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financial managerial accounting

Questions and Answers of Financial Managerial Accounting

Inventory turnover Selected financial information for Froning Company for 2007 follows Required Assuming that the merchandise inventory buildup was relatively constant, how many times did the
Calculate ratios for assessing a company’s position in the stock market.
Calculate ratios for assessing company management’s effectiveness.
Calculate ratios for assessing a company’s solvency.
Calculate ratios for assessing a company’s liquidity.
Explain ratio analysis.
Describe factors associated with communicating useful information.
Spreadsheet Assignment Mastering Excel Refer to the job cost sheet in Exhibit 12.3.Required Construct a spreadsheet that recreates the job cost sheet in Exhibit 12.3. Use formulas wherever possible,
Spreadsheet Assignment Using Excel Lewis Company had 8,000 units of product in work in process inventory at the beginning of the period and started 16,000 units during the period. At the end of the
Ethical Dilemma Amount of equivalent units René Alverez knew she was in over her head soon after she took the job. Even so, the opportunity for promotion comes along rarely and she believed that she
Writing Assignment Determining the proper cost system Professor Julia Silverman received the following e-mail message.“I don’t know if you remember me. I am Tim Wallace. I was in your
Research Assignment What type of cost system to use?In the BusinessWeek article “How Would You Like Your Ford?” Kathleen Kerwin reports on ways Ford Motor Company is changing procedures used to
Group Assignment Job-order cost system Bowen Bridge Company constructs bridges for the State of Kentucky. During 2007, Bowen started work on three bridges. The cost of materials and labor for each
Business Application Case Comprehensive job-order costing problem This problem covers concepts that were presented in Chapters 11 and 12 concerning job-order costing systems.Custom Automobile
Process cost system Cowboy Gifts makes unique western gifts that are sold at souvenir shops. One of the company’s more popular products is a ceramic Eagle that is produced in a mass production
Process cost system Sherman Paper Products Corporation produces paper cups using two production departments, printing and forming. Beginning balances and printing department data for 2006 follow.1.
Process cost system Putney Corporation makes blue jeans. Its process involves two departments, cutting and sewing. The following data pertain to the cutting department’s transactions in 2006.1. The
Determining inventory cost using process costing Shabrova Company’s beginning work in process inventory consisted of 4,500 units of product on January 1, 2006. During 2006, the company started
Process cost system cost of production report At the beginning of 2007, Dale Company had 1,800 units of product in its work in process inventory, and it started 19,200 additional units of product
Process cost system Use the ending balances from Problem 12-15B as the beginning balances for this problem. The transactions for the second year of operation (2007) are described here. (Assume that
Process cost system Chaplin Food Company makes frozen vegetables. Production involves two departments, processing and packaging. Raw materials are cleaned and cut in the processing department and
Job-order cost system Kearney Roofing Corporation was founded on January 1, 2007, when stockholders contributed $2,800 for common stock. During the year, Kearney purchased $2,400 of direct raw
Job-order cost system Schiller Corporation was created on January 1, 2006, when it received a stockholder’s contribution of$40,000. It purchased $7,900 of raw materials and worked on three job
Selecting the appropriate costing system Foxwell Automotive Specialties, Inc., has a successful market niche. It customizes automobile interiors to fit the various needs of disabled customers. Some
Process costing: supply missing information Gospel Publications, Inc., produces Bibles in volume. It printed and sold 120,000 Bibles last year. Demand is sufficient to support producing a particular
Process costing: determining equivalent units and allocating costs Walker Corporation, which makes suitcases, completed 21,000 suitcases in August 2006. At the end of August, work in process
Allocating costs in a process costing system Gobin Corporation, a manufacturer of diabetic testing kits, started November production with $75,000 in beginning inventory. During the month, the company
Process costing: determining equivalent units In March 2006, Martinez Corporation’s battery plant had 1,500 units in its beginning work in process inventory. During March, the company added 18,000
Determine missing information for a job order The following information pertains to Job 712 that Troy Manufacturing Company completed during January 2007. Materials and labor costs for the job were
Job-order costing in a service company Lanzi Consulting provides financial and estate planning services on a retainer basis for the executive officers of its corporate clients. It incurred the
Job-order costing in a manufacturing company Kaufler Advertisements Corporation designs and produces television commercials for clients. On March 1, 2007, the company issued common stock for $48,000
Job-order costing in a manufacturing company Hillary Drapery, Inc., specializes in making custom draperies for both commercial and residential customers. It began business on August 1, 2006, by
Job-order or process costing Gloria Gill, an artist, plans to make her living drawing customer portraits at a stand in Underground Atlanta. She will carry her drawing equipment and supplies to work
Identifying the appropriate cost system Morgan Corporation’s Knox Plant in Clear Lake, Texas, produces the company’s weed-control chemical solution, Weed Terminator. Production begins with pure
Process cost system Bellanca Corporation makes a health beverage named Bellanca that is manufactured in a two-stage production process. The drink is first created in the Conversion Department where
Process cost system Sparkle Cola Corporation produces a new soft drink brand, Sweet Spring, using two production departments, mixing and bottling. Sparkle’s beginning balances and data pertinent to
Process cost system Collier Plastic Products Company makes a plastic toy using two departments, parts and assembly. The following data pertain to the parts department’s transactions in 2006.1. The
Determining inventory cost using a process cost system Kenny Company had 200 units of product in work in process inventory at the beginning of the period.It started 1,400 units during the period and
Process cost system cost of production report Portera Company had 250 units of product in its work in process inventory at the beginning of the period and started 2,000 additional units during the
Process cost system Use the ending balances from Problem 12-15A as the beginning balances for this problem. The transactions for the second year of operation (2007) are described here. (Assume that
Process cost system Seating Corporation makes rocking chairs. The chairs move through two departments during production. Lumber is cut into chair parts in the cutting department, which transfers the
Job-order cost system Stewart Construction Company began operations on January 1, 2007, when it acquired $6,000 cash from the issuance of common stock. During the year, Stewart purchased $2,600 of
Job-order cost system Runner Manufacturing Corporation was started with the issuance of common stock for $10,000. It purchased $7,000 of raw materials and worked on three job orders during 2007 for
Selecting the appropriate cost system Marvin’s Car Wash (MCW) offers customers three cleaning options. Under Option 1, only the exterior is cleaned. With Option 2, the exterior and interior are
Process cost system Ensley Company is a cosmetics manufacturer. Its assembly department receives raw cosmetics from the molding department. The assembly department places the raw cosmetics into
Process cost system—determine equivalent units and allocate costs Cascade Ski Company manufactures snow skis. During the most recent accounting period, the company’s finishing department
Cost allocation in a process system Moore Watches, Inc., makes watches. Its assembly department started the accounting period with a beginning inventory balance of $21,500. During the accounting
Process cost system—determine equivalent units Rush Furniture Company’s cutting department had 200 units in its beginning work in process inventory. During the accounting period it began work on
Job-order cost system The following information applies to Job 730 completed by Pizitz Manufacturing Company during October 2007. The amount of labor cost for the job was $89,800. Applied overhead
Job-order costing in a service company Birchtree Condos Corporation is a small company owned by Steve Langley. It leases three condos of differing sizes to customers as vacation facilities. Labor
Job-order costing in a manufacturing company Houzer Corporation makes custom-order furniture to meet the needs of disabled persons. On January 1, 2006, the company had the following account balances:
Job-order costing in a manufacturing company Windham Corporation builds sailboats. On January 1, 2007, the company had the following account balances: $40,000 for both cash and common stock. Boat 25
Job-order or process cost system and a pricing decision Roy Tang, a tailor in his home country, recently immigrated to the United States. He is interested in starting a business making custom suits
Identifying the appropriate cost system Maurice Company makes small aluminum storage bins that it sells through a direct marketing mailorder business. The typical bin measures 6 8 feet. The bins
Matching products with appropriate cost systems Required Indicate which cost system (job-order, process, or hybrid) would be most appropriate for the type of product listed in the left-hand column.
In a process cost system, what does the term transferred-in costs mean? How is the amount of transferred-in costs determined?
What is the purpose of each of the three primary steps in a process cost system? Describe each.
Why is a process cost system not appropriate for companies that produce items that are distinctly different from one another?
How is depreciation on manufacturing equipment recorded in ledger accounts? How is this depreciation assigned to the items produced in a job-order cost system and in a process cost system?
How is indirect labor recorded in ledger accounts? How is this labor eventually assigned to the items produced in a job-order cost system?
In a job-order cost system, what are the Work in Process Inventory subsidiary records called?What information is included in these subsidiary records?
How do source documents help accountants operate a cost system?
Which system, a job-order or a process cost system, requires more documentation?
Ludwig Company, which normally operates a process cost system to account for the cost of the computers that it produces, has received a special order from a corporate client to produce and sell 5,000
How is the unit cost of a product determined in a process cost system?
To what types of products is a process cost system best suited? Provide examples.
To what types of products is a job-order cost system best suited? Provide examples.
Calculate equivalent units and prepare a cost of production report.
Explain how events in a process cost system affect financial statements.
Explain how events in a job-order cost system affect financial statements.
Identify documentation used in a job-order cost system.
Distinguish between job-order and process cost systems.
Preparing a schedule of cash payments for selling and administrative expenses The budget director for Vase Window Cleaning Services prepared the following list of expected operating expenses. All
Determining the amount of expected inventory purchases and cash payments Sharp Company, which sells electric razors, had $356,000 of cost of goods sold during the month of June.The company projects a
Preparing inventory purchases budgets with different assumptions Executive officers of Grant Company are wrestling with their budget for the next year. The following are two different sales estimates
Preparing a schedule of cash payments for inventory purchases Book Depot buys books and magazines directly from publishers and distributes them to grocery stores.The wholesaler expects to purchase
Preparing an inventory purchases budget Moonlight Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Moonlight’s
Using judgment in making a sales forecast Sweet Taste Company operates a candy store located in a large shopping mall.Required Write a brief memo describing the sales pattern that you would expect
Determining cash receipts from accounts receivable Dress Delivery operates a mail-order business that sells clothes designed for frequent travelers. It had sales of $580,000 in December. Because
Preparing sales budgets with different assumptions Gilbert Corporation, which has three divisions, is preparing its sales budget. Each division expects a different growth rate because economic
Preparing a schedule of cash receipts The budget director of Tricia’s Florist has prepared the following sales budget. The company had$120,000 in accounts receivable on July 1. Tricia’s Florist
Preparing the sales budget DigiCam, which expects to start operations on January 1, 2006, will sell digital cameras in shopping malls. DigiCam has budgeted sales as indicated in the following table.
Budget responsibility Lucy Whitlaw, the accountant, is a perfectionist. No one can do the job as well as she can. Indeed, she has found budget information provided by the various departments to be
Prepare a pro forma income statement, balance sheet, and statement of cash flows.
Prepare a cash budget.
Prepare a selling and administrative expense budget and related schedule of cash payments.
Prepare an inventory purchases budget and related schedule of cash payments.
Prepare a sales budget and related schedule of cash receipts.
Explain the relationship between budgeting and human behavior.
Describe the budgeting process and the benefits it provides.
Determining the amount of cash payments and pro forma statement data for selling and administrative expenses January budgeted selling and administrative expenses for the retail shoe store that June
Preparing a cash budget The accountant for Anne’s Dress Shop prepared the following cash budget. Anne’s desires to maintain a cash cushion of $14,000 at the end of each month. Funds are assumed
Determining amount to borrow and pro forma statement balances Victoria Atwell owns a small restaurant in New York City. Ms. Atwell provided her accountant with the following summary information
Preparing pro forma income statements with different assumptions Stan Hogan, the controller of Tameron Corporation, is trying to prepare a sales budget for the coming year. The income statements for
Preparing a sales budget and schedule of cash receipts Melburn Pointers Corporation expects to begin operations on January 1, 2008; it will operate as a specialty sales company that sells laser
Preparing the inventory purchases budget and schedule of cash payments Rutledge, Inc., sells fireworks. The company’s marketing director developed the following cost of goods sold budget for April,
Preparing a schedule of cash payments for selling and administrative expenses Larsen is a retail company specializing in men’s hats. Its budget director prepared the list of expected operating
Preparing a cash budget Guldry Medical Clinic has budgeted the following cash flows.Guldry Medical had a cash balance of $8,000 on January 1. The company desires to maintain a cash cushion of $5,000.
Preparing budgets with multiple products Season Fruits Corporation wholesales peaches and oranges. Maria Deeter is working with the company’s accountant to prepare next year’s budget. Ms. Deeter
Behavioral impact of budgeting Cooney Corporation has three divisions, each operating as a responsibility center. To provide an incentive for divisional executive officers, the company gives

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