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financial managerial accounting

Questions and Answers of Financial Managerial Accounting

Asset replacement decision Jeter Company is considering replacement of some of its manufacturing equipment. Information regarding the existing equipment and the potential replacement equipment
Asset replacement decision A machine purchased three years ago for $130,000 has a current book value using straight-line depreciation of $90,000; its operating expenses are $24,000 per year. A
Identifying avoidable cost of a segment Gerhardt Corporation is considering the elimination of one of its segments. The segment incurs the following fixed costs. If the segment is eliminated, the
Segment elimination decision Reese Transport Company divides its operations into four divisions. A recent income statement for Lombardo Division follows.Requireda. Should Lombardo Division be
Segment elimination decision Newburg Company operates three segments. Income statements for the segments imply that profitability could be improved if Segment A were eliminated.Requireda. Explain the
Opportunity costs Andy Cotrand owns his own taxi, for which he bought an $18,000 permit to operate two years ago.Mr. Cotrand earns $33,000 a year operating as an independent but has the opportunity
Opportunity cost Mann Freight Company owns a truck that cost $80,000. Currently, the truck’s book value is $48,000, and its expected remaining useful life is four years. Mann has the opportunity to
Outsourcing decision affected by opportunity costs Foster Electronics currently produces the shipping containers it uses to deliver the electronics products it sells. The monthly cost of producing
Outsourcing decision with qualitative factors Stein Corporation which makes and sells 80,000 radios annually, currently purchases the radio speakers it uses for $8 each. Each radio uses one speaker.
Establishing price for an outsourcing decision Pretty Lawn Company makes and sells lawn mowers for which it currently makes the engines. It has an opportunity to purchase the engines from a reliable
Outsourcing decision Fowler Bicycle Manufacturing Company currently produces the handlebars used in manufacturing its bicycles, which are high-quality racing bikes with limited sales. Fowler produces
Using the contribution margin approach for a special order decision Griffin Company, which produces and sells a small digital clock, bases its pricing strategy on a 30 percent markup on total cost.
Identifying qualitative factors for a special order decision Required Describe the qualitative factors that Mixon should consider before accepting the special order described in Exercise 5-6A.
Special order decision Mixon Company manufactures a personal computer designed for use in schools and markets it under its own label. Mixon has the capacity to produce 20,000 units a year but is
Special order decision Sturdy Concrete Company pours concrete slabs for single-family dwellings. Lynch Construction Company, which operates outside Sturdy’s normal sales territory, asks Sturdy to
Cost hierarchy Costs can be classified into one of four categories including unit-level, batch-level, product-level, or facility-level costs.Required Classify each of the items listed below into one
Distinction between avoidable costs and cost behavior Glamor Company makes fine jewelry that it sells to department stores throughout the United States.Glamor is trying to decide which of two
Distinction between relevance and cost behavior Hargrove Company makes and sells a single product. Hargrove incurred the following costs in its most recent fiscal year.Hargrove could purchase the
Distinction between relevance and cost behavior Tammy Bullock is trying to decide which of two different kinds of candy to sell in her retail candy store.One type is a name brand candy that will
What level(s) of costs is(are) relevant in special order decisions?
Which of the following would not be relevant to a make-or-buy decision?(a) Allocated portion of depreciation expense on existing facilities.(b) Variable cost of labor used to produce products
Identify two qualitative considerations that could be associated with special order decisions.
A local bank advertises that it offers a free noninterest-bearing checking account if the depositor maintains a $500 minimum balance in the account. Is the checking account truly free?
What is an opportunity cost? How does it differ from a sunk cost?
Carmon Company invested $300,000 in the equity securities of Mann Corporation. The current market value of Carmon’s investment in Mann is $250,000. Carmon currently needs funds for operating
“It all comes down to the bottom line. The numbers never lie.” Do you agree with this conclusion?Explain your position.
Describe the relationship between relevance and accuracy.
Identify the four hierarchical levels used to classify costs. When can each of these levels of costs be avoided?
Are variable costs always relevant? Explain.
Identify the primary qualities of revenues and costs that are relevant for decision making.
Make decisions about allocating scarce resources(Appendix).
Explain the conflict between short-term and longterm profitability (Appendix).
Make appropriate asset replacement decisions.
Make appropriate segment elimination decisions.
Make appropriate outsourcing decisions.
Make appropriate special order decisions.
Distinguish between unit-level, batch-level, productlevel, and facility-level costs and understand how these costs affect decision making.
Identify the characteristics of relevant information.
Spreadsheet Assignment Mastering Excel Refer to the data in ATC 13-6.Required Construct a spreadsheet to conduct vertical analysis for both years, 2007 and 2006.
Spreadsheet Assignment Using Excel Tomkung Corporation’s 2007 income statements are presented in the following spreadsheet.Required Construct a spreadsheet to conduct horizontal analysis of the
Writing Assignment Interpreting ratios Following are the debt to assets, return on assets, and return on equity ratios for four companies from two different industries. The interest rate shown for
Research Assignment Different presentation formats The August 10, 1998, issue of BusinessWeek includes the article “Nokia” (p. 54). Read this article and complete the following
Spreadsheet Analysis Preparing a statement of cash flows using the indirect method(Note: If you completed ATC 14-7, that spreadsheet can be modified to complete this problem.)Refer to the information
Group Assignment Ratio analysis and logic Presented here are selected data from the 10-K reports of four companies for the 1997 fiscal year. The four companies, in alphabetical order, are BellSouth
Spreadsheet Analysis Preparing a statement of cash flows using the direct method Refer to the information in Problem 14-18A. Solve for the statement of cash flows using the direct method. Instead of
Ethical Dilemma Would I lie to you, baby?Andy and Jean Crocket are involved in divorce proceedings. When discussing a property settlement, Andy told Jean that he should take over their investment in
Writing Assignment Explaining discrepancies between cash flow and operating income The following selected information was drawn from the records of Fleming Company:Fleming is experiencing cash flow
Business Applications Case Identifying different presentation formats In Statement of Financial Accounting Standards No. 95, the Financial Accounting Standards Board(FASB) recommended but did not
Group Assignment Preparing a statement of cash flows The following financial statements and information are available for Blythe Industries, Inc.Additional Information 1. Sold land that cost $40,000
Real-World Case Following the cash Panera Bread Company (Panera) was formerly known as Au Bon Pain Company (ABP). In May 1999, the ABP division of the company was sold to private investors for $72
Research Assignment Analyzing cash flow information On March 19, 2003, the United States military began operations in Iraq. Soon afterwards it was announced that the Halliburton Company and its
Business Applications Case Analyzing Best Buy Company and Circuit City Stores The following information relates to Best Buy and Circuit City Stores, Inc., for their 2005 and 2004 fiscal
Using financial statements to prepare a statement of cash flows—indirect method The comparative balance sheets for Lind Beauty Products, Inc., for 2002 and 2003 follow:Other Information 1.
Using financial statements to prepare a statement of cash flows—direct method The following financial statements were drawn from the records of Norton Materials, Inc.Additional Information 1. Sold
Using financial statements to prepare a statement of cash flows—direct method The following financial statements were drawn from the records of Healthy Products Co.Additional Data 1. During 2003,
Using financial statement data to determine cash flow from financing activities The following information pertaining to financing activities is available for Engineered Components Company for
Using financial statement data to determine cash flow from investing activities The following information pertaining to investing activities is available for Tony’s Flea Markets, Inc., for
Using financial statement data to determine cash flow from operating activities The following account information is available for Gables Auto Supplies for 2003:Other Information 1. Sales for the
Using transaction data to prepare a statement of cash flows Greenstein Company engaged in the following transactions during 2003. The beginning cash balance was $86,000.1. Credit sales were $548,000.
Classifying cash flows Required Classify each of the following as an operating activity (OA), an investing activity (IA), or a financing activity (FA) cash flow, or a noncash transaction (NT).a. Paid
Interpreting statement of cash flows information The following selected transactions pertain to Johnston Company for 2003.1. Purchased new office equipment for $9,800 cash.2. Sold old office
Vertical analysis Required Use the financial statements for Hooper Company from Problem 13–22B to perform a vertical analysis (based on total assets, total equities, and sales) of both the balance
Using account balances to determine cash flow from operating activities—direct and indirect methods The following information is from the accounting records of Mong Company:Requireda. Prepare the
Using account balances to determine cash flow from operating activities—indirect method Maple Company presents its statement of cash flows using the indirect method. The following accounts and
Using account balances to determine cash outflow for inventory purchases The following account information is available for Sherman Company. The company uses the perpetual inventory method and makes
Using account balances to determine cash flow from financing activities The following account balances were available for Golden Company for 2007:Required Prepare the financing activities section of
Horizontal analysis Required Use the financial statements for Hooper Company from Problem 13–22B to perform a horizontal analysis of both the balance sheet and income statement for 2006 and 2005.
Using account balances to determine cash flow from investing activities The following account information is available for McClung, Inc., for 2005:The income statement reported a $9,000 gain on the
Using account balances to determine cash flow from operating activities—direct method The following account balances were available for Earles Candy Company for 2001:During the year, $41,000 of
Using account balances to determine cash flow from operating activities—direct method The following account balances are available for Norstom Company for 2002.Required (Hint: It may be helpful to
Ratio analysis Hooper Company’s stock is quoted at $16 per share at December 31, 2006 and 2005. Hooper financial statements follow.Required Based on the preceding information, compute the following
Cash inflows from operating activities—direct method Required Which of the following transactions produce cash inflows from operating activities (assume the use of the direct method)?a. Cash
Classifying cash flows into categories—direct method Required Identify whether the cash flows in the following list should be classified as operating activities, investinga. Sold merchandise on
Using financial statements to prepare a statement of cash flows—indirect method The comparative balance sheets for Redwood Corporation for 2006 and 2007 follow:Other Information 1. Purchased land
Using financial statements to prepare a statement of cash flows—direct method The following financial statements were drawn from the records of Raceway Sports:Additional Information 1. Sold
Using financial statements to prepare a statement of cash flows—direct method The following financial statements were drawn from the records of Pacific Company.Additional Data 1. During 2007, the
Ratio analysis The following financial statements apply to Flanigan Appliances, Inc.Required Calculate the following ratios for 2006.a. Working capitalb. Current ratioc. Quick ratiod. Accounts
Using financial statement data to determine cash flow from financing activities The following information pertaining to financing activities is available for Rebel Company for 2007:Other Information
Using financial statement data to determine cash flow from investing activities The following information pertaining to investing activities is available for Leach Company for 2005:Other Information
Using financial statement data to determine cash flow from operating activities The following account information is available for Park Company for 2004:Other Information 1. Sales for the period were
Using transaction data to prepare a statement of cash flows Store Company engaged in the following transactions during the 2007 accounting period. The beginning cash balance was $28,600.1. Credit
Classifying cash flows Required Classify each of the following as an operating activity (OA), an investing activity (IA), or a financing activity (FA) cash flow, or a noncash transaction (NT).a.
Interpreting statement of cash flows information The following selected transactions pertain to Johnston Corporation for 2007.1. Paid $35,200 cash to purchase delivery equipment.2. Sold delivery
Supply missing balance sheet numbers Ginger Sterling discovered a piece of wet and partially burned balance sheet after her office was destroyed by fire. She could recall a current ratio of 1.75 and
Using account balances to determine cash flow from operating activities—direct and indirect methods The following account balances are from Marlin Company’s accounting records. Assume Marlin had
Using account balances to determine cash flow from operating activities—indirect method Kwon Company presents its statement of cash flows using the indirect method. The following accounts and
Using account balances to determine cash outflow for inventory purchases The following account information pertains to Maze Company, which uses the perpetual inventory method and purchases all
Using account balances to determine cash flow from financing activities The following account balances pertain to Olack, Inc., for 2006.Required Prepare the financing activities section of the 2006
Ratio analysis Selected data for Wethon Company for 2006 and additional information on industry averages follow.Requireda. Calculate and compare Wethon Company’s ratios with the industry
Using account balances to determine cash flow from investing activities The following account information pertains to Guidry Company for 2005.The income statement reported a $3,000 loss on the sale
Using account balances to determine cash flow from operating activities—direct method The following account balances were available for Theri Enterprises for 2007.During the year, $68,000 of
Using account balances to determine cash flows from operating activities—direct method The following account balances are available for Max Company for 2007.Required (Hint: It may be helpful to
Effect of transactions on current ratio and working capital Dahle Company has a current ratio of 2:1 on June 30, 2006. Indicate whether each of the following transactions would increase (+), decrease
Cash outflows from operating activities—direct method Required Which of the following transactions produce cash outflows from operating activities (assume the use of the direct method)?a. Cash
Classifying cash flows into categories—direct method Required Classify each of the following operating activities, investing activities, financing activities, or noncash transactions. (Assume the
Why does the FASB prohibit disclosing cash flow per share in audited financial statements?
What is the difference between preparing the statement of cash flows using the direct approach and using the indirect approach?
In which section of the statement of cash flows would the following transactions be reported?(a) Cash receipt of interest income.(b) Cash purchase of marketable securities.(c) Cash purchase of
Best Company had a balance in the Unearned Revenue account of $4,300 at the beginning of the period and an ending balance of $5,700. If the portion of unearned revenue Best recognized as earned
Best Company’s Utilities Payable account had a beginning balance of $3,300 and an ending balance of $5,200. Utilities expense reported on the income statement was $87,000. What was the amount of

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