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financial accounting information for decisions

Questions and Answers of Financial Accounting Information For Decisions

Jethro Turnbull Ltd. is a privately owned business. It has budgeted for profits of \($125,000\) (after deducting depreciation of \($35,000).\) Accounts receivable are expected to increase by
Bridgeport Ltd. has produced the following summary profit budget and cash forecast for the next six months. Bridgeport Ltd.: Profit Budget ($thousands) Jan. Feb. Mar. Apr. May June Sales $1,000
Phonic Solutions is considering creating a new division, which will require an investment in computer and telecommunications equipment of \($10\) million. The company has a cost of capital of 12%.The
The following budget information has been compiled for Julius Jones Jeans, the manufacturer of the JJ Jean, for the year ended December 31, 2012. 2012 Expected sales (pairs of jeans) 50,000 January
The method of adjusting the budget to reflect the actual volume of sales is calleda. Flexible budgetingb. Activity-based budgetingc. Program budgetingd. Incremental budgeting
A company budgeted \($170,000\) for materials, but the actual costs amounted to \($164,000.\) The company also budgeted \($130,000\) for labour, but the actual cost was \($133,000.\) The total
Higher prices from material suppliers will be reflected in thea. Material usage varianceb. Labour rate variancec, Material price varianced. Labour efficiency variance
Poor-quality materials that require greater skill to work will be reflected in thea. Material price varianceb. Material usage variancec. Labour efficiency varianced. labour rate variance
If the actual labour rate is higher than the standard labour rate and the actual labour hours are lower than the standard hours allowed, the labour variances will be as follows:a. Tabour rate
Harlem Dance Company had budgeted for 4,000 hours of dance instruction for the month of September. Its standard rate for instruction is \($6\) per hour. Actual revenues for the month of September
Conrad Corporation has a budget to produce 2,000 units at a variable cost of \($3\) per unit, but actual production is 1,800 units with an actual cost of \($3.20\) per unit. What is the flexible
Calculate the material price variance for Jumpin’ Jiminy based on the following information:a. $260 Fb. $260 Uc. $360 Fd. $360 U Standard Actual Quantity of input purchased (kg) 5,000 5,200 Price
The direct materials efficiency variance for January isa. $500 Ub. $500 Fc. $750 Fd. $750 U A company makes bulk cookies sold in restaurants. The following standards have been developed: Standard
The direct labour rate variance for January isa. $300 Fb. $300 Uc. $400 Fd. $400 U A company makes bulk cookies sold in restaurants. The following standards have been developed: Standard Inputs for
During November, 35,000 direct labour hours were worked by the employees of Allied Industries. The direct labour rate variance for November was \($26,250\) U, and the standard direct labour rate was
Granddad's Sauce Company's costing system shows the following information for the month of October:What quantity of direct materials was purchased and used in October?a. 5,200 kgb. 4,350 kgc. 5,714
Database Design does just what its name indicates: It provides a database design service for its clients. The cost of designing a database can be broken down into three elements:1. Designing the
John Richards Inc. has a cost per unit of $10 and an annual volume of sales of 18,000 units. If a $200,000 investment is required and the target rate of return is 12%, calculate the target mark-up
Brenda Blair is considering buying a Bobcat for her construction business; the machine costs $250,000. Purchasing the Bobcat will provide incremental cashflows of $51,000 per year for six years. The
Greystone Hotel projects the cash flows for three alternative investment projects (in $thousands) as follows:Depreciation is $70,000 per year for all three projects. For each project, calculatea.
Freddie Company has $5 million to invest this year. Three projects are available and all are divisible; that is, part of a project may be accepted and the cash flow returns will be pro rata.Details
(Payback, ARR, NPV) Tropic Investments is considering a project involving an initial cash outlay for an asset of $200,000. The asset is depreciated over five years at 20% per year (based on the value
The Board of Grudgework Holdings has received a presentation supporting a $600,000 capital investment. The calculations for accounting rate of OA return, payback, and discounted cash flows are shown
Criterion Sales is considering three alternative investment proposals but can accept only one of these. The investments and cash flows are shown below:Compare for each alternative investment thea.
Cando Technologies is considering purchasing a networked computer system for \($82,000.\) It will enable the company to generate \($35,000\) more in profit each year and will have a salvage value of
Mondao Computing is considering an investment of $2.3 million in new equipment. The predicted cash inflows and outflows are as shown below:Mondao depreciates its equipment over five years and uses a
Glenda’s High Fashion Boutique is looking for a new location for its store. Glenda wants to purchase a small building rather than leasing space in a mall, as she has done in previous years. Her
(Investment Choices) Pilgrim Enterprises is planning to automate its factory and has sent out a request for proposals to various firms in the industry. Pilgrim received three bids on the project:Each
The investment of \($400,000\) in a division returns a profit before interest of \($25,000.\) However, head office charges a 5% cost of capital. The return on investment (%) and residual income
The division of a multinational corporation shows sales of \($2.1\) million, variable cost of sales of \($1.3\) million, and divisional overheads of \($600,000—60%\) of which is deemed controllable
Enrod Company has two divisions: Old and New. Its summary results areEnrod’s cost of capital is 16%. What is the ROI and RI for Old Division?a. 18%; $80,000b. 20%; $100,000c. 20%; $80,000d. 18%;
Abbygail Books has two divisions, Edmonton and Toronto, and their results for 2011 were as follows:The company’s desired rate of return is 22%.What are the respective return-on-investment ratios
During the past year, Labrador Retriever Kennels had a net income of $75,000. Its ROI was 12%. What was the value of the company’s total assets?a. $625,000b. $9,000c. $84,000d. $650,000
A company has total assets of \($1,200,000,\) a required rate of return of 12%, and operating income for the year was \($345,000.\) What is the company’s residual
What is the value of the total assets for the Frizzle Company?a. $625,000b. $375,000c. $1,000,000d. $6,000,000 In a recent electrical storm, the Frizzle Company lost a portion of its accounting
What is the residual income for the Frizzle Company if the firms cost of capital is 15%?a. $600,000b. $1,406,250c. $1,443,750d. $1,350,000 In a recent electrical storm, the Frizzle Company lost a
JRT Enterprises has long-term debt with a market value of \($2,000,000\) and equity with a market value of \($3,000,000.\) For the company, the cost of debt is 15%, while the cost of equity is 10%.
A company’s weighted average cost of capital was 10.4% in 2011. The company’s market value for debt and equity are \($400,000\) and \($600,000,\) respectively. The company’s cost of equity is
The management of PaperPlus, a paperboard manufacturer, expects a return of 20% on investments.The company currently has total assets of \($10,000,000,\) earns a contribution margin of 60% on sales,
The Component Division of TransCanada Industries provides components to the Elite Division in the production of grombets. It costs the Component Division a total of \($5.50\) per unit to manufacture
The Clarity Division of Mega Glass Company has an investment of \($1,500,000\) and currently generates a net profit of \($112,500\) per year. Clarity has proposed an additional investment of
Jakobs Ladder has capital employed of \($10\) million and currently earns an ROI of 15% per year. It can make an additional investment of \($2\) million for a five-year life. The average net profit
China Group has a division with capital employed of \($10\) million that currently earns an San ROI of 15% per year. It can make an additional investment of \($2\) million for a five-year life, with
A farm equipment company, with three divisions, shows the following results for 2011:The company’s desired rate of return is 15%.a. Compute each division's ROI.b. Compute each division's residual
Speed Boats Inc. has two divisions, Economy and Elite. The tax rate for the company is 40%. The following information pertains to the 2011 year:a. What is the ROI for each division?b. What is the EVA
Elsie Vinton Laboratories is evaluating the purchase of five new MRI machines for its labs at various locations in Vancouver for \($9,000,000,\) which will increase the company's before-tax profit by
Managers at The Tea Company are currently working on the company’s 2011 budget, which holds total assets of \($3,500,000.\) For the 2011 year, The Tea Company is expecting its average selling price
Brummy Limited consists of several investment centres. One investment centre, the Green Division, has a controllable investment of \($750,000,\) and profits are expected to be\($150,000\) this year.
Anston Industries is the manufacturing division of a large multinational. The divisional general manager is about to purchase new equipment for the manufacture of a new product. He can buy either the
Magna Products has three divisions, A, B, and C. The current investments in and net profits earned by each division are as follows:Each division has put forward to the parent board a capital
Serendipity is an Internet service provider that has a major investment in computer and telecom equipment, which needs replacement on a regular basis. The company has recently evaluated a $5 million
Paramount Homes provides rental properties for tenants. Repair services for the properties are provided by Paramount’ subsidiary, Quicker Repair Co. Because virtually all of Quicker’s sales are
Golf Holdings has two divisions: Alpha and Bravo. Alpha has a variable cost of sales of \($11\) per unit, which is its transfer price to Bravo. However, Alpha can sell its product on the open market
The Umber Company is a multidivisional company that manufactures toys. The Truck Division of the Umber Company has asked the Wheel Division to provide wheels that are required in the production of
Eva Petersen Professional Products has recently purchased a perfume factory that will be used to provide scents for its hair care products. The new factory has a capacity of 100,000 litres of scented
Maja and Mina are both divisions of Arbor Group. Both divisions trade on the open market but Maja also provides almost a quarter of its production output to Mina. Maja believes that Mina pays less
Wolf Creek Industries produces custom uniforms. The company uses machine hours to allocate manufacturing overhead costs to jobs. The following yearly information was compiled for Wolf Creek:During
Phil Manufacturing uses divisional cost driver rates to apply manufacturing overhead costs to products. Manufacturing overhead costs are allocated on the basis of machine hours in the Cutting
Cooper’s Components uses an activity-based costing system for its product costing. For the last quarter, the following data relate to costs, output volume, and cost drivers:a. What is the total
Samuelson uses activity-based costing. The company manufactures two products, X and Y. The annual production and sales of Products X Y are 3,000 and 2,000 units, respectively. There are three
Brixton Industries makes three products: widgets, gadgets, and helios. The following budget information relates to Brixton for next year.Overhead is allocated to production departments as
Zammit Engineering manufactures a number of components that are sold to the electronics industry. Most of the manufacturing processes are common to the products, and the direct costs (raw materials
Clear Auto Glass sold 3,500 windshields in 2011 and produced a total of 4,000 windshields. Total costs incurred for the year included the following:In January 2011, the beginning inventory of
Burchell Products sells a product for $25. Unit-level manufacturing costs for each unit are as follows: Direct materials, $5.00 Direct manufacturing labour, $4.50 Variable manufacturing overhead,
Blue Mountain sells plastic tubes used in underground sprinkler systems. The company had a total finished goods inventory of 5,000 units on hand at the end of 2011. During 2011, variable
Miri Sato was hired as the new manager of the Box Division of GRC Enterprises two years ago. During the last two years, sales have increased substantially and Sato has been pleased. She was excited
Bob's Bicycles manufactures high-quality trail bikes. The company has two divisions: Painting and Assembly. Painting is fully automated, as each bike part is run through a paint-spraying machine.
Good Vibes Products manufactures external drives for computers. The company has two production departments. Overhead in Department | is allocated based on 10,000 machine hours and overhead in
Overhead is usually allocated to production using a predetermined overhead rate based on an appropriate cost driver. The amount of overhead allocated to jobs is seldom the same as the actual amount
What is the net present value of the investment for the computer?a. $22,459b. $2,540c. $(2,540)d. $(5,000)The Whitton Company has an opportunity to buy a computer now for \($25,000\) that will
What is the IRR for the investment?a, 9.7%b. 20.1%c. 113%d. 12.3%The Whitton Company has an opportunity to buy a computer now for \($25,000\) that will yield annual net cash inflows of \($10,000\)
SmallCo, which has a cost of capital of 12%, is considering the following project:What is NPV of the project?a. $2,029b. $500c. $29d. $700 Year 2 3 Cash flows of project $(2,000) $1,000 $800 $700
The projected net cash flows for three projects are (in $thousands): Project Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 A $(350) $100 $200 $100 $100 $140 B (350) 40 100 210 260 160 C (350) 200 150 240
The projected net cash flows for a project are (in $thousands):Assuming the initial investment is depreciated over the life of the project, the accounting rate of return for the project isa. 25%b.
The projected net cash flows for an investment are (in $thousands):The net present value of the investment, assuming a 7% cost of capital isa. $801,000b. $(801,000)c. $49,500d. $(49,500)
The present values of cash flows for projects, each of which has an initial capital outlay of$350,000, areThe cash value added (or profitability index) for each project suggests that the preferred
Rex Products has been considering the purchase of a new machine. The existing machine will operate for 4 more years and will then have a zero disposal value. If the machine is disposed of now, it may
Pajama Company wants to purchase a new sewing machine that will have a useful life of 5 years. The investment is expected to generate annual cash inflows of $30,000. The cost of capital for the
Wally’s Plumbing provides commercial plumbing services to large factories. The company is looking at purchasing some new equipment that will have a useful life of 4 years. Information on the
Green Tea Corporation recently purchased a new tea processor for \($320,900.\) The existing equipment had a remaining life of 10 years. The additional cash flows will be \($50,000\) per year from
The following information was provided related to three machines that London Press is considering investing in:a. Purchase any of the three machines.b. Purchase Machine C.c. Purchase Machine A.d. Do
The accounting records of Turner Industries, a manufacturer of flash drives, shows the following costs for the year ended December 31, 2011.The amount of prime costs incurred in 2011 werea. 920,000b.
Use the following costs per unit to identify the total product cost and conversion cost per unit: Direct materials Indirect materials Direct labour Indirect labour Other variable overhead costs
Intelco, a professional services firm, has overhead costs of $500,000. It operates three divisions, and an accountants estimate of the overhead allocation per division is 50% for Division 1, 30% for
BCF Ltd. manufactures a product known as a Grunge. Direct material and labour costs for each Grunge are \($300\) and \($150,\) respectively. To produce a Grunge requires 20 labour hours:10 hours in
Engineering Products produces Product GH1, which incurs costs of \($150\) for direct materials and \($75\) for direct labour per unit. The company has estimated its production overhead and direct
Haridan Co. uses activity-based costing. The company has two products, A and B. The annual production and sales of Products A and B are 8,000 units and 6,000 units, respectively. There are three
Elandem Ltd. produces 20,000 units of Product L and 20,000 units of Product M. Under activity-based costing, \($120,000\) of costs are purchasing-related. Each period, 240 purchase orders are
Heated Tools Ltd. uses activity-based costing. It has identified three cost pools and their drivers as follows:What is the cost driver rate for quality control?a. $10b. $4c. $15d. $5 Driver Cost pool
Gyro Industries makes hub caps for the car industry. Direct materials are \($12\) per unit, while direct labour is \($2.00\) per unit. Variable overhead is \($0.50\) per unit and fixed overhead is
What is the cost per batch of pencils if absorption costing is used?a. $35b. $105c. $109d. $45 Ariana Corp. makes pencils. The actual and budgeted overhead for the year was $350,000. The com- pany
What is the cost per batch of pencils if variable costing is used?a. $45b. $105c. $35d. $109 Ariana Corp. makes pencils. The actual and budgeted overhead for the year was $350,000. The com- pany
Andy’s Office Warehouse makes office chairs. The following information was reported for the year ended 2011.The operating profit for 2011 using absorption costing would bea. $372,800b. $351,800c.
Co. needs 20,000 units of a certain part to use in one of its products. The following information is available.Cost to Cardinal to make each part:The cost to outsource the production of the part to
Bendix Ltd. is considering the alternatives of either outsourcing component VX-1 to an outside supplier or producing the component itself. Production costs to Bendix are estimated as follows:An
Call Centre Services (CCS) operates two divisions: a call centre that answers incoming customer service calls on behalf of its clients and a telemarketing operation that makes outgoing sales calls to
Abby Gale Services understands the importance of hiring qualified staff to help run its credit-counselling company. Abby Gale is developing a balanced scorecard to help determine the effectiveness of
Coté Freres Ltee. manufactures high-technology products for the computer industry. Coté’s accountant has produced the following profit report showing statistics for each of its three main
Sly & Partners is a city law firm with 12 partners and 30 associates. Charge-out rates are based on the following calculations:Due to a shortage of work, only 14,000 partner hours and 52,000
The Recruitment Department of a major company has 13 staff members:a manager, seven recruiters, and five administrators. The department is continually exceeding its budget for expenses, particularly

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