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financial accounting information for decisions

Questions and Answers of Financial Accounting Information For Decisions

What do users need to know about a company’s cash flow statement? l4
How are the cash flows from the operating activities of a company reported on its cash flow statement under the direct method? l4
Describe the three types of production input. Give an example of each type of input for a company that builds houses. Lo1
How do users combine the changes in a company’s current assets and current liabilities with its revenues and expenses for the accounting period to determine the company’s operating cash flows? l4
Describe the difference between direct and indirect materials. Lo1
Describe the difference between direct and indirect labor. Lo1
How do you know if a cost should be classified as a factory overhead cost? Lo1
Why do internal and external users study a company’s cash flow statement in conjunction with its income statement and balance sheet? l4
Define standard costs, and describe how managers use them. Lo1
What is a variance? How do managers use variance information? Lo1
What cash flow ratios are used to evaluate a company’s performance? l4
What is the difference between a price standard and a quantity standard? Lo1
What is a cash flow statement, and what types of questions can a user answer by studying a company’s cash flow statement? plo47
Describe a mixed cost and how it behaves. Lo1
Write out a cash flow equation that links the beginning and the ending cash balances. plo47
Describe three methods that can be used to estimate the components of a mixed cost. Lo1
What three types of transactions related to balance sheet items may cause cash inflows?Give an example of each. plo47
What are the advantages and disadvantages of each? What is a relevant range? How is C-V-P analysis affected by this concept? Why would it be useful for users of cost estimates to know the relevant
What three types of transactions related to balance sheet items may cause cash outflows? Give an example of each. plo47
Identify the three sections of a company’s cash flow statement, and briefly explain what is included in each section. plo47
What is the difference between C-V-P analysis with one product and C-V-P analysis with. Lo1
How is the net cash provided by operating activities determined under the direct method? plo47
multiple products? Explain what is meant by a company's product sales mix. Give an example. Lo1
What are the three categories of operating cash inflows under the direct method? plo47
What happens to the results of C-V-P analysis if a company's product sales mix changes? Why does this happen? Lo1
What are the four categories of operating cash outflows under the direct method? plo47
Describe how to compute a company’s collections from customers during an accounting period, based on an analysis of its income statement and its beginning and ending balance sheets. plo47
How is a contribution margin for a product sales mix different from a contribution mar- gin for one product? Lo1
How does a desired return on stockholders' equity help managers determine the company's target profit? How do income taxes affect C-V-P analysis? Lo1
Describe how to compute a company’s payments to employees during an accounting period, based on an analysis of its income statement and its beginning and ending balance.sheets. plo47
How do income taxes affect C-V-P analysis? Lo1
Visit your favorite grocery store, and select a packaged product.Required: What raw materials went into the production of that product? Lo1
Describe how to compute a company’s payments to suppliers during an accounting period, based on an analysis of its income statement and its beginning and ending balance sheets. plo47
Think about how decision-makers use a business plan.Required: Why do you think it is important to include information about a manufacturing company’s suppliers in its production plan? Lo1
How is the operating cash flow margin of a company computed, and what does it describe? plo47
Suppose you work for a company called Split Decisions and the boss has selected you to develop the production steps necessary to manufacture a banana split.Required: Describe the sequence of the
Howis the cash return on total assets of a company computed, and what does it measure? plo47
How is the cash return on owner’s equity of a company computed, and what does it measure? plo47
Western Brands produces western accessories. It manufactures one product, a bolo tie, from a thin 36-inch strip of leather, |/3-inch wide, and four fancy brass rings. The leather strip is threaded
The following are several transactions and activities of a company:(a) Receipt from sale of building(b) Withdrawal by owner(c) Decrease in accounts receivable(d) Payment for purchase of investment(e)
The utility costs and production levels for The Cat’s Pajamas for the last four months were as follows:Month Cost (pairs of pajamas)| $1,340 1,700 2 1,600 2,600 3 1,880 3,200 4 1,680 2,900
The following are several transactions and activities of a company:(a) Cash sales(b) Decrease in accounts payable(c) Payment for purchase of equipment(d) Investment by owner(e) Payment of long-term
Western Brands has estimated its factory overhead costs for the next year at two production volumes, 100,000 and 200,000. These estimates are shown below.Factory Overhead Costs 100,000 200,000 ties
The following is selected information taken from the Cash T-account of the Wilson Book Company for May:(a) Cash sales, $10,000(b) Payment of interest, $600(c) Payment for inventory, $1,000(d)
A company with multiple products has a break-even point of 5,000 “units.”Required: Explain the preceding-sentence.
Rocky Shoe Company has the following information in its Cash T-account for August:(a) Paid employees, $4,500(b) Paid suppliers, $2,000(c) Made cash sales of $12,000(d) Collected $800 interest(e) Paid
Bathtub Rings Corporation manufactures shower curtains that sell for $5.00 each and cost $3.48 to produce. It also manufactures shower-curtain rings that sell for $1.60 per box and cost $1.22 per box
The following is a list of items to be included in the cash flow statement of the Brockman Lawn Sprinklers Company for the current year:(a) Payment for purchase of trenching equipment, $6,000(b)
Refer to | 1-31.Required: (1) Compute Bathtub Rings’ contribution margin percentage per “unit.”(2) Compute Bathtub Rings’ break-even point in sales dollars.(3) What total pretax income (loss)
Si, Your Dinner! Mexican Food Company manufactures three strengths of salsa: Lightweight, Hot Stuff, and Burn Your Tongue. The selling prices and manufacturing costs of these salsas are as
The items to be included in the Garcia Hardware Company’s cash flow statement for the current year are as follows:(a) Investment by owner, $3,000(b) Payments to employees, $8,100(c) Receipt from
An analysis of the Toney Company’s Cash T-account for September shows the following entries:(a) Beginning cash balance, $800(b) Collections from customers, $21,300(c) Payment for purchase of
|The Grandma Corporation manufactures two products—cookies and candy. Cookies have a contribution margin of $5 per box, and candy has a contribution margin of $4 per bag. Grandma’s total fixed
The Leone Company’s Cash T-account shows the following entries for June: (a) Beginning cash balance, $400(b) Receipt from issuance of note, $10,000(c) Payment of interest on loan, $900(d) Payment
Greco Manufacturing Corporation produces two products—olives and baklava. Olives require $3 of variable costs per bottle and sell for $5 per bottle. Baklava has variable costs of $5 per box and
Among other items, the Kelly Company’s income statement for the year shows sales revenue of $77,500, cost of goods sold of $46,300, and salaries expense of $21,200. An analysis of its beginning and
|The Boston Company (a sole proprietorship) expects to operate at a loss next year on its two products, as shown here:Not So Commons Commons Total Production and sales (units) 100,000 20,000 120,000
While reviewing the Taber Company’s income statement for the year, you find that it had sales of $81,600, cost of goods sold of $50,000, and wages expense of $30,200. A review of its beginning and
Frey Company’s 2000 cash flow statement, as developed by its bookkeeper, is as follows:Frey Company Cash Flow Statement December 31, 2000 Cash Inflows:Receipt from sale of
Professional Robotics Corporation manufactures three different robots in its “domestic servants” line. Sales information for this line of product is given below:Butler Maid Bartender Selling
The cash flow statement information of the Fairview Flowers Shop for 2000 is as follows:Net cash provided by operating activities $17,000 Cash, January |, 2000 8,500 Receipt from sale of equipment
The cash flow statement information of the Bray Tire Company for 2000 is as follows:Net increase in cash $8 (abuse Cash received from customers 60,200 Receipt from sale of land 5,000 Cash, January |,
Suppose you and your brother Noah, a veterinary medicine major, want to open a pet store. After long deliberations and lively discussion about the name of the corporation, you agree to name it
Welch Raskits Company has asked for your assistance in preparing its cash flow statement for 2000.Among other items, its 2000 income statement shows sales revenue of$65,500, cost of goods sold of
You have been hired by Seeser Flappits Company to prepare its cash flow statement. The company provides you with its 2000 income statement as follows:SAlOS SoA
Suppose that after Noah’s Bark (in | 1-38) has been in business for a year, you and your brother Noah decide to sell beagles in addition to Labrador retrievers. Each beagle sells for $150, requires
= In 2000, Franklin Fibers Company had net cash provided by operating activities of $8,600.A review of its 2000 financial statements shows that the company had net income of $9,000, average total
Lucas Air Service, a sole proprietorship, provides charter flights on weekdays only. Earl Lucas, the owner, is thinking of offering flying lessons on weekends. He has always pro- tected his weekends
| Nibbets Baskets Company had net cash provided by operating activities of $4,200 for 2000. The company’s income statement showed sales (net) of $40,000, interest expense of $400, and net income of
Now that you have begun studying accounting, it seems as though everyone is coming to you for advice. Just yesterday, your mother’s friend Juanita asked you to explain the following sentences that
Golden Chocolate Inc. of Brooklyn, a manufacturer of chocolate bars, learned that a Connecticut child suffered a mild allergic reaction to the nuts in its eandy bar. The wafer in the chocolate bar
The National Fishing Heritage Center in Grimsby, a port in northeastern England, is luring a record number of visitors (up 27 percent from last year) with some very fishy techniques: Scratch ‘n’
The owner of Roadkill Recycling Company (a company that publishes “kitchen-tested”recipes) has come to your bank for a loan. He states: “In each of the last two years our cash has gone down.
Chico, Maria, Elaina, and Juan are taking a year off from school to form a partnership to develop the commercial potential of a cleaning solvent they accidentally discovered in their college
Your friend Basil Nutt has come to you for advice. He says: “I don’t understand it. My company, Nutts and More, had a net income of $4,300 in 2000, so | expected the balance in the company’s
The following are pairs of ratios related to the income statement, the cash flow statement, and the balance sheet:(1) Profit Margin and Operating Cash Flow Margin(2) Return on Total Assets and Cash
Suppose, at a party last weekend, your friend LaQuinta mentioned to you, in confidence, that her company was in the middle of a big scandal. It seems that the company needed a loan in order to enter
On January |, 2000, Paula Randolph opened a boutique called PR’s Boutique. At that time she deposited $30,000 cash in the company’s checking account. Paula then immediately wrote company checks
Jay Ryan owns “Jay’s Skate Board Shop,” which he opened on April |, 2000. At that time Jay invested $20,000 cash into the company. With this money, the shop immediately purchased store
Ava Mendleson operates a small fabric shop. She has been earning a satisfactory profit but is short of cash. Following is an accurate but unclassified balance sheet of the store on December 31,
What is working capital, and why is its management important?
How can managers control cash receipts in a small company?
How can managers control cash payments in a small company?
What is a bank reconciliation, and what are the causes of the difference between a company's cash balance in its accounting records and its cash balance on its bank statement?
How can managers control inventory in a small company?
How can managers control accounts payable in a small company?
How can managers control accounts receivable in a small company?
What is a company’s “working capital,” and what is included in its two components? TK-1
Why does a company manage its working capital? TK-1
Define “cash” for a company. TK-1
Briefly discuss the controls over cash sales. TK-1
Briefly discuss the controls over collections of cash from accounts receivable. TK-1
Briefly discuss the controls over cash payments. TK-1
What is a bank reconciliation? TK-1
Identify the causes of the difference between the ending cash balance in a company’s records and the ending cash balance reported on its bank statement. TK-1
Briefly explain what is meant by “deposits in transit” and “outstanding checks. TK-1
Briefly explain what are included in deposits made directly by the bank and charges made directly by the bank. TK-1
Prepare an outline of a bank reconciliation for a company. TK-1
Briefly explain what a petty cash fund is and how it works. TK-1
| Why do companies make sales “on credit’? TK-1

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