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financial managerial accounting

Questions and Answers of Financial Managerial Accounting

Best Company had beginning accounts receivable of $12,000 and ending accounts receivable of$14,000. If total sales were $110,000, what amount of cash was collected?
Ratio analysis Information from Angus Company’s financial statements follows Required Compute the following ratios for Angus Company for 2006 and 2005.a. Number of times interest was earned.b.
Explain how the statement of cash flows could mislead decision makers if not interpreted with care.
Explain how the indirect method differs from the direct method in reporting cash flow from operating activities.
Use the T-account method to prepare a statement of cash flows.
Convert account balances from accrual to cash.
Identify the types of business events that are reported in the three sections of the statement of cash flows.
Vertical analysis Ackerson Corporation’s controller has prepared the following vertical analysis for the president Required Sales were $400,000 in 2005 and $800,000 in 2006. Convert the analysis to
Comprehensive analysis December 31, 2007, balance sheet data for Slovensky Company follow. All accounts are represented. Amounts indicated by question marks (?) can be calculated using the following
Accounts receivable turnover, inventory turnover, and net margin Selected data from Ranelli Company follow.Required Compute the following.a. The accounts receivable turnover for 2007.b. The inventory
Comprehensive analysis The following is a list of transactions.a. Paid cash for short-term marketable securities.b. Purchased a computer, issuing a short-term note for the purchase price.c. Purchased
Ratio analysis Compute the specified ratios using the following December 31, 2006, statement of financial position for Spraque Company The average number of common shares outstanding during 2006 was
Horizontal and vertical analysis L.O. 2 McLure Company reported the following operating results for 2005 and 2006.Requireda. Perform a horizontal analysis, showing the percentage change in each
Ratio analysis Match each of the following ratios with its formula.
Ratio analysis During 2006, Chawla Corporation reported net income after taxes of $960,000. During the year, the number of shares of stock outstanding remained constant at 20,000 shares of $100 par 8
Ratio analysis Balance sheet data for the Laramie Corporation follows.Required Compute the following:a. Working capitalb. Current ratioc. Debt to assets ratiod. Debt to equity ratio
Vertical analysis Sanspree Company reported the following operating results for two consecutive years.Required Express each income statement component for each of the two years as a percentage of
Horizontal analysis Gamlin Corporation reported the following operating results for two consecutive years.Requireda. Compute the percentage changes in Gamlin Corporation’s income statement
Working capital and current ratio On October 31, 2006, Fordham Company’s total current assets were $50,000 and its total current liabilities were $20,000. On November 1, 2006, Fordham bought
Working capital and current ratio On October 31, 2006, Fordham Company’s total current assets were $50,000 and its total current liabilities were $20,000. On November 1, 2006, Fordham purchased
Current ratio Barnette Corporation purchased $500 of merchandise on account.Required Explain the effect of the purchase on Barnette’s current ratio.
Number of times interest earned The following data come from the financial records of the Keltner Corporation for 2005.Required How many times was interest earned in 2005?
Inventory turnover Selected financial information for Andrus Company for 2006 follows.Required Assuming that the merchandise inventory buildup was relatively constant, how many times did the
Vertical analysis Required Use the financial statements for Beasley Company from Problem 13-22A to perform a vertical analysis of both the balance sheets and income statements for 2006 and 2005.
to calculate the following ratios for 2006 and 2005.a. Working capitalb. Current ratioc. Quick ratiod. Receivables turnover (beginning receivables at January 1, 2005, were $47,000.)e. Average days to
Ratio analysis Required Use the financial statements for Beasley Company from
Horizontal analysis Financial statements for Beasley Company follow Required Prepare a horizontal analysis of both the balance sheet and income statement.
Ratio analysis The following financial statements apply to Skrinska Company.Required Calculate the following ratios for 2006 and 2007. When data limitations prohibit computing averages, use year-end
Supply missing balance sheet numbers The bookkeeper for Scott’s Country Music Bar went insane and left this incomplete balance sheet.Scott’s working capital is $90,000 and its debt to assets
Ratio analysis Selected data for Trigg Company for 2005 and additional information on industry averages follow Requireda. Calculate and compare Trigg Company’s ratios with the industry averages.b.
Spreadsheet Assignment Mastering Excel Beasley Company makes three types of exercise machines. Data have been accumulated for four possible overhead drivers. Data for these four possible drivers are
Spreadsheet Assignment Using Excel Tameron Corporation produces video games in three market categories: commercial, home video, and miniature handheld. Tameron has traditionally allocated overhead
Ethical Dilemma Conflicts between controlling cost and providing social responsibility to patients This case examines potential ethical issues faced by the dialysis clinic described in ATC 6-2. It
Writing Assignment Assessing a strategy to control quality cost Lucy Sawyer, who owns and operates Sawyer Toy Company, is a perfectionist. She believes literally in the “zero-defects” approach to
Research Assignment Using Six Sigma to implement TQM at Xerox Corp.Six Sigma is one system used in the pursuit of TQM, and the Xerox Corporation is one of many large companies that use it. The
Group Assignment Using ABC in a service business A dialysis clinic provides two types of treatment for its patients. Hemodialysis (HD), an in-house treatment, requires that patients visit the clinic
Business Applications Case Using ABC to improve product costing Extrusions Unlimited produces metal component parts for companies in the construction supply business. All of the components it
Assessing a quality control strategy Bret Eason, the president of Harris Plastic Company, is a famous cost cutter in the plastics industry.Two years ago, he accepted an offer from Harris’s board of
Cost management with an ABC system Kent Corporation manufactures two different coffee makers, Professional for commercial use and Home for family use. Dan Kaiser, the president, recently received
Target pricing and target costing with ABC Ingram Corporation manufactures two models of watches. Model Wonder displays cartoon characters and has simple features designed for kids. Model Marvel has
Pricing decisions made with ABC system cost data Schivo Furniture Corporation makes two types of dining tables, Elegance for formal dining and Comfort for casual dining, at its single factory. With
Key activity-based costing concepts Wellington Boot and Shoe Company makes hand-sewn boots and shoes. Wellington uses a companywide overhead rate based on direct labor hours to allocate indirect
Using activity-based costing to improve business decisions Weik CPA and Associates is a local accounting firm specializing in bookkeeping and tax services. The firm has four certified public
with the two-stage activity-based costing approach used in this problem.
Using activity-based costing to improve allocation accuracy This problem is an extension of Problem 6-14B, which must be completed first.Assume the same data as in Problem 6-14B with the following
Using activity-based costing to improve allocation accuracy Sanchez’s Commemoratives makes and sells two types of decorative plates. One plate displays a handpainted image of Princess Diana; the
Effect of transactions on current ratio and working capital Lagory Manufacturing has a current ratio of 3:1 on December 31, 2006. Indicate whether each of the following transactions would increase
Comparing an ABC system with a traditional costing system Since its inception, Kenneth Laboratory, has produced a single product, Product S109. With the advent of automation, the company added the
Applying concepts of quality cost management Rodney Nance, the president of Easeley Industries, Inc., was beaming when he was reviewing the company’s quality cost report. After he had implemented a
Allocating facility-level cost and a product elimination decision Kincaid Corporation produces two types of juice that it packages in cases of 24 cans per case. Selected per case data for the two
Computing product cost with given activity allocation rates Using automated production processes, Raspino Videos produces two kinds of camcorders: N100 is an analog recorder and D200 is a digital
Allocating costs with different cost drivers Julian Shoes Corporation produces three brands of shoes, Brisk, Pro, and Runner. Relevant information about Julian’s overhead activities, their
Allocating costs with different cost drivers Cray Sporting Goods, Inc., produces indoor treadmills. The company allocates its overhead costs using activity-based costing. The costs and cost drivers
Comparing an ABC system with a traditional cost system Use the information in Exercise 6-6B to complete the following requirements. Assume that before shifting to activity-based costing, Gideon
Computing overhead rates based on different cost drivers Gideon Industries produces two surge protectors: VC620 with six outlets and PH630 with eight outlets and two telephone line connections.
Understanding the context-sensitive nature of classifying activities McTyre Company makes two types of cell phones. Handy is a thin, pocket-size cell phone that is easy to carry around. Action is a
Classifying costs and identifying the appropriate cost driver Putin Corporation, a furniture manufacturer, uses an activity-based costing system. It has identified the following selected
Identifying appropriate cost drivers Required Provide at least one example of an appropriate cost driver (allocation base) for each of the following activities.a. Workers move materials from the
Classifying the costs of unit-, batch-, product-, or facility-level activities Dennis Manufacturing is developing an activity-based costing system to improve overhead cost allocation. One of the
Assessing a quality control strategy The following quality cost report came from the records of Clark Company.Requireda. Explain the strategy that Clark Company initiated to control its quality
Cost management with an ABC system Kackle Chairs, Inc., makes two types of chairs. Model Diamond is a high-end product designed for professional offices. Model Gold is an economical product designed
Target pricing and target costing with ABC Marsh Cameras, Inc., manufactures two models of cameras. Model ZM has a zoom lens; Model DS has a fixed lens. Marsh uses an activity-based costing system.
Pricing decisions made with ABC system cost data Conor Sporting Goods Corporation makes two types of racquets, tennis and badminton. The company uses the same facility to make both products even
Key activity-based costing concepts Agee Paint Company makes paint in many different colors; it charges the same price for all of its paint regardless of the color. Recently, Agee’s chief
Using activity-based costing to improve allocation accuracy The Tutor Institute (TTI), is a profit-oriented education business. TTI provides remedial training for high school students who have fallen
Using activity-based costing to improve allocation accuracy This problem is an extension of Problem 6-14A, which must be completed first.Persian’s accounting staff has disaggregated the $180,000 of
Effect of automation on overhead allocation Persian Rug Company makes two types of rugs, seasonal and all-purpose. Both types of rugs are handmade, but the seasonal rugs require significantly more
Comparing an ABC system with a traditional cost system Mohnen Electronics produces video games in three market categories, commercial, home, and miniature. Mohnen has traditionally allocated overhead
Allocating facility-level cost and a product elimination decision Holby Boards produces two kinds of skateboards. Selected unit data for the two boards for the last quarter follow.Holby allocates
Computing product cost with given activity allocation rates Paton Manufacturing produces two modems, one for laptop computers and the other for desktop computers. The production process is automated,
Allocating costs with different cost drivers Dingle Publishing identified the following overhead activities, their respective costs, and their cost drivers to produce the three types of textbooks the
Allocating costs with different cost drivers Bangkok Company produces commercial gardening equipment. Since production is highly automated, the company allocates its overhead costs to product lines
Comparing an ABC system with a traditional cost system Use the information in Exercise 6-6A to complete the following requirements. Assume that before shifting to activity-based costing, Obannon
Computing overhead rates based on different cost drivers Obannon Industries produces two electronic decoders, P and Q. Decoder P is more sophisticated and requires more programming and testing than
Context-sensitive nature of activity classification Pinson Company makes two types of circuit boards. One is a high-caliber board designed to accomplish the most demanding tasks; the other is a
Classifying costs and identifying the appropriate cost driver Lakeshore Manufacturing incurred the following costs during 2007 to produce its high-quality precision instruments. The company used an
Identifying appropriate cost drivers Required Provide at least one example of an appropriate cost driver (allocation base) for each of the following activities.a. Lighting is used for production
Classifying the costs of unit-, batch-, product-, or facility-level activities Gracestone Manufacturing is developing an activity-based costing system to improve overhead cost allocation. One of the
If each patient in a hospital is considered a cost object, what are examples of unit-, batch-, product- and facility-level costs that would be allocated to this object using an activity-based cost
When would it be appropriate to use volume-based cost drivers in an activity-based cost system?
Why did traditional cost systems base allocations on a single companywide cost driver?
Prepare and interpret quality cost reports.
Identify the components of quality costs.
Use activity-based costing to calculate costs of products and services.
Identify cost centers and cost drivers in an activitybased cost system.
Explain how activity-based costing improves accuracy in determining the cost of products and services.
Ratio analysis Randich Company’s income statement information follows.The average number of shares outstanding was 7,800 for 2007 and 6,900 for 2006.Required Compute the following ratios for
Vertical analysis The following percentages apply to Hague Company for 2005 and 2006.Required Assuming that sales were $600,000 in 2005 and $800,000 in 2006, prepare income statements for the two
Comprehensive analysis The December 31, 2005, balance sheet for Webb Corporation is presented here. These are the only accounts on Webb’s balance sheet. Amounts indicated by question marks (?) can
Accounts receivable turnover, inventory turnover, and net margin Selected data from Hyatt Company follow.Required Compute the following.a. The accounts receivable turnover for 2006.b. The inventory
Ratio analysis L.O. 2, 3, 4, 5, 6, 7 Compute the specified ratios using Nunez Company’s balance sheet for 2006.The average number of common stock shares outstanding during 2006 was 880 shares. Net
Horizontal and vertical analysis Income statements for Marstrander Company for 2005 and 2006 follow.Requireda. Perform a horizontal analysis, showing the percentage change in each income statement
Ratio analysis During 2006, Dwyer Corporation reported after-tax net income of $4,737,000. During the year, the number of shares of stock outstanding remained constant at 10,000 of $100 par, 9
Ratio analysis The balance sheet for Sackfield Corporation follows.Required Compute the following
Vertical analysis Rivera Company reported the following operating results for two consecutive years.Required Express each income statement component for each of the two years as a percent of sales.
Horizontal analysis Eason Corporation reported the following operating results for two consecutive years.Requireda. Compute the percentage changes in Eason Corporation’s income statement components
Working capital and current ratio On June 30, 2006, Calhoun Company’s total current assets were $160,000 and its total current liabilities were $100,000. On July 1, 2006, Calhoun issued a long-term
Working capital and current ratio On June 30, 2006, Calhoun Company’s total current assets were $160,000 and its total current liabilities were $100,000. On July 1, 2006, Calhoun issued a
Current ratio Strevy Corporation wrote off a $700 uncollectible account receivable against the $8,400 balance in its allowance account.Required Explain the effect of the write-off on Strevy’s
Number of times interest earned The following data come from the financial records of Fitzgerald Corporation for 2006.Required How many times was interest earned in 2006?

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