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business
fundamental accounting

Questions and Answers of Fundamental Accounting

Capital budgeting is (a) concerned with analyzing alternative sources of capital, including debt and equity, (d) an important activity for companies when considering what assets to acquire or sell,
Why are capital budgeting decisions often difficult?
A company is considering purchasing equipment costing $75,000. Future annual net cash flows from this equipment are $30,000, $25,000, $15,000, $10,000, and $5,000. The payback period is (a) 4 years,
If depreciation is an expense, why is it added back to an investment's net income to compute the net cash flow from that investment?
The following data relate to a company's decision on whether to purchase a machine:Cost.$ 180,000 Salvagevalue. 15,000 Annual after-tax netincome. 40,000 The machine's accounting rate of return,
Is a 15% accounting rate of return for a machine a good rate?
A company can invest in only one of two projects, A or B, Each project requires a $20,000 investment and is expected to generate end-of-period, annual cash flows as follows:Assuming a discount rate
Two investment alternatives are expected to generate annual cash flows with the same net present value (assuming the same discount rate applied to each). Using this information, can you conclude that
When two investment alternatives have the same total expected cash flows but differ in the timing of those flows, which method of evaluating those investments is superior,(a) accounting rate of
A company receives a special order for 200 units that requires stamping the buyer's name on each unit, yielding an additional fixed cost of $400 to its normal costs. Without the order, the company is
What are the incremental costs of accepting additional business?
A company has already incurred a $1,000 cost in partially producing its four products. Their selling prices when partially and fully processed follow with additional costs necessary to finish these
A company is considering the purchase of equipment for $270,000. Projected annual cash inflow from this equipment is $61,200 per year. The payback period is:a. 0.2 yearsb. 5.0 yearsc. 4.4 yearsd. 2.3
Acompany buys a machine for $180,000 that has an expected life of nine years and no salvage value. The company expects an annual net income (after taxes of 30%) of $8,550. What is the accounting rate
Peng Company is considering an investment expected to generate an average net income after taxes of $1,950 for three years. The investment costs $45,000 and has an estimated $6,000 salvage value.
Heels, a shoe manufacturer, is evaluating the costs and benefits of new equipment that would custom fit each pair of athletic shoes. The customer would have his or her foot scanned by digital
Managerial accounting produces information (a) to meet internal users' needs, {b) to meet a user's specific needs, (c) often focusing on the future, or id) all of these.
What is the difference between the intended users of financial and managerial accounting?
Do generally accepted accounting principles (GAAP) control and dictate managerial accounting?
Which type of cost behavior increases total costs when volume of activity increases?
How could traceability of costs improve managerial decisions?
What are the three types of inventory on a manufacturing company's balance sheet?
How does cost of goods sold differ for merchandising versus manufacturing companies?
A manufacturing statement (a) computes cost of goods manufactured for the period,(b) computes cost of goods sold for the period, or (c) reports operating expenses incurred for the period.
Are companies required to report a manufacturing statement?
How are both beginning and ending goods in process inventories reported on a manufacturing statement?
Understanding the classification and assignment of costs is important. Consider a company that manufactures computer chips. It incurs the following costs in manufacturing chips and in operating the
A manufacturing company’s balance sheet and income statement differ from those for a merchandising or service company.Required 1. Fill in the [BLANK] descriptors on the partial balance sheets for
The following account balances and other information are from SUNN Corporation’s accounting records for year-end December 31, 2013. Use this information to prepare (1) a table listing factory
Explain the purpose and nature of, and the role of ethics in, managerial accounting.
Describe accounting concepts useful in classifying costs
Define product and period costs and explain how they impact financial statements
Explain how balance sheets and income statements for manufacturing and merchandising companies differ
Explain manufacturing activities and the flow of manufacturing costs.
Describe trends in managerial accounting.
Prepare a manufacturing statement and explain its purpose and links to financial statements
Costs that are incurred as part of the manufacturing process, but are not clearly traceable to the specific unit of product or batches of product, are calleda. Period costs.b. Factory overhead.c.
The three major cost components of manufacturing a product area. Direct materials, direct labor, and factory overhead.b. Period costs, product costs, and sunk costs.c. Indirect labor, indirect
A company reports the following for the current year.Its cost of goods manufactured for the current year isa. $1,500.b. $1,700.c. $7,500.d. $2,800.e. $4,700. Finished goods inventory, beginning year
Distinguish between (a) factory overhead and (h) selling and administrative overhead.
List the four components of a manufacturing statement and provide specific examples of each for Polaris.
Managerial accounting (choose one)1. Is directed at reporting aggregate data on the company as a whole.2. Provides information that is widely available to all interested parties.3. Must follow
Identify whether each description most likely applies to managerial or financial accounting.1. Its primary users are company managers.2. Its information is often available only after an audit is
Which of these statements is true regarding product and period costs?1. Factory maintenance is a product cost and sales commission is a period cost.2. Sales commission is a product cost and
Which of these statements is true regarding fixed and variable costs?1. Fixed costs stay the same and variable costs increase in total as activity volume increases.2. Both fixed and variable costs
Compute cost of goods sold for year 2013 using the following information Finished goods inventory, Dec. 31, 2012.. Goods in process inventory, Dec. 31, 2012 Goods in process inventory, Dec. 31, 2013
A company has year-end cost of goods manufactured of $4,000, beginning finished goods inventory of $500, and ending finished goods inventory of $750. Its cost of goods sold is 1. $4,250 2. $4,000 3.
Identify the usual sequence of manufacturing activities by filling in the blank (1, 2 or 3) corresponding to its order: _______. Production activities: _________sales activities;________ materials
Prepare the 2013 manufacturing statement for Briton Company using the following information Direct materials $190,500 Direct labor.... 63,150 Factory overhead costs 24,000 Goods in process, Dec. 31,
Match each lean business concept with its best description by entering its letter in the blank. 1. 2. 3. 4. Just-in-time manufacturing _ Continuous improvements Customer orientation Total quality
Refer to QS 18-12 and compute raw materials inventory turnover and the number of days’ sales in raw materials inventory.
Complete the following statements by filling in the blanks.1.______ ______ usually covers a period of one year.2. ______is the process of monitoring planning decisions and evaluating an
Listed here are product costs for the production of soccer balls. (1) Classify each cost (a) as either variable or fixed and (b) as either direct or indirect. (2) What pattern do you see regarding
Using the following data, compute (1) the cost of goods manufactured and (2) the cost of goods sold for both Garcia Company and Culpepper Company. Garcia Culpepper Company Company Beginning finished
Compute cost of goods sold for each of these two companies for the year ended Decemher 31,2013 1 Viking Retail 2 Log Homes Manufacturing 4 5 3 Beginning inventory Merchandise Finished goods $275,000
For each of the following accounts for a manufacturing company, place a tick mark in the appropriate column indicating that it appears on the balance sheet, the income statement, the manufacturing
Given iho (bllowing sclcclcti accoiinl balances ot'Shanla Ctnnpany, prepare its nianiit’acluring statement for the year eiuleti on December 31,2013. Incliitle a listing of the iiulividnal overhead
U.se the information in Exercise 18-12 to prepare an income statement for Shanta Company (a manufacturer). Assume that its cost of goods manufactured is $534,390.
hollowing are three .separate events affecting the managerial accounting systems for different eompanies. Match the management concept(s) that the eompany is likely to adopt for the event identified.
Customer orientation means that a company’s managers and employees respond to customers’ changing wants and needs. A manufacturer of metal parts has created a customer satisfaction survey that it
This chapter explained the purpose of managerial accounting in the context of the current business environment. Review the automobile section of your local newspaper; the Sunday paper is often best.
The following calendar year-end information is taken from the December 31, 2013, adjusted trial balance and other records of DeLcon Company.Required 1. Prepare the company’s 2013 manufacturing
Many fast-food restaurants compete on lean business concepts. Match each of the following activities at a fast-food restaurant with the lean business concept it strives to achieve. Some activities
This chapter described the purpose of managerial accounting in the context of the current business environment. Review the home electronics section of your local newspaper; the Sunday paper is often
The following calendar year-end information is taken from the December 31, 2013, adjusted trial balance and other records of Elegant Furniture.Required 1. Prepare the company’s 2013 manufacturing
Canon manufactures digital cameras and must compete on lean manufacturing concepts. Match each of the following activities that it engages in with the lean manufacturing concept it strives to
Managerial accounting is more than recording, maintaining, and reporting financial results. Managerial accountants must provide managers with both financial and nonfmancial information including
Managerial accounting professionals follow a code of ethics. As a member of the Institute of Management Accountants, the managerial accountant must comply with Standards of Ethical Conduct.Required
The following calendar-year information is taken from the December 31, 2013, adjusted trial balance and other records of Dahlia Company.Required 1. Each team member is to be responsible for computing
Visit your favorite fast-food restaurant. Observe its business operations.Required 1. Describe all business activities from the time a customer arrives to the time that Customer departs.2. List all
Identify the three categories of cash flows reported separately on the statement of cash flows.
Identify the cash activity category for each transaction; (a) purchase equipment for cash,(b) cash payment of wages, (c) sale of common stock for cash, (d) receipt of cash dividends from stock
Determine the net cash provided or used by operating activities using the following data: net income, $74,900; decrease in accounts receivable, $4,600; increase in inventory, $11,700; decrease in
This period's wages and other operating expenses total $112,000. Beginning-of-period prepaid expenses totaled $1,200, and its ending balance is $4,200. There were no beginning-of-period accrued
Use the following balance sheets and income statement to answerRequired Use the indirect method to prepare the cash provided or used from operating activities section only of the statement of cash
Use the following balance sheets and income statement to answerFurniture costing $55,000 is sold at its book value in 2013. Acquisitions of furniture total $45,000 cash, on which no depreciation is
Use the following balance sheets and income statement to answer1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2013?2. Assume that no additional notes
Use the following balance sheets and income statement to answer1. How much cash is paid to acquire merchandise inventory during year 2013?2. How much cash is paid for operating expenses during year
Use the following balance sheets and income statement to answerUse the direct method to prepare the cash provided or used from operating activities section only of the statement of cash flows for
Compute cash flows from investing activities using the following company information. Sale of short-term investments Cash collections from customers Purchase of used equipment. Depreciation expense.
Compute cash flows from financing activities using the following company information Additional short-term borrowings $20,000 Purchase of short-term investments 5,000 Cash dividends paid 16,000
Fitzpatrick Company's calendar-year 2013 income statement shows the following: Net Income. $374,000; Depreciation Expense, $44,000; Amortization Expense, $7,200; Gain on Sale of Plant Assets, $6,000.
Information: The following income statement and information about changes in noncash current assets and current liabilities are reportedChanges in current asset and current liability accounts for the
Refer to the information about Sonad Company in Exercise 16-6. Use the direct method to prepare only the cash provided or used by operating activities section of the statement of cash flows for this
Information: The following financial statements and additional information are reported.Additional Informationa. A $30,000 note payable is retired at its $30,000 carrying (book) value in exchange for
Refer to the information in Exercise 16-10.Using the direct method, prepare the statement of cash flows for the year ended June 30, 2013.
Complete the following spreadsheet in preparation of the statement of cash flows. (The statement of cash flows is not required.) Prepare the spreadsheet as in Exhibit 16A.1; report operating
Lansing Company’s 2013 income statement and selected balance sheet data at December 31, 2012 and 2013, follow,Required Check Cash from operating Prepare the cash flows from operating activities
Refer to the information in Problem 16-7A.Required Prepare the cash flows from operating activities section only of the company’s 2013 statement of cash flows using the direct method.
Refer to the information reported about Satu Company in Problem 16-4B.Required Prepare a complete statement of cash flows using a spreadsheet as in Exhibit 16A.1; report operating ac¬ tivities under
Refer to the information in Problem 16-7B.Required Prepare the cash flows from operating activities section only of the company’s 2013 statement of cash flows using the direct method.
Refer to Polaris’ financial statements in Appendix A to answer the following.1. Is Polaris’ statement of cash flows prepared under the direct method or the indirect method? How do you know?2. For
Use the following financial statements of Precision Co. to complete these requirements.1. Prepare comparative income statements showing the percent increase or decrease for year 2013 in comparison to
What is (Jalloway Company’s current ratio?a. 0.69b. 1.31c. 3.XSd. 6.69e. 2..39 GALLOWAY COMPANY Balance Sheet December 31, 2013 Assets Cash..... $ 86,000 Accounts receivable 76,000 Merchandise
What is CJalloway Company’s acid-te.st ratio?a. 2.39b. 0.69c. 1.31d. 6.69e. 3.88 GALLOWAY COMPANY Balance Sheet December 31, 2013 Assets Cash..... $ 86,000 Accounts receivable 76,000 Merchandise
What is Calloway Company’s debt ratio?a. 2.5.78%b. 100.00%c. 74.22%d. 137.78%e. 34.74% GALLOWAY COMPANY Balance Sheet December 31, 2013 Assets Cash..... $ 86,000 Accounts receivable 76,000
What is Galloway Company’s equity ratio?a. 2.5.78%b. 100.00%c. 34.74%d. 74.22%e. 137.78% GALLOWAY COMPANY Balance Sheet December 31, 2013 Assets Cash..... $ 86,000 Accounts receivable 76,000
Use the following information for Tide Corporation to determine the 2012 and 2013 trend percents for net QS 17-2 sales using 2012 as the base year ($ thousands) Net sales 2013 2012 $801,810 $453,000
Refer to the Simon Company information in Exercise 17-7. The company’s income statements for the years ended December 31, 2014 and 2013, follow. Assume that all sales are on credit and then
Enter the letter of the description A through H that best fits each term or phrase 1 through 8.A. Records and tracks the bondholders’ names.B. Is unsecured; backed only by the issuer’s credit

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