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introduction to managerial accounting

Questions and Answers of Introduction To Managerial Accounting

C&C Sports needs to replace a beltloop attacher that currently costs the company \($40,000\) in annual cash operating costs. This machine is of no use to another company, but it could be sold as
The following operating information reports the results of McKinney Company’s production and sale of 16,000 air-conditioned motorcycle helmets last year. Based on early market forecasts, McKinney
In 2010, Yum! Brands, Inc., the world’s largest quick-service restaurant company (Pizza Hut, Kentucky Fried Chicken, Taco Bell, Long John Silver’s, and A&W), opened 607 new restaurants and closed
Delta Aluminum’s management is considering“| eliminating product B, which has been showing a loss for several years. The company’s annual income statement, in \($000\), is as follows:*Specific
Efferson Electronics manufactures two large-screen television models. The 32-inch flat-panel LCD model has been in production since 2003 and sells for \($900\). The company introduced a 42-inch
The following information is available for Chad’s Chocolates:Requireda. Calculate the direct materials price and quantity variances.b. What might have caused the variances you calculated? Actual
Heston Pigments manufactures artist’s oil paints. Each 40 ml tube of paint requires 5 minutes of direct labor, and the stan- dard labor rate is \($8.40\) per direct labor hour. In September, Heston
The following information is available for Harrison’s Hot Dogs:RequiredCalculate the variable overhead spending and efficiency variances. Actual production Budgeted production Standard direct labor
Jonah Company manufactures deep-sea fishing rods, which it distributes internationally through a chain of wholesalers. The following data are taken from the budget prepared at the beginning of the
Jenkins, Inc. started the period with the following account balances:The following events occurred during the year:1. Production of a new set of products began with a transfer of \($60,000\) worth of
The company uses a process costing system to accumulate product costs as the pennants move through the two stages of production: cutting and silk-screening. All materials are added at the beginning
processes the baseball bats, which are then transferred to the Finishing Department, where a sealant is applied. During the month of March the Forming Department began manufacturing 10,000“Casey
Balance Changes and Cash. The following data are from the Sagesser Company:\section*{Required:}What is the change in cash based on the preceding information? Accounts receivable Accounts payable.
Cash Flow From Operations. Zwenger Company reported a net income of \(\$ 132,000\) for the year. Included as deductions on the income statement were depreciation of \(\$ 46,000\) and loss on the sale
Summing the Statement. The cash balance increased by \(\$ 20,000\), cash flow from financing activities was negative by \(\$ 15,000\), and cash flow from operations was positive by \(\$
Equipment Purchases. Lental Company's equipment account balance net of accumulated depreciation was \(\$ 320,000\) at December 31,1998 , and was \(\$ 455,000\) on December 31, 1999. Depreciation
Direct Method Cash Flows. The following data are from the Freiburger Company:(a) Operating expenses for the year totaled DM60,000. Beginning accrued expenses were DM50,000, and ending accrued
Finding Net Income. For Kennedy Clothing Stores, cash outflow from investing was \(\$ 50,000\). Cash inflow from financing was \(\$ 13,000\). These account balances are
Cash Flow With Loss From Operations. Valley Mining Company reported a net loss of \(\$ 247,000\) for the year after deducting depreciation and depletion of \(\$ 437,000\). Credit sales exceeded cash
Reporting Cash Flows. Gosse Company's income statement for the year shows a net loss of \(\$ 4,200\). Depreciation expense was \(\$ 8,500\). In addition, a balance sheet comparison revealed these
Cash-Flow Reporting. Key transactions, along with other relevant information for Newman Company, include:(a) Net income was \(\$ 100,000\).(b) Depreciation expense was \(\$ 25,000\).(c) Dividends of
Summing Cash Flows. The following information is provided by the Simcoe Company:\section*{Required:}What is the net change in cash based on the preceding events only? Proceeds from sale of building
Statement of Cash Flows From Basic Data. Warren Lamont gives you his mixedup trial balances as of June 30 for the past two years.\section*{Required:}Prepare a statement of cash flows for the fiscal
Cash Flow From Operations. Precision Instruments, Inc., a Glasglow, Scotland firm, reported net income of \(£ 216,000\) for the fiscal year ended September 30, 1999 . Included on the income
Cash-Flow Transactions. Siva Flavorings recorded these events:(a) Collected an account receivable(b) Purchased merchandise inventory on account.(c) Sold a delivery truck for book value.(d) Exchanged
Transactions and Cash Flows. Selected events of Goswin Parts Company from the past year are as follows:(a) Acquired equipment at a cost of \(\$ 850,000\).(b) Received \(\$ 62,000\) from the sale of
Determining the Missing Amounts. The following cases come from the Tecante Export/Import Services Company located in Tecante, Mexico:\section*{Required:}Fill in the missing figures, using Mexican
Financing Cash Flows. Except for the additional data, assume that all other cash flows for the Chiddick Company are normal events.Events for this year include:1. Net income was \(\$ 40,000\).2. \(\$
Measuring Cash Flows. These financial statements are from Abramson Stores.In addition, Abramson sold fixed assets originally costing \(\$ 50,000\) and having a book value of \(\$
Incomplete Data and Cash Flows. Only these incomplete data from the McFall Company are available for 1999:Dividends of \(\$ 148,000\) were declared and paid during the year. Depreciation of \(\$
Changes in Noncurrent Asset Accounts. Crumbleu Company has these entries in its Trucks account and the related Accumulated Depreciation account:\section*{Required:}If a truck was sold on June 6,1998
Changes in Notes Payable. The following data were taken from Pilerno Company:Notes payable of \(\$ 50,000\) were traded for shares of common stock. \(\$ 100,000\) of old notes payable matured. A new
Cash Flow From Operations. Household Helpers, a home cleaning service in Oslo, Norway, presents the following summarized financial data in Norwegian krones:\section*{Required:}1. Develop the cash
Cash Flows Using Incomplete Data. The marketing manager of Rose Industries hands you an envelope with a few dollar amounts listed on the back. He is temporarily handling the financial duties since
Charitable Giving: Cash-Flow Ethics. Summarized financial statements are as follows for Franklin County Caring Society (FCCS):Additional data: Computers and software costing \(\$ 25,000\) were
Estimated Cash Flow. Yoder Mills, Inc. is expected to make a payment of \(\$ 500,000\) on equipment notes payable by December 31, 1999. Sales volume is down, and it is difficult to collect accounts
Reconciling Net Income and Cash From Operations. The following items are from the accounts of a local firm.\section*{Required:}Select from the preceding list those items that would be relevant to a
Operating Cash Flows. Data from the beginning and ending balance sheets for Donaldson Machine Company are as follows:The income statement for the year shows net sales of \(\$ 620,000\), cost of goods
Cash Flows From Operating Activities. The Brown Company provided the following data from its 1998 activities:\section*{Additional data:}Equipment costing \(\$ 30,000\) with a book value of \(\$
Ethics: Suspicions, Guesses, and Conjectures. Joan Arch, board of directors chairperson, never worried about cash flows until recently. Joan is not active in the day-to-day activities of the firm.
Revising a Cash-Flow Statement. Mr. Dunny thinks cash flow is critical. He has tried to express his own company's cash flow in the following statement:\section*{Required:}Help Mr. Dunny get squared
Statement Preparation-Cash Basis. Following is a list of items that occurred during 1999 in the Harrol Company.\section*{Required:}1. Prepare a statement of cash flows for 1999 using the items given.
Cash Flows From Financial Statement Data. The following statement of income and selected balance sheet data are given for the Lichtman Company:\section*{Required:}1. How much cash did Lichtman pay to
Decrease in Cash Balance. Jon Walgren, the president of Dunbar Instruments, Inc., cannot understand why the firm's cash balance decreased by \(\$ 37,000\) during the last fiscal quarter, when the
Cash Flow and Acquisitions. The president of Van Horn Appliances cannot understand how a competing company, Murphy Appliances, can invest \(\$ 12,000,000\) in new plant and equipment in 1999 and yet
Cash Flow From Operations. "Net income is fine-over 10 percent of sales!" exclaims the president of Armitage Parts Company. "But I want to know why we have to reduce our cash balance just to pay our
Operating Cash Flows. White Company has completed preparation of the income statement and the balance sheet at yearend, December 31. 1998. A statement of cash flows must be developed. The following
Cash Flows-Incomplete Data. Gibbons Transport Company plans to acquire new trucks in 1999 at an estimated cost of \(\$ 4,000,000\). The company president hopes that the past year's operations can
Cash Flow From Divisions. Wear-Well Fabrics Company, Inc. operates with three divisions: an apparel division, a sports division, and a novelty division. Each division is autonomous with a minimum of
Classifying Quality Costs. The following accounts and their costs are from Sengupta Textiles.\section*{Required:}1. Classify these costs by the four costs of quality categories.2. If sales were \(\$
Comments on Costs of Quality. At a recent continuing education program, Chris Wozniak heard several speakers talk about measuring costs of quality. Heasked questions and had good discussions with
Costs of Quality Trends. Schadler Enterprises, a consulting firm, recently studied its costs over the past three years. The partners of the firm have been promoting total quality management programs
Changes in Quality Costs. Volkmann Enterprises has reported the following data for 1997:\section*{Required:}Comment on the following thoughts:A. Prevention and appraisal spending has eliminated
Appraisal Costs Versus Failure Costs. In the Jessamy Company, a Lancaster, Great Britain firm, a production problem is being analyzed. Currently, 11,000 units of its Mark 4 product are produced. All
Costs of Quality. The Hackman Company processes financial contracts for several major banks. Accuracy is essential. Errors cause inconvenience to the parties involved, legal entanglements, and
Target Costing. Professor Fruitcake has surveyed a group of companies on their needs for accounting software and the prices they are willing to pay. Based on this survey, he has developed an idea for
Kaizen Costing. In 1996, Heights High School incurred the following costs in its athletic department:The school has recently begun a system of kaizen costing. Accordingly, the principal has asked Jim
Nonvalue-Added Costs. El Paso Denim Jeans, Inc. manufactures denim jeans in a process that passes through three departments. The output of each department is immediately transferred to the next
Nonvalue-Added Costs in a Doctor's Office. Dr. Wally Johnson has his own medical practice. He specializes in the treatment of diaberics. His staff consists of a receptionist, two nurses, a lab
Value-Added Labor. Borodovsky Company produces air pumps in a small factory about 30 kilometers south of Moscow, Russia. The company employs elevenpeople with nine direct and two indirect laborers.
Value-Added Labor. KATT Country is an FM radio station with the current country hits. The station has the following employees and wages for September 1998:\section*{Required:}1. Compute the ratio of
Production Efficiency-Nonfinancial Data. Adrian Sargent's Advanced Plastics (ASAP) manufactures a wide range of plastic-based products for automobiles, airplanes, and boats. The company has the
Measures of Delivery Performance. International Communications Products (ICP) is a Maryland-based company that manufactures fax machines in two of its four wholly-owned subsidiaries located Kuala
Business Process Reengineering. Fishwrap, Inc. owns a chain of 20 similarsized newspapers. A decentralized purchasing system is used whereby each newspaper obtains its own newsprint. On average for
Downsizing, Kaizen Costing, and Ethics. Biltmore Insurance Corporation instituted kaizen costing in 1997 for all of its divisions. During 1996, the Claims Division incurred costs of \(\$ 5.6\)
Trends in Quality Costs. White and White, Inc. has just finished a study of its quality costs. Based on recent accounting reports, quality costs for the 1997 fiscal year are as follows:These costs
Ethics, Hiding a Problem. Avesian, Inc. produces complex printed circuits for stereo amplifiers. The circuits are sold primarily to major component manufacturers.A common product defect that occurs
Vignettes on Costs of Quality. Steve Fan, a quality assurance manager for Lynx Motors, has seen a lot of proposals for spending money on quality projects. He wants to "get his money's worth" from the
Analyzing Quality Costs. Management of Merritt Software Services (MSS) has recently implemented a TQM program to eliminate a serious level of "program bugs" that have plagued its recent product
Classifying Costs of Quality. Jackie Hill, controller of Detroit Medical, has reviewed the costs of quality records for the past year. Detroit Medical provides calibration and maintenance services
Ethics and Quality Costs. Watts Dairy Products operates a network of 30 dairy processing plants across the eastern United States. A portion of the bonus system considers improvements in reducing
Target Costing and Downsizing. Blossom Enterprises manufactures mah-jongg sets that sell for \(\$ 100\) per set. In 1997, the following manufacturing costs were incurred to produce 12,000 sets:In
Nonvalue-Added Activities. Donut Depot manufactures donuts that are available fresh every day at several stores throughout Dallas. Donuts left over at the end of the day are packaged and sold at a
Nonvalue-Added Costs. HomeTech Manufacturing, Inc. specializes in making products that represent the latest materials and technologies available. The company has a reputation for excellent quality
Costs of Breakage and Defective Customer Service. Bangkok Trucking Co. hauls goods throughout Thailand. The company guarantees arrival at the designated place within an agreed two-hour period.
Value-Added Labor Concept. Following is a listing of different business enterprises.(a) Airline(b) CPA firm(c) Radio station(d) Clinic specializing in sports injuries(e) Rehabilitation and therapy
Manufacturing Productivity Measures. Alvarez Biological Enterprises is a company located in San Jose, Costa Rica, that produces various blood products for use by hospitals throughout Central America.
Nonfinancial Measures of Product Quality. Howard Pen Company manufactures expensive calligraphy pens in two of its Ohio plants. One plant is located in Cleveland, and the other is in Columbus. The
Nonfinancial Performance Measures. Robert Newman Associates manufactures transducers in one of its plants. The number produced and sold between 1996 and 1998 has remained steady. Specific performance
Describe the essential environmental factors influencing companies doing business internationally.
Identify and describe the major methods used to conduct business internationally
Outline the basic methods to minimize taxes and maximize profits and cash flows in global operations and understand how transfer prices can be used to meet these goals.
Describe major differences among countries in financial reporting, taxation, and tariffs and duties that affect managerial decisions.
Calculate and record foreign exchange gains and losses on international purchase and sales transactions.
Describe the use of hedging operations to mitigate the risk of foreign exchange losses.
Identify and describe the major issues relating to performance evaluation in and control of global operations.
Describe two global environmental differences that can affect the manner of managing a company in a foreign country.
Why are inflation rates in the various countries where multinational companies operate important to corporate management?
How might a multinational company make a direct investment in a foreign country?
What is meant by an "equity investment?"
Why is the joint venture form of business attractive as a vehicle to enter a foreign market?
What advantages does franchising have as a method of entering an international marketplace?
What is a barter exchange? How might a multinational company use such an exchange?
Why would a country with many natural resources and a desire to develop economically be interested in countertrade?
Explain the difference among global economic perspective, responsibility perspective, and legal perspective. Suggest how these views of international business may be needed in a company such as
The United States accounting profession largely abandoned discretionary reserves years ago. Why would a company want to use discretionary reserves?
What is a discretionary reserve? How might it be used to modify reported net income?
Describe how the business environment of an individual country will influence a company's financial structure.
Why are international accounting standards especially relevant for multinational corporations?
Why is an international transfer price often not the result of an arm's-length transaction?

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