeeze play: The automotive manufacturers are
Identify information on a CVP graph (Learning Objective 2)Chad Brown is considering starting a Web-based educational business, e-Prep MBA. He plans to offer a short-course review of accounting for

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