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financial and managerial accounting

Questions and Answers of Financial And Managerial Accounting

Describe nonfinancial performance measures.
Define the costs of quality.
Define and prepare a Pareto chart.
Prepare a cost of quality report.
Identify value-added and non-value-added activity costs.
Use process activity analysis to measure process improvement.
Lead time OBJ. 1 The Swift Mountain Ski Company manufactures skis in the finishing and assembly process. Skis are manufactured in 30-ski batch sizes. The finishing time is 14 minutes per ski. The
Lead time OBJ. 1 The Texas Jean Company manufactures jeans in the cutting and sewing process. Jeans are manufactured in 100-jean batch sizes. The cutting time is 11 minutes per jean. The sewing time
Lean features OBJ. 1 Which of the following are features of a lean manufacturing system?a. Production pace matches demandb. Centralized work in process inventory locationsc. Push schedulingd. Receive
Lean features OBJ. 1 Which of the following are features of a lean manufacturing system?a. Centralized maintenance areasb. Smaller batch sizesc. Employee involvementd. Less wasted movement of
Lean accounting OBJ. 2 The annual budgeted conversion costs for a lean cell are $663,000 for 1,950 production hours. Each unit produced by the cell requires 15 minutes of cell process time. During
Lean accounting OBJ. 2 The annual budgeted conversion costs for a lean cell are $144,000 for 1,800 production hours. Each unit produced by the cell requires 9 minutes of cell process time. During the
Cost of quality report OBJ. 3 A quality control activity analysis indicated the following four activity costs of a manufacturing department:Rework $ 39,000 Inspecting incoming raw materials 51,000
Cost of quality report OBJ. 3 A quality control activity analysis indicated the following four activity costs of a hotel:Inspecting cleanliness of rooms $ 108,000 Processing lost customer
Process activity analysis OBJ. 3 Lexter Company incurred an activity cost of $180,000 for inspecting 25,000 units of production. Management determined that the inspecting objectives could be met
Process activity analysis OBJ. 3 Boswell Company incurred an activity cost of $68,000 for inspecting 16,000 units of production. Management determined that the inspecting objectives could be met
Lean principles obj. 1 The chief executive officer (CEO) of Platnum Inc. has just returned from a management seminar describing the benefits of the lean philosophy. The CEO issued the following
Lean as a strategy obj. 1 The American textile industry has moved much of its operations offshore in the pursuit of lower labor costs. Textile imports have risen from 2% of all textile production in
Lean principles obj. 1 Active Apparel Company manufactures various styles of men’s casual wear. Shirts are cut and assembled by a workforce that is paid by piece rate. This means that they are paid
Lead time analysis obj. 1 Palm Pals Inc. manufactures toy stuffed animals. The direct labor time required to cut, sew, and stuff a toy is 12 minutes per unit. The company makes two types of stuffed
Reduce setup time obj. 1 Hammond Inc. has analyzed the setup time on its computer-controlled lathe. The setup requires changing the type of fixture that holds a part. The average setup time has been
Go to tool room with fixture 15 Record replacement of fixture to tool room 18 Return to lathe 20 Clean lathe 15 Return to tool room 20 Record withdrawal of new fixture from tool room 12 Return to
Calculate lead time obj. 1 Flint Fabricators Inc. machines metal parts for the automotive industry. Under the traditional manufacturing approach, the parts are machined through two processes: milling
Calculate lead time obj. 1 Williams Optical Inc. is considering a new lean product cell. The present manufacturing approach produces a product in four separate steps. The production batch sizes are
Lead time calculation for a service company obj. 1 Marcus Simmons caught the flu and needed to see the doctor. Simmons called to set up an appointment and was told to come in at 1:00 p.m. Simmons
Suppy chain management obj. 1 The following is an excerpt from a recent article discussing supplier relationships with the Big Three North American automakers.“The Big Three select suppliers on the
Employee involvement obj. 1 Quickie Designs Inc. uses teams in the manufacture of lightweight wheelchairs. Two features of its team approach are team hiring and peer reviews. Under team hiring, the
Lead time reduction for a service company obj. 1 Shield Insurance Company takes ten days to make payments on insurance claims. Claims are processed through three departments: Data Input, Claims
Accounting issues in a lean environment obj. 2 Pinnacle Technologies has recently implemented a lean manufacturing approach. A production manager has approached the controller with the following
Lean accounting obj. 2 Right Now Video Inc. uses a lean manufacturing strategy to manufacture DVR (digital video recorder) players. The company manufactures DVR players through a single product cell.
Lean accounting obj. 2 Ever-Brite Lighting Inc. manufactures lighting fixtures, using lean manufacturing methods.Style BB-01 has a materials cost per unit of $45. The budgeted conversion cost for the
Lean accounting obj. 2 Audio Escape Inc. manufactures audio speakers. Each speaker requires $145 per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated
Pareto chart obj. 3 Silicon Solutions Inc. manufactures RAM memory chips for personal computers. An activity analysis was conducted, and the following activity costs were identified with the
Cost of quality report obj. 3a. Using the information in Exercise identify the cost of quality classification for each activity.b. Prepare of cost of quality report. Assume sales for the period were
Pareto chart for a service company obj. 1, 3 Digital River Inc. provides cable TV and Internet service to the local community. The activities and activity costs of Digital Light are identified as
Cost of quality and value-added/non-value-added reports for a obj. 1, 3 service companya. Using the information in Exercise identify the cost of quality classification for each activity and whether
Process activity analysis for a service company obj. 1, 3 Continental Insurance Company has a process for making payments on insurance claims as follows:Receiving Claim Adjusting Claim Paying Claim
Process activity analysis obj. 1, 3 The procurement process for Omni Wholesale Company includes a series of activities that transforms a materials requisition into a vendor check. The process begins
Lean principles obj. 1 Soft Glow, Inc. manufactures light bulbs. Their purchasing policy requires that the purchasing agents place each quarter’s purchasing requirements out for bid. This is
Mid-States Glass Company: $28.00 per pound of glass. Delivery schedule: 45,000(500 lbs. × 90 days) pounds at the beginning of July to last for 3 months.
Cleveland Glass Company: $28.20 per pound of glass. Delivery schedule: 500 pounds per working day (90 days in the quarter).-Soft Glow accepted Mid-States Glass Company’s bid because it was the
Lean accounting obj. 2 Formula One Displays Inc. manufactures and assembles automobile instrument panels for both Yokohama Motors and Detroit Motors. The process consists of a lean product cell for
Pareto chart and cost of quality report for a service company obj. 1, 3 The administrator of Hope Hospital has been asked to perform an activity analysis of the emergency room (ER). The ER activities
Lean principles obj. 1 HD Hogg Motorcycle Company manufactures a variety of motorcycles. Hogg’s purchasing policy requires that the purchasing agents place each quarter’s purchasing requirements
Famous Frames, Inc.: $301 per frame. Delivery schedule: 50 frames per working day(90 days in the quarter).
Iron Horse Frames Inc.: $300 per frame. Delivery schedule: 4,500 (50 frames × 90 days)frames at the beginning of July to last for three months.Hogg accepted Iron Horse Frames Inc.’s bid because it
Lean accounting obj. 2 Com-Tel Inc. manufactures and assembles two models of smart phones—the Tiger Model and the Lion Model. The process consists of a lean cell for each product. The data that
Pareto chart and cost of quality report for a manufacturing company obj. 3 The president of Mission Inc. has been concerned about the growth in costs over the last several years. The president asked
Ethics and professional conduct in business In August, Lannister Company introduced a new performance measurement system in manufacturing operations. One of the new performance measures was lead
Lean principles Maxxim Inc. prepared the following performance graphs for the prior year:What do these appear to indicate?
Value-added and non-value-added activity costs Pryor Company prepared the following factory overhead report from its general ledger:Indirect labor $250,000 Fringe benefits 30,000 Supplies 70,000
Accounts receivable turnover The accounts receivable turnover ratio will vary across companies, depending on the nature of the company’s operations. For example, an accounts receivable turnover of
Accounts receivable turnover and days’ sales in receivables Costco Wholesale Corporation operates membership warehouses that sell a variety of branded and private label products. Headquartered in
Accounts receivable turnover and days’ sales in receivables Apple Inc. designs, manufactures, and markets personal computers and related personal computing and communicating solutions for sale
Accounts receivable turnover and days’ sales in receivables Best Buy is a specialty retailer of consumer electronics, including personal computers, entertainment software, and appliances. Best Buy
Estimate uncollectible accounts For several years, Xtreme Co.’s sales have been on a “cash only” basis. On January 1, 2013, however, Xtreme Co. began offering credit on terms of n/30. The
Ethics and professional conduct in business Bev Wynn, vice president of operations for Dillon County Bank, has instructed the bank’s computer programmer to use a 365-day year to compute interest on
Sales and notes receivable transactions OBJ. 6 The following were selected from among the transactions completed during the current year by Danix Co., an appliance wholesale company:Jan. 21. Sold
Notes receivable entries OBJ. 6 The following data relate to notes receivable and interest for Owens Co., a financial services company. (All notes are dated as of the day they are received.)Mar. 8.
Details of notes receivable and related entries OBJ. 6 Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the following notes:Date Face Amount Term
Compare two methods of accounting for uncollectible receivables OBJ. 3, 4, 5 Digital Depot Company, which operates a chain of 40 electronics supply stores, has just completed its fourth year of
Aging of receivables; estimating allowance for doubtful accounts OBJ. 4 Wig Creations Company supplies wigs and hair care products to beauty salons throughout Texas and the Southwest. The accounts
Entries related to uncollectible accounts OBJ. 4 The following transactions were completed by The Wild Trout Gallery during the current fiscal year ended December 31:Jan. 19. Reinstated the account
Sales and notes receivable transactions OBJ. 6 The following were selected from among the transactions completed by Caldemeyer Co.during the current year. Caldemeyer Co. sells and installs home and
Notes receivable entries OBJ. 6 The following data relate to notes receivable and interest for CGH Cable Co., a cable manufacturer and supplier. (All notes are dated as of the day they are
Details of notes receivable and related entries OBJ. 6 Flush Mate Co. wholesales bathroom fixtures. During the current fiscal year, Flush Mate Co. received the following notes:Date Face Amount Term
Compare two methods of accounting for uncollectible receivables OBJ. 3, 4, 5 Call Systems Company, a telephone service and supply company, has just completed its fourth year of operations. The direct
Aging of receivables; estimating allowance for doubtful accounts OBJ. 4 Trophy Fish Company supplies flies and fishing gear to sporting goods stores and outfitters throughout the western United
Entries related to uncollectible accounts OBJ. 4 The following transactions were completed by The Irvine Company during the current fiscal year ended December 31:Feb. 8. Received 40% of the $18,000
Accounts receivable turnover OBJ. 8 Use the data in Exercises 8-27 and 8-28 to analyze the accounts receivable turnover ratios of H.J. Heinz Company and The Limited Brands Inc.a. Compute the average
Accounts receivable turnover and days’ sales in receivables OBJ. 8 The Limited Brands Inc. sells women’s clothing and personal health care products through specialty retail stores including
Accounts receivable turnover and days’ sales in receivables OBJ. 8 H.J. Heinz Company was founded in 1869 at Sharpsburg, Pennsylvania, by Henry J. Heinz.The company manufactures and markets food
Accounts receivable turnover and days’ sales in receivables OBJ. 8 Polo Ralph Lauren Corporation designs, markets, and distributes a variety of apparel, home decor, accessory, and fragrance
Receivables on the balance sheet OBJ. 7 List any errors you can find in the following partial balance sheet:Napa Vino Company Balance Sheet December 31, 2016 Assets Current assets:Cash $ 78,500 Notes
Entries for receipt and dishonor of notes receivable OBJ. 4, 6 Journalize the following transactions in the accounts of Safari Games Co., which operates a riverboat casino:Apr. 18. Received a
Entries for receipt and dishonor of note receivable OBJ. 6 Journalize the following transactions of Trapper Jon’s Productions:June 23. Received a $48,000, 90-day, 8% note dated June 23 from Radon
Entries for notes receivable, including year-end entries OBJ. 6 The following selected transactions were completed by Zippy Do Co., a supplier of zippers for clothing:2015 Dec. 3. Received from
Entries for notes receivable OBJ. 6 The series of seven transactions recorded in the following T accounts were related to a sale to a customer on account and the receipt of the amount owed. Briefly
Entries for notes receivable OBJ. 6 Master Designs Decorators issued a 180-day, 6% note for $75,000, dated May 14, 2016, to Morgan Furniture Company on account.a. Determine the due date of the
Determine due date and interest on notes OBJ. 6 Determine the due date and the amount of interest due at maturity on the following notes dated in 2016:Date of Note Face Amount Interest Rate Term of
Entries for bad debt expense under the direct write-off and allowance OBJ. 5 methods Seaforth International wrote off the following accounts receivable as uncollectible for the year ending December
Entries for bad debt expense under the direct write-off and allowance OBJ. 5 methods Casebolt Company wrote off the following accounts receivable as uncollectible for the first year of its operations
Effect of doubtful accounts on net income OBJ. 5 Using the data in Exercise 8-15, assume that during the second year of operations Mack’s Plumbing Supply Co. had sales of $4,100,000, wrote off
Effect of doubtful accounts on net income OBJ. 5 During its first year of operations, Mack’s Plumbing Supply Co. had sales of $3,250,000, wrote off $27,800 of accounts as uncollectible using the
Entries for bad debt expense under the direct write-off and allowance OBJ. 5 methods The following selected transactions were taken from the records of Rustic Tables Company for the year ending
Entries for bad debt expense under the direct write-off and allowance OBJ. 5 methods The following selected transactions were taken from the records of Shipway Company for the first year of its
Entry for uncollectible accounts OBJ. 4 Using the data in Exercise 8-11, assume that the allowance for doubtful accounts for Selby’s Bike Co. had a debit balance of $7,200 as of December 31,
Estimating doubtful accounts OBJ. 4 Selby’s Bike Co. is a wholesaler of motorcycle supplies. An aging of the company’s accounts receivable on December 31, 2016, and a historical analysis of the
Adjustment for uncollectible accounts OBJ. 4 Using data in Exercise 8-9, assume that the allowance for doubtful accounts for Waddell Industries has a credit balance of $6,350 before adjustment on
Estimating allowance for doubtful accounts OBJ. 4 Waddell Industries has a past history of uncollectible accounts, as follows. Estimate the allowance for doubtful accounts, based on the aging of
Aging of receivables schedule OBJ. 4 The accounts receivable clerk for Waddell Industries prepared the following partially completed aging of receivables schedule as of the end of business on August
Number of days past due OBJ. 4 Toot Auto Supply distributes new and used automobile parts to local dealers throughout the Midwest. Toot’s credit terms are n/30. As of the end of business on October
Providing for doubtful accounts OBJ. 4 At the end of the current year, the accounts receivable account has a debit balance of$1,400,000 and sales for the year total $15,350,000. Determine the amount
Entries to write off accounts receivable OBJ. 3, 4 Creative Solutions Company, a computer consulting firm, has decided to write off the$11,750 balance of an account owed by a customer, Wil Treadwell.
Entries for uncollectible receivables, using allowance method OBJ. 4 Journalize the following transactions in the accounts of Dining Interiors Company, a restaurant supply company that uses the
Entries for uncollectible accounts, using direct write-off method OBJ. 3 Journalize the following transactions in the accounts of Midwest Medical Co., a medical equipment company that uses the direct
Nature of uncollectible accounts OBJ. 2 MGM Resorts International owns and operates hotels and casinos including the MGM Grand and the Bellagio in Las Vegas, Nevada. As of a recent year, MGM reported
Classifications of receivables OBJ. 1 Boeing is one of the world’s major aerospace firms with operations involving commercial aircraft, military aircraft, missiles, satellite systems, and
Accounts receivable turnover and number of days’ sales in receivables OBJ. 8 Financial statement data for years ending December 31 for Robinhood Company follows:2016 2015 Sales $7,906,000
Accounts receivable turnover and number of days’ sales in receivables OBJ. 8 Financial statement data for years ending December 31 for Chiro-Solutions Company follows:2016 2015 Sales $2,912,000

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