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financial and managerial accounting

Questions and Answers of Financial And Managerial Accounting

On December 1, Curt Wilson began an auto repair shop, Wilson’s Quality Automotive.The following transactions occurred during DecemberThe business uses the following accounts: Cash; Accounts
Before you begin this assignment, review the Tying It All Together feature in the chapter. It will also be helpful if you review Hyatt Hotels Corporation’s 2018 annual report
Kathy Wintz formed a lawn service business as a summer job. To start the corporation on May 1, 2024, she deposited $1,000 in a new bank account in the name of the business.The $1,000 consisted of a
King Cornelius Company uses a perpetual inventory system. The adjusted trial balance of King Cornelius Company follows:Requirements1. Prepare the company’s multi-step income statement, statement of
Describe the multi-step income statement.
Consider the following transactions for Toys and MoreRequirements1. Journalize the purchase transactions. Explanations are not required.2. In the final analysis, how much did the inventory cost Toys
Journalize the following sales transactions for Henry’s Craft Shop. Explanations are not required: Feb. 3 23 Henry sold $4,000 of craft supplies on account, credit terms are 2/10, n/30, to Quick
Suppose Piranha.com sells 3,500 books on account for $17 each (cost of these books is $35,700) on October 10 to The Textbook Store. Several books were slightly damaged in shipment, so Piranha.com
On December 31, John Photography Supplies estimated that $4,400 merchandise soldwill be returned with a cost of $2,720. Journalize the adjusting entries needed toaccount for the estimated returns.
Rocky RV Center’s accounting records include the following accounts at December 31, 2024.Requirements 1. Journalize the required closing entries for Rocky.2. Determine the ending balance in the
Journalize the following sales transactions for King Company. Explanations are notrequired King Company sold merchandise inventory for $150. The cost of the inventory was $90. The customer paid cash.
D & T Printing Supplies’ accounting records include the following accounts at December 31, 2024Requirements 1. Journalize the required closing entries for D & T Printing Supplies assuming
Kingston Tires received the following invoice from a supplier (Fields Distribution, Inc.):Requirements 1. Journalize the transaction required by Kingston Tires on September 23, 2024. Do not round
1. Journalize the required closing entries at March 31, 2024.2. Set up T-accounts for Income Summary; Retained Earnings; and Dividends. Postthe closing entries to the T-accounts and calculate their
Journalize the following transactions that occurred in November for May’s AdventurePark. No explanations are needed. Identify each accounts payable and accountsreceivablewith the vendor or customer
The records of Farm Quality Steak Company list the following selected accounts for the quarter ended April 30, 2024Requirements 1. Prepare a single-step income statement.2. Prepare a multi-step
Journalize the following transactions that occurred in February for Sea Green. Noexplanations are needed. Identify each accounts payable and accounts receivable withthe vendor or customer name. Sea
This problem continues the Canyon Canoe Company situation from Chapter F:4. At the beginning of the new year, Canyon Canoe Company decided to carry and sell T-shirts with its logo printed on them.
This problem continues the Crystal Clear Cleaning practice set begun in Chapter F:2 and continued through Chapters F:3 and F:4.Crystal Clear Cleaning has decided that, in addition to providing
Party-Time T-Shirts sells T-shirts for parties at the local college. The company completed the first year of operations, and the shareholders are generally pleased with operating results as shown by
This case uses both the income statement (consolidated statements of operations) and the balance sheet (consolidated statements of financial position) of Target Corporation.Visit
Watches R Us specializes in designer watches and leather goods. Watches R Us uses the perpetual inventory system. Assume Watches R Us began June holding 10 wristwatches that cost $50 each. During
Refer to Short Exercises S-F:6-4 through S-F:6-6. After completing those exercises, answer the following questions.1. Which inventory costing method produced the lowest gross profit? Why?2. Which
Assume that a Best Burger restaurant has the following perpetual inventory record for hamburger pattiesAt July 31, the accountant for the restaurant determines that the current replacement cost of
Compute ending merchandise inventory and cost of goods sold for Active Sports Shop using the FIFO inventory costing method
Compute ending merchandise inventory and cost of goods sold for Active Sports Shop using the LIFO inventory costing method
Compute ending merchandise inventory and cost of goods sold for Active Sports Shop using the weighted-average inventory costing method.
This problem continues the Canyon Canoe Company situation from Chapter F:5. At the beginning of January 2025, Canyon Canoe Company decided to carry and sell T-shirts with its logo printed on them.
The Davis Lamp Company (DLC) is a wholesale company that purchases lamps from the manufacturer and resells them to retail stores. The company has three inventory items: desk lamps, table lamps, and
Before you begin this assignment, review the Tying It All Together feature in the chapter. It will also be helpful if you review Dick’s Sporting Goods, Inc.’s 2018 annual report
The notes are an important part of a company’s financial statements, giving valuable details that would clutter the tabular data presented in the statements. This case will help you learn to use a
Ron Smith opens an apartment-locator business near a college campus. The company will be named Campus Apartment Locators. During the first month of operations, July 2024, the business completes the
Roland’s Overhead Doors reports the following financial information:Requirements1. Use the accounting equation to solve for the missing information.2. Did Roland’s Overhead Doors report net
Prepare the statement of retained earnings of Centerpiece Arrangements for the year ended December 31, 2024.Use the following information to answer Short Exercises S-F:1-12 through
The records of Felix Company show the following at December 31, 2024:Requirements1. Compute the missing amount for Felix Company. You will need to determine Retained Earnings, December 31, 2024, and
1. Prepare the income statement for Wilson Towing Service for the month ending June 30, 2024.2. What does the income statement report?Use the following information to answer Exercises E-F:1-31
1. Prepare the statement of retained earnings for Wilson Towing Service for themonth ending June 30, 2024.2. What does the statement of retained earnings report?Use the following information to
1. Prepare the balance sheet for Wilson Towing Service as of June 30, 2024.2. What does the balance sheet report?Use the following information to answer Exercises E-F:1-31 through E-F:1-33.The
Prepare the balance sheet for Damon Design Studio as of December 31, 2024.Use the following information to answer Exercises E-F:1-34 through E-F:1-36.The assets, liabilities, and equities of Damon
Alice Appliance Service had net income for the year of $58,500. In addition, the balance sheet reports the following balances:Calculate the return on assets for Alice Appliance Service for the year
The trial balance of Harper Service Center as of March 31, 2024, follows:Requirements 1. Open the accounts listed in the trial balance using the balances indicated. Use the T-account format. 2.
John Daniel opened a medical practice in Sacramento, California, and had the following transactions during the month of January:Journalize the transactions of John Daniel, M.D. Include an explanation
Requirements1. Open the following four-column accounts of Teresa Parker, CPA: Cash, 110;Accounts Receivable, 120; Office Supplies, 130; Office Furniture, 140; AccountsPayable, 210; Utilities Payable,
Vince York practices medicine under the business title Vince York, M.D. During July, the medical practice completed the following transactionsThe business uses the following accounts: Cash; Accounts
The trial balance of Beautiful Tots Child Care does not balance.The following errors are detected:a. Cash is understated by $1,500.b. A $4,100 debit to Accounts Receivable was posted as a
Victor Yang practices medicine under the business title Victor Yang, M.D. During March, the medical practice completed the following transactionsThe business uses the following accounts: Cash;
The trial balance of Love to Learn Child Care does not balanceThe following errors are detected:a. Cash is understated by $1,800.b. A $3,800 debit to Accounts Receivable was posted as a
The trial balance as of July 31, 2024, for Sheila Sanchez, Registered Dietician, is presented belowRequirements 1. Prepare the income statement for the month ended July 31, 2024.2. Prepare the
Problem P-F:2-41 continues with the company introduced in Chapter F:1, Canyon Canoe Company. Here you will account for Canyon Canoe Company’s transactions as it is actually done in practice. Begin
Consider the following transactional data for the first month of operations for Crystal Clear Cleaning.Requirements 1. Journalize the transactions, using the following accounts: Cash; Accounts
Your friend, Dean McChesney, requested that you advise him on the effects that certain transactions will have on his business, A-Plus Travel Planners. Time is short, so you cannot journalize the
Which one of the following is the format of a CVP income statement?(a) Sales - Variable costs = Fixed costs + Net income.(b) Sales - Fixed costs - Variable costs - Operating expenses = Net income.(c)
Croc Catchers calculates its contribution margin to be less than zero. Which statement is true?(a) Its fixed costs are less than the variable costs per unit.(b) Its profits are greater than its total
Which one of the following describes the break-even point?(a) It is the point where total sales equals total variable plus total fixed costs.(b) It is the point where the contribution margin equals
The following information is available for Chap Company.Which amount would you find on Chap’s CVP income statement?(a) Contribution margin of $250,000.(b) Contribution margin of $190,000.(c) Gross
Gabriel Corporation has fixed costs of $180,000 and variable costs of $8.50 per unit. It has a target income of $268,000. How many units must it sell at $12 per unit to achieve its target net
Mackey Corporation has fixed costs of $150,000 and variable costs of $9 per unit. If sales price per unit is $12, what is break-even sales in
Sales mix is:(a) important to sales managers but not to accountants.(b) easier to analyze on absorption costing income statements.(c) a measure of the relative percentage of a company’s variable
Net income will be:(a) greater if more higher-contribution margin units are sold than lower-contribution margin units.(b) greater if more lower-contribution margin units are sold than
If the contribution margin per unit is $15 and it takes 3.0 machine hours to produce the unit, the contribution margin per unit of limited resource is:(a) $25. (b) $5. (c) $4.(d) None of the
MEM manufactures two products. Product X has a contribution margin of $26 and requires 4 hours of machine time. Product Y has a contribution margin of $14 and requires 2 hours of machine time.
When a company has a limited resource, it should apply additional capacity of that resource to providing more units of the product or service that has:(a) the highest contribution margin.(b) the
The degree of operating leverage:(a) can be computed by dividing total contribution margin by net income.(b) provides a measure of the company’s earnings volatility.(c) affects a company’s
A high degree of operating leverage:(a) indicates that a company has a larger percentage of variable costs relative to its fixed costs.(b) is computed by dividing fixed costs by contribution
Stevens Company has a degree of operating leverage of 3.5 at a sales level of $1,200,000 and net income of $200,000. If Stevens’ sales fall by 10%, Stevens can be expected to experience a:(a)
Fixed manufacturing overhead costs are recognized as:(a) period costs under absorption costing.(b) product costs under absorption costs.(c) product costs under variable costing.(d) part of ending
Net income computed under absorption costing will be:(a) higher than net income under variable costing in all cases.(b) equal to net income under variable costing in all cases.(c) higher than net
Cobb Company incurs costs of $28 per unit ($18 variable and $10 fixed) to make a productthat normally sells for $42. A foreign wholesaler offers to buy 5,000 units at $25 each.Cobb will incur
Juanita Company must decide whether to make or buy some of its components for theappliances it produces. The costs of producing 166,000 electrical cords for its appliancesare as follows.Instead of
Easy Does It manufactures unpainted furniture for the do-it-yourself (DIY) market. It currentlysells a child’s rocking chair for $25. Production costs are $12 variable and $8 fi xed.Easy Does It is
Lambert, Inc. manufactures several types of accessories. For the year, the knit hats andscarves line had sales of $400,000, variable expenses of $310,000, and fixed expenses of$120,000. Therefore,
Walston Company produces kitchen cabinets for homebuilders across the western UnitedStates. The cost of producing 5,000 cabinets is as follows.Walston also incurs selling expenses of $20 per cabinet.
Three of the steps in management’s decision-making process are (1) review results of decision, (2) determine and evaluate possible courses of action, and (3) make the decision. The steps are
Incremental analysis is the process of identifying the financial data that:(a) do not change under alternative courses of action.(b) change under alternative courses of action.(c) are mixed under
In making business decisions, management ordinarily considers:(a) quantitative factors but not qualitative factors.(b) financial information only.(c) both financial and nonfinancial information.(d)
A company is considering the following alternatives:Which of the following are relevant in choosing between these alternatives?(a) Revenues, variable costs, and fixed costs.(b) Variable costs and
It costs a company $14 of variable costs and $6 of fixed costs to produce product Z200 that sells for $30.A foreign buyer offers to purchase 3,000 units at $18 each. If the special offer is accepted
It costs a company $14 of variable costs and $6 of fixed costs to produce product Z200. Product Z200 sells for $30. A buyer offers to purchase 3,000 units at$18 each. The seller will incur special
Jobart Company is currently operating at full capacity.It is considering buying a part from an outside supplier rather than making it in-house. If Jobart purchases the part, it can use the released
In a make-or-buy decision, relevant costs are:(a) manufacturing costs that will be saved.(b) the purchase price of the units.(c) the opportunity cost.(d) All of the above.
Derek is performing incremental analysis in a make-or-buy decision for Item X. If Derek buys Item X, he can use its released productive capacity to produce Item Z. Derek will sell Item Z for $12,000
The decision rule in a sell-or-process-further decision is: process further as long as the incremental revenue from processing exceeds:(a) incremental processing costs.(b) variable processing
Walton, Inc. makes an unassembled product that it currently sells for $55. Production costs are $20.Walton is considering assembling the product and selling it for $68. The cost to assemble the
In a decision to retain or replace equipment, the book value of the old equipment is a (an):(a) opportunity cost.(b) sunk cost.(c) incremental cost.(d) marginal cost.
If an unprofitable segment is eliminated:(a) net income will always increase.(b) variable expenses of the eliminated segment will have to be absorbed by other segments.(c) fixed expenses allocated to
A segment of Hazard Inc. has the following data.Sales $200,000 Variable expenses 140,000 Fixed expenses 100,000 If this segment is eliminated, what will be the effect on the remaining company? Assume
Fine Line Phones is considering introducing a fashion cover for its phones. Market research indicates that 200,000 units can be sold if the price is no more than $20. If Fine Line decides to produce
Air Corporation produces air purifiers. The following per unit cost information is available:direct materials $16, direct labor $18, variable manufacturing overhead $11, variable selling and
Presented below are data for Harmon Electrical Repair Shop for next year.The desired profit margin per labor hour is $10. The material loading charge is 40% of invoice cost. Harmon estimates that
The clock division of Control Central Corporation manufactures clocks and then sells them to customers for $10 per unit. Its variable cost is $4 per unit, and its fixed cost per unit is $2.50.
Revco Electronics is a division of International Motors, an automobile manufacturer. Revco produces car radio/CD players. Revco sells its products to International Motors, as well as to other car
Target cost related to price and profit means that:(a) cost and desired profit must be determined before selling price.(b) cost and selling price must be determined before desired profit.(c) price
Classic Toys has examined the market for toy train locomotives. It believes there is a market niche in which it can sell locomotives at $80 each. It estimates that it could sell 10,000 of these
In a competitive, common-product environment, a seller would most likely use:(a) time-and-material pricing.(b) variable costing.(c) target costing.(d) cost-plus pricing.
Cost-plus pricing means that:(a) Selling price = Variable cost + (Markup percentage + Variable cost).(b) Selling price = Cost + (Markup percentage x Cost).(c) Selling price = Manufacturing cost +
Mystique Co. provides the following information for the new product it recently introduced.What would be Mystique Co.’s percentage markup on cost?(a) 125%.(b) 75%.(c) 331⁄3%.(d) 25%. Total unit
Crescent Electrical Repair has decided to price its work on a time-and-material basis. It estimates the following costs for the year related to labor.Crescent desires a profit margin of $10 per labor
Time-and-material pricing would most likely be used by a:(a) garden-fertilizer producer.(b) lawn-mower manufacturer.(c) tree farm.(d) lawn-care provider.
The Plastics Division of Weston Company manufactures plastic molds and then sells them to customers for $70 per unit. Its variable cost is $30 per unit, and its fixed cost per unit is $10. Management
Assume the same information as Question 9, except that the Plastics Division has available capacity of 10,000 units for plastic moldings. What is the minimum transfer price that the Plastics Division

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