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introduction to managerial accounting

Questions and Answers of Introduction To Managerial Accounting

(Appendix) Journalize standard cost transactions (Learning Objective 6)Refer to the data in PI 1-44A. Journalize the usage of direct materials and the assign¬ ment of direct labor, including the
Compute variances and prepare standard cost income statement (Learning Objectives 4, 5, 6)Happ and Sons makes ground covers to prevent weed growth. During May, the company produced and sold 44,000
Prepare a flexible budget for planning (Learning Objective 1)Digital Technologies manufactures capacitors for cellular base stations and other communications applications. The company’s static
Prepare and interpret a performance report (Learning Objective 2)Refer to the Digital Technologies data in P11-47B. The company sold 11,000 units during October 2007, and its actual operating income
Comprehensive flexible budget, standards, and variances problem (Learning Objectives 2, 3, 4, 5)Relax-the-Back manufactures leather recliners and uses flexible budgeting and a standard cost system.
Work backward through labor variances (Learning Objective 4)Adam’s Shades manufactures lamp shades. The manager uses standard costs to judge performance. Recently, a clerk mistakenly threw away
Determine all variances (Learning Objectives 4, 5)Alon manufactures paperweights that it sells to other companies for customizing with their own logos. Alon prepares flexible budgets and uses a
(Appendix) Journalize standard cost transactions (Learning Objective 6)Refer to the data in PI 1-5 IB. Journalize the usage of direct materials and the assign¬ ment of direct labor, including the
Compute variances and prepare standard cost income statement (Learning Objectives 4, 5, 6)Protex Industries manufactures sunglass cases. During August, the company produced and sold 106,000 cases and
. Compute flexible budget and sales volume variances (Learning Objective 2)ReelTime distributes DVDs to movie retailers, including dot-coms. ReelTime’s top management meets monthly to evaluate the
Calculate efficiency variances (Learning Objective 4)Assume that you manage your local Marble Slab Creamery ice cream parlor. In addition to selling ice cream cones, you make large batches of a few
Ethical dilemmas relating to standards (Learning Objective 3) Austin Landers is the accountant for Sun Coast, a manufacturer of outdoor furni¬ ture that is sold through specialty stores and
Evaluate standard setting approaches (Learning Objective 3)Pella is the world’s second-largest manufacturer of wood windows and doors. In 1992, Pella entered the national retail market with its
Horizontal analysis of Liberty’s balance sheet for 2007 would reporta. cash as 9.6% of total assetsb. 21% increase in cashc. current ratio of 1.00d. inventory turnover of six times
Vertical analysis of Liberty’s balance sheet for 2007 would reporta. 21% increase in Cashb. current ratio of 1.00c. cash as 9.6% of total assetsd. inventory turnover of six times
Which statement best describes Liberty’s acid-test ratio?a. less than 1b. equal to 1c. greater than 1d. none of the above
Liberty’s inventory turnover during 2007 wasa. six timesb. seven timesc. eight timesd. not determinable from the data given
During 2007, Liberty’s days’ sales in receivables ratio wasa. 39 daysb. 37 daysc. 35 daysd. 30 days
Horizontal analysis of revenue and cost of sales (Learning Objective 1) Micatin reported the following on its comparative income statement:Perform a horizontal analysis of revenues and gross
Find trend percentages (Learning Objective 2)Micatin reported the following revenues and net income amounts:a. Show Micatin’s trend percentages for revenues and net income. Use 2003 as the base
Vertical analysis of assets (Learning Objective 2)TriState Optical Company reported the following amounts on its balance sheet at December 31, 2006:Perform a vertical analysis of TriState Optical
Prepare common-size income statements (Learning Objective 3)Compare Sanchez and Alioto by converting their income statements to common size.Which company earns more net income? Which company’s net
Find current ratio (Learning Objective 4)Refer to the Lowe’s Data Set.a. Compute Lowe’s current ratio at December 31, 2004 and 2003.b. Did Lowe’s current ratio improve, deteriorate, or hold
Analyze inventory and receivables (Learning Objective 4)Use the Lowe’s Data Set to compute the following (amounts in billions):a. The rate of inventory turnover for 2004.b. Days’ sales in average
Compute and interpret debt ratio (Learning Objective 4)Refer to the Lowe’s Data Set.a. Compute the debt ratio at December 31, 2004.b. Is Lowe’s ability to pay its liabilities strong or weak?
Compute profitability ratios (Learning Objective 4)Use the Lowe’s Data Set to compute these profitability measures for 2004.a. Rate of return on net sales.b. Rate of return on total assets
Determine earnings per share (Learning Objective 4)Use the Lowe’s Data Set in addition to the following item (in billions):a. Compute earnings per share (EPS) for Lowe’s. Round to the nearest
Find missing values on income statement (Learning Objective 4)A skeleton of Heirloom Mills’ income statement appears as follows (amounts in thousands):Use the following ratio data to complete
Find missing values on balance sheet (Learning Objective 4)A skeleton of Heirloom Mills’ balance sheet appears as follows (amounts in thousands):Use the following ratio data to complete Heirloom
Trend analysis of working capital (Learning Objective 1)Compute the dollar amount of change and the percentage of change in Media Enterprises working capital each year during 2008 and 2009. Is this
Horizontal analysis (Learning Objective 1)Prepare a horizontal analysis of the following comparative income statement of Enchanted Designs. Round percentage changes to the nearest one-tenth percent
Compute trend percentages (Learning Objective 1)Compute trend percentages for Thousand Oaks Realty’s net revenue and net income for the following five-year period using 2004 as the base year. Round
Perform vertical analysis (Learning Objective 2)Alpha Graphics has requested that you perform a vertical analysis of its balance sheet. ALPHA GRAPHICS, INC. Total current assets Balance Sheet
Prepare common-size income statement (Learning Objective 3)Prepare a comparative common-size income statement for Enchanted Designs using the 2007 and 2006 data of Exercise 13-13 and rounding
Calculate ratios (Learning Objective 4)The financial statements of Nature’s Health Foods include the following items:Requirements Compute the following ratios for the current year:a. Current
More ratio analysis (Learning Objective 4)Big Bend Picture Frames has asked you to determine whether the company’s ability to pay current liabilities and total liabilities improved or deteriorated
Compute profitability ratios (Learning Objective 4)Compute four ratios that measure Bonaparte’s ability to earn profits. The company’s comparative income statement follows. The data for 2004 are
Compute stock ratios (Learning Objective 4)Evaluate the common stock of Shamrock State Bank as an investment. Specifically, use the three stock ratios to determine whether the common stock has
Find missing values (Learning Objective 4)The following data (dollar amounts in millions) are adapted from the financial statements of Super Saver Stores, Inc.Requirements Complete Super Saver’s
Prepare trend analysis (Learning Objectives 1, 4)Net sales revenue, net income, and common stockholders’ equity for Shawnee Mission Corporation, a manufacturer of contact lenses, follow for a
Comprehensive analysis (Learning Objectives 2, 3, 4)Todd Department Stores’ chief executive officer (CEO) has asked you to compare the company’s profit performance and financial position with the
Effect of transactions on ratios (Learning Objective 4)Financial statement data of Yankee Traveler magazine include the following items (dollars in thousands):Requirements 1. Compute Yankee
Ratio analysis over two years (Learning Objective 4)Comparative financial statement data of Weinstein, Inc., follow.1. Market price of Weinstein’s common stock: $49.00 at December 31, 2009, and
Make an investment decision (Learning Objective 4)Assume that you are purchasing an investment and have decided to invest in a company in the digital phone business. You have narrowed the choice to
Investment recommendation (Learning Objective 4)Take the role of an investment analyst at Prudential Bache. It is your job to recommend investments for your clients. The only information you have are
Prepare trend analysis (Learning Objectives 1, 4)Net sales, net income, and total assets for Azbell Electronics for a four-year period follow.Requirements 1. Compute trend percentages for each item
Comprehensive analysis (Learning Objectives 2, 3, 4)Top managers of Crescent City Music Company have asked for your help in com¬ paring the company’s profit performance and financial position with
Effect of transactions on ratios (Learning Objective 4)Financial statement data on 170 RV Park include the following:Requirements 1. Compute 170 RV Park’s current ratio, debt ratio, and earnings
Ratio analysis over two years (Learning Objective 4)Comparative financial statement data of Banfield DVDs Inc. follow.Other Information 1. Market price of Banfield’s common stock: $92.80 at
Make an investment decision (Learning Objective 4)Assume that you are considering purchasing stock in a company in the music industry. You have narrowed the choice to Minnesota Music Makers (MMM) and
Investment recommendation (Learning Objective 4)Take the role of an investment analyst at A. G. Edwards. It is your job to recommend investments for your client. The only data you have are the ratio
. Effect of transactions on ratios (Learning Objective 4)General Motors and Ford Motor Company both had a bad year in 2005; the companies’ auto units suffered net losses. The loss pushed some
Identify affected ratios (Learning Objective 4)Lance Berkman is the controller of Saturn, a dance club whose year-end is December 31. Berkman prepares checks for suppliers in December and posts
. Effect of decisions on ratios (Learning Objective 4)Betsy Ross Flag Company’s long-term debt agreements make certain demands on the business. For example, Ross may not purchase treasury stock in
Ratio analysis (Learning Objective 4)Select an industry you are interested in and use the leading company in that industry as the benchmark. Then, select two other companies in the same industry. For
Comparison of common-size financials (Learning Objective 3)Select a company and obtain its financial statements. Convert the income statement and the balance sheet to common size and compare the
Amazon.com expected to receive which of the following benefits when it started its budgeting process?a. The planning required to develop the budget helps managers foresee and avoid potential problems
Which of the following is the cornerstone (or most critical element) of the master budget?a. the sales budgetb. the inventory budgetc. the purchases and cost of goods sold budgetd. the operating
Compute Amazon.corn’s budgeted sales for the next (seven-day) week.a. $52.5 millionb. $210 millionc. $220.5 milliond. $367.5 million Suppose Amazon.com sells 1 million hardcover books a day at an
Determine Amazon.com’s budgeted purchases for the next (seven-day) week.a. $220.5 millionb. $315 millionc. $367.5 milliond. $525 million Suppose Amazon.com sells 1 million hardcover books a day at
What is Amazon.com’s budgeted operating income for a (seven-day) week?a. $52.5 millionb. $56 millionc. $143.5 milliond. $147 million Suppose Amazon.com sells 1 million hardcover books a day at an
Which of the following expenses would not appear in Amazon.com’s cash budget?a. depreciation expenseb. wages expensec. interest expensed. marketing expense
IT has made it easier for Amazon.com’s managers to perform all of the following tasks excepta. sensitivity analysesb. rolling up individual units’ budgets into the company-wide budgetc. removing
Which of the following managers is at the highest level of the organization?a. cost center managerb. revenue center managerc. profit center managerd. investment center manager
Suppose Amazon.com budgets $5 million for customer service costs but actually spends $4 million. Which of the following is true?a. Because this $1 million variance is favorable, management does not
Explain benefits of budgeting (Learning Objective 1)Consider the budget for your travel itinerary business (page 539). Explain how you benefit from preparing the budget.
Order of preparation and components of master budget (Learning Objectives 2,3)In what order should you prepare the following components of the master budget?Which are components of the operating
Sales Budget (Learning Objective 2)In a series of Short Exercises, you will prepare parts of the master budget for Grippers, which sells its rock-climbing shoes worldwide. We will concentrate on
Continuation of SI 0-3: inventory, purchases, and cost of goods sold(Learning Objective 2)In SI0-3, Grippers expects cost of goods sold to average 65% of sales revenue and the company expects to sell
Continuation of S10-3: cash collections (Learning Objective 3) You prepared Grippers' sales budget in S10-3. Now, assume that Grippers' sales are 25% cash and 75% credit. Grippers' collection history
Continuation of S10-5: cash budget (Learning Objective 3) Refer to S10-5. Grippers has $8,300 cash on hand on January 1. The company requires a minimum cash balance of $7,500. January cash
Revise sales budget (Learning Objective 4) Turn to the original Whitewater Sporting Goods Data Set item 3. Suppose June sales are expected to be $40,000 rather than $60,000. Revise Whitewater
Revise inventory, purchases, and cost of goods sold budget (Learning Objective 4) Refer to the original Whitewater Sporting Goods Data Set item 5. Suppose cost of goods sold averages 75% of sales
Revise cash collections budget (Learning Objective 4) Turn to the original Whitewater Sporting Goods Data Set item 4. Suppose 70% of sales are cash and 30% are credit. Revise Whitewater's sales
Revise cash payments for purchases (Learning Objective 4) Refer to the original Whitewater Sporting Goods Data Set item 5. Suppose Whitewater Sporting Goods pays for 60% of inventory purchases in the
Identify responsibility centers (Learning Objective 5)Fill in the blanks with the phrase that best completes the sentence.a. The maintenance department at the San Diego Zoois-b. The concession stand
Corporate headquarters expenses (Learning Objective 5)In Exhibit 10-20, the next to last line of the CEO’s report consists entirely of expenses. Describe the kinds of expenses that would be
Management by exception (Learning Objective 5)Look at the performance report in Exhibit 10-20. According to the management by exception principle, on which variances should the manager of the Mexican
Interpret favorable variance (Learning Objective 5)Exhibit 10-20 shows that the Mexican sauces product line had a favorable marketing expense variance. Does this favorable variance necessarily mean
Prepare summary performance report (Learning Objective 1)Hanna White owns a chain of travel goods stores. Last year, her sales staff sold 10,000 suitcases at an average sales price of $150. Variable
Prepare inventory, purchases, and cost of goods sold budget (Learning Objective 2)Leno sells tire rims. Its sales budget for the nine months ended September 30 follows:In the past, cost of goods sold
Prepare a cash collections budget (Learning Objective 3)Refer to the sales budget presented in E10-16. Credit sales are typically collected as follows: 60% in the quarter of the sale, 30% in the
Prepare a sales budget for a not-for-profit organization (Learning Objective 2)Great Start Preschool operates a not-for-profit morning preschool. Each family pays a nonrefundable registration fee of
Continuation of El0-18: prepare an operating expenses budget (Learning Objectives 1, 2)Refer to Great Start Preschool’s data in E10-18. Great Start’s primary expense is payroll. The state allows
Prepare an inventory, purchases, and cost of goods sold budget (Learning Objective 2)University Fogos buys logo-imprinted merchandise and then sells it to university bookstores. Sales are expected to
Prepare budgeted income statement (Learning Objective 2)Wheels is an exotic car dealership. Suppose its Miami office projects that 2009 quarterly sales will increase by 3% in Quarter 1, by another 4%
Compute cash receipts and payments (Learning Objective 3)Aqua Pure is a distributor of bottled water. For each of the items a throughc, com¬ pute the amount of cash receipts or payments Aqua Pure
Prepare sales and cash collections budgets (Learning Objectives 2, 3)Rovniak Reeds, a manufacturer of saxophone, oboe, and clarinet reeds, has pro¬ jected sales to be $890,000 in October, $950,000
Prepare cash budget, then revise (Learning Objectives 3, 4)Battery Power, a family-owned battery store, began October with $10,500 cash. Management forecasts that collections from credit customers
Finish an incomplete cash budget (Learning Objective 3)You recently began a job as an accounting intern at Outdoor Adventures. Your first task was to help prepare the cash budget for February and
Prepare budgeted balance sheet (Learning Objective 3)Use the following information to prepare a budgeted balance sheet for Marine.com at March 31, 2009. Show computations for the cash and owners’
Identify types of responsibility centers (Learning Objective 5)Identify each responsibility center as a cost center, a revenue center, a profit center, or an investment center.a. The bakery
Prepare performance reports at different organizational levels(Learning Objective 5)InTouch is a Seattle company that sells cell phones and PDAs on the Web. InTouch has assistant managers for its
Prepare budgeted income statement (Learning Objective 2)The budget committee of Vinning Office Supply has assembled the following data.As the business manager, you must prepare the budgeted income
Continuation of P10-29A: cash budgets Refer to P10-29A. Vinning Office Supply’s sales are 70% cash and 30% credit (use the rounded sales on the last line of P10-29A). Credit sales are collected in
Prepare budgeted balance sheet and statement of cash flows (Learning Objective 3)Alliance Printing of Baltimore has applied for a loan. Bank of America has requested a budgeted balance sheet at April
Continuation of PI 0-31 A: revised sales (Learning Objective 4)Refer to P10-31A. Before granting a loan to Alliance Printing, Bank of America asks for a sensitivity analysis assuming that April sales
Identify responsibility centers (Learning Objective 5)Is each of the following most likely a cost center, a revenue center, a profit center, or an investment center?a. Shipping department of
Prepare performance reports for various organizational levels (Learning Objectives 1, 5)Winnie’s World operates a chain of pet stores in the Midwest. The manager of each store reports to the region
Prepare budgeted income statement (Learning Objective 2)Representatives of the various departments of Go Sports have assembled the follow¬ ing data. As the business manager, you must prepare the

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