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business
financial and managerial accounting 16th

Questions and Answers of Financial And Managerial Accounting 16th

A manufacturer of two models of soccer balls, Practice and Pro, shows the information below. The company has annual fixed costs of \(\$ 700,000\).1. What is the weighted-average contribution margin
Sport Caps manufactures and sells caps. Fixed costs are \(\$ 150,000\) per month, and variable costs are \(\$ 5\) per cap. The caps are sold for \(\$ 8\) each. Production capacity is 100,000 caps per
A manufacturer reports the following data.1. Compute total product cost per unit under absorption costing.2. Compute total product cost per unit under variable costing. Direct materials. Direct
A company's only product sells for \(\$ 150\) per unit. Its variable costs per unit are \(\$ 100\), and its fixed costs total \(\$ 75,000\). What is its contribution margin per unit?a. \(\$ 50\)b.
Using information from question 1, what is the company's contribution margin ratio?Data from Question 1A company's only product sells for \(\$ 150\) per unit. Its variable costs per unit are \(\$
Using information from question 1 , what is the company's breakeven point in units?Data from Question 1A company's only product sells for $150$150 per unit. Its variable costs per unit are
A company's estimated sales are \(\$ 300,000\) and its sales at break-even are \(\$ 180,000\). Its margin of safety in dollars isa. \(\$ 180,000\).c. \(\$ 480,000\).b. \(\$ 120,000\).d. \(\$
A product sells for \(\$ 400\) per unit and its variable costs page 725 per unit are \(\$ 260\). The company's fixed costs are \(\$ 840,000\). If the company desires \(\$ 70,000\) income, what is the
Refer to the information in Exercise 7-14 to complete the following requirements.Data from Exercise 7-14Daley Company prepared the following aging of receivables analysis at December 31.a. Estimate
Match each document in a voucher system with its description.Document1. Purchase requisition 2. Purchase order 3. Invoice 4. Receiving report 5. Invoice approval 6. Voucher DescriptionA. An
The following information is available for Hapley Co.• November 30 bank statement shows a $1,895 balance.• General ledger shows a $1,742 balance at November 30.• A $795 deposit in the bank's
Using the information from question 1, what is the reconciled balance on Hapley’s November 30 bank reconciliation?Data from Question 1The following information is available for Hapley Co.•
Each member of a team is to participate in estimating uncollectibles using the aging schedule and percents shown in Problem 7-3A. The division of labor is up to the team. Your goal is to accurately
1. It prepared the following aging of receivables analysis. (a) Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method.(b) Prepare the adjusting
Analyze each transaction in QS 4-11 by indicating its effects on the components of the income statement—specifically, identify the following six accounts and dollar effects (including + or −) for
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson Company uses a perpetual inventory system. It categorizes the following accounts as selling
Preparing closing entries and interpreting information about discounts and returns. Use the data for Barkley Company in Problem 4-3B to complete the following requirement.Required Prepare closing
1. A master carver of wooden birds operates her business out of a garage. At the end of the current period, the carver has 17 units (carvings) in her garage, 3 of which were damaged by water and
Refer to the information in Exercise 5-3 and assume the periodic inventory system is used.Data from Exercise 5-3Laker Company reported the following January purchases and sales data for its only
Refer to the information in Exercise 5-8. Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 100 units from the October 26 purchase. Using
Refer to the information in Exercise 5-8 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory and to cost of goods sold
Refer to sales and purchases data from Exercise 5-11 and record journal entries for Tree Seedlings’s sales and purchases transactions.Assume for this assignment that the company uses a perpetual
Refer to the information in Exercise 5-11 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory and to cost of goods sold
Lopez Company reported the following current year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 150 units—50 from each of the last
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. (For specific identification, units sold consist of 80 units from
Refer to the information in Problem 5-1A and assume the periodic inventory system is used.Required1. Compute cost of goods available for sale and the number of units available for sale.2. Compute the
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. (For specific identification, units sold consist of 600 units from
Refer to the information in Problem 5-3A and assume the periodic inventory system is used.Data from Problem 5-3AMontoure Company uses a perpetual inventory system. It entered into the following
Seminole Co. began the year with 23,000 units of product in its January 1 inventory costing $15 each. It made four purchases of its product during the year as follows. The company uses a periodic
Refer to the information in Problem 5-1B and assume the periodic inventory system is used.Required1. Compute cost of goods available for sale and the number of units available for sale.2. Compute the
Refer to the information in Problem 5-3B and assume the periodic inventory system is used.Required1. Compute cost of goods available for sale and the number of units available for sale.2. Compute the
Seneca Co. began the year with 6,500 units of product in its January 1 inventory costing $35 each. It made four purchases of its product during the year as follows. The company uses a periodic
Capri Company began the current period with a $20,000 credit balance in the Retained Earnings account. At the end of the period, the company’s adjusted account balances include the following
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. Both Sydney and Troy use a perpetual inventory system and the gross method.1. Prepare journal entries
Refer to Exercise 4-3 and prepare journal entries to record each of the merchandising transactions assuming that the buyer uses the periodic inventory system and the gross method..Data from Exercise
In its first year of operations, Roma Company reports the following.Compute Roma’s first-year net income under the cash basis and the accrual basis of accounting.• Earned revenues of $45,000
For each separate case below, follow the three-step process for adjusting the prepaid asset account at December 31 _ Step 1.Determine what the current account balance equals. Step 2:Determine what
For each separate case, record the necessary adjusting entry.a. Tao Co. receives $10,000 cash in advance for four months of evenly planned legal services beginning on October 1. Tao records it by
Should we evaluate a production manager's performance on the basis of general and administrative expenses? Why?
A manufacturer has the following costs for Job No. 501 that requires printing 200 custom T-shirts for a bikers' reunion.1. Complete a (partial) job cost sheet and compute the total cost of this job
Prepare journal entries to record the following transactions of a manufacturing company.1. Purchased \(\$ 1,200\) of materials on credit for use in production.2. Used \(\$ 200\) of direct materials
A company started two jobs in June, Job A1 and Job A2. Time tickets for June report 270 direct labor hours worked at a rate of \(\$ 20\) per direct labor hour. Job A1 used 150 direct labor hours and
At the beginning of the year, a manufacturing company estimates it will incur \(\$ 240,000\) of overhead costs. The company applies overhead using machine hours and estimates it will use 1,600
A manufacturing company used \(\$ 400\) of indirect materials and \(\$ 2,000\) of indirect labor during the period. The company also incurred \(\$ 1,200\) for depreciation on factory equipment and
A manufacturing company applied \(\$ 300,000\) of overhead to its jobs during the period. Prepare the journal entry to close over- or underapplied overhead to Cost of Goods Sold for each of the
Miller Company reports the following for its job order production activities for May.Miller's predetermined overhead rate is \(150 \%\) of direct labor cost. Job cost sheet information for the three
A company's predetermined overhead rate is \(150 \%\) of its direct labor costs. How much overhead is applied to a job that used total direct labor costs of \(\$ 30,000\) ?a. \(\$ 15,000\)b. \(\$
A company uses direct labor costs to apply overhead. Its costs for the period are direct materials, \(\$ 45,000\); direct labor, \(\$ 35,000\); and overhead applied, \(\$ 38,500\). What is its
A company's Work in Process Inventory T-account follows.The cost of goods manufactured isa. \(\$ 193,000\).b. \(\$ 211,800\).c. \(\$ 185,000\).d. \(\$ 144,600\).e. \(\$ 176,200\). Beginning Direct
At the end of its current period, a company's overhead was underapplied by \(\$ 1,500\). This amount is not material. The company shoulda. Credit the \(\$ 1,500\) to Finished Goods Inventory.b.
Indicate whether each item a through \(e\) is a feature of a job order or process operation.a. Diverse products and servicesb. Routine, repetitive proceduresc. Low product flexibilityd. Low
Auto Safe's job cost sheet for Job A40 shows that the total cost to add security features to a car was \(\$ 10,500\). The car was delivered to the customer, who paid \(\$ 14,900\) cash for this
A marketing agency used 60 hours of direct labor in creating advertising for a film festival. Direct labor costs \(\$ 50\) per hour. The agency applies overhead at a rate of \(\$ 40\) per direct
Cavallo Mfg.'s computer system generated the following account balances on December 31. The company's manager knows that this list of balances is wrong because it does not show any balance for Work
Starr Mfg.'s predetermined overhead rate is \(200 \%\) of direct labor. Information on the company's production activities during September follows.a. Purchased raw materials on credit, \(\$
How do the balances in the Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold general ledger accounts link to job cost sheets?
What journal entry is recorded when a materials manager receives a materials requisition and then issues direct materials for use in the factory? What journal entry is recorded for requisitions of
What is cost-plus pricing?
Complete the table with either a yes or no regarding the attributes of job order and process costing systems. Uses direct materials, direct labor, and overhead costs Uses job cost sheets to
A department began the month with 8,000 units in work in process inventory. These units were \(100 \%\) complete with respect to direct materials and \(40 \%\) complete with respect to
A department reports the following equivalent units of production and production cost data for the month. The weighted-average method is used.Compute the department's cost per equivalent unit for
Tower Mfg. applies overhead based on machine hours. Tower estimates it will incur \(\$ 200,000\) of total overhead costs and use 10,000 machine hours this year. During February, the Fabricating
Mortar Company produces a product that passes through two processes: Grinding and Mixing. Information related to its Grinding department manufacturing activities for July follows. The company uses
Equivalent units of production are equal toa. Units that were completed this period from all effort being applied to them.b. The number of units introduced to the process this period.c. The number of
Recording the cost of raw materials purchased for use in a process costing system includes aa. Credit to Raw Materials Inventory.b. Debit to Work in Process Inventory.c. Debit to Factory Overhead.d.
The Cutting department started the month with a beginning work in process inventory of \(\$ 20,000\). During the month, it was assigned the following costs: direct materials, \(\$ 152,000\); direct
A process's beginning work in process inventory consists of 10,000 units that are \(20 \%\) complete with respect to conversion costs. A total of 40,000 units are completed this period. There are
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
For each of the following products and services, indicate whether it is more likely produced in a process operation or in a job order operation.1. Tennis courts2. Organic juice3. Audit of financial
Label each statement below as either true or false.1. Cost per unit is computed by combining costs per unit across separate processes.2. Service companies cannot use process costing.3. Costs per job
For each of the following products and services, indicate whether it is more likely produced in a process operation or a job order operation.1. Beach toys2. Custom swimming pool3. Smartphones4.
A process manufacturer reports the following. Compute the total equivalent units of production for conversion. The company uses the weighted average method. Beginning work in process inventory....
For each of the following products and services, indicate whether it is more likely produced in a process operation or in a job order operation.1. Beach towels2. Bolts and nuts3. Lawn chairs4.
The first production department in a process manufacturing system reports the following unit data.Compute this production department's equivalent units of production for direct materials under each
Fast Co. produces its product through two processing departments: Cutting and Assembly. Information for the Cutting department follows.RequiredPrepare the Cutting department's production cost report
Tamar Co. manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows.Required1. Prepare the Forming department's production cost
Which costing system, job order or process, typically uses more Work in Process Inventory accounts?
Use the following financial statements of Precision Co. to complete these requirements.1. Prepare comparative income statements showing the percent increase or decrease for the current year in
1. A company's sales in the prior year were $ 300,000 and in the current year were $ 351,000. Using the prior year as the base year, the sales trend percent for the current year isa. 17%.b.
What is Ella Company's current ratio?a. 0.69b. 1.31c. 3.88d. 6.69e. 2.39 Assets Cash ......... Accounts receivable..... Merchandise inventory.. Prepaid insurance Long-term investments.. Plant assets,
What is Ella Company's acid-test ratio?a. 2.39b. 0.69c. 1.31d. 6.69e. 3.88 Assets Cash ......... Accounts receivable..... Merchandise inventory.. Prepaid insurance Long-term investments.. Plant
4. What is Ella Company's debt ratio?a. 25.78%b. 100.00%c. 74.22%d. 137.78%e. 34.74% Assets Cash.... Accounts receivable...... Merchandise inventory.. Prepaid insurance. Long-term investments...
What is Ella Company's equity ratio?a. $25.78 %b. $100.00 %c. $34.74 %d. $74.22 %e. $137.78 % Assets Cash....... Accounts receivable..... Merchandise inventory.. Prepaid insurance.... Long-term
Following is information for Morgan Company and Parker Company, which are similar firms operating in the same industry.1. Based on current ratio and acid-test ratio, which company appears better
Following are aspects of accounting information. Classify each as relating more to financial accounting or to managerial accounting.1. Primary users are external2. Includes more nonmonetary
Following are selected costs of a computer chip manufacturer. Classify each as either a product cost or a period cost. Then classify each of the product costs as direct material, direct labor, or
Use the following information for the month ended April 30 from a manufacturing company and from a merchandising company to prepare an income statement for each company. Built-Rite Manufacturer
Part A: Compute the following three cost amounts using the information below.1. Direct materials used 2. Cost of goods manufactured 3. Cost of goods soldPart B: Prepare a schedule of cost of goods
The following information is from SUNN Company's records for the current year-end December 31. Prepare (1) a schedule of cost of goods manufactured and (2) an income statement. Depreciation
Period costsa. Include direct materials and direct labor.b. Are capitalized as inventory.c. Are expensed in the period incurred.d. Include factory overhead.e. Are included in total manufacturing
Factory overheada. Includes selling expenses.b. Includes indirect labor.c. Is a period cost.d. Includes general and administrative expenses.e. Is included in nonmanufacturing costs.
A manufacturer reports the following.Its cost of materials used isa. $ 81,200b. $ 77,200c. $ 85,200e. $ 101,200e. $ 89,200 Raw materials purchases....... Raw materials inventory, ending.... Raw
A manufacturer reports the following.Its total manufacturing costs equala. $ 36,170b. $ 36,970c. $ 32,970d. $ 40,970e. $ 32,170 Direct materials used. Selling expenses. Finished goods inventory,
A manufacturer reports the following.Its cost of goods manufactured isa. $ 1,500.b. $ 1,700.c. $ 7,500.d. $ 2,800.e. $ 4,700. Finished goods inventory, beginning... Finished goods inventory, ending.
A company manufactures guitars. Identify each of the following costs as either a prime cost, a conversion cost, or both.1. Wood used to build the guitar body.2. Glue used to bind the guitar wood.3.
Listed below are costs of services provided by an airline company. Consider the cost object to be a flight. Flight attendants and pilots are paid based on hours of flight time. Classify each cost as
Issuance of, and Dividends to, Common and Preferred Stock Barton Corporation began operations on January 1. The following transactions relating to stockholders’ equity occurred in the first two
A company’s current-year income statement and selected balance sheet data at December 31 of the current and prior years follow.Prepare the operating activities section of the statement of cash
Use the following information to determine this company’s cash flows from investing activities.a. Sold a factory (costing $800, with $700 of accumulated depreciation), at a loss of $10.b. Paid $70
Use the following information to determine cash flows from financingactivities.a. Issued common stock for $40 cash.b. Paid $70 cash to retire a notes payable at its $70 maturity value.c. Paid cash

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