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financial and managerial accounting

Questions and Answers of Financial And Managerial Accounting

Schedule of cash collections of accounts receivable OBJ. 5 Pet Place Supplies Inc., a pet wholesale supplier, was organized on May 1, 2016. Projected sales for each of the first three months of
Cost of goods sold budget OBJ. 4 The controller of MingWare Ceramics Inc. wishes to prepare a cost of goods sold budget for September. The controller assembled the following information for
Cost of goods sold budget OBJ. 4 Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Delaware budgeted 35,000 barrels of oil for purchase in June for $90 per
Production and direct labor cost budgets OBJ. 4 Levi Strauss & Co. manufactures slacks and jeans under a variety of brand names, such as Dockers® and 501 Jeans®. Slacks and jeans are assembled by a
Direct labor budget for a service business OBJ. 4 Ambassador Suites Inc. operates a downtown hotel property that has 300 rooms. On average, 80% of Ambassador Suites’ rooms are occupied on weekdays,
Direct labor cost budget OBJ. 4 Ace Racket Company manufactures two types of tennis rackets, the Junior and Pro Striker models. The production budget for July for the two rackets is as follows:Junior
Direct materials purchases budget OBJ. 4 Anticipated sales for Safety Grip Company were 42,000 passenger car tires and 19,000 truck tires. Rubber and steel belts are used in producing passenger car
Direct materials purchases budget OBJ. 4 Romano’s Frozen Pizza Inc. has determined from its production budget the following estimated production volumes for 12" and 16" frozen pizzas for September
Professional labor cost budget for a service company OBJ. 4 Based on the data in Exercise 21-7 and assuming that the average compensation per hour for staff is $45 and for partners is $140, prepare a
The average billing rate for staff is $150 per hour, and the average billing rate for partners is $320 per hour. Prepare a professional fees earned budget for Rollins and Cohen, CPAs, for the year
Professional fees earned budget for a service company OBJ. 4 Rollins and Cohen, CPAs, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and
Sales and production budgets OBJ. 4 SoundLab Inc. manufactures two models of speakers, DL and XL. Based on the following production and sales data for September 2016, prepare (a) a sales budget and
Flexible budget for Assembly Department OBJ. 2 Steelcase Inc. is one of the largest manufacturers of office furniture in the United States.In Grand Rapids, Michigan, it assembles filing cabinets in
Static budget versus flexible budget OBJ. 2, 4 The production supervisor of the Machining Department for Rodriguez Company agreed to the following monthly static budget for the upcoming
Flexible budget for selling and administrative expenses OBJ. 2, 4 for a service company Cloud Productivity Inc. uses flexible budgets that are based on the following data:Sales commissions . . . . .
Cash budget OBJ. 5 Magnolia Candle Inc. pays 10% of its purchases on account in the month of the purchase and 90% in the month following the purchase. If purchases are budgeted to be $11,900 for
Cash budget OBJ. 5 MyLife Chronicles Inc. collects 30% of its sales on account in the month of the sale and 70% in the month following the sale. If sales on account are budgeted to be $170,000 for
Cost of goods sold budget OBJ. 4 Prepare a cost of goods sold budget for Magnolia Candle Inc. using the information in Practice Exercises -3B and -4B. Assume the estimated inventories on January 1,
Direct labor cost budget OBJ. 4 Magnolia Candle Inc. budgeted production of 74,200 candles in 2016. Each candle requires molding. Assume that 12 minutes are required to mold each candle. If molding
Direct labor cost budget OBJ. 4 MyLife Chronicles Inc. budgeted production of 238,900 diaries in 2016. Each diary requires assembly. Assume that six minutes are required to assemble each diary. If
Direct materials purchases budget OBJ. 4 Magnolia Candle Inc. budgeted production of 74,200 candles in 2016. Wax is required to produce a candle. Assume eight ounces (one-half of a pound) of wax is
Production budget OBJ. 4 Magnolia Candle Inc. projected sales of 75,000 candles for 2016. The estimated January 1, 2016, inventory is 3,500 units, and the desired December 31, 2016, inventory is
Production budget OBJ. 4 MyLife Chronicles Inc. projected sales of 240,000 diaries for 2016. The estimated January 1, 2016, inventory is 19,900 units, and the desired December 31, 2016, inventory is
Flexible budgeting OBJ. 2 At the beginning of the period, the Fabricating Department budgeted direct labor of$9,280 and equipment depreciation of $2,300 for 640 hours of production. The department
Flexible budgeting OBJ. 2 At the beginning of the period, the Assembly Department budgeted direct labor of $112,000 and property tax of $12,000 for 7,000 hours of production. The department actually
Why should the timing of direct materials purchases be closely coordinated with the production budget?
Why should the production requirements set forth in the production budget be carefully coordinated with the sales budget?
Prepare a capital expenditures budget.
Prepare a cash budget.
Prepare cash receipts and cash payments schedules.
Prepare an income statement budget.
Prepare a selling and administrative expenses budget.
Prepare a cost of goods sold budget.
Prepare a factory overhead cost budget.
Prepare a direct labor cost budget.
Prepare a direct materials purchases budget.
Prepare a production budget.
Prepare a sales budget.
Illustrate the connection between the major operating and financial budgets.
Describe the role of computers in the budget process.
Describe a static budget and explain when it might be used.• Describe and prepare a flexible budget and explain when it might be used.
Describe the behavioral issues associated with tight goals, loose goals, and goal conflict.
Describe the planning, directing, controlling, and feedback elements of the budget process.
Group Project Craig Company is a family-owned business in which you own 20% of the common stock and your brothers and sisters own the remaining shares. The employment contract of Craig’s new
Contribution margin analysis Trans Sport Company sells sporting goods to retailers in three different states—Florida, Georgia, and Tennessee. The following profit analysis by state was prepared by
Margin analysis Jellnick Equipment Inc. manufactures and sells kitchen cooking products throughout the state. The company employs four salespersons. The following contribution margin by salesperson
Inventories under absorption costing BendOR, Inc. manufactures control panels for the electronics industry and has just completed its first year of operations. The following discussion took place
Ethics and professional conduct in business The Southwest Division of Texcaliber Inc. uses absorption costing for profit reporting.The general manager of the Southwest Division is concerned about
Contribution margin analysis obj. 5 Mathews Company manufactures only one product. For the year ended December 31, the contribution margin decreased by $126,000 from the planned level of $540,000.
Variable costing income statement and effect on income of change in operations obj. 4 Kimbrell Inc. manufactures three sizes of utility tables—small (S), medium (M), and large (L). The income
Salespersons’ report and analysis obj. 4 Pachec Inc. employs seven salespersons to sell and distribute its product throughout the state. Data taken from reports received from the salespersons
Absorption and variable costing income statements for two months and analysis obj. 1, 2 During the first month of operations ended July 31, 2016, Head Gear Inc. manufactured 6,400 hats, of which
Income statements under absorption costing and variable costing obj. 1, 2 The demand for aloe vera hand lotion, one of numerous products manufactured by Smooth Skin Care Products Inc., has dropped
Absorption and variable costing income statements obj. 1, 2 During the first month of operations ended July 31, 2016, YoSan Inc. manufactured 2,400 flat panel televisions, of which 2,000 were sold.
Contribution margin analysis obj. 5 Dozier Industries Inc. manufactures only one product. For the year ended December 31, the contribution margin increased by $38,500 from the planned level of
Segment variable costing income statement and effect on income of change in operations obj. 4 Valdespin Company manufactures three sizes of camping tents—small (S), medium (M), and large (L). The
Salespersons’ report and analysis obj. 4 Walthman Industries Inc. employs seven salespersons to sell and distribute its product throughout the state. Data taken from reports received from the
Absorption and variable costing income statements for two months and analysis obj. 1, 2 During the first month of operations ended March 31, 2016, Hip and Conscious Clothing Company produced 55,500
Income statements under absorption costing and variable costing obj. 1, 2 The demand for solvent, one of numerous products manufactured by Mac n’ Cheese Industries Inc., has dropped sharply because
Absorption and variable costing income statements obj. 1, 2 During the first month of operations ended May 31, 2016, Frost Point Fridge Company manufactured 40,000 mini refrigerators, of which 36,000
service company obj. 5, 6 The actual and planned data for Underwater University for the Fall term 2016 were as follows:Actual Planned Enrollment 4,500 4,125 Tuition per credit hour $120 $135 Credit
Contribution margin reporting and analysis for a service company obj. 5, 6 The management of East Coast Railroad Company introduced in Exercise improved the profitability of the Atlanta/Baltimore
Variable costing income statement for a service company obj. 4, 6 East Coast Railroad Company transports commodities among three routes (city-pairs):Atlanta/Baltimore, Baltimore/Pittsburgh, and
Contribution margin analysis—variable costs obj. 5 Based on the data in Exercise prepare a contribution analysis of the variable costs for Romero Products Inc. for the year ended December 31.
Contribution margin analysis—sales obj. 5 The following data for Romero Products Inc. are available:For the Year Ended December 31 Actual Planned Difference—Increase or(Decrease)Sales . . . . . .
Contribution margin analysis—sales obj. 5 Buy Best Inc. sells electronic equipment. Management decided early in the year to reduce the price of the speakers in order to increase sales volume. As a
Segment contribution margin analysis obj. 4, 6 The operating revenues of the three largest business segments for Time Warner, Inc., for a recent year follow. Each segment includes a number of
Segment profitability analysis obj. 4 The marketing segment sales for Caterpillar, Inc., for a recent year follow:Caterpillar, Inc.Machinery and Engines Marketing Segment Sales(in millions)Building
Sales territory and salesperson profitability analysis obj. 4 Reyes Industries Inc. manufactures and sells a variety of commercial vehicles in the North east and South west regions. There are two
Territory and product profitability analysis obj. 4 Coast to Coast Surfboards Inc. manufactures and sells two styles of surfboards, Atlantic Wave and Pacific Pounder. These surfboards are sold in two
Product profitability analysis OBJ. 4 PowerTrain Sports Inc. manufactures and sells two styles of All Terrain Vehicles (ATVs), the Mountain Monster, and Desert Dragon from a single manufacturing
Change in sales mix and contribution margin OBJ. 4 Head Pops Inc. manufactures two models of solar powered noise-canceling headphones: Sun Sound and Ear Bling models. The company is operating at less
Variable and absorption costing—three products OBJ. 2, 3 Happy Feet Inc. manufactures and sells three types of shoes. The income statements prepared under the absorption costing method for the
Variable and absorption costing OBJ. 1 Ansara Company had the following abbreviated income statement for the year ended December 31, 2016:(in millions)Sales . . . . . . . . . . . . . . . . . . . . .
Estimated income statements, using absorption and variable costing OBJ. 1, 2 Prior to the first month of operations ending July 31, 2016, Muzenski Industries Inc.estimated the following operating
Variable costing income statement OBJ. 1 The following data were adapted from a recent income statement of Procter & Gamble Company:(in millions)Sales . . . . . . . . . . . . . . . . . . . . . . . .
Absorption costing income statement OBJ. 1 On July 31, the end of the first month of operations, Del Ray Equipment Company prepared the following income statement, based on the variable costing
Variable costing income statement OBJ. 1 On June 30, the end of the first month of operations, Bastile Company prepared the following income statement, based on the absorption costing concept:Bastile
Cost of goods manufactured, using variable costing and absorption costing OBJ. 1 On December 31, the end of the first year of operations, Frankenreiter Inc. manufactured 25,600 units and sold 24,000
Income statements under absorption costing and variable costing OBJ. 1 Bionic Cotton Inc. manufactures and sells high-quality sporting goods equipment under its highly recognizable Cool Cat logo. The
Income statements under absorption costing and variable costing OBJ. 1 Frigid Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1, 2016, and operated at 100% of
Inventory valuation under absorption costing and variable costing OBJ. 1 At the end of the first year of operations, 6,400 units remained in the finished goods inventory. The unit manufacturing costs
Contribution margin analysis OBJ. 5 The actual variable cost of goods sold for a product was $140 per unit, while the planned variable cost of goods sold was $136 per unit. The volume increased by
Contribution margin analysis OBJ. 5 The actual price for a product was $28 per unit, while the planned price was $25 per unit. The volume decreased by 20,000 units to 410,000 actual total units.
Contribution margin by segment OBJ. 4 The following information is for LaPlanche Industries Inc.:East West Sales volume (units):Product XX 45,000 38,000 Product YY 60,000 50,000 Sales price:Product
Contribution margin by segment OBJ. 4 The following information is for Olivio Coaster Bikes Inc.:North South Sales volume (units):Red Dream 50,000 66,000 Blue Marauder 112,000 140,000 Sales price:Red
Analyzing income under absorption and variable costing OBJ. 2 Variable manufacturing costs are $126 per unit, and fixed manufacturing costs are $157,500.Sales are estimated to be 10,000 units.a. How
Analyzing income under absorption and variable costing OBJ. 2 Variable manufacturing costs are $13 per unit, and fixed manufacturing costs are $75,000.Sales are estimated to be 12,000 units.a. How
Variable costing—sales exceed production OBJ. 1 The beginning inventory is 52,800 units. All of the units that were manufactured during the period and 52,800 units of the beginning inventory were
Variable costing—sales exceed production OBJ. 1 The beginning inventory is 11,600 units. All of the units that were manufactured during the period and 11,600 units of the beginning inventory were
Variable costing—production exceeds sales OBJ. 1 Fixed manufacturing costs are $44 per unit, and variable manufacturing costs are $100 per unit. Production was 67,200 units, while sales were 50,400
Variable costing—production exceeds sales OBJ. 1 Fixed manufacturing costs are $60 per unit, and variable manufacturing costs are$150 per unit. Production was 453,000 units, while sales were
Variable costing OBJ. 1 Marley Company has the following information for March:Sales $912,000 Variable cost of goods sold 474,000 Fixed manufacturing costs 82,000 Variable selling and administrative
Variable costing OBJ. 1 Light Company has the following information for January:Sales $648,000 Variable cost of goods sold 233,200 Fixed manufacturing costs 155,500 Variable selling and
Prepare a contribution margin analysis for a service firm.
Prepare contribution margin reports by market segments for a service firm.
Prepare a variable costing income statement for a service firm.
Prepare a contribution margin analysis identifying changes between actual and planned contribution margin by price/cost and quantity factors.
Prepare a contribution margin report by salesperson
Prepare a contribution margin report by product.

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