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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

Mosman Ltd. is preparing its annual budgets for the year ending December 31, 2020. Accounting assistants furnish the data shown below. (Prices and costs are in Australian dollars.)An accounting
Cornwall Farm Supply manufactures and sells a pesticide called Snare. The following data are available for preparing budgets for Snare for the first 2 quarters of 2020.1. Sales: quarter 1, 40,000
In May 2020, the budget committee of Bayan Stores assembles the following data in preparation of budgeted merchandise purchases for the month of June.1. Expected sales: June HK$500,000, July
Green Landscaping is preparing its budget for the first quarter of 2020. The next step in the budgeting process is to prepare a cash receipts schedule and a cash payments schedule. To that end, the
Nagaland plc’s budgeted sales and direct materials purchases are as follows.Nagaland’s sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month
The controller of Tanandar Apparel wants to improve the company’s control system by preparing a month-by-month cash budget. The following information is for the month ending July 31, 2020.June 30,
Deitz AG is projecting a cash balance of €30,000 in its December 31, 2019, statement of financial position. Deitz’s schedule of expected collections from customers for the first quarter of 2020
Laau Ltd. expects to have a cash balance of NT$450,000 on January 1, 2020. Relevant monthly budget data for the fi rst 2 months of 2020 are as follows.Collections from customers: January NT$850,000,
Brisbane Sports has accumulated the following budget data for the year 2020.1. Sales: 30,000 units, unit selling price £85.2. Cost of one unit of finished goods: direct materials 1 kilogram at £5
Kunsan Industries combines its operating expenses for budget purposes in a selling and administrative expense budget. For the first 6 months of 2020, the following data are available.1. Sales: 20,000
Dusseldorf SE is preparing its manufacturing overhead budget for 2020. Relevant data consist of the following.Units to be produced (by quarters): 10,000, 12,000, 14,000, 16,000.Direct labor: time is
Leicester Art makes and sells custom frames for pictures. The controller is responsible for preparing the master budget and has accumulated the following information for 2020.Leicester has a labor
Rodriguez Enterprises is preparing its direct labor budget for 2020 from the following production budget based on a calendar year.Each unit requires 1.5 hours of direct labor.InstructionsPrepare a
Fuqua SA’s sales budget projects unit sales of part 198Z of 10,000 units in January, 12,000 units in February, and 13,000 units in March. Each unit of part 198Z requires 4 kilograms of materials,
On January 1, 2020, the Pok Goods budget committee has reached agreement on the following data for the 6 months ending June 30, 2020.Sales units: First quarter 5,000; second quarter 6,000; third
Tripura Industries has adopted the following production budget for the first 4 months of 2020.Each unit requires 2 kilograms of raw materials costing Rs300 per kilogram. On December 31, 2019, the
Liau Automotive produces and sells automobile batteries, the heavy-duty HD-240. The 2020 sales forecast is as
Thome and Crede, accountants, are preparing their service revenue (sales) budget for the coming year (2020). The practice is divided into three departments: auditing, tax, and consulting. Billable
Sheung Electronics produces and sells two models of calculators, XQ-103 and XQ-104. The calculators sell for HK$150 and HK$250, respectively. Because of the intense competition Sheung faces,
Thanjavur Toys has always done some planning for the future, but the company has never prepared a formal budget. Now that the company is growing larger, it is considering preparing a
SanTin Ltd. estimates that 2020 sales will be HK$400,000 in quarter 1, HK$480,000 in quarter 2, and HK$580,000 in quarter 3. Cost of goods sold is 50% of sales. Management desires to have ending
Bahia Lawn management wants to maintain a minimum monthly cash balance of R$25,000. At the beginning of April, the cash balance is R$25,000, expected cash receipts for April are R$245,000, and cash
Pargo SpA is preparing its budgeted income statement for 2020. Relevant data pertaining to its sales, production, and direct materials budgets can be found in DO IT! 24.2. In addition, Pargo budgets
Pargo SpA is preparing its master budget for 2020. Relevant data pertaining to its sales, production, and direct materials budgets are as follows. Sales. Sales for the year are expected to total
Malatya Wholesalers is preparing its merchandise purchases budget. Budgeted sales are 400,000 for April and 480,000 for May. Cost of goods sold is expected to be 65% of sales. The company’s desired
Katsuta Industries expects credit sales for January, February, and March to be ¥220,000, ¥260,000, and ¥300,000, respectively. It is expected that 75% of the sales will be collected in the month
Newcastle Boots has completed all of its operating budgets. The sales budget for the year shows 50,000 units and total sales of £2,250,000. The total unit cost of producing one unit is £25. Selling
Echuca Autos classifies its selling and administrative expense budget into variable and fixed components. Variable expenses are expected to be €24,000 in the first quarter, and €4,000 increments
For Roche Furniture, variable manufacturing overhead costs are expected to be €20,000 in the first quarter of 2020, with €5,000 increments in each of the remaining three quarters. Fixed overhead
For Cheju Ltd., units to be produced are 5,000 in quarter 1 and 7,000 in quarter 2. It takes 1.6 hours to make a finished unit, and the expected hourly wage rate is W15,000 per hour. Prepare a direct
Paotow Group has 2,000 kilograms of raw materials in its December 31, 2019, ending inventory. Required production for January and February of 2020 are 4,000 and 5,000 units, respectively. Two
Sales budget data for Pillay Company are given in BE24.2. Management desires to have an ending finished goods inventory equal to 25% of the next quarter’s expected unit sales. Prepare a production
Pillay Company estimates that unit sales will be 10,000 in quarter 1, 14,000 in quarter 2, 15,000 in quarter 3, and 18,000 in quarter 4. Using a sales price of R70 per unit, prepare the sales budget
Iskandar Electronics uses the following budgets: statement of financial position, capital expenditure, cash, direct labor, direct materials, income statement, manufacturing overhead, production,
How may expected revenues in a service company be computed?
Natan Cookware has credit sales of Rp600,000,000 in January. Past experience suggests that 40% is collected in the month of sale, 50% in the month following the sale, and 10% in the second month
For Sato Ltd., the budgeted cost for one unit of product is direct materials ¥1,000, direct labor ¥2,000, and manufacturing overhead 80% of direct labor cost. If 25,000 units are expected to be
Everly plc’s variable selling and administrative expenses are 12% of net sales. Fixed expenses are £50,000 per quarter. The sales budget shows expected sales of £200,000 and £240,000 in the
Ortiz Appliances’ manufacturing overhead budget shows total variable costs of €198,000 and total fixed costs of €162,000. Total production in units is expected to be 150,000. It takes 20
The production budget of Rojas SA calls for 80,000 units to be produced. If it takes 45 minutes to make one unit and the direct labor rate is R$48 per hour, what is the total budgeted direct labor
In preparing the direct materials budget for Quan Group, management concludes that required purchases are 64,000 units. If 52,000 direct materials units are required in production and there are 9,000
Prasenjit Gupta maintains that the only difference between budgeting and long-range planning is time. Do you agree? Why or why not?
Jugai Ghorai asks for your help in understanding the essentials of effective budgeting. Identify the essentials for Jugai.
Shih Bo and Hong Yu are discussing the benefits of budgeting. They ask you to identify the primary benefits of budgeting. Comply with their request.
Bima Yatsen became Chief Executive Officer of Pahlawan Enterprises two years ago. At the time, the company was reporting lagging profits, and Bima was brought in to “stir things up.” The company
Hao Yang is a production manager at a metal fabricating plant. Last night, he read an article about a new piece of equipment that would dramatically reduce his division’s costs. Hao was very
MiniTek manufactures private-label small electronic products, such as alarm clocks, calculators, kitchen timers, stopwatches, and automatic pencil sharpeners. Some of the products are sold as sets,
Nakamura Designs is considering the purchase of a new machine. The invoice price of the machine is ¥14,000,000, freight charges are estimated to be ¥400,000, and installation costs are expected to
Khiw NV has four operating divisions. During the first quarter of 2020, the company reported aggregate income from operations of €213,000 and the following divisional results.Discontinuance of any
Last year (2019), Yi Tower installed a mechanized elevator for its tenants. The owner of the company, Hosun Yi, recently returned from an industry equipment exhibition where he watched a computerized
The management of Zhou Manufacturing is trying to decide whether to continue manufacturing a part or to buy it from an outside supplier. The part, called CISCO, is a component of the company’s
Gujarat Industries operates a small factory in which it manufactures two products: C and D. Production and sales results for last year were as follows. For purposes of simplicity, the
Amarina Walker, a recent graduate of Queensland’s accounting program, evaluated the operating performance of Nguyen Ltd.’s six divisions. Amarina made the following presentation to Nguyen’s
Tanzil Enterprises uses a computer to handle its sales invoices. Lately, business has been so good that it takes an extra 3 hours per night, plus every third Saturday, to keep up with the volume of
On January 2, 2019, Assisi Hospital purchased a €100,000 special radiology scanner from Bella SpA. The scanner had a useful life of 4 years and was estimated to have no residual value at the end of
Moreau SA produces three separate products from a common process costing €100,000. Each of the products can be sold at the split-off point or can be processed further and then sold for a higher
Liangquan Ltd. has recently started the manufacture of Tri-Robo, a three-wheeled robot that can scan a home for fires and gas leaks and then transmit this information to a smartphone. The cost
Ping Pottery has been manufacturing its own finials for its curtain rods. The company is currently operating at 100% of capacity, and variable manufacturing overhead is charged to production at the
Martinez Industries manufactures toasters. For the fi rst 8 months of 2020, the company reported the following operating results while operating at 75% of plant capacity:Sales (350,000
Olympic Ltd. produces golf discs which it normally sells to retailers for £7 each. The cost of manufacturing 20,000 golf discs
As a study aid, your classmate Jia Feng has prepared the following list of statements about decision-making and incremental analysis.1. The first step in management’s decision-making process is,
Heidi Enterprises manufactures several types of accessories. For the year, the gloves and mittens line had sales of €500,000, variable expenses of €370,000, and fixed expenses of €150,000.
Baek Ltd. must decide whether to make or buy some of its components. The costs of producing 60,000 switches for its generators are as follows.Instead of making the switches at an average cost of
Davies plc incurs a cost of £35 per unit, of which £20 is variable, to make a product that normally sells for £58. A foreign wholesaler offers to buy 6,000 units at £30 each. Davies will incur
Rafael SA is comparing two different options. Nathan T currently uses Option 1, with revenues of €65,000 per year, maintenance expenses of €5,000 per year, and operating expenses of €26,000 per
Esposito SpA has a factory machine with a book value of €90,000 and a remaining useful life of 5 years. It can be sold for €30,000. A new machine is available at a cost of €400,000. This
Each day, Lixia Ltd. processes 1 ton of a secret raw material into two resulting products, AB1 and XY1. When it processes 1 ton of the raw material, the company incurs joint processing costs of
Pine Street Ltd. makes unfinished bookcases that it sells for £62. Production costs are £36 variable and £10 fixed. Because it has unused capacity, Pine Street is considering finishing the
Hoanita Industries incurs unit costs of Rp80,000 (Rp50,000 variable and Rp30,000 fixed) in making an assembly part for its finished product. A supplier offers to make 10,000 of the assembly part at
Binbin Ltd. is considering two alternatives. Alternative A will have revenues of ¥160,000 and costs of ¥100,000. Alternative B will have revenues of ¥180,000 and costs of ¥125,000. Compare
Huang Ltd. has one product line that is unprofitable. What circumstances may cause overall company net income to be lower if the unprofi table product line is eliminated?
Your roommate, Noha Ahlat, is confused about sunk costs. Explain to your roommate the meaning of sunk costs and their relevance to a decision to retain or replace equipment.
Emil SA has an opportunity to buy parts at €9 each that currently cost €12 to make. What manufacturing costs are relevant to this make-or-buy decision?
Your roommate, Sana Ikram, contends that accounting contributes to most of the steps in management’s decision-making process. Is your roommate correct? Explain.
Hao Zhang is an accountant for Wu Ltd. Early this year, Hao made a highly favorable projection of sales and profits over the next 3 years for Wu’s hot-selling computer PLEX. As a result of the
Xin Industries carries no inventories. Its product is manufactured only when a customer’s order is received. It is then shipped immediately after it is made. For its fiscal year ended October 31,
Viejol Group has collected the following information after its first year of sales. Sales were €1,600,000 on 100,000 units, selling expenses €250,000 (40% variable and 60% fixed), direct
Bora Lee is the advertising manager for Bargain Shoe Store. She is currently working on a major promotional campaign. Her ideas include the installation of a new lighting system and increased display
Taan Apparel’s sales slumped badly in 2020. For the first time in its history, it operated at a loss. The company’s income statement showed the following results from selling 500,000 units of
Jorge Company bottles and distributes B-Lite, a diet soft drink. The beverage is sold for 50 cents per 1-liter bottle to retailers, who charge customers 75 cents per bottle. For the year 2020,
Juan Perez owns the Fredonia Barber Shop. He employs four barbers and pays each a base rate of €1,250 per month. One of the barbers serves as the manager and receives an extra €500 per month. In
Chen Bucket Ltd., a manufacturer of rain barrels, had the following data for 2019:Sales.............................................................2,500 unitsSales
Durand Music reports the following operating results for the month of August: sales €400,000 (units 5,000), variable costs €240,000, and fixed costs €90,000. Management is considering the
Naylor plc had £210,000 of net income in 2019 when the selling price per unit was £150, the variable costs per unit were £90, and the fixed costs were £570,000. Management expects per unit data
Youn Electronics has the following information available for September 2020.Instructionsa. Compute the unit contribution margin.b. Prepare a CVP income statement that shows both total and per unit
In 2019, Silva SA had a break-even point of R$350,000 based on a selling price of R$5 per unit and fixed costs of R$112,000. In 2020, the selling price and the variable costs per unit did not change,
Hiroki Tsuji provides shuttle service between four hotels near a medical center and an international airport. Hiroki Tsuji uses two 10-passenger vans to off er 12 round trips per day. A recent
In the month of March, Style Salon Ltd. services 560 clients at an average price of HK$1,200. During the month, fi xed costs were HK$210,240 and variable costs were 60% of sales.Instructionsa.
The Evans Acres Inn is trying to determine its break-even point during its off -peak season. The inn has 50 rooms that it rents at £60 a night. Operating costs are as
Yun-Ting Hung wants Hung Ltd. to use CVP analysis to study the effects of changes in costs and volume on the company. Yun-Ting has heard that certain assumptions must be valid in order for CVP
Jaejin Furniture incurred the following costs.1. Wood used in the production of furniture.2. Fuel used in delivery trucks.3. Straight-line depreciation on factory building.4. Screws used in the
PCB Group manufactures a single product. Monthly production costs incurred in the manufacturing process are shown below for the production of 3,000 units. The utilities and maintenance costs are
The controller of Daritan Industries has collected the following monthly expense data for use in analyzing the cost behavior of maintenance costs. (Rp are in thousands.)Instructionsa. Determine the
Bonita ASA manufactures a single product. Annual production costs incurred in the manufacturing process are shown below for two levels of production.Instructionsa. Define the terms variable costs,
Lika AG makes radios that sell for €30 each. For the coming year, management expects fi xed costs to total €220,000 and variable costs to be €18 per unit.a. Compute the break-even point in
Zhoax Industries produces and sells a cell phone-operated home security control. Information regarding the costs and sales of security controls during May 2020 are provided below. Unit selling
Westerville plc accumulates the following data concerning a mixed cost, using units produced as the activity level.a. Compute the variable- and fixed-cost elements using the high-low method.b.
Tandika Industries reports the following total costs at two levels of production.Classify each cost as variable, fixed, or mixed. 5,000 Units 10,000 Units Rp 3,000,000 7,000,000 28,000,000 Rp
Jian Ltd. has a unit selling price of ¥5,200, variable costs per unit of ¥2,860, and fixed costs of ¥1,638,000. Compute the break-even point in units using (a) The mathematical equation
Russell Ltd. had sales of £2,200,000 for the first quarter of 2020. In making the sales, the company incurred the following costs and expenses.Prepare a CVP income statement for the quarter ended

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