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fundamental managerial accounting concepts 10th

Questions and Answers of Fundamental Managerial Accounting Concepts 10th

The Cost Principle On January 1, 2009, Save-More Construction Company paid $150,000 in cash for a parcel of land to be used as the site of a new office building. During March, the company petitioned
The Monetary Measurement Concept Many successful companies, such as Ford Motor Company, ExxonMobil, and Marriott Corporation, readily acknowledge the importance and value of their employees. In fact,
The Going Concern Assumption Assume that you open an auto repair business. You purchase a building and buy new equipment.What difference does the going concern assumption make with regard to how you
Balance Sheet Classifications and Relationships Stoker and Co. has the following balance sheet elements as of December 31, 2009.Required:Compute the total amount of:1. Current assets.2. Long-term
Preparation of a Classified Balance Sheet Following are the December 31, 2009, account balances for Siraco Company.Required:1. Prepare a classified balance sheet as of December 31, 2009.2.
Balance Sheet Preparation with a Missing Element The following data are available for Schubert Products Inc., as of December 31, 2009.Required:1. Prepare a balance sheet for Schubert Products Inc.2.
Income Statement Preparation Listed below are the results of Rulon Candies’ operations for 2008 and 2009. (Assume 4,000 shares of outstanding stock for both years.)Required:1. Prepare a comparative
Income Statement Preparation The following information is taken from the records of Wadley’s Car Wash for the year ended December 31, 2009.Required:Prepare an income statement for Wadley’s Car
Expanded Accounting Equation At the end of 2009, Spencer Systems, Inc., had a fire that destroyed the majority of its accounting records. Spencer Systems, Inc., was able to gather the following
Income Statement Preparation Precision Corporation has been a leading supplier of magnetic storage disks for three years.Following are the results of Precision’s operations for 2009.Required:1.
Net Income A summary of the operations of Streuling Company for the year ended May 31, 2009, is shown below.Required:1. Determine the net income for the year by preparing an income statement. (Assume
Net Income and Statement of Retained Earnings A summary of the operations of Quincy Company for the year ended May 31, 2009, is shown below.Required:1. Determine the net income for the year by
Comprehensive Financial Statement Preparation The following information was obtained from the records of Wilcox, Inc., as of December 31, 2009.Required:1. Prepare an income statement for the year
Elements of Comparative Financial Statements The following report is supplied by Maxwell Sons CompanyOperating expenses for the year included utilities of $5,700, salaries and commissions of $38,700,
Statement of Cash Flows Pratt & Jordan Development, Inc., constructs homes and offices and sells them to customers.The financial information shown below was gathered from its accounting records
Statement of Cash Flows The cash account for Esplin Enterprises shows the following for the year ended December 31, 2009.Required:Prepare a statement of cash flows for Esplin Enterprises for the year
Creditor and Investor Information Needs Ink Spot is a small company that has been in business for two years. Wilford Smith, the president of the company, has decided that it is time to expand. He
Analyzing Trends and Key Financial Relationships An investor may choose from several investment opportunities: the stocks of different companies;rental property or other real estate; or savings
How Many Accounting Equations Are There?You have recently completed Chapter 2 in your introductory accounting course and have been enthusiastically explaining the accounting equation to all of your
Can Financial Statement Information Be Used to Successfully Pick Stocks?For most companies, the only reliable source of information about the company’s performance is found in the company’s
Who Audits American Companies?Your sister is a biochemist, but she prides herself on keeping a close eye on the business news. It is her opinion that the U.S. federal government should increase the
Accounting for the Proper Entity You have been hired to prepare the financial reports for White River Building Supply, a proprietorship owned by Bill Masters. Upon encountering several payments made
You Decide: Is the cash flow statement necessary?You were at dinner with some family and friends when one of them started talking about the long hours he has been putting in at work—a local waste
You Decide: Are the notes to the financial statements necessary?Do the notes to the financial statements add value to investors, or have they evolved from tradition? You were listening to talk radio
Wal-Mart The 2006 Form 10-K for Wal-Mart can be found in Appendix A. Answer the following questions:1. Locate Wal-Mart’s 2006 balance sheet. What percentage of its total assets consists of cash and
Safeway At the start of this chapter you learned a little about Safeway and its history. Now let’s take a look at the company’s financial performance in recent years. Refer back to Safeway’s
Diageo Diageo is a United Kingdom (UK) consumer products firm, best known in the United States for the following brand names: Smirnoff, Johnnie Walker, J&B, Gordon’s, Guinness, Pillsbury, and
The Most Important Financial Statement As you have discovered, there are three primary financial statements—balance sheet, income statement, and statement of cash flows. In no more than two pages,
Creating a Balance Sheet and Income Statement Starting with this chapter, each chapter in this text will include a spreadsheet assignment based on the financial information of a fictitious company
The Role and Importance of Accounting Assume that you are applying for a part-time job as an accounting clerk in a retail clothing establishment. During the interview, the store manager asks how you
Bookkeeping Is Everywhere Describe how bookkeeping is applied in each of the following settings:a. Your college English class.b. The National Basketball Association.c. A hospital emergency room.d.
Accounting Information and Decision Making You are the owner of Automated Systems, Inc., which sells Apple computers and related data processing equipment. You are currently trying to decide whether
Allocation of Limited Resources Assume you are a small business owner trying to increase your company’s profits. How can accounting information help you efficiently allocate your limited resources
Users of Financial Information Why might each of the following individuals or groups be interested in a firm’s financial statements? (a) The current stockholders of the firm; (b) the creditors of
Structuring Information for Use in Evaluation You work in a small convenience store. The store is very low-tech; you ring up the sales on an old-style cash register that merely records the amount of
Investing in the Stock Market Assume your grandparents have just given you $20,000 on the condition that you invest the money in the stock market. As you contemplate making your investment choices,
Management versus Financial Accounting This chapter discusses two areas of accounting: management and financial accounting.Contrast management and financial accounting with respect to the
The Role of the SEC It is not often that the federal government has allowed the private sector to govern itself, but that is exactly what has happened with the field of accounting. The SEC has
Why Two Sets of Books?This past year you were married. This coming April you will be faced with preparing your first tax return since mom and dad said “you are now on your own.” As you review the
Career Opportunities in Accounting You are scheduled to graduate from college with a degree in accounting, and your mother would like to know what you plan to do with the rest of your life. She
Differences in Accounting across Borders In the United States, accounting for inventory is a difficult issue. Inventory is comprised of those items either purchased or manufactured to be resold at a
Ethics in Accounting The text has pointed out that ethics is an important topic, especially for CPAs. Derek Bok, former law professor and president of Harvard University, has suggested that colleges
Challenges to the Accounting Profession As the business world continues to change the way in which business is conducted, accountants are faced with the challenge of accounting for these changes.
Why Do I Need to Know Accounting?One of your college friends recently graduated from school with a major in music(specifically piano). He has told you that he is going to start his own piano
Are all fixed costs unavoidable?
A Salisbury Corporation investment center shows an operating income of $81,000 and an investment in operating assets of $900,000.RequiredCompute the return on investment.
Kokomo Shuttle Service Inc. is considering whether to purchase an additional shuttle van. The van would cost $45,000 and have a zero salvage value. It would enable the company to increase net income
What is the relationship between activity-based management and just-in-time inventory?
The Blanket Company (TBC) manufactures two types of blankets. One is made of nylon. The other is made of wool. The budgeted per-unit contribution margin for each product follows.TBC expects to
Colorado Sports (CS) manufactures two types of tents. One is made of plastic. The other is made of gortex. The budgeted per-unit contribution margin for each product follows:CS expects to incur

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