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business
introduction to managerial accounting

Questions and Answers of Introduction To Managerial Accounting

Top Quality Fruit Company, based on Oahu, grows, processes, cans, and sells three main pineapple products: sliced, crushed, and juice. The outside skin is cut off in the Cutting Department and
Berger Company manufactures products Delta, Kappa, and Omega from a joint process. Production, sales, and cost data for July follow.Required:1. Assuming that joint costs are allocated using the
Biondi Industries is a manufacturer of chemicals for various purposes. One of the processes used by Biondi produces HTP–3, a chemical used in hot tubs and swimming pools; PST–4, a chemical used
Celestial Artistry Company is developing departmental overhead rates based on direct-labor hours for its two production departments, Etching and Finishing. The Etching Department employs 20 people
Refer to the data given in the preceding problem. When Tampa Instrument Company established its service departments, the following long-run needs were anticipated.Required: Use dual cost allocation
Tampa Instrument Company manufactures gauges for construction machinery. The company has two production departments: Machining and Assembly. There are three service departments: Maintenance, Human
Tuscaloosa National Bank has two service departments, the Human Resources (HR) Department and the Computing Department. The bank has two other departments that directly service customers, the Deposit
Hudson Community College enrolls students in two departments, Liberal Arts and Sciences. The college also has two service departments, the Library and the Computing Services Department. The usage of
Renaissance School of Music and Art provides classes for school-age children. The students are enrolled in two departments: Music Education and Art Education. The school also has two service
Pacific Rim Industries is a diversified company whose products are marketed both domestically and internationally. The company’s major product lines are furniture, sports equipment, and household
MedLine Equipment Corporation specializes in the manufacture of medical equipment, a field that has become increasingly competitive. Approximately two years ago, Ben Harrington, president of
MedTech, Inc. manufactures diagnostic testing equipment used in hospitals. The company practices JIT production management and has a state-of-the-art manufacturing system, including an FMS and an
Show-Off, Inc. sells merchandise through three retail outlets—in Las Vegas, Reno, and Sacramento—and operates a general corporate headquarters in Reno. A review of the company’s income
Refer to the organization chart for Rocky Mountain General Hospital given in the preceding problem.Ignore the rest of the data in that problem. The following table shows the cost allocation bases
Rocky Mountain General Hospital serves three counties in Colorado. The hospital is a nonprofit organization that is supported by patient billings, county and state funds, and private donations. The
Lackawanna Community College has three divisions: Liberal Arts, Sciences, and Business Administration.The college’s comptroller is trying to decide how to allocate the costs of the Admissions
College Memories, Inc. publishes college yearbooks. A monthly flexible overhead budget for the firm follows.The planned monthly production is 6,400 yearbooks. The standard direct-labor allowance is
You just started a summer internship with the successful management consulting firm of Kirk, Spock, and McCoy. Your first day on the job was a busy one, as the following problems were presented to
The controller for Canandaigua Vineyards, Inc. has predicted the following costs at various levels of wine output.The company’s marketing manager has predicted the following prices for the firm’s
Roberta Coy makes custom mooring covers for boats. Each mooring cover is hand sewn to fit a particular boat. If covers are made for two or more identical boats, each successive cover generally
Water Technology, Inc. incurred the following costs during 20x1. The company sold all of its products manufactured during the year.During 20x1, the company operated at about half of its capacity, due
Heartland Airways operates commuter flights in three Midwestern states. Due to a political convention held in Topeka, the airline added several extra flights during a two-week period. Additional
Highlander Cutlery manufactures kitchen knives. One of the employees, whose job is to cut out wooden knife handles, worked 48 hours during a week in January. The employee earns $12 per hour for a
The following data refer to San Fernando Fashions Company for the year 20x2:Required:1. Prepare San Fernando Fashions’ schedule of cost of goods manufactured for the year.2. Prepare San Fernando
The following cost data for the year just ended pertain to Sentiments, Inc., a greeting card manufacturerRequired:1. Compute each of the following costs for the year just ended: (a) total prime
Mason Corporation began operations at the beginning of the current year. One of the company’s products, a refrigeration element, sells for $185 per unit. Information related to the current year’s
On April 12, after the close of business, Singh & Sons had a devastating fire that destroyed the company’s work-in-process and finished-goods inventories. Fortunately, all raw materials escaped
The following selected information was extracted from the 20x1 accounting records of Lone Oak Products:Inventory data:Required:1. Calculate Lone Oak’s manufacturing overhead for the year.2.
Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1.During 20x1, the company purchased $250,000 of raw material
Cost of Goods Manufactured and Sold; Missing Data(LO 2-1, 2-3, 2-6) For each case below, find the missing amount Case I Case II Case III Beginning inventory of finished goods ? $12,000 $ 7,000 Cost
A form for using Excel to recreate the Review Problem related to Aerodec, Inc., is shown below. For simplicity, the form excludes the Parts Administration and Material Receipts activities that were
The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year.The overhead that
The Excel worksheet form that appears below is to be used to recreate part of the example relating to Turbo Crafters that appears earlier in the chapter. The workbook, and instructions on how to
This Excel worksheet relates to the Dickson Company example that is summarized in Exhibit 2–5. The workbook, and instructions on how to complete the file, can be found in Connect.You should proceed
This Excel worksheet form is to be used to recreate Exhibit 1–7. The workbook, and instructions on how to complete the file, can be found in Connect.Required:1. Check your worksheet by changing the
YSL Marketing Research is a small firm located in Seattle. On behalf of its clients, the firm conducts focus group meetings, telephone and mail opinion surveys, and evaluations of marketing
A company seeking a line of credit at a bank was turned down. Among other things, the bank stated that the company's 2 to 1 current ratio was not adequate. Give reasons why a 2 to 1 current ratio
Weaver Company experiences a great deal of seasonal variation in its business activities. The company's high point in business activity is in June; its low point is in January. During which month
If a stock's market value exceeds its book value, then the stock is overpriced. Do you agree? Explain.AppendixLO1
What is meant by the term financial leverage?AppendixLO1
What is meant by the dividend yield on a common stock investment?AppendixLO1
Distinguish between a manager's financing and operating responsibilities. Which of these responsibilities is the return on total assets ratio designed to measure?AppendixLO1
Would you expect a company in a rapidly growing technological industry to have a high or low dividend payout ratio?AppendixLO1
Assume that two companies in the same industry have equal earnings. Why might these companies have different price-earnings ratios?AppendixLO1
What is the basic purpose for examining trends in a company's financial ratios and other data?What other kinds of comparisons might an analyst make?AppendixLO1
Distinguish between horizontal and vertical analysis of financial statement data.AppendixLO1
(Appendix 13A) A merchandising company showed $250,000 in cost of goods sold on its income statement. The company's beginning inventory was $75,000, and its ending inventory was $60,000.The accounts
Would a sale of equipment for cash be considered a financing activity or an investing activity? Why?AppendixLO1
During the current year, a company declared and paid a $60,000 cash dividend and a 10% stock dividend. How will these two items be treated on the current year's statement of cash flows?AppendixLO1
1 (Appendix 13A) If the balance in Accounts Payable decreases during a period, how will this decrease be handled under the direct method in computing the net cash provided by operating
If the balance in Accounts Receivable increases during a period, how will this increase be handled under the indirect method when computing the net cash provided by operating activities?AppendixLO1
A business executive once stated, "Depreciation is one of our biggest sources of cash." Do you agree that depreciation is a source of cash? Explain.AppendixLO1
How do the direct and the indirect methods differ in their approach to computing the net cash provided by operating activities?AppendixLO1
Assume that a company repays a $300,000 loan from its bank and then later in the same year borrows S500.000. What amount(s) would appear on the statement of cash flows?AppendixLO1
Why aren't transactions involving accounts payable considered to be financing activities?AppendixLO1
If an asset is sold at a gain, why is the gain deducted from net income when computing the net cash provided by operating activities under the indirect method?AppendixLO1
Why is interest paid on amounts borrowed from banks and other lenders considered to be an operating activity when the amounts borrowed are financing activities?AppendixLO1
What are the three major sections on a statement of cash flows, and what are the general rules that determine the transactions that should be included in each section?AppendixLO1
What are cash equivalents, and why are they included with cash on a statement of cash flows?AppendixLO1
What is the purpose of a statement of cash flows?AppendixLO1
What is the major criticism of the payback and simple rate of return methods of making capital budgeting decisions?AppendixLO1
How can the payback method be useful to managers?AppendixLO1
What is meant by the term payback period? How is the payback period determined?AppendixLO1
What is the preference rule for ranking investment projects under the net present value method?AppendixLO1
How is the project profitability index computed and what does it measure?AppendixLO1
1 Why are preference decisions sometimes called rationing decisions?AppendixLO1
Refer to Exhibit 12-2. Is the return on this investment proposal exactly 14%, more than 14%. or less than 14%? Explain.AppendixLO1
As the discount rate increases, the present value of a given future cash flow also increases. Do you agree' Explain.AppendixLO1
Explain how the cost of capital serves as a screening tool when dealing with the net present value method.AppendixLO1
What is meant by an imestment project's internal rate of return? How is the internal rate of return computed 'AppendixLO1
If a company has to pay interest of 14% on long-term debt, then its cost of capital is 14%. Do you agree'.' Explain.AppendixLO1
What is net present value? Can it ever be negative? Explain.AppendixLO1
Why is the net present value method of making capital budgeting decisions superior to other method^ such as the payback and simple rate of return methods?AppendixLO1
What is meant by the term discounting?AppendixLO1
What is meant b\ the term time value ofmoney?AppendixLO1
What i> the difference between capital budgeting screening decisions and capital budgeting preference decisions?AppendixLO1
How does relating product contribution margins to the amount of the constrained resource they require help a company ensure that profits are maximized?AppendixLO1
Give four examples of possible constraints.AppendixLO1
1 How does opportunity cost enter into the make or buy decision?AppendixLO1
What is the danger in allocating common fixed costs among product lines or other segments of an organization?AppendixLO1
"If a product line is generating a loss, then that's pretty good evidence that the product line should be discontinued." Do you agree? Explain.AppendixLO1
Prentice Company is considering dropping one of its product lines. What costs of the product line would be relevant to this decision'.' Irrelevant?AppendixLO1
"All future costs are relevant in decision making." Do you agree? Why?AppendixLO1
"Variable costs and differentia] costs mean the same thing." Do you agree? Explain.AppendixLO1
"Sunk costs arc easj to spot—they're simply the fixed costs associated with a decision." Do you agree? Explain.AppendixLO1
Why is the original cost of a machine the company already owns irrelevant in decisions?AppendixLO1
Are variable costs always relevant costs? Explain.AppendixLO1
Define the following terms: incremental cost, opportunity cost, and sunk cost.AppendixLO1
What is a relevant cost?AppendixLO1
What is meant by the term transfer price, and why are transfer prices needed?AppendixLO1
In what way can the use of ROI as a performance measure for investment centers lead to bad decisions? How does the residual income approach overcome this problem?AppendixLO1
What is meant by residual income?AppendixLO1
What is meant by the terms margin and turnover?AppendixLO1
Define a segment of an organization. Give several examples of segments.AppendixLO1
Distinguish between a cost center, a profit center, and an investment center.AppendixLO1
What benefits result from decentralization?AppendixLO1
What is meant by the term decentralization?AppendixLO1
If factory overhead is overapplied for August, would you expect the total of the overhead variances to be favorable or unfavorable?AppendixLO1
Underapplied or overapplied overhead can be broken down into what four variances?AppendixLO1
Does the variance measure deviations in spending for fixed overhead items? Explain.AppendixLO1

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