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financial managerial accounting

Questions and Answers of Financial Managerial Accounting

C 5. Suppose Alexandra Patel, the manager of the Food and Lodging Division at Winter Wonderland Resort, has hired you as a consultant to help her examine her division’s performance under several
C 4. Sevilla Consulting offers environmental consulting services worldwide. The managers of branch offices are rewarded for superior performance with bonuses based on the economic value that the
C 3. Yuma Foods acquired Aldo’s Tortillas several years ago. Aldo’s has continued to operate as an independent company, except that Yuma Foods has exclusive authority over capital investments,
C 1. IT, Inc., has adopted the balanced scorecard approach to motivate the managers of its product divisions to work toward the companywide goal of leading its industry in innovation. The
P 9. The financial results for the past two years for ABB Company, follow.Required 1. Compute the company’s profit margin, asset turnover, and return on investment for this year and last year.
P 8. Portia Carter is the president of a company that owns six multiplex movie theaters. Carter has delegated decision-making authority to the theater managers for all decisions except those relating
P 6. Plastic Products, LLC, manufactures plastic beverage bottles. The division that manufactures water bottles for the North American market has two plants that operate 24 hours a day, 365 days a
P 4. Ornamental Iron is a division of Iron Foundry Company. Its balance sheets and income statements for the past two years appear below.Required 1. Compute the division’s profit margin, asset
P 3. Bobbie Howell, the managing partner of the law firm Howell, Bagan, and Clark, LLP, makes asset acquisition and disposal decisions for the firm. As managing partner, she supervises the partners
P 1. Beverage Products, LLC, manufactures metal beverage containers. The division that manufactures soft-drink beverage cans for the North American market has two plants that operate 24 hours a day,
E 15. Serious Toys, Inc., has adopted the balanced scorecard to motivate its managers to work toward the companywide goal of leading its industry in innovation.Identify the four stakeholder
E 13. Leesburg, LLP, is evaluating the performance of three divisions: Lake, Sumter, and Poe. Using the data that appear on the next page, compute the economic value added by each division, and
E 10. The income statement in the traditional reporting format for Green Products, Inc., for the year ended December 31, is as follows:Total fixed manufacturing costs for the year were $16,750. All
E 6. Angel Sweets produces pies. The company has the following three-tiered manufacturing structure:Identify the manager responsible for each of the following costs:1. Repair and maintenance costs 7.
SE 9. Complete the current liabilities, total assetscurrent liabilities, and economic value added calculations for investment centers M and N: Subsidiary M Subsidiary N Sales $15,000 $18,000
SE 8. Complete the operating income, ending assets invested, average assets invested, and residual income calculations for investment centers H and F: Subsidiary H Subsidiary F Sales $20,000 $25,000
SE 7. Complete the average assets invested, profit margin, asset turnover, and return on investment calculations for investment centers J and K on the next page. Subsidiary J Subsidiary K Sales
SE 6. Complete the profit margin, asset turnover, and return on investment calculations for investment centers D and V Subsidiary D Subsidiary V Sales $1,650 $2,840 Operating income $180 $210 Average
SE 5. Complete this performance report for profit center P for the month ended December 31: Actual Results Variance Master Budget Sales Controllable variable costs Variable cost of goods sold $ $ 20
SE 4. Complete the following performance report for cost center C for the month ended December 31: Actual Flexible Results Variance Budget Variance Master Budget Units produced 80 (20) U 100 Center
C 4. Since Rood Enterprises inaugurated participative budgeting 10 years ago, everyone in the organization—from maintenance personnel to the president’s staff—has had a voice in the budgeting
C 2. Javier Gonzales is the manager of the Repairs and Maintenance Department of JG Industries. He is responsible for preparing his department’s annual budget.Most managers in the company inflate
P 9. FM Company provides fraud monitoring services. It employs four fraud specialists.Each specialist works an average of 200 hours a month. The company’s controller has compiled the following
P 7. The Bottled Water Company has been bottling and selling water since 1940. Ginnie Adams, the current owner of The Bottled Water Company, would like to know how a new product would affect the
P 4. Security Services Company provides security monitoring services. It employs five security specialists. Each specialist works an average of 160 hours a month.The company’s controller has
P 2. Bertha’s Bathworks produces hair and bath products. Its biggest customer is a national retail chain that specializes in such products. Bertha Jackson, the owner of Bertha’s Bathworks, would
E 5. Quarterly and annual sales for this year for Steen Manufacturing Company follow. Prepare a sales budget for next year for the company based on the estimated percentage increases shown by product
C 1. Eagle Manufacturing supplies engine parts to Cherokee Cycle Company, a major U.S. manufacturer of motorcycles. Like all of Cherokee’s suppliers, Eagle has always added a healthy profit margin
P 10. Refer to assignment P 5 in this chapter. Peruga Engineering Company needs to analyze its jobs in process during the month of January.Required 1. Using Excel’s Chart Wizard and the job order
P 5. Peruga Engineering Company specializes in designing automated characters and displays for theme parks. It uses cost-plus profit contracts, and its profit factor is 30 percent of total
P 4. Riley & Associates is a CPA firm located in Clinton, Kansas. The firm deals primarily in tax and audit work. For billing of major audit engagements, it uses cost-plus contracts, and its
P 3. On May 31, the inventory balances of Princess Designs, a manufacturer of high-quality children’s clothing, were as follows: Materials Inventory, $21,360;Work in Process Inventory, $15,112; and
P 2. Par Carts, Inc., produces special-order golf carts, so Par Carts uses a job order costing system. Overhead is applied at the rate of 90 percent of direct labor cost. The following is a list of
P 1. Flagstaff Enterprises makes flagpoles. Dan Dalripple, the company’s new controller, can find only the following partial information for the past two months:The current year’s predetermined
E 14. Personal Shoppers, Inc., relieves busy women executives of the stress of shopping for clothes by taking an inventory of a client’s current wardrobe and shopping for her needs for the next
E 13. A job order cost card for Miniblinds by Jenny appears below. Complete the missing information. The profit factor in the company’s cost-plus contract is 50 percent of total cost. Customer: Job
E 12. A job order cost card for Hal’s Computer Services appears at the top of the next page. Complete the missing information. The profit factor in the organization’s cost-plus contract is 30
E 11. Arch Corporation manufactures specialty lines of women’s apparel. During February, the company worked on three special orders: A-25, A-27, and B-14.Cost and production data for each order are
E 7. Partial operating data for Charing Cross Company are presented below.Charing Cross Company’s management has set the predetermined overhead rate for the current year at 80 percent of direct
E 6. Partial operating data for Merton Company are presented below. Management has set the predetermined overhead rate for the current year at 120 percent of direct labor costs.Using T accounts and
SE 10. Complete the following job order cost card for an individual tax return: Job Order Cost Card Doremus Tax Service Puyallup, Washington Arthur Farnsworth Customer: Date of Order: 3/24/2011
SE 8. Complete the following job order cost card for six custom-built computer systems:Job Order Costing in a Service Organization Job Order Cost Card Keeper 3000 Apache City, North Dakota Job Order
C 2. Tarbox Manufacturing Company makes sheet metal products for heating and air conditioning installations. Its statements of cost of goods manufactured and income statements for the last two years
E 2. Indicate whether each of the following costs for a bicycle manufacturer is a product or a period cost, a variable or a fixed cost, a value-adding or a nonvalueadding cost, and, if it is a
Spreadsheet Assignment Mastering Excel Stanley Manufacturing Company, which sold 16,000 units of product at $20 per unit, collected the following information regarding three different levels of
Spreadsheet Assignment Using Excel Manning Cassey Computers (MCC) plans to produce and sell 1,600 computers for $720 each in the next fiscal year. The company’s cost data follow.Requireda.
Ethical Dilemma Absorption costing Cliff Dennis may become a rich man. He is the creative force behind Amazing Drives, a new company.Amazing makes external drives that permit computer users to store
Writing Assignment Inventory cost flow in manufacturing environment Barret Cameron, a student in Professor Wagner’s managerial accounting course, asked the following question. “In the first
Research Assignment Distinction between service and manufacturing companies Electronic Arts, Inc., more commonly known as EA Sports, develops and markets games for Sony’s Play Station 2 and
Group Assignment Schedule of cost of goods manufactured and sold The following information is from the accounts of Depree Manufacturing Company for 2006.Requireda. Divide the class into groups of
Business Applications Case Predetermined overhead rate Silicon Storage Solutions (SSS) makes memory storage chips that it sells to independent computer manufacturers. The average materials cost per
Absorption and variable costing Wheaton Manufacturing pays its production managers a bonus based on the company’s profitability.During the two most recent years, the company maintained the same
Absorption versus variable costing Tortorici Company makes ladderback chairs that it sells for $200 per chair. Each chair requires $28 of direct materials and $72 of direct labor. Fixed overhead
Absorption versus variable costing Loring Manufacturing Company makes a product that sells for $50 per unit. Manufacturing costs for the product amount to $24 per unit variable, and $160,000 fixed.
Comprehensive review problem Stacey Maynard has worked as the plant manager of Estelle Corporation, a large manufacturing company, for 10 years. The company produces stereo CD players for automotive
Manufacturing cost flow for multiple accounting cycles The following events apply to Beach Manufacturing Company. Assume that all transactions are cash transactions unless otherwise
Manufacturing cost flow for monthly and annual accounting periods Francia Manufacturing Company manufactures puzzles that depict the works of famous artists. The company rents a small factory and
Manufacturing cost flow for one-year period Mikhail Manufacturing started 2007 with the following account balances.Transactions during 2007 1. Purchased $750 of raw materials with cash.2. Transferred
Manufacturing cost for one accounting cycle The following trial balance was taken from the records of Fernando Manufacturing Company at the beginning of 2006.Transactions for the Accounting Period 1.
Manufacturing cost flow across three accounting cycles The following accounting events affected Liaw Manufacturing Company during its first three years of operation. Assume that all transactions are
Smoothing unit cost Unit-level (variable) manufacturing costs for Tameka Manufacturing Company amount to $4. Fixed manufacturing costs are $4,500 per month. Production workers provided 800 hours of
Variable costing versus absorption costing The following information was drawn from the records of Antitum Company:During the most recent month Antitum produced 4,000 units of product and sold 3,800
Missing information in inventory T-accounts The following incomplete T-accounts were drawn from the records of Stanek Manufacturing Company:Required Determine the dollar amounts for (a), (b), (c),
Recording manufacturing overhead costs Sloan Manufacturing Company incurred the following actual manufacturing overhead costs: (1) cash paid for plant supervisor’s salary, $58,000; (2) depreciation
Treatment of over- or underapplied overhead Gray Company and Greene Company base their predetermined overhead rates on machine hours. The following information pertains to the companies’ most
Recording overhead costs in a T-account Calhoun Manufacturing Company incurred actual overhead costs of $59,600 during 2006. It uses direct labor dollars as the allocation base for overhead costs. In
Treatment of over- or underapplied overhead On January 1, 2006, Longstreet Company estimated that its total overhead costs for the coming year would be $139,400 and that it would make 34,000 units of
Calculating applied overhead Goldstein Enterprises’ budget included the following estimated costs for the 2007 accounting period.The company uses a predetermined overhead rate based on machine
Cost of goods manufactured and sold The following information was drawn from the accounting records of Manning Manufacturing Company.During the accounting period, Manning paid $16,000 to purchase raw
Preparing financial statements Hammer Manufacturing Company started 2007 with the following balances in its inventory accounts:Raw Materials, $5,400; Work in Process, $5,600; Finished Goods, $6,600.
Effect of accounting events on financial statements Required Use a horizontal statements model to show how each of the following independent accounting events affects the elements of the balance
Recording events in T-accounts and preparing financial statements Micoli Manufacturing Company was started on January 1, 2007, when it acquired $1,600 cash by issuing common stock. During its first
Product cost flow and financial statements Spencer Manufacturing began business on January 1, 2007. The following events pertain to its first year of operation.1. Acquired $1,800 cash by issuing
Absorption and variable costing Xavier Manufacturing pays its production managers a bonus based on the company’s profitability. During the two most recent years, the company maintained the same
Absorption versus variable costing Yeager Glass Company makes stained glass lamps. Each lamp that it sells for $315 per lamp requires$18 of direct materials and $72 of direct labor. Fixed overhead
Comprehensive review problem During their senior year at Camden College, two business students, Trey Lancaster and Alisha Wright, began a part-time business making personal computers. They bought the
Manufacturing cost flow for multiple accounting cycles The following events apply to Goza Manufacturing Company. Assume that all transactions are cash transactions unless otherwise
Manufacturing cost for one accounting cycle The following trial balance was taken from the records of Washburn Manufacturing Company at the beginning of 2007.Transactions for the Accounting Period 1.
Manufacturing cost flow for one-year period Piazza Manufacturing started 2006 with the following account balances.Product Costing in Service and Manufacturing Entities 499 L.O. 2, 3, 4, 5, 6 CHECK
Manufacturing cost flow for monthly and annual accounting periods Amanda McDory started McDory Manufacturing Company to make a universal television remote control device that she had invented. The
Manufacturing cost flow across three accounting cycles The following accounting events affected Higgins Manufacturing Company during its first three years of operation. Assume that all transactions
Smoothed unit cost Pearson Manufacturing estimated its product costs and volume of production for 2008 by quarter as follows.Pearson Company sells a souvenir item at various resorts across the
Variable costing versus absorption costing Murphy Company incurred manufacturing overhead cost for the year as follows.The company produced 1,500 units and sold 1,000 of them at $90 per unit. Assume
Missing information in T-accounts Knapp Manufacturing recorded the following amounts in its inventory accounts in 2007.Required Determine the dollar amounts for (a), (b), (c), (d), and (e). Assume
Recording manufacturing overhead costs in T-accounts Conwell Corporation manufactures model airplanes. The company purchased for $425,000 automated production equipment that can make the model parts.
Treatment of over- or underapplied overhead Bama Company and Gator Company assign manufacturing overhead to Work in Process Inventory using direct labor cost. The following information is available
Recording overhead costs in T-accounts Kane Company and Wayne Company both apply overhead to the Work in Process Inventory account using direct labor hours. The following information is available for
Treatment of over- or underapplied overhead Caspar Company estimates that its overhead costs for 2007 will be $450,000 and output in units of product will be 300,000 units.Requireda. Calculate
Calculating applied overhead Fanny, Inc., estimates manufacturing overhead costs for the 2007 accounting period as follows.The company uses a predetermined overhead rate based on machine hours.
Cost of goods manufactured and sold The following information pertains to Kentucky Manufacturing Company for March 2007. Assume actual overhead equaled applied overhead.Requireda. Prepare a schedule
Preparing financial statements Pressley Corporation began fiscal year 2007 with the following balances in its inventory accounts.During the accounting period, Pressley purchased $240,000 of raw
Effect of accounting events on financial statements Required Use a horizontal statements model to indicate how each of the following independent accounting events affects the elements of the balance
Recording events in T-accounts and preparing financial statements Frazier Manufacturing Company was started on January 1, 2005, when it acquired $2,000 cash from the issue of common stock. During the
At the end of the accounting period, an adjusting entry is made for the accrued wages of production workers. How would this entry affect assets, liabilities, and equity? What is the effect on the
Goods that cost $2,000 to make were sold for $3,000 on account. How does their sale affect assets, liabilities, and equity? What is the effect on the income statement? What is the effect on the cash
Distinguish between absorption and variable costing.
Prepare a schedule of cost of goods manufactured and sold.
Account for completion and sale of products.
Assign estimated overhead costs to inventory and cost of goods sold.
Demonstrate the flow of materials and labor costs for a manufacturing company.

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