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financial and managerial accounting

Questions and Answers of Financial And Managerial Accounting

BackFill Systems allocates manufacturing overhead based on machine hours. Each connector should require 11 machine hours. According to the static budget, BackFill expected to incur: 1,045 machine
Mountaineers sells its rock-climbing shoes worldwide. Mountaineers expects to sell 4,000 pairs of shoes for \($165\) each in January, and 2,000 pairs of shoes for \($220\) each in February. All sales
Mountaineers has \($8,600\) cash on hand on December 1. The company requires a minimum cash balance of \($7,400\). December cash collections are \($548,600\). Total cash payments for December are
Riverbed Sporting Goods has the following sales budget:Suppose June sales are expected to be \($40,000\) rather than $60,000.Requirement 1. Revise Riverbed Sporting Goods’ sales budget RIVERBED
Look at the following performance report:Requirement 1. On which variances should the manager of the Mexican sauces product line focus his or her efforts, according to the management by exception
Diego Garcia owns a chain of travel goods stores. Last year, his sales staff sold 10,000 suitcases at an average sale price of \($150\). Variable expenses were 80% of sales revenue, and the total
Chloe Allred, division manager for Tires Plus, is speaking to the controller, Crystal Thayer, about the budgeting process. Chloe states, “I’m not an accountant, so can you explain the three main
Swenson Inc. sells tire rims. Its sales budget for the nine months ended September 30 follows:In the past, cost of goods sold has been 60% of total sales. The director of marketing and the financial
Posh International, Inc., is an exotic car dealership. Suppose that its Los Angeles office projects that 2011 quarterly sales will increase by 3% in Quarter 1, by 4% in Quarter 2, by 6% in Quarter 3,
Lipman Auto Parts, a family-owned auto parts store, began January with \($10,300\) cash. Management forecasts that collections from credit customers will be \($11,400\) in January and \($14,800\) in
You recently began a job as an accounting intern at Ralph Golf Park. Your first task was to help prepare the cash budget for April and May. Unfortunately, the computer with the budget file crashed,
Consider the following information for Omas.com at March 31, 2011.a. February 28 inventory balance, $17,780b. March payments for inventory, $4,400c. March payments of accounts payable and accrued
The budget committee of Clipboard Office Supply has assembled the following data. As the business manager, you must prepare the budgeted income statements for May and June 2011.Requirementa. Sales in
Cat World operates a chain of pet stores in the Midwest. The manager of each store reports to the regional manager, who, in turn, reports to the headquarters in Milwaukee, Wisconsin. The actual
Note Printing of Baltimore has applied for a loan. Bank of America has requested a budgeted balance sheet at April 30, 2011, and a budgeted statement of cash flows for April. As Note Printing’s
Sherman Lawn Service is projecting sales for April of \($20,000\). May’s sales will be 5% higher than April’s. June’s sales are expected to be 6% higher than May’s.Requirement 1. Prepare a
Haupt Consulting began January with \($10,000\) cash. Management forecasts that collections from credit customers will be \($50,000\) in January and \($53,500\) in February. Projected cash payments
Amazon.com expected to receive which of the following benefits when it started its budgeting process?a. The budget provides Amazon.corn’s managers with a benchmark against which to compare actual
Which of the following is the cornerstone (or most critical element) of the master budget?a. The sales budgetb. The purchases and cost of goods sold budgetc. The operating expenses budgetd. The
The income statement is part of which element of Amazon.com’s master budget?a. The operating budgetb. The capital expenditures budgetc. The financial budgetd. None of the above
Compute Amazon.com’s budgeted sales for the next (seven-day) week.Suppose Amazon.com sells one million hardcover books a day at an average price of \($37\). Assume that Amazon.com’s purchase
Determine Amazon.com’s budgeted purchases for the next (seven-day) week.Suppose Amazon.com sells one million hardcover books a day at an average price of \($37\). Assume that Amazon.com’s
What is Amazon.com’s budgeted operating income for a (seven-day) week?Suppose Amazon.com sells one million hardcover books a day at an average price of \($37\). Assume that Amazon.com’s purchase
Suppose Worldwide-Link offers an international calling plan that charges \($10.00\) per month plus \($0.30\) per minute for calls outside the United States.Requirements 1. Under this plan, what is
Mel owns a machine shop. In reviewing his utility bill for the last 12 months he found that his highest bill of \($2,400\) occurred in August when his machines worked 1,000 machine hours. His lowest
Storytime Park competes with Daisy World by providing a variety of rides. Storytime sells tickets at \($70\) per person as a one-day entrance fee. Variable costs are \($15\) per person, and fixed
SoakNSun Swim Park sells individual and family tickets, which include a meal, 3 beverages, and unlimited use of the swimming pools. SoakNSun has the following ticket prices and variable costs for
The manager of Swift Car Inspection reviewed his monthly operating costs for the past year. His costs ranged from \($4,400\) for 1,400 inspections to \($4,000\) for 900 inspections.Requirements 1.
For its top managers, Countrywide Travel formats its income statement as follows:Countrywide’s relevant range is between sales of \($251,000\) and \($365,000\).Requirements 1. Calculate the
Hang Ten, Co., produces sports socks. The company has fixed costs of \($90,000\) and variable costs of \($0.90\) per package. Each package sells for $1.80.Requirements 1. Compute the contribution
Owner Shan Lo is considering franchising her Noodles restaurant concept. She believes people will pay \($8\) for a large bowl of noodles. Variable costs are \($1.60\) per bowl. Lo estimates monthly
Gary’s Steel Parts produces parts for the automobile industry. The company has monthly fixed costs of \($630,000\) and a contribution margin of 95% of revenues.Requirements 1. Compute Gary’s
Country Road Driving School charges \($230\) per student to prepare and administer written and driving tests. Variable costs of \($70\) per student include trainers’ wages, study materials, and
Ronnie’s Repair Shop has a monthly target operating income of \($17,000\). Variable costs are 80% of sales, and monthly fixed costs are $12,000.Requirements 1. Compute the monthly margin of safety
British Productions performs London shows. The average show sells 1,200 tickets at \($50\) per ticket. There are 120 shows a year. The average show has a cast of 70, each earning an average of
Big Time Investor Group is opening an office in Dallas. Fixed monthly costs are office rent (\($8,200)\), depreciation on office furniture (\($1,500),\) utilities (\($2,300),\) special telephone
England Productions performs London shows. The average show sells 1,100 tickets at \($55\) per ticket. There are 110 shows a year. The average show has a cast of 65, each earning an average of
Webb company sells flags with team logos. Webb has fixed costs of \($639,600\) per year plus variable costs of \($4.20\) per flag. Each flag sells for $12.00.Requirements 1. Use the income statement
Big Time Advisor Group is opening an office in Dallas. Fixed monthly costs are office rent ($8,000), depreciation on office furniture ($1,400), utilities ($2,000), special telephone lines ($1,300), a
Sherman Lawn Service currently charges \($50\) for a standard lawn service and incurs \($20\) in variable cost. Assume fixed costs are \($1,200\) per month.Requirements 1. What is the number-of
Haupt Consulting provides consulting service at an average price of \($100\) per hour and incurs variable cost of \($40\) per hour. Assume average fixed costs are \($4,000\) a month.Requirements 1.
Case 1. Harris Systems specializes in servers for workgroup, e-commerce, and ERP applications. The company’s original job costing system has two direct cost categories: direct materials and direct
For Greg’s Groovy Tunes, straight-line depreciation on the trucks isa. fixed cost.b. mixed cost.c. variable cost.d. None of the above
Assume Cape Cod Railway is considering hiring a reservations agency to handle passenger reservations. The agency would charge a flat fee of \($7,000\) per month, plus \($2\) per passenger
If Cape Cod’s fixed costs total \($40,000\) per month, the variable cost per passenger is $10, and tickets sell for \($50\), what is the breakeven point in units?a. 1,000 passengersb. 686
Suppose Cape Cod Railway’s total revenues are \($4,900,000\), its variable costs are \($2,900,000\), and its fixed costs are \($1,300,000\). Compute the breakeven point in
If Cape Cod Railway’s fixed costs total \($40,000\) per month, the variable cost per passenger is \($10\), and tickets sell for \($59\), how much revenue must the Railway have to generate to earn
Telluride Railway had the following revenue over the past five years:To predict revenues for 2010, Telluride uses the average for the past five years. The company’s breakeven revenue is
Intervale Railway sells half of its tickets for the regular price of \($65\). The other half go to senior citizens and children for the discounted price of \($45\). Variable cost per passenger is
Blake and Roscoe are college friends planning a skiing trip to Aspen before the New Year. They estimated the following costs for the trip:Requirements 1. Blake suggests that the costs be shared
Durkin, Corp., is considering the use of activity-based costing. The following information is provided for the production of two product lines:Durkin plans to produce 350 units of Product A and 225
The following information is provided for the Asteroid Antenna, Corp., which manufactures two products: Lo-Gain antennas, and Hi-Gain antennas for use in remote areas.Asteroid plans to produce 200
Daily, Corp., makes two products: C and D. The following data have been summarized:.Indirect manufacturing cost information includes the following:The company plans to manufacture 225 units of each
Johnstone, Corp., manufactures mid-fi and hi-fi stereo receivers. The following data have been summarized:The company plans to manufacture 75 units of the mid-fi receivers and 325 units of the hi-fi
Antics, Inc., is a technology consulting firm focused on Web site development and integration of Internet business applications. The president of the company expects to incur \($719,600\) of indirect
Refer to Short Exercise 17-7. The president of Antics suspects that her allocation of indirect costs could be giving misleading results, so she decides to develop an ABC system. She identifies three
Prized Products uses a JIT system to manufacture trading pins for the Hard Rock Cafe. The standard cost per pin is \($1\) for raw materials and \($2\) for conversion costs, hast month Prized recorded
Farragut, Inc., uses activity-based costing to account for its chrome bumper manufacturing process. Company managers have identified four manufacturing activities: materials handling, machine setup,
Tyler Champs Corp. uses activity-based costing to account for its motorcycle manufacturing process. Company managers have identified three supporting manufacturing activities: inspection, machine
Fetch Dog Collars uses activity-based costing. Fetch’s system has the following features:Each collar has 2 parts; direct materials cost per collar is \($10\). Suppose PetStart has asked for a bid
Lally, Inc., produces universal remote controls. Lally uses a JIT costing system. One of the company’s products has a standard direct materials cost of \($7\) per unit and a standard conversion
Smith produces electronic calculators. Suppose Smith’s standard cost per calculator is \($26\) for materials and \($65\) for conversion costs. The following data apply to July
Cleary, Inc., manufactures door panels. Suppose Cleary is considering spending the following amounts on a new total quality management (TQM) program:Cleary expects the new program would save costs
The Alright Manufacturing Company in Hondo, Texas, assembles and tests electronic components used in handheld video phones. Consider the following data regarding component T24:The activities required
Willitte Pharmaceuticals manufactures an over-the-counter allergy medication. The company sells both large commercial containers of 1,000 capsules to health-care facilities and travel packs of 20
Low Range produces fleece jackets. The company uses JIT costing for its JIT production system.Low Range has two inventory accounts: Raw and in-process inventory and Finished goods inventory. On
Keyboard can use ABC information for what decisions?a. Product mixb. Cost cuttingc. Pricingd. All of the above
Companies enjoy many benefits from using JIT. Which is not a benefit of adopting JIT?a. More space available for productionb. Ability to continue production despite disruptions in deliveries of raw
Spending on testing a product before shipment to customers is which type of quality cost?a. Appraisal costb. External failure costc. Prevention costd. None of the above
Gear Packs manufactures backpacks. Its plant records include the following materials-related transactions:Requirements1. What journal entries record these transactions?2. Post these transactions to
Boston Enterprises produces LCD touch screen products. The company reports the following information at December 31, 2010: Boston began operations on January 30, 2010.Requirements 1. What is the
Evergreen Furniture manufactures wood patio furniture. The company reports the following costs for June 2011: Requirement1.What is the balance in the Manufacturing overhead account? Wood Nails,
Job 303 includes a direct materials cost of \($470\) and direct labor costs of $350.Requirement 1. If the manufacturing overhead allocation rate is 60% of direct labor cost, what is the total cost
Blake Advertising pays Amanda Hilton \($108,000\) per year. Hilton works 2,000 hours per year.Requirements1. What is the hourly cost to Blake Advertising of employing Hilton?2. What direct labor cost
Great Quality Trailers’ job cost records yielded the following information: Requirement1. Using the dates above to identify the status of each job, compute Great Quality’s cost of (a) Work in
What is Well’s predetermined manufacturing overhead rate?Well Corporation’s manufacturing of computers. Assume that Well • Allocates manufacturing overhead based on machine hours.• Budgeted
What is Well’s actual manufacturing overhead cost?Well Corporation’s manufacturing of computers. Assume that Well • Allocates manufacturing overhead based on machine hours.• Budgeted 11
How much manufacturing overhead would Well allocate?Well Corporation’s manufacturing of computers. Assume that Well• Allocates manufacturing overhead based on machine hours.• Budgeted 11
What entry would Well make to close the manufacturing overhead account?Well Corporation’s manufacturing of computers. Assume that Well • Allocates manufacturing overhead based on machine
For which of the following reasons would John Walsh, owner of the Walsh Associates law firm, want to know the total costs of a job (serving a particular client)?a. To determine the fees to charge
Martin and Reynolds provides hair cutting services in the local community. In January, the business incurred the following operating costs to cut the hair of 220 clients: Martin and Reynolds earned
The Glass Pro, a retail, merchandiser of auto windshields, has the following information:Requirement 1. Compute The Glass Pro’s cost of goods sold. Web site maintenance $ 6,900 Delivery expense
You are a new accounting intern at 101 Cookies. Your boss gives you the following information: Requirement1. Compute direct materials used. Purchases of direct materials Freight in... Property taxes
Consider Maher Cards’ manufacturing plant.Requirement i. Match one of the following terms with each example of a manufacturing cost given below:1. Direct materials 2. Direct labor 3. Indirect
Sun Pro Company manufactures sunglasses. Suppose the company’s October records include the following items:Requirements1. List the items and amounts that are manufacturing overhead costs.2.
Max-Fli Golf Company had the following inventory data for the year ended December 31, 2010: Requirement1. Compute Max-Fli’s cost of goods manufactured for 2010. Direct materials used........ $
Buddy Grooming provides grooming services in the local community. In November, Isaac Smith, the owner, incurred the following operating costs to groom 690 dogs: Buddy Grooming earned \($15,600\) in
Georgie’s Grooming is a competitor of Buddy Grooming. Georgie Oliver, owner, incurred the following operating costs to groom 2,700 dogs for the first quarter of 2011 (January, February, and March):
Gonzales Brush Company sells standard hair brushes. The following information summarizes Gonzales’s operating activities for 2011: Requirements1. Prepare an income statement for 2011. Compute the
Clarkson, Corp., a lamp manufacturer, provided the following information for the year ended December 31, 2012: Requirements1. Prepare a schedule of cost of goods manufactured.2. What is the unit
Which account does a manufacturing company, but not a service company, have?a. Retained earningsb. Advertising expensec. Cost of goods soldd. Salary payable
If the cost of direct materials used is $106, what is cost of goods manufactured?Suppose a bakery reports this information (in thousands of dollars):a. $159b. $157c. $160d. $158 Beginning materials
If the cost of goods manufactured were $156, what is cost of goods sold?Suppose a bakery reports this information (in thousands of dollars):a. $159b. $151c. $156d. $154 Beginning materials inventory
On March 1, 2011, Technicians Credit Union (TCU) issued 8%, 20-year bonds payable with maturity value of $700,000. The bonds pay interest on February 28 and August 31. TCU amortizes bond premium and
Captain Billy Whirlywhirl Hamburgers issued 7%, 10-year bonds payable at 70 on December 31, 2010. At December 31, 2012, Captain Billy reported the bonds payable as follows:Captain Billy Whirlywhirl
The board of directors of Zeta Health Spa authorizes the issuance of \($500,000\) of 8%, 10-year bonds payable. The semiannual interest dates are May 31 and November 30. The bonds are issued on July
The accounting records of Placeless Wireless include the following:Requirement1. Report these liabilities on the Placeless Wireless balance sheet, including headings and totals for current
Walter’s Surf Shop is considering two plans for raising \($2,500,000\) to expand operations. Plan A is to issue 6% bonds payable, and plan B is to issue 100,000 shares of common stock. Before any
Sherman Lawn Service, Inc., is considering hiring its first “real” employee. The employee will earn \($600\) weekly and will have \($60\) in federal income tax and \($25\) for health insurance
Haupt Consulting, Inc., is considering raising capital for a planned business expansion to a new market. Haupt believes the company will need \($500,000\) and plans to raise the capital by issuing

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