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business
financial and managerial accounting

Questions and Answers of Financial And Managerial Accounting

What is a post-audit? What are the potential benefits of a post-audit?
The executive team at Current Designs has gathered to evaluate the company’s operations for the last month. One of the topics on the agenda is the special order from Huegel Hollow, which was
Using the information in P25-5B, compute the overhead controllable variance and the overhead volume variance.Data From Problem 25-5B:Bonita Labs performs steroid testing services to high schools,
Using the information in P25-3B, compute the overhead controllable variance and the overhead volume variance..Data From Problem 25-3B:Zimmerman Clothiers manufactures women’s business suits. The
Using the information in P25-2B, compute the overhead controllable variance and the overhead volume variance.Data From Problem 25-2B:Huang Company uses a standard cost accounting system to account
Using the information in P25-1B, compute the overhead controllable variance and the overhead volume variance.Data From Problem 25-1B:Buil Corporation manufactures a single product. The standard cost
Using the information in P25-5A, compute the overhead controllable variance and the overhead volume variance.Data From Problem 25-5A:Pace Labs, Inc. provides mad cow disease testing for both state
Using the information in P25-3A, compute the overhead controllable variance and the overhead volume variance.Data From Problem 25-3A:Hopkins Clothiers is a small company that manufactures
Using the information in P25-2A, compute the overhead controllable variance and the overhead volume variance.Data From Problem 25-2A:Ayala Corporation accumulates the following data relative to jobs
Using the information in P25-1A, compute the overhead controllable variance and the overhead volume variance.Data From Problem 25-1A:Costello Corporation manufactures a single product. The standard
Data for Nona Inc. are given in E25-7.InstructionsJournalize the entries to record the materials and labor variances.Data From E 25-7:Nona Inc., which produces a single product, has prepared the
Fisk Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances. In
Some overhead data for Roby Company are given in BE25-6. In addition, the flexible manufacturing overhead budget shows that budgeted costs are $4 variable per direct labor hour and $50,000 fixed.
The Dinkle and Frizell Dental Clinic provides both preventive and orthodontic dental services. The two owners, Reese Dinkle and Anita Frizell, operate the clinic as two separate investment centers:
Data for the investment centers for Kaspar Company are given in BE24-9. The centers expect the following changes in the next year: (I) increase sales 15%; (II) decrease costs $400,000; (III) decrease
Data for Gundy Company are given in BE24-4. In March 2014, the company incurs the following costs in producing 100,000 units: direct materials $525,000, direct labor $596,000, and variable overhead
Data for Maris Company are given in BE24-1. In the second quarter, budgeted sales were $380,000, and actual sales were $384,000. Prepare a static budget report for the second quarter and for the year
In order to better serve their rural patients, Drs. Joe and Rick Parcells (brothers) began giving safety seminars. Especially popular were their “emergency-preparedness” talks given to farmers.
Sales budget data for Palermo Company are given in BE23-2. Management desires to have an ending finished goods inventory equal to 25% of the next quarter’s expected unit sales. Prepare a production
Information for Pargo Corporation is given in E22-7.InstructionsUsing the information given in E22-7, answer the following. (a) Compute the cost per unit of the fixed manufacturing overhead and
Information for Paige Corporation is given in E22-5.InstructionsUsing the information given in E22-5, answer the following. (a) Compute the total cost per unit. (b) Compute the desired
Using the data in BE22-4, compute the markup percentage using variable-cost pricing.Data Form BE22-4:Morales Corporation produces microwave units. The following per unit cost information is
Using the data in BE22-4, compute the markup percentage using absorption-cost pricing.Data Form BE22-4:Morales Corporation produces microwave units. The following per unit cost information is
Use the data from BE22-7, but assume that the units being requested are special high-performance units and that the division’s variable cost would be $24 per unit (rather than $20). What is the
Use the data from BE22-7, but assume that the Heating Division has sufficient excess capacity to provide the 15,000 heating units to the other division. What is the minimum transfer price that the
Maize Company incurs a cost of $35 per unit, of which $20 is variable, to make a product that normally sells for $58. A foreign wholesaler offers to buy 6,000 units at $30 each. Maize will incur
Felde Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2014, the company incurred the following costs.
Snow Cap Springs produces and sells water filtration systems for homeowners. Information regarding its three models is shown below.
Information concerning The Rock Company is provided in BE20-16. What are the total product costs for the company under absorption costing?Data From BE20-16:The Rock Company produces basketballs. It
Information for Markowis Corporation is given in BE20-7. If the company has fixed costs of $213,000, how many units of each model must the company sell in order to break even?Data From
PCB Corporation manufactures a single product. Monthly production costs incurred in the manufacturing process are shown below for the production of 3,000 units. The utilities and maintenance costs
Determine the missing amounts.
Using the data in E17-15, assume Royale Mortgage Company uses the FIFO method. Also assume that the applications in process on September 1 were 100% complete as to materials (forms) and 40% complete
The Cutting Department of Cassel Company has the following production and cost data for July.
The assembly department has the following production data for the current month. Materials are entered at the beginning of
Using the data in BE17-10, prepare the cost section of the production cost report for Sanderson Company.Data From BE17-10:Sanderson Company has the following production data for March: no beginning
Data for Cascio Company are given in BE17-7. Production records indicate that 18,000 units were transferred out, and 2,000 units in ending work in process were 50% complete as to conversion cost and
Factory labor data for Weber Company are given in BE17-2. Manufacturing overhead is assigned to departments on the basis of 200% of labor costs. Journalize the assignment of overhead to the Assembly
Data for Weber Company are given in BE17-1. Supporting records show that (a) the Assembly Department used $24,000 of raw materials and $35,000 of the factory labor, and (b) the Finishing Department
Factory labor data for Knox Company is given in BE16-2. During January, time tickets show that the factory labor of $6,000 was used as follows: Job 1 $2,200, Job 2 $1,600, Job 3 $1,400, and general
Refer to P15–5A (page 799) and add the following requirement. Prepare a letter to the president of the company, Shelly Phillips, describing the changes you made. Explain clearly why net
The following information is available for Aikman Company.Instructions (a) Compute cost of goods manufactured. (b) Prepare an income statement through gross profit. (c) Show the
The following information is available for Fishel Company. Prepare the cost of goods manufactured schedule for
Indicate whether the following statements are true or false. 1. Managerial accountants explain and report manufacturing and nonmanufacturing costs, determine cost behaviors, and perform
Use the same data from BE15–10 above and the data below. Determine the missing amounts. Data From
What is activity-based costing, and what are its potential benefits?
Assume the same information for Chen Company as in IFRS14-1. Prepare the income statement using the two-statement approach.Data From IFRS14-1:Chen Company reports the following information for the
Chen Company reports the following information for the year ended December 31, 2014: sales revenue $1,000,000, cost of goods sold $700,000, operating expenses $200,000, and an unrealized gain on
Kyle Benson is the CEO of McCarty’s Electronics. Benson is an expert engineer but a novice in accounting. He asks you to explain (1) the bases for comparison in analyzing McCarty’s financial
The following data are taken from the financial statements of Gladow Company. (a) Compute for each year
Using the following data from the comparative balance sheet of Dotte Company, illustrate horizontal analysis.
Indicate which of the following items would be reported as an extraordinary item in Muerte Corporation’s income statement. (a) Loss from damages caused by volcano eruption. (b) Loss
Monte Company, a retail store, has an accounts receivable turnover of 4.5 times. The industry average is 12.5 times. Does Monte have a collection problem with its accounts receivable?
PepsiCo’s financial statements are presented in Appendix A. Financial statements of The Coca-Cola Company are presented in Appendix B.Instructions (a) Based on the information contained in
Refer to the financial statements of PepsiCo Inc., presented in Appendix A, and answer the following questions. (a) What was the amount of net cash provided by operating activities for the year
Presented below are the financial statements of Rocastle Company. Additional data: 1.
The following account balances relate to the stockholders’ equity accounts of Chipo Corp. at year-end.
In its 2010 statement of cash flows, what amount did PepsiCo report for net cash (a) provided by operating activities, (b) used for investing activities, and (c) used for financing activities?
PepsiCo’s financial statements are presented in Appendix A. Financial statements of The Coca-Cola Company are presented in Appendix B.Instructions (a) Based on the information contained in
Part I Mindy Feldkamp and her two colleagues, Oscar Lopez and Lori Melton, are personal trainers at an upscale health spa/resort in Tampa, Florida. They want to start a health club that
The following data, presented in alphabetical order, are taken from the records of Redlands Corporation.
The following are in Verbitsky’s Company’s portfolio of long-term non-trading securities at December 31, 2013.
Tuecke’s Concrete acquired 20% of the outstanding common stock of Drew, Inc. on January 1, 2014, by paying $1,100,000 for 40,000 shares. Drew declared and paid a $0.50 per share cash dividend on
Cheese Farms is a grower of hybrid seed corn for Steenbergen Genetics Corporation. It has had two exceptionally good years and has elected to invest its excess funds in bonds. The selected
Robinson Corporation purchased all the outstanding common stock of Hoffman Plastics, Inc. on December 31, 2014. Just before the purchase, the condensed balance sheets of the two companies appeared as
The following data, presented in alphabetical order, are taken from the records of Radar Corporation. The
The following securities are in Amberwood Company’s portfolio of long-term non-trading securities at December 31, 2013.
Control Alt Design acquired 30% of the outstanding common stock of Walter Company on January 1, 2014, by paying $800,000 for the 45,000 shares. Walter declared and paid $0.30 per share cash dividends
Pagnucci Carecenters Inc. provides financing and capital to the health-care industry, with a particular focus on nursing homes for the elderly. The following selected transactions relate to bonds
Data for investments in stock classified as trading securities are presented in E12-10. Assume instead that the investments are classified as non-trading securities. They have the same cost and fair
Presented below are two independent situations. 1. Chicory Cosmetics acquired 15% of the 200,000 shares of common stock of Racine Fashion at a total cost of $13 per share on March 18, 2014. On
For the data presented in BE12-6, show the financial statement presentation of the non-trading securities and related accounts. Assume the non-trading securities are noncurrent.Data From
For the data presented in BE12-4, show the financial statement presentation of the trading securities and related accounts.
Kimmel Corporation purchased debt investments for $52,000 on January 1, 2014. On July 1, 2014, Kimmel received cash interest of $2,340. Journalize the purchase and the receipt of interest. Assume
What does PepsiCo state regarding its accounting policy involving consolidated financial statements?
What purposes are served by reporting Unrealized Gain or Loss—Equity in the stockholders’ equity section?
Rijo Corporation uses the equity method to account for its ownership of 30% of the common stock of Pippen Packing. During 2014, Pippen reported a net income of $80,000 and declares and pays cash
The financial statements of Zetar plc are presented in Appendix C. The company’s complete annual report, including the notes to its financial statements, is available at
A high percentage of Americans own stock in corporations. As a shareholder in a corporation, you will receive an annual report. One of the goals of this course is for you to learn how to navigate
PepsiCo’s financial statements are presented in Appendix A. Financial statements of The Coca-Cola Company are presented in Appendix B.Instructions (a) Based on the information contained in
The stockholders’ equity section for PepsiCo, Inc. is shown in Appendix A. You will also find data relative to this problem on other pages of the appendix.Instructions (a) What is the par or
Natalie and her friend Curtis Lesperance decide that they can benefit from joining Cookie Creations and Curtis’s coffee shop. In the first part of this problem, they come to you with questions
Indicate how each of the following accounts should be classified in the stockholders’ equity section. (a) Common stock (b) Paid-in capital in excess of par—common stock (c)
(a) The following terms pertain to the forming of a corporation: (1) charter, (2) by-laws, and (3) organization costs. Explain the terms. (b) Lisa Bast believes a corporation must be
Ratzlaff Company issues (in euros) €2 million, 10-year, 8% bonds at 97, with interest payable on July 1 and January 1.Instructions (a) Prepare the journal entry to record the sale of these
Medical costs are substantial and rising. But, will they be the most substantial expense over your lifetime? Not likely. Will it be housing or food? Again, not likely. The answer is taxes. On
PepsiCo, Inc.’s financial statements are presented in Appendix A. Financial statements of The Coca-Cola Company are presented in Appendix B.Instructions (a) At December 25, 2010, what was
The financial statements of PepsiCo, Inc. and the notes to consolidated financial statements appear in Appendix A.InstructionsRefer to PepsiCo’s financial statements and answer the following
If a 6%, 10-year, $800,000 bond is issued at face value and interest is paid semiannually, what is the amount of the interest payment at the end of the first semiannual period?
Purpose: Use an annual report to identify a company’s plant assets and the depreciation method used.Address: www.annualreports.com, or go to www.wiley.com/college/weygandtSteps 1. Select
PepsiCo’s financial statements are presented in Appendix A. Financial statements of The Coca-Cola Company are presented in Appendix B.Instructions (a) Compute the asset turnover ratio for
The financial statements and the Notes to Consolidated Financial Statements of PepsiCo, Inc. are presented in Appendix A.InstructionsRefer to PepsiCo’s financial statements and answer the following
What classifications and amounts are shown in PepsiCo’s Note 4 to explain its total property, plant, and equipment (net) of $19,058 million?
The financial statements of Zetar plc are presented in Appendix C. The company’s complete annual report, including the notes to its financial statements, is available at
If your school has a subscription to the FASB Codification, go to http://aaahq.org/ascLogin.cfm to log in and prepare responses to the following. (a) How are receivables defined in the
PepsiCo, Inc.’s financial statements are presented in Appendix A. Financial statements of The Coca-Cola Company are presented in Appendix B.Instructions (a) Based on the information in these
Presented below are data on three promissory notes. Determine the missing amounts.
If your school has a subscription to the FASB Codification, go to http://aaahq.org/ascLogin. cfm to log in and prepare responses to the following. (a) How is cash defined in the
As you may already know, potential security risks may arise from your personal computer. It is important to keep in mind, however, that there are also many other ways that your identity can be stolen
PepsiCo’s financial statements are presented in Appendix A. Financial statements of The Coca-Cola Company are presented in Appendix B.Instructions (a) Based on the information contained in

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