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financial accounting 11th

Questions and Answers of Financial Accounting 11th

Special order decision and considerations (Learning Objective 2)United Packaging's contribution margin income statement follows:Wallace Farms wants to buy 5,000 produce boxes from United Packaging.
Pricing of facial tissues (Learning Objective 3)}Softies produces facial tissues. Softies has \(\$ 50\) million in assets. Its yearly fixed costs are \(\$ 12\) million, and the variable cost of
Prepare and use contribution margin statements for dropping a line decision (Learning Objective 4)}The following operating income data of Abalone Seafood highlight the losses of the fresh seafood
Product mix under constraint (Learning Objective 5)}Easy Living of Charlotte, North Carolina, specializes in outdoor furniture and spas. Owner Linda Spring is expanding the store. She is deciding
Outsourcing: alternative use of capacity (Learning Objective 6)}Morning Grain makes organic cereal. Costs of producing 140,000 boxes of cereal each year follow:Suppose Kellogg's will sell Morning
Sell or process further decision (Learning Objective 7)}Acme Petroleum has spent \(\$ 200,000\) to refine 60,000 gallons of petroleum distillate. Suppose Acme Petroleum can sell the distillate for
Outsourcing e-mail (Learning Objective 6)}BKFin.com provides banks access to sophisticated financial information and analysis systems via the Web. The company combines these tools with benchmarking
Outsourcing and ethics (Learning Objective 6)}Mary Tan is the controller for Duck Associates, a property management company in Portland, Oregon. Each year, Tan and payroll clerk Toby Stock meet with
Relevant information to outsourcing decision (Learning Objective 6) John Menard is the founder and sole owner of Menards. Analysts have estimated that his chain of home improvement stores scattered
Which of the following methods uses accrual accounting rather than net cash flows as a basis for calculations?a. paybackb. ARRc. NPVd. IRR
Which of the following is true regarding capital rationing decisions?a. Companies should always choose the investment with the shortest payback period.b. Companies should always choose the investment
Your rich aunt has promised to give you \(\$ 3,000\) a year at the end of each of the next four years to help you pay for college. With a discount rate of \(10 \%\), the present value of the gift can
Which of the following affects the present value of an investment?a. the interest rateb. the number of time periods (length of the investment)c. the type of investment (annuity versus single lump
When making capital rationing decisions, the size of the initial investment required may differ between alternative investments. The profitability index can be used in conjunction with which of the
Which of the following is the most reliable method for making capital budgeting decisions?a. NPV methodb. ARR methodc. payback methodd. post-audit method
Describe the importance of capital investments and the capital budgeting process
Use the payback and accounting rate of return methods to make capital investment decisions
Use the time value of money to compute the present and future values of single lump sums and annuities
Use discounted cash flow models to make capital investment decisions
Compare and contrast the four capital budgeting methods
Order the capital budgeting process (Learning Objective 1)Place the following activities in sequence to illustrate the capital budgeting process:a. Budget capital investmentsb. Project investments'
Compute payback period-equal cash inflows (Learning Objective 2)}Refer to the Allegra Data Set. Calculate the CD-player project's payback period. If the CD project had a residual value of \(\$
Compute payback period-unequal cash inflows (Learning Objective 2)Refer to the Allegra Data Set. Calculate the DVR project's payback period. If the DVR project had a residual value of \(\$ 100,000\),
Compute ARR-equal cash inflows (Learning Objective 2)}Refer to the Allegra Data Set. Calculate the CD-player project's ARR. If the CD project had a residual value of \(\$ 100,000\), would the ARR
Compute ARR-unequal cash inflows (Learning Objective 2)}Refer to the Allegra Data Set. Calculate the DVR project's ARR. If the DVR project had a residual value of \(\$ 100,000\), would the ARR
Compute annual cash savings (Learning Objective 2)}Suppose Allegra is deciding whether to invest in a DVD-HD project. The payback period for the \(\$ 5\) million investment is four years, and the
Find the present values of future cash flows (Learning Objective 3)Your grandfather would like to share some of his fortune with you. He offers to give you money under one of the following scenarios
Show how timing affects future values (Learning Objective 3)Assume that you make the following investments:a. You invest a lump sum of \(\$ 5,000\) for four years at \(12 \%\) interest. What is the
Compare payout options at their future values (Learning Objective 3)Refer to the lottery payout options on page 486. Rather than compare the payout options at their present values (as is done in the
Relationship between the PV tables (Learning Objective 3)Use the Present Value of \(\$ 1\) table (Appendix 9A, Table A) to determine the present value of \(\$ 1\) received one year from now. Assume a
Compute NPV-equal net cash inflows (Learning Objective 4)Skyline Music is considering investing \(\$ 750,000\) in private lesson studios that will have no residual value. The studios are expected to
Compute IRR-equal net cash inflows (Learning Objective 4)Refer to Skyline Music in S9-11 . What is the approximate internal rate of return (IRR) of the studio investment?
Compute NPV-unequal net cash inflows (Learning Objective 4)The local Giant Eagle supermarket is considering investing in self-check-out kiosks for its customers. The self-check-out kiosks will cost
Compute IRR-unequal net cash inflows (Learning Objective 4)Refer to Giant Eagle in S9-13 . What is the approximate internal rate of return (IRR) of the kiosk investment?
Write a memo to employees about capital budgeting (Learning Objectives 1, 5) You have just started a business and want your new employees to be well informed about capital budgeting. Write a memo to
Compute payback period-equal cash inflows (Learning Objective 2)Quiksilver is considering acquiring a manufacturing plant. The purchase price is \(\$ 1,236,100\). The owners believe the plant will
Compute payback period-unequal cash inflows (Learning Objective 2)Sikes Hardware is adding a new product line that will require an investment of \(\$ 1,454,000\). Managers estimate that this
ARR with unequal cash inflows (Learning Objective 2)Refer to the Sikes Hardware information in E9-17. Compute the ARR for the investment.
Compute and compare ARR (Learning Objective 2)Engineered Products is shopping for new equipment. Managers are considering two investments. Equipment manufactured by Atlas costs \(\$ 1,000,000\) and
Compare retirement savings plans (Learning Objective 3)Assume that you want to retire early at age 52 . You plan to save using one of the following two strategies: (1) save \(\$ 3,000\) a year in an
Show the effect of interest rate on future values (Learning Objective 3)Your best friend just received a gift of \(\$ 5,000\) from his favorite aunt. He wants to save the money to use as starter
Fund future cash flows (Learning Objective 3)Janet wants to take the next five years off work to travel around the world. She estimates her annual cash needs at \(\$ 30,000\) (if she needs more,
Choosing a lottery payout option (Learning Objective 3)Congratulations! You've won a state lotto. The state lottery offers you the following (after-tax) payout options:Assuming that you can earn \(8
Solve various time value of money scenarios (Learning Objective 3)}1. Suppose you invest a sum of \(\$ 2,500\) in an account bearing interest at the rate of \(14 \%\) per year. What will the
Calculate NPV-equal annual cash inflows (Learning Objective 4)}Use the NPV method to determine whether Salon Products should invest in the following projects:- Project A: Costs \(\$ 272,000\) and
Calculate IRR-equal cash inflows (Learning Objective 4)Refer to Salon Products in E9-25. Compute the IRR of each project and use this information to identify the better investment.
Calculate NPV-unequal cash flows (Learning Objective 4)}Bevil Industries is deciding whether to automate one phase of its production process. The manufacturing equipment has a six-year life and will
Compute IRR-unequal cash flows (Learning Objective 4)}Ritter Razors is considering an equipment investment that will cost \(\$ 950,000\). Projected net cash inflows over the equipment's three-year
Capital rationing decision (Learning Objective 4)}Sheffield Manufacturing is considering three capital investment proposals. At this time, Sheffield Manufacturing has funds available to pursue only
Compare the capital budgeting methods (Learning Objective 5)Fill in each statement with the appropriate capital budgeting method: payback period, ARR, NPV, or IRR. a. b. c. d. e. and incorporate the
Compute payback and ARR with residual value (Learning Objective 2)}Refer to the Deer Valley Expansion Data Set.1. Compute the average annual net cash inflow from the expansion.2. Compute the average
Continuation of E9-31: Compute payback and ARR with no residual value (Learning Objective 2)Refer to the Deer Valley Expansion Data Set. Assume that the expansion has zero residual
Calculate NPV with and without residual value (Learning Objective 4)Refer to the Deer Valley Expansion Data Set.1. What is the project's NPV? Is the investment attractive? Why or why not?2. Assume
Calculate IRR with no residual value (Learning Objective 4)Refer to the Deer Valley Expansion Data Set. Assume that the expansion has no residual value. What is the project's IRR? Is the investment
Continuation of E9-32, E9-33, E9-34: memo (Learning Objective 5)}Use your results from E9-32, E9-33, and E9-34 to write a memo to Deer Valley's Director of Finance Jim Madsen recommending whether
Apply capital budgeting to a current event (Learning Objective 1)}Look through the business section of the newspaper. Find a company that has recently made a capital investment. Summarize the
Solve various time value of money scenarios (Learning Objectives 3, 4)}1. Jeff just hit the jackpot in Las Vegas and won \(\$ 25,000\) ! If he invests it now at a \(12 \%\) interest rate, how much
Retirement planning in two stages (Learning Objective 3)}You are planning for a very early retirement. You would like to retire at age 40 and have enough money saved to be able to draw \(\$ 225,000\)
Evaluate an investment using all four methods (Learning Objectives 2, 4)Water World is considering purchasing a water park in San Antonio, Texas, for \(\$ 1,850,000\). The new facility will generate
Compare investments with different cash flows and residual values (Learning} Objectives 2, 4)Locos operates a chain of sandwich shops. The company is considering two possible expansion plans. Plan A
Apply capital budgeting to a current event (Learning Objective 1)Look through a recent copy of a business magazine, such as Forbes or Fortune. Find a company that has recently made a capital
Solve various time value of money scenarios (Learning Objectives 3, 4)1. Curt just hit the jackpot in Las Vegas and won \(\$ 50,000\) ! If he invests it now at a \(10 \%\) interest rate, how much
Retirement planning in two stages (Learning Objective 3)}You are planning for an early retirement. You would like to retire at age 50 and have enough money saved to be able to draw \(\$ 225,000\) per
Evaluate an investment using all four methods (Learning Objectives 2, 4)}Zippi manufactures motorized scooters in Oakland, California. The company is considering an expansion. The plan calls for a
Compare investments with different cash flows and residual values (Learning} Objectives 2, 4)Java Café is considering two possible expansion plans. Plan A is to open eight cafés at a cost of \(\$
Apply time value of money to a personal decision (Learning Objective 3)}Ted Christensen, a second-year business student at the University of Utah, will graduate in two years with an accounting major
Learn why managers use budgets?
Prepare an operating budget?
Prepare a financial budget?
Use sensitivity analysis in budgeting?
Prepare performance reports for responsibility centers?
Amazon.com expected to receive which of the following benefits when it started its budgeting process?a. The planning required to develop the budget helps managers foresee and avoid potential problems
Which of the following is the cornerstone (or most critical element) of the master budget?a. the sales budgetb. the inventory budgetc. the purchases and cost of goods sold budgetd. the operating
Compute Amazon.com's budgeted sales for the next (seven-day) week.a. \(\$ 52.5\) millionb. \(\$ 210\) millionc. \(\$ 220.5\) milliond. \(\$ 367.5\) million
Determine Amazon.com's budgeted purchases for the next (seven-day) week.a. \(\$ 220.5\) millionb. \(\$ 315\) millionc. \(\$ 367.5\) milliond. \(\$ 525\) million
What is Amazon.com's budgeted operating income for a (seven-day) week?a. \(\$ 52.5\) millionb. \(\$ 56\) millionc. \(\$ 143.5\) milliond. \(\$ 147\) million
Which of the following expenses would not appear in Amazon.com's cash budget?a. depreciation expenseb. wages expensec. interest expensed. marketing expense
IT has made it easier for Amazon.com's managers to perform all of the following tasks excepta. sensitivity analysesb. rolling up individual units' budgets into the company-wide budgetc. removing
Which of the following managers is at the highest level of the organization?a. cost center managerb. revenue center managerc. profit center managerd. investment center manager
Suppose Amazon.com budgets \(\$ 5\) million for customer service costs but actually spends \(\$ 4\) million. Which of the following is true?a. Because this \(\$ 1\) million variance is favorable,
Explain benefits of budgeting (Learning Objective 1)Consider the budget for your travel itinerary business (page 539). Explain how you benefit from preparing the budget.
Order of preparation and components of master budget (Learning Objectives 2, 3)In what order should you prepare the following components of the master budget?Which are components of the operating
Sales Budget (Learning Objective 2)}In a series of Short Exercises, you will prepare parts of the master budget for Grippers, which sells its rock-climbing shoes worldwide. We will concentrate on
Continuation of S10-3: inventory, purchases, and cost of goods sold (Learning Objective 2)In S10-3, Grippers expects cost of goods sold to average \(65 \%\) of sales revenue and the company expects
Continuation of S10-3: cash collections (Learning Objective 3)You prepared Grippers' sales budget in S10-3. Now, assume that Grippers' sales are \(25 \%\) cash and \(75 \%\) credit. Grippers'
Continuation of S10-5: cash budget (Learning Objective 3)Refer to \(\$ 10-5\). Grippers has \(\$ 8,300\) cash on hand on January 1. The company requires a minimum cash balance of \(\$ 7,500\).
Revise sales budget (Learning Objective 4)}Turn to the original Whitewater Sporting Goods Data Set item 3. Suppose June sales are expected to be \(\$ 40,000\) rather than \(\$ 60,000\). Revise
Revise inventory, purchases, and cost of goods sold budget (Learning Objective 4) Refer to the original Whitewater Sporting Goods Data Set item 5. Suppose cost of goods sold averages \(75 \%\) of
Revise cash collections budget (Learning Objective 4)Turn to the original Whitewater Sporting Goods Data Set item 4. Suppose \(70 \%\) of sales are cash and \(30 \%\) are credit. Revise Whitewater's
Revise cash payments for purchases (Learning Objective 4)Refer to the original Whitewater Sporting Goods Data Set item 5. Suppose Whitewater Sporting Goods pays for \(60 \%\) of inventory purchases
Identify responsibility centers (Learning Objective 5)Fill in the blanks with the phrase that best completes the sentence. A cost center A responsibility center Lower An investment center A profit
Corporate headquarters expenses (Learning Objective 5)}In Exhibit 10-20, the next to last line of the CEO's report consists entirely of expenses. Describe the kinds of expenses that would be included
Management by exception (Learning Objective 5)}Look at the performance report in Exhibit 10-20. According to the management by exception principle, on which variances should the manager of the
Interpret favorable variance (Learning Objective 5)Exhibit 10-20 shows that the Mexican sauces product line had a favorable marketing expense variance. Does this favorable variance necessarily mean
Prepare summary performance report (Learning Objective 1)}Hanna White owns a chain of travel goods stores. Last year, her sales staff sold 10,000 suitcases at an average sales price of \(\$ 150\).
Prepare inventory, purchases, and cost of goods sold budget (Learning}Objective 2)Leno sells tire rims. Its sales budget for the nine months ended September 30 follows:In the past, cost of goods sold
Prepare a cash collections budget (Learning Objective 3)}Refer to the sales budget presented in E10-16. Credit sales are typically collected as follows: \(60 \%\) in the quarter of the sale, \(30
Prepare a sales budget for a not-for-profit organization (Learning Objective 2) Great Start Preschool operates a not-for-profit morning preschool. Each family pays a nonrefundable registration fee of
Continuation of E10-18: prepare an operating expenses budget (Learning}Objectives 1, 2)Refer to Great Start Preschool's data in E10-18. Great Start's primary expense is payroll. The state allows a
Prepare an inventory, purchases, and cost of goods sold budget (Learning} Objective 2)University Logos buys logo-imprinted merchandise and then sells it to university bookstores. Sales are expected

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