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financial and managerial accounting 16th

Questions and Answers of Financial And Managerial Accounting 16th

Financial statements often serve as a starting point in formulating budgets. Review Apple’s financial statements in Appendix A to determine its cash paid for acquisitions of property, plant, and
Companies often budget selling expenses and general and administrative expenses (SGA) as a percentage of expected sales.Required:1. For both Apple and Google, list the prior three years’ sales (in
Refer to Apple’s balance sheet in Appendix A. What is the amount of Apple’s accounts payable as of September 26, 2015?Data From Apple Balance Sheet in Appendix A Manufacturers and merchandisers
Refer to Samsung’s balance sheet in Appendix A. List Samsung’s current liabilities as of December 31, 2015.Data From Samsung Balance Sheet Appendix A Samsung Electronics Co., Ltd. and
Refer to the statement of cash flows for Samsung in Appendix A. For the year ended December 31, 2015, what was the amount for repayment of long-term borrowings and debentures?Data From Cash Flow
Refer to Apple’s financial statements in Appendix A to answer the following.1. Identify and write out the revenue recognition principle as explained in the chapter.2. Review Apple’s footnotes (in
Refer to Samsung’s financial statements in Appendix A. Compute its cost of goods available for sale for the year ended December 31, 2015.Data From Samsung Financial Statements Appendix A Access
Apple’s statement of cash flows in Appendix A describes changes in cash and cash equivalents for the year ended September 26, 2015. What total amount is provided (used) by investing activities?
Refer to Apple’s financial statements in Appendix A for the following questions.Required 1. What amount of total liabilities does Apple report for each of the fiscal years ended September 26,
Refer to information in QS 21-14. Compute the overhead volume variance for November and classify it as favorable or unfavorable.Data From QS 21-14AirPro Corp. reports the following for November.
Refer to the information from QS 21-18. Compute the variable overhead spending variance and the variable overhead efficiency variance and classify each as favorable or unfavorable.Data From QS
Refer to the information in Problem 21-1B. Tohono Company’s actual income statement for 2017 follows.Required 1. Prepare a flexible budget performance report for 2017.Analysis Component 2.
Using the data in question 4, Department X’s contribution to overhead as a percentage of sales isa. 20%.c. 12%.e. 32%.b. 30%.d. 48%.Data From Question 4A company operates three retail departments
Walt Disney reports the following information for its two Parks and Resorts divisions.Assume Walt Disney uses a balanced scorecard and sets a target of 85% occupancy in its resorts. Using Exhibit
Refer to the information in Exercise 22-12. Assume that each of the company’s divisions has a required rate of return of 7%. Compute residual income for each division.Data From Exercise 22-12A food
White Company can invest in one of two projects, TD1 or TD2. Each project requires an initial investment of $101,250 and produces the year-end cash inflows shown in the following table.Required 1.
Refer to the information in Exercise 24-3 and assume instead that double-declining depreciation is applied. Compute the machine’s payback period (ignore taxes). (Round the payback period to three
Assume the same information as in question 4. Also assume that beginning work in process had \($6,000\) in conversion cost and that \($84,000\) in conversion is added during this period.What is the
Refer to the information in Exercise 16-6. Assume that Fields uses the FIFO method of process costing.1. Calculate the equivalent units of production for the forming department.2. Calculate the costs
Refer to the information in Exercise 16-12. Prepare a process cost summary using the FIFO method.(Round cost per equivalent unit calculations to two decimal places.)Data From Exercise 16-12 The
Refer to the information in Exercise 16-14. Prepare journal entries dated June 30 to record:(a) raw materials purchases,(b) direct materials usage,(c) indirect materials usage,(d) direct labor
Xie Company identified the following activities, costs, and activity drivers for 2017. The company manufactures two types of go-karts: deluxe and basic.Required 1. Compute a single plantwide
Refer to the information in Exercise 17-1. Assume that the following information is available for the company’s two products for the first quarter of 2017.Required Compute activity rates for each
Refer to the information in Exercise 17-4.Required 1. Compute a departmental overhead rate for the molding department based on machine hours and a department overhead rate for the trimming
Refer to the information in Exercise 17-7 to answer the following requirements.Required 1. Using ABC, compute the overhead cost per unit for each product line.2. Determine the total cost per unit
Refer to the information in QS 19-16. The company sells its product for $50 per unit. Due to new regulations, the company must now incur $2 per unit of hazardous waste disposal costs and $8,500 per
Refer to the statements for Google in Appendix A. For the year ended December 31, 2015, what was its debt-to-equity ratio? What does this ratio tell us?Data From Statement Google In Appendix A Google
On October 1, 2017, Gordon borrows \($150\),000 cash from a bank by signing a three-year installment note bearing 10% interest. The note requires equal payments of \($60\),316 each year on September
Refer to Google’s financial statements in Appendix A to compute its equity ratio as of December 31, 2015, and December 31, 2014.Data From Google Financial Statement Appendix A Google Inc.
Refer to Samsung’s financial statements in Appendix A. Compute its debt ratio as of December 31, 2015, and December 31, 2014.Data From Samsung Financial Statement Appendix A Samsung Electronics
Refer to the information in QS 13-4. Use that information for Tide Corporation to determine the 2016 and 2017 common-size percents for cost of goods sold using net sales as the base.Data From QS
Use the financial data for Randa Merchandising, Inc., in Exercise 13-13 to prepare its income statement for calendar-year 2017. (Ignore the earnings per share section.)Data From Exercise 13.13In
Part A For each item, identify whether it best applies to lean businesses \((L)\) or traditional businesses \((T)\).1. Production begins with a sales forecast.2. Only finished goods are inspected
The following information is for an order produced by Tyler Co. Compute cycle time and cycle efficiency.Part 2Use the following information to compute days' sales in work in process inventory.
A lean manufacturer incurs \(\$ 45\) per unit in raw materials page D-9 costs and applies \(\$ 75\) per unit in conversion costs to produce office chairs. Each chair is sold for \(\$ 170\). In the
A manufacturer budgets annual conversion costs of \(\$ 1,207,500\) and production of 2,100 hours. Compute the conversion cost rate per production hour.
A lean manufacturer reports the following quality costs. Prepare a cost of quality report. Training machine operators... $ 50,000 Product recalls... 20,000 Scrap of defective products... 12,000
A restaurant reports the following quality costs. Prepare a cost of quality report. Training cooks..... Scrap of incorrectly prepared food....... Inspecting ingredients from suppliers..... Free meals
A company reports accounts payable of \(\$ 9,569\) and cost of goods sold of \(\$ 28,155\). Compute days' payable outstanding. Round the answer to the nearest whole day.
Identify each of the following production processes as lean (L) or traditional \((\mathrm{T})\).1. The process produces standard goods, with no customization. Production begins with a sales
Dyzor is a lean manufacturer of wireless sound systems. Its wireless speaker value stream budgets \(\$ 48,000\) of conversion costs and 600 production hours for the next quarter. Each unit requires 2
Best Ink produces printers for personal computers. The following information is available for production of a recent order of 500 printers.1. Compute cycle time.2. Compute cycle efficiency.3.
Use the information below to answer the requirements.1 Compute days' sales in work in process inventory for the current year.2. Compute days' sales in work in process inventory for the prior year.3.
Use the information below to answer the requirements.1. Compute days' sales in work in process inventory for the current year.2. If the company's work in process inventory were \(20 \%\) lower, by
Orion Motors manufactures cars. Classify each of the following quality costs as either prevention, appraisal, internal failure, or external failure.1. Inspecting raw materials \(\$ 60,000\)2.
Refer to the information in Exercise D-12. Prepare a cost of quality report.Data from Exercise D-12.Orion Motors manufactures cars. Classify each of the following quality costs as either prevention,
Use the information below to answer the requirements.1. Compute days' payable outstanding for the current year.2. Compute days' payable outstanding for the prior year.3. Did the company take longer
King Company builds custom order fulfillment centers for large ecommerce companies. On June 1, the company had no inventories of work in process or finished goods but held the following raw
Classify each of the following cash flows as operating, investing, or financing activities.a. Purchase equipment for cashb. Cash payment of wagesc. Issuance of stock for cashd. Receipt of cash
Participatory budgeting can sometimes lead to negative consequences. From the following list of outcomes that can arise from participatory budgeting, identify those with potentially negative
Match the definitions 1 through 9 with the term or phrase a through i.a. Budgetb. Cash budgetc. Merchandise purchases budgetd. Safety stocke. Budgeted income statementf. General and administrative
Refer to Exercise 20-8. Prepare (1) a direct labor budget and (2) a factory overhead budget for April, May, and June.
A company’s standard for a unit of its single product is$6 per unit in variable overhead (4 hours × $1.50 per hour).Actual data for the period show variable overhead costs of$150,000 and
A company’s standard for a unit of its single product is$4 per unit in fixed overhead ($24,000 total∕6,000 units budgeted). Actual data for the period show total actual fixed overhead of $24,100
AirPro Corp. reports the following for November. Compute the total overhead variance and controllable overhead variance for November and classify each as favorable or unfavorable. Actual total
Solitaire Company’s fixed budget performance report for June follows. The $315,000 budgeted expenses include $294,000 variable expenses and $21,000 fixed expenses. Actual expenses include $27,000
Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures.During June the company incurred the following actual costs to produce 9,000
Access the annual report of Samsung (at samsung.com) for the year ended December 31, 2015. The usefulness of its budgets, variances, and related analyses depends on the accuracy of management’s
In each blank next to the following terms, place the identifying letter of its best description.1. Indirect expenses A. Costs not within a manager’s control or influence.2. Controllable costs B.
Apple Inc. reports the following for three of its geographic segments for a recent year.Compute profit margin for each division. Express answers as percentages, rounded to one decimal place. $
Oakwood Company produces maple bookcases. The following information is available for the production of a recent order of 500 bookcases.1. Compute the company’s manufacturing cycle time.2. Compute
Best Ink produces printers for personal computers. The following information is available for production of a recent order of 500 printers.1. Compute the company’s manufacturing cycle time.2.
Apple and Google compete in several product categories. Sales, income, and asset information are provided for fiscal year 2015 for each company below.Required 1. Compute profit margin for each
A company inadvertently produced 3,000 defective MP3 players. The players cost $12 each to produce. A recycler offers to purchase the defective players as they are for $8 each. The production manager
Samsung must confront sunk costs. Why are sunk costs irrelevant in deciding whether to sell a product in its present condition or to make it into a new product through additional processing?
Label each of the following statements as either true (“T”) or false (“F”).1. Relevant costs are also known as unavoidable costs.2. Incremental costs are also known as differential costs.3.
Suresh Co. expects its five departments to yield the following income for next year.Recompute and prepare the departmental income statements (including a combined total column) for the company under
Esme Company’s management is trying to decide whether to eliminate Department Z, which has produced low profits or losses for several years. The company’s 2017 departmental income statements show
Suppose Limor Fried expands her business, Adafruit Industries, to make electric scooters.Limor must decide on the best sales mix. Assume the company has a capacity of 400 hours of processing time
The minimum acceptable rate of return for an investment decision is called thea. Hurdle rate of return.d. Average rate of return.b. Payback rate of return.e. Maximum rate of return.c. Internal rate
A corporation is considering the purchase of new equipment costing $90,000. The projected after-tax annual net income from the equipment is $3,600, after deducting $30,000 depreciation.Assume that
Cortino Company is planning to add a new product to its line. To manufacture this product, the company needs to buy a new machine at a $300,000 cost with an expected four-year life and a $20,000
Assume Apple invested $2.12 billion to expand its manufacturing capacity. Assume that these assets have a 10-year life and that Apple requires a 10% internal rate of return on these assets.Required
Assume that you must estimate what the future value will be two years from today using the future value of 1 table (Table B.2). Which interest rate column and number-of-periods row do you use when
A company purchased $30,000 of 5% bonds for investment purposes on May 1. The bonds pay interest on February 1 and August 1. The amount of interest revenue accrued at December 31 (the company’s
Montero Co. holds 100,000 common shares (40%) of ORD Corp. as a long-term investment. ORD Corp.paid a $100,000 dividend on November 1, 2017, and reported a net income of $700,000 for 2017. Prepare
Complete the following descriptions by filling in the blanks using the terms or phrases a through f.a. subsidiaryb. parentc. interest revenued. currente. fair valuef. equity method 1. Equity
Complete the following descriptions by filling in the blanks using the terms or phrases a through d.a. trial balancesb. reconciliationc. consolidationd. financial statements 1. Consolidated show the
Stoll Co.’s long-term available-for-sale portfolio at December 31, 2016, consists of the following.Stoll enters into the following long-term investment transactions during year 2017.Jan. 29 Sold
Continuous improvementa. Is used to reduce inventory levels.b. Is applicable only in service businesses.c. Rejects the notion of “good enough.”d. Is used to reduce ordering costs.e. Is applicable
A direct cost is one that isa. Variable with respect to the cost object.b. Traceable to the cost object.c. Fixed with respect to the cost object.d. Allocated to the cost object.e. A period cost.
Costs that are incurred as part of the manufacturing process, but are not clearly traceable to the specific unit of product or batches of product, are calleda. Period costs.d. Operating expenses.b.
The three major cost components of manufacturing a product area. Direct materials, direct labor, and factory overhead.b. Period costs, product costs, and conversion costs.c. Indirect labor, indirect
A company reports the following for the current year.Its cost of goods manufactured for the current year isa. $1,500.d. $2,800.b. $1,700.e. $4,700.c. $7,500. Finished goods Inventory, beginning of
Identify whether each description most likely applies to managerial (M) or financial (F) accounting.1. Its primary users are company managers.2. Its information is often available only after an audit
Many fast-food restaurants compete on lean business practices. Match each of the following activities at a fast-food restaurant with one of the three lean business practicesa, b, or c that it strives
In its recent annual report and related Corporate Responsibility Report, Hyatt provides information on company performance on several dimensions. Indicate whether the following items below best fit
A company’s predetermined overhead rate is 150% of its direct labor costs. How much overhead is applied to a job that requires total direct labor costs of $30,000?a. $15,000d. $60,000b. $30,000e.
A company’s ending inventory of finished goods has a total cost of $10,000 and consists of 500 units. If the overhead applied to these goods is $4,000, and the predetermined overhead rate is 80% of
At the end of its current year, a company learned that its overhead was underapplied by $1,500 and that this amount is not considered material. Based on this information, the company shoulda. Credit
Some companies use labor cost to apply factory overhead to jobs. Identify another factor (or base) a company might reasonably use to apply overhead costs.
Refer to the chapter opener regarding Neha Assar and her company, Neha Assar. All successful businesses track their costs, and it is especially important for start-up businesses to monitor and
1.)Apple reports in notes to its financial statements that, in addition to its products sold, it includes the following costs (among others) in cost of sales: customer shipping and handling expenses
Many companies acquire software to help them monitor and control their costs and as an aid to their accounting systems. One company that supplies such software is proDacapo (prodacapo.com).There are
Samsung, Apple, and Google are competitors in the global marketplace. Selected data for Samsung follow.Required 1. Review the discussion of the importance of the cost of goods sold divided by total
In comparison to a traditional cost system, and when thereare batch-level or product-level costs, an activity-basedcosting system usually shifts costs froma. low-volume to high-volume products.b.
All of the following are examples of batch-level activitiesexcepta. purchase order processing.b. setting up equipment.c. clerical activity associated with processing purchase ordersto produce an
A company uses activity-based costing to determine the costsof its two products: A and B. The budgeted cost and activityfor each of the company’s three activity cost pools follow.The activity rate
In the blank next to each of the following terms, place the letter A through D that corresponds to the description of that term. Some letters are used more than once.1. Activity-based costing 2.
Textra Plastics produces parts for a variety of small machine manufacturers. Most products go through two operations, molding and trimming, before they are ready for packaging. Expected costs and

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