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financial accounting 11th

Questions and Answers of Financial Accounting 11th

Prepare a CVP graph (Learning Objective 2)Suppose that Turner Field, the home of the Atlanta Braves, earns total revenue that averages \(\$ 24\) for every ticket sold. Assume that annual fixed
Work backward to find new breakeven point (Learning Objectives 2, 3)Bevil Industries is planning on purchasing a new piece of equipment that will increase the quality of its production. It hopes the
Find consequence of rising fixed costs (Learning Objectives 1, 3)DeAnna Braun sells homemade knit scarves for \(\$ 16\) each at local crafts shows. Her contribution margin ratio is \(62.5 \%\).
Extension of E7-26: multiproduct firm (Learning Objective 4)}Arlan Braun admired his wife's success at selling scarves at local crafts shows (E7-26), so he decided to make two types of plant stands
Find breakeven for a multiproduct firm (Learning Objective 4)}Racer Scooters plans to sell a motorized standard scooter for \(\$ 54\) and a motorized chrome scooter for \(\$ 78\). Racer Scooters
Work backward to find missing data (Learning Objective 4)}Kenisha manufactures two styles of watches-the Digital and the Classic. The following data pertain to the Digital:Kenisha's monthly fixed
Breakeven and an advertising decision at a multiproduct company (Learning Objectives 3, 4, 5)Dick's Sporting Goods is a national retailer of sporting equipment. Last year, Dick's sales revenues
Compute margin of safety and operating leverage (Learning Objective 5) Use the Aussie Travel data in E7-15 to answer the following questions:1. What is Aussie Travel's current margin of safety (in
Work backward through margin of safety (Learning Objective 5)}Bill's Bait Shop had budgeted bait sales for the season at \(\$ 10,000\), with a \(\$ 2,000\) margin of safety. However, due to
Compute margin of safety and operating leverage (Learning Objective 5)}Ronnie's Repair Shop has a monthly target operating income of \(\$ 12,000\). Variable expenses are \(70 \%\) of sales, and
Use operating leverage factor to find fixed costs (Learning Objective 5)Murray Manufacturing had a 1.25 operating leverage factor when sales were \(\$ 50,000\). Murray Manufacturing's contribution
Comprehensive CVP analysis (Learning Objectives 1, 2, 3, 4, 5)FlashCo. manufactures \(1 \mathrm{~GB}\) flash drives (jump drives). Price and cost data for a relevant range extending to 200,000 units
Find missing data in CVP relationships (Learning Objectives 1, 2)The budgets of four companies yield the following information:\section*{Requirements}1. Fill in the blanks for each company.2.
Find breakeven and target profit and prepare income statements (Learning Objectives 1, 2)}A traveling production of The Phantom of the Opera performs each year. The average show sells 800 tickets at
Comprehensive CVP problem (Learning Objectives 1, 2, 5)}Team Spirit imprints calendars with college names. The company has fixed expenses of \(\$ 1,035,000\) each month plus variable expenses of \(\$
Compute breakeven, prepare CVP graph, and respond to change (Learning Objectives 1, 2, 3)}Personal Investors is opening an office in Lexington, Kentucky. Fixed monthly expenses are office rent ( \(\$
CVP analysis at a multiproduct firm (Learning Objectives 4, 5)}The contribution margin income statement of Extreme Coffee for February 2008 follows:Extreme Coffee sells three small coffees for every
Find missing data in CVP relationships (Learning Objectives 1, 2)}The budgets of four companies yield the following information:\section*{Requirements}1. Fill in the blanks for each company.2.
Find breakeven and target profit and prepare income statement (Learning Objectives 1, 2)}International Productions performs Cats, the play. The average show sells 1,000 tickets at \(\$ 60\) a ticket.
Comprehensive CVP problem (Learning Objectives 1, 2, 5)}Fanfare sells flags with team logos. Fanfare has fixed expenses of \(\$ 678,600\) per year plus variable expenses of \(\$ 4.20\) per flag. Of
Compute breakeven, prepare CVP graph, and respond to change (Learning Objectives \(1,2,3\) )}Money Maker Investment Group is opening an office in Atlanta. Fixed monthly expenses are office rent \((\$
CVP analysis at a multiproduct firm (Learning Objectives 4, 5)}The contribution margin income statement of Isabelle's Ice Cream Shoppe for July 2008 follows:Isabelle sells four sugar cones for every
. Determine feasibility of business plan (Learning Objective 2)Brian and Nui Soon live in Macon, Georgia. Two years ago, they visited Thailand. Nui, a professional chef, was impressed with the
. Ethical dilemma with CVP analysis error (Learning Objective 2)}You have just begun your summer internship at Tmedic. The company supplies sterilized surgical instruments for physicians. To expand
. Advertising campaign and production level decisions (Learning Objectives 1, 3)EZPAK Manufacturing produces filament packaging tape. In 2008, EZPAK Manufacturing produced and sold 15 million rolls
In making short-term special decisions, you shoulda. focus on total costsb. separate variable from fixed costsc. use a traditional absorption costing approachd. focus only on quantitative factors
In deciding whether to drop its electronics product line, Amazon.com would considera. the costs it could save by dropping the product lineb. the revenues it would lose from dropping the product
In deciding which product lines to emphasize, Amazon.com should focus on the product line that has the highesta. contribution margin per unit of the constraining factorb. contribution margin per unit
When making outsourcing decisionsa. the manufacturing full unit cost of making the product in-house is relevantb. the variable cost of producing the product in-house is relevantc. avoidable fixed
When pricing a product or service, managers must consider which of the following?a. only variable costsb. only period costsc. only manufacturing costsd. all costs
Which of the following costs are irrelevant to business decisions?a. sunk costsb. costs that differ between alternativesc. variable costsd. avoidable costs
When making decisions, managers shoulda. consider sunk costsb. consider costs that do not differ between alternativesc. consider only variable costsd. consider revenues that differ between
Describe and identify information relevant to short-term business decisions
Make special order decisions?
Make pricing decisions?
Make dropping a product, department, or territory decisions?
Make product mix decisions?
Make outsourcing (make-or-buy) decisions?
Make sell as is or process further decisions?
For most businesses, straight-line depreciation on the company's buildings is aa. variable costb. fixed costc. mixed costd. step cost
The following graph indicates which type of cost behavior?a. variable costb. fixed costc. mixed costd. step cost Total cost (y) Volume (x)
Which of the following cost behaviors best explains why companies like to operate at or near full capacity?a. variable costb. fixed costc. mixed costd. step cost
Each month, a fitness club incurs \(\$ 7,000\) of fixed operating costs plus \(\$ 6\) of operating costs for every club member. If \(x\) represents the number of club members, which of the following
Manufacturing overhead is usually aa. variable costb. fixed costc. mixed costd. step cost
(Appendix) The only difference between variable costing and absorption costing lies in the treatment ofa. fixed manufacturing overhead costsb. variable manufacturing overhead costsc. direct materials
(Appendix) When inventories decline, operating income under variable costing isa. lower than operating income under absorption costingb. the same as operating income under absorption costingc. higher
Describe key characteristics and graphs of various cost behaviors
Use cost equations to express and predict costs
Use account analysis and scatter plots to analyze cost behavior
Use the high-low method to analyze cost behavior
Use regression analysis to analyze cost behavior
Prepare contribution margin income statements for service firms and merchandising firms
Use variable costing to prepare contribution margin income statements for manufacturers (Appendix)
Wal-Mart is a:a. service companyb. retailerc. wholesalerd. manufacturer
Which is not an element of Nissan's value chain?a. administrative costsb. cost of shipping cars to dealersc. salaries of engineers who update car designd. cost of print ads and television commercials
For Nissan, which is a direct cost with respect to the Xterra?a. depreciation on plant and equipmentb. cost of vehicle enginec. salary of engineer who rearranges plant layoutd. cost of customer
Which of the following is not part of Nissan's manufacturing overhead?a. insurance on plant and equipmentb. depreciation on its North American corporate headquarters in Nashvillec. plant property
In computing cost of goods sold, which of the following is the manufacturer's counterpart to the merchandiser's purchases?a. direct materials usedb. total manufacturing costs incurred during the
Classify costs by value chain function (Learning Objective 2)}Classify each of Hewlett-Packard's (HP's) costs as one of the six business functions in the value chain.a. Depreciation on Roseville,
Classify costs as direct or indirect (Learning Objective 3)}Classify the following as direct or indirect costs with respect to a local Blockbuster store (the store is the cost object). In addition,
Give examples of manufacturing costs (Learning Objective 4)}Consider Marvin Windows' manufacturing plant. Give two examples of each of the following:a. Direct materialsb. Direct laborc. Indirect
Classify inventoriable and period costs (Learning Objective 4)}Classify each of Georgia-Pacific's costs as either inventoriable product costs or period costs. Georgia-Pacific is a manufacturer of
Recalculate Cost of Goods Manufactured (Learning Objective 5)Turn to Exhibit 2-15. If direct material purchases and freight-in were \(\$ 20,000\) rather than \(\$ 27,000\), what would be the cost of
Determine whether information is relevant (Learning Objective 6)}Classify each of the following costs as relevant or irrelevant to the decision at hand and briefly explain your reason.a. Cost of
Discontinued operations. (LO 1)Use the following information to construct a partial income statement beginning with income from continuing operations. Income from continuing operations Loss during
Extraordinary items. (LO 1)Tropical Vacations suffered a \(\$ 1,070,000\) loss due to a tsunami, which qualifies as an extraordinary item for financial statement purposes. The tax benefit of the loss
Horizontal analysis. (LO 2)Making Every Day Sunny Umbrellas reported the following amounts for sales during the past 5 years. Using 2006 as the base year, perform a horizontal analysis. What
Vertical analysis. (LO 2)Use the income statement from Designers Discount Inc. to perform a vertical analysis with sales as the base. Sales revenue Cost of goods sold Designers Discount Inc. Income
Current ratio and working capital. (LO 3)Calculate the current ratio and the amount of working capital for Mike \& Kat Racing Company for the years given in the following comparative balance
Debt-to-equity ratio. (LO 3)Use the balance sheets from Mike \& Kat Racing Company in E10-5B to compute a debtto-equity ratio for 2008 and 2007. Suppose you calculated a debt ratio using debt plus
Ratio analysis. (LO 3)Crystal Cromartie's Frozen Foods reported the following for the fiscal years ended September 30, 2008, and September 30, 2007.Assume there is no outstanding preferred stock and
Ratio analysis. ( \(L O\) 3)Hutson Coffee Shops reported the following for the two most recent fiscal years. December 31 Cash Receivables (net) Merchandise inventory Fixed assets Total assets 2010 $
Ratio analysis. (LO 3)International Imports Corporation reported the following for its fiscal year ended June 30, 2007.At the beginning of the year, the company had 40,000 shares of common stock
Horizontal analysis. (LO 2)Use the statement of income for Wendy's to perform a horizontal analysis for each item reported for the year from January 2, 2005, to January 1, 2006. What does your
Vertical analysis. (LO 2)Use the statement of income for Wendy's to perform a vertical analysis for each item reported for 2005 and 2004 using sales and other operating revenues as the base. What
Liquidity ratios. (LO 3)Use the financial statements for Wendy's to calculate the following liquidity ratios for 2005. What do these ratios tell about the firm?a. Current ratiob. Acid-test ratioc.
Solvency and profitability ratios. (LO 3)Use the financial statements for Wendy's to calculate the following solvency ratios and profitability for 2005 and provide an interpretation for each ratio.a.
Risk and control. (LO 4)Describe the risks of investing your money in the stock market. How can you reduce those risks? Why are you willing to take risks like these?
Appendix 10B: Investments.Kinsey Scales invested \(\$ 164,000\) of its extra cash in securities. Under each of the following independent scenarios,(a) calculate the amount at which the investments
Discontinued operations and extraordinary item. (LO 1)Each of the following items was found on the financial statements for Hartsfield Company for the year ended December 31,
Prepare an income statement. (LO 1)The Pops Corporation had the following for the year ended December 31, 2008.\section*{Required}Assume the corporation is subject to a \(30 \%\) tax rate. Prepare an
Prepare an income statement. (LO I)The following balances appeared in the general ledger for Hacky Sak Corporation at fiscal year end September 30, 2008:In addition, the following occurred throughout
Prepare horizontal and vertical analysis. (LO 2)Given the following income statements:\section*{Required}a. For each of the years shown, prepare a vertical analysis, using sales as the base. Write a
Calculate and analyze financial ratios. (LO 3)Given the information below from a firm's financial statement:\section*{Required}a. Calculate the following ratios for 2009 and 2008:1. Current ratio 2.
Calculate and analyze financial ratios. (LO 3)The following information was taken from the 2008 annual report of Presentations.\section*{Required}a. Calculate the following ratios for 2008 and 2007
Calculate and analyze financial ratios. (LO 3)The financial statements of For the Kitchen include the following items.\section*{Required}a. Compute the following ratios for the years ended June 30,
Calculate and analyze financial ratios. (LO 3)You are interested in investing in Reese Company, and you have obtained the balance sheets for the company for the past 2 years.The following amounts
Discontinued operations and extraordinary item. (LO 1)Each of the following items was found on the financial statements for Logan Company for the year ended December 31, 2008.\section*{Required}a.
Prepare an income statement. (LO 1)The Blues Corporation had the following for the year ended December 31, 2007.\section*{Required}Assume the corporation is subject to a \(40 \%\) tax rate. Prepare
Prepare an income statement. (LO 1)The following balances appeared in the general ledger for Ski Daddle Corporation at fiscal year-end December 31, 2007.In addition, the following occurred throughout
Perform horizontal and vertical analysis. (LO 2)Here are the income statements from a firm's recent annual report.\section*{Required}a. For each of the years shown, perform a vertical analysis, using
Calculate and analyze financial ratios. (LO 3)The information given in P10-4B was taken from Radio Shack's financial statements. Even though you did not study all of the items on the statements, you
Calculate and analyze financial ratios. (LO 3)The following information was taken from the annual report of ROM.\section*{Required}a. Calculate the following ratios for 2008:1. Debt-to-equity ratio
Calculate and analyze financial ratios. (LO 3)The financial statements of Builder Bob's include the following items.\section*{Required}a. Compute the following ratios for the year ended September 30,
Calculate and analyze financial ratios. (LO 5)You are interested in investing in Apples and Nuts Company, and you have obtained the balance sheets for the company for the past 2
Think about the risks of investing in a company and about the information provided by the financial ratios you studied in this chapter. Which financial ratios do you believe might give you
In groups, try to identify the type of company that is most likely indicated by the ratios shown below. The four types of companies represented are: retail grocery, heavy machinery, restaurant, and
Go to www.papajohns.com and explore "Papa John's Story" and "Our Pizza Story." What differentiates Papa John's from its competition?
Go to http://moneycentral.msn.com and get the stock quote for PZZA, Papa John's stock symbol. Identify the current price-to-earnings ratio and dividend yield ratio. What do these market indicators
Select "Financial Results" and then "Key Ratios."a. Select "Financial Condition." Calculate the current ratio and quick (acid-test) ratio for Papa John's and the industry. Who would find these ratios

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