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business
introductory financial accounting

Questions and Answers of Introductory Financial Accounting

COMPANY CODES OF CONDUCT Using the Internet, locate the code of conduct for three different companies.Required:Briefly describe each code of conduct. How are they similar? How are they
ETHICAL ISSUES The Bedron Company is a closely held investment service group that has been quite successful over the past five years, consistently providing most members of the top management group
ETHICAL BEHAVIOR Manager: If I can reduce my costs by $40,000 during this last quarter, my division will show a profit that is 10 percent above the planned level, and I will receive a $10,000 bonus.
INCOME STATEMENT Refer to the Jasper Company information provided in Exercise 13-44.Required:Prepare an income statement for Jasper Company for last year. Calculate the percentage of sales for each
INCOME STATEMENT Refer to the Jasper Company information provided in Exercise 13-44.Required:. Calculate the sales revenue for last year.. Prepare an income statement for Jasper Company for last
COST OF GOODS SOLD, SALES REVENUE, INCOME STATEMENT Jasper Company provided the following information for last year:Sales in units 300,000 Selling price $9 Direct materials $150,000 Direct labor
COST OF GOODS SOLD Refer to the Chilton Company information in Exercise 13-42.Required:What was the cost of goods sold for March?Exercise
DIRECT MATERIALS USED, COST OF GOODS MANUFACTURED In March, Chilton Company purchased materials costing $14,000 and incurred direct labor cost of $20,000. Overhead totaled $36,000 for the month.
COST OF GOODS SOLD Allyson Ashley makes jet skis. During the year, Allyson manufactured 54,000 jet skis.Finished goods inventory had the following units:January 1 2,100 December 31 2,750 Required:.
DIRECT MATERIALS USED Hannah Banana Bakers makes chocolate chip cookies for cafe restaurants. In June, Hannah Banana purchased $15,500 of materials. On June 1, the materials inventory was$3,700. On
PRIME COST AND CONVERSION COST Refer to the Grin Company manufacturing information in Exercise 13-38.Required:. What was the total prime cost in January?. What was the prime cost per unit in
PRODUCT COST IN TOTAL AND PER UNIT Grin Company manufactures digital cameras. In January, Grin produced 6,400 cameras with the following costs:Direct materials $400,000 Direct labor 80,000
CLASSIFYING COST OF PRODUCTION A factory manufactures jelly. The jars of jelly are packed six to a box, and the boxes are sold to grocery stores. The following types of cost were incurred:Jars Sugar
COST CLASSIFICATION Loring Company incurred the following costs last year:Direct materials $216,000 Factory rent 24,000 Direct labor 120,000 Factory utilities 6,300 Supervision in the factory 50,000
TOTAL AND UNIT PRODUCT COST Martinez Manufacturing Inc. showed the following costs for last month:Direct materials $7,000 Direct labor 3,000 Manufacturing overhead 2,000 Selling expense 8,000 Last
ASSIGNING COSTS TO A COST OBJECT, DIRECT AND INDIRECT COSTS Hummer Company uses manufacturing cells to produce its products (a cell is a manufacturing unit dedicated to the production of
PRODUCTS VERSUS SERVICES, COST ASSIGNMENT Holmes Company produces wooden playhouses. When a customer orders a playhouse, it is delivered in pieces with detailed instructions on how to put it
COST ASSIGNMENT The sales staff of Central Media (a locally owned radio and cable television station) consists of two salespeople, Derek and Lawanna. During March, the following salaries and
CUSTOMER VALUE, STRATEGIC POSITIONING Adriana Alvarado has decided to purchase a personal computer. She has narrowed the choices to two: Drantex and Confiar. Both brands have the same processing
SERVICE ORGANIZATION INCOME STATEMENT Allstar Exposure designs and sells advertising services to small, relatively unknown companies. Last month, Allstar had sales commissions costs of $50,000,
INCOME STATEMENT PERCENTAGES Slapshot Company makes ice hockey sticks and sold 16,000 sticks during the month of June at a total cost of $485,000. Each stick sold at a price of $90. Slapshot also
MANUFACTURING FIRM INCOME STATEMENT Slapshot Company makes ice hockey sticks and sold 16,000 sticks during the month of June at a total cost of $485,000. Each stick sold at a price of $90. Slapshot
COST OF GOODS SOLD Slapshot Company makes ice hockey sticks. During the month of June, 18,000 sticks were completed at a cost of goods manufactured of $540,000. Suppose that on June 1, Slapshot had
COST OF GOODS MANUFACTURED Slapshot Company makes ice hockey sticks. During the month of June, the company purchased $180,000 of materials. Also, during the month of June, Slapshot Company incurred
DIRECT MATERIALS USED IN PRODUCTION Slapshot Company makes ice hockey sticks. On June 1, Slapshot had $42,000 of materials in inventory. During the month of June, the company purchased $180,000 of
PRIME COST AND CONVERSION COST Slapshot Company makes ice hockey sticks. Last week, direct materials (wood, paint, Kevlar, and resin) costing $24,000 were put into production. Direct labor of $40,000
TOTAL PRODUCT COST AND PER-UNIT PRODUCT COST Slapshot Company makes ice hockey sticks. Last week, direct materials (wood, paint, Kevlar, and resin) costing $24,000 were put into production. Direct
Refer to the Barnard Company information in Multiple-Choice Exercise 13-17. Operating income is:a. $34,000.b. $110,000.c. $234,000.d. $270,000.e. $74,000.Cornerstone Exercises Cornerstone Exercise
Refer to the Barnard Company information in Multiple-Choice Exercise 13-17. The total period expense is:a. $276,000.b. $200,000.c. $76,000.d. $40,000.e. $36,000.
Refer to the Barnard Company information in Multiple-Choice Exercise 13-17. The gross margin per unit is:a. $24.00.b. $11.00.c. $16.00.d. $26.00.e. $3.40.
Refer to the Barnard Company information in Multiple-Choice Exercise 13-17. The cost of goods sold per unit is:a. $7.00.b. $20.00.c. $15.00.d. $5.00.e. $27.60.
Refer to the Barnard Company information in Multiple-Choice Exercise 13-17. Conversion cost per unit is:a. $7.00.b. $20.00.c. $15.00.d. $5.00.e. $27.60.
Refer to the Wachman Company information in Multiple-Choice Exercise 13-7. Total gross margin for last year was:a. $75,000.b. $44,000.c. $61,000.d. $9,000.e. $31,000.
Wachman Company produces a product with the following per-unit costs:Direct materials $15 Direct labor 6 Manufacturing overhead 10 Last year, Wachman produced and sold 1,000 units at a price of $75
In terms of strategic positioning, which two general strategies may be chosen by a company?a. Activity-based costing and value chain emphasisb. Revenue production and cost enhancementc. Cost
The provision of accounting information for internal users is known as:a. managerial accounting.b. accounting.c. financial accounting.d. enterprise risk management.e. accounting for planning and
What is ethical behavior? Is it possible to teach ethical behavior in a managerial accounting course?Multiple-Choice Exercises
Explain the importance of ethical behavior for managers and managerial accountants.
Define the various costs of manufacturing products and providing services as well as selling and administration.
Explain the meaning of cost and how costs are assigned to products and services.
Identify and explain the current focus of managerial accounting and the role of managerial accountants in an organization.
Explain the meaning of managerial accounting and contrast it to financial accounting.
COMPARATIVE ANALYSIS: ABERCROMBIE & FITCH vs.AEROPOSTALE Refer to the financial statements of Abercrombie & Fitch and Aeropostale that are supplied with this text.Required:. Both Abercrombie & Fitch
RESEARCHING AND ANALYSIS USING THE ANNUAL 10-K Obtain Whole Foods’ 2007 annual report either through the ‘‘Investor Relations’’portion of its website (do a web search for Whole Foods
SHORT-TERM BORROWING WITH RESTRICTIONS Rocky Mountain Products has a line-of-credit agreement with Norwest Bank that allows it to borrow up to $100,000 at any given time provided that Rocky
ETHICS AND CURRENT LIABILITIES Many long-term loans have contractual restrictions designed to protect the lender from deterioration of the borrower’s liquidity or solvency in the future. These
RATIO ANALYSIS Consider the following information taken from Chicago Water Slide’s (CWS’s) financial statements:September 30 (in thousands)2008 2007 Current assets:Cash and cash equivalents $
WARRANTIES Montague Auto Repair specializes in the repair of foreign car transmissions. To encourage business, Montague offers a six-month warranty on all repairs. The following data are available
UNEARNED REVENUE AND CUSTOMER DEPOSITS On November 20, 2011, Billy Pilgrim Technology agreed to manufacture and supply 800 centrifuges used by Cathcart Systems to produce chemicals. Cathcart
SALES TAX Yossarian Power Corporation provides electricity to a wide area of eastern Maine. During March 2009 it billed 3,000 of its residential customers located in the town of Maryville a total of
INTEREST-BEARING NOTE REPLACING AN UNPAID ACCOUNT PAYABLE Monte Cristo Products owed $100,000 on account for inventory purchased on November 1, 2010. Monte Cristo’s fiscal year ends on December
INTEREST-BEARING NOTE Bordewick Company borrowed $120,000 on a seven-month, 9 percent, interest-bearing note on October 1, 2009. Bordewick ends its fiscal year on December 31.The note was paid with
PAYROLL ACCOUNTING McLaughlin Manufacturing has the following data available for its March 31, 2009, payroll:Wages earned $366,000*Federal income tax withheld 91,800 State income tax withheld 8,600*
ACCOUNTS PAYABLE WITH PURCHASE DISCOUNTS Daniels Company engaged in the following transactions during 2010:a. Purchased $48,000 of merchandise on January 26.The seller offered terms of 1/10, n/15.b.
RATIO ANALYSIS Consider the following information taken from Green Mountain Coffee Roaster’s(GMCR’s) financial statements:September 30 (in thousands)2006 2005 Current assets:Cash and cash
WARRANTIES Mason Auto Repair specializes in the repair of foreign car transmissions. To encourage business, Mason offers a six-month warranty on all repairs. The following data are available for
UNEARNED REVENUE AND CUSTOMER DEPOSITS On November 20, 2009, Green Bay Electronics agreed to manufacture and supply 500 electronic control units used by Wausau Heating Systems in large commercial and
SALES TAX Clinton Power provides electricity to a wide area of western Kentucky. During October 2011 it billed 1,000 of its residential customers located in the town of Heyworth a total of $131,000
INTEREST-BEARING NOTE REPLACING AN UNPAID ACCOUNT PAYABLE Conti Products owed $50,000 on account for inventory purchased on December 1, 2010. Conti’s fiscal year ends on December 31.Conti was
INTEREST-BEARING NOTE Fairborne Company borrowed $240,000 on a five-month, 7 percent, interest-bearing note on November 1, 2008. Fairborne ends its fiscal year on December 31.The note was paid with
PAYROLL ACCOUNTING Stadium Manufacturing has the following data available for its September 30, 2009, payroll:Wages earned $183,000*Federal income tax withheld 45,900 State income tax withheld 4,300*
ACCOUNTS PAYABLE WITH PURCHASE DISCOUNTS Richmond Company engaged in the following transactions during 2009:a. Purchased $16,000 of merchandise on February 16.The seller offered terms of 1/10,
RATIO ANALYSIS Intel Corporation provided the following information on its 2006 balance sheet and statement of cash flows:Current liabilities $8,514,000,000 Inventories $ 4,314,000,000 Cash and
WARRANTIES Moon Electronics sells television sets and other sound and video equipment. Sales and expected warranty claims for the year are as follows:Item Unit Sales Expected Warranty Claims for
RECOGNITION AND REPORTING OF CONTINGENT LIABILITIES A list of alternative accounting treatments is followed by a list of potential contingent liabilities.Alternative Accounting Treatmentsa. Estimate
UNEARNED REVENUE Irvine Pest Control signed a $2,100-per-month contract on November 1, 2009, to provide pest control services to rental units owned by Garden Grove Properties. Irvine received three
PAYROLL ACCOUNTING Blitzen Marketing Research paid its weekly and monthly payroll on January 31.The following information is available about the payroll:Item Amount Expense Classification Monthly
SALES TAX Weston Cellular provides wireless phone service. During April 2010, it billed customers a total of $75,000 before taxes. Weston also must pay the following taxes on these charges:. State of
ACCRUED LIABILITIES Thornwood Tile had the following items that require adjusting entries at the end of the year.. Thornwood pays payroll of $30,000 every other Friday. This year December 31 falls on
ACCRUED LIABILITIES Charger Electronics had the following items that require adjusting entries at the end of the year.. Charger pays its employees $2,500 every Friday. This year December 31 falls on
ACCOUNTS PAYABLE For Hammerton Autos, a used-car dealer, the following transactions occurred during the first 10 days of August:a. Hammerton purchased, on credit, space for classified advertisements
REPORTING LIABILITIES Morton Electronics had the following obligations:a. A legally enforceable claim against the business to be paid in three months.b. A guarantee given by a seller to a purchaser
RECORDING VARIOUS LIABILITIES Glenview Hardware had the following transactions that produced liabilities during 2009:a. Purchased merchandise on credit for $20,000.b. Year-end wages of $7,600
CURRENT RATIO Assume cash is $150, short-term marketable securities are $50, accounts receivable are$350, inventories are $275, current liabilities are $65, and total liabilities are $100.Required:.
CURRENT RATIO A company has $200 in cash, $500 in accounts receivable, $700 in inventory, and $400 in current liabilities.Required:. What is its current ratio?. What is its quick ratio?. What is its
WARRANTIES In 2009, Waldo Balloons sold 100 hot air balloons at $4,000 each. The balloons carry a five-year warranty for defects. Waldo estimates that repair costs will average 4 percent of the total
WARRANTIES In 2009, BMJ Plumbing Company sold 400 water heaters for $350 each. The water heaters carry a two-year warranty for repairs. BMJ Plumbing estimates that repair costs will average 2 percent
CONTINGENT LIABILITIES Many companies provide warranties with their products. Such warranties typically guarantee the repair or replacement of defective goods for some specified period of time
CONTINGENT LIABILITIES Contingent liabilities are existing conditions, situations, or sets of circumstances involving uncertainty as to possible loss.Required:Under what circumstances (if any) are
UNEARNED REVENUE Brand Landscaping offers a promotion where they will mow your lawn 15 times if the customer pays $600 in advance.Required:Make the journal entry to record:. The customers’
PAYROLL ADJUSTING ENTRIES A company’s weekly payroll amounts to $50,000 and payday is every Friday. Employees work five days per week, Monday through Friday. The appropriate journal entry was
PAYROLL ADJUSTING ENTRIES Employees earn $5,000 per day, work five days per week, Monday through Friday, and get paid every Friday. The previous payday was January 26 and the accounting period ends
PAYROLL TAXES Kinsella, Inc., has a gross payroll of $8,000 for the pay period. Social Security and Medicare for both the employees and Kinsella are 6.2% and 1.45%, respectively, of the entire
PAYROLL TAXES Hernandez Builders has a gross payroll for June amounting to $400,000. The following amounts have been withheld:Federal income tax $70,000 State income tax 30,000 Social Security 9,000
SALES TAX Cobb Baseball Bats sold 150 bats for $50 each, plus an additional sales tax of 7 percent.Required:Provide the journal entry to record the sale.Cornerstone Exercise
SALES TAX Garner’s Antique Hot Rods recently sold a 1957 Chevy for $13,000. The state sales tax is 7 percent, and there is a $100-per-car federal excise tax.Required:Provide the journal entry to
Elise, Inc., is always assessed a $2,500 property tax by the county.Required:Given this information, determine the adjusting journal entry that Elise, Inc., must make on December 31 (assuming that
ACCRUED PROPERTY TAXES Annual property taxes covering the preceding 12 months are always paid to the county on June
ACCRUED INTEREST On May 1, the Garner Corporation borrowed $30,000 from the First Bank of Midlothian on a one-year, 6 percent note.Required:If the company keeps its records on a calendar year, what
ACCRUED INTEREST On October 1, Wilshire Company borrowed $60,000 from People’s National Bank on a one-year, 7 percent note.Required:What adjusting entry should Wilshire make at December
NOTES PAYABLE Rogers Machinery Company borrowed $240,000 on June 1, with a six-month, 8.5 percent, interest-bearing note.Required:. Record the borrowing transaction.. Record the repayment
NOTES PAYABLE On June 30, Carmean Inc. borrows $100,000 from 1st National Bank with a 10-month, 6 percent note.Required:What journal entry is made on June 30?Cornerstone Exercise
How is the cash ratio calculated?a. Current Assets/Current Liabilitiesb. (Cash þ Marketable Securities þ Accounts Receivable)/Current Liabilitiesc. (Cash þ Marketable Securities)/Current
How is the current ratio calculated?a. Current Assets/Current Liabilitiesb. (Cash þ Marketable Securities þ Accounts Receivable)/Current Liabilitiesc. (Cash þ Marketable Securities)/Current
To record warranties, the adjusting journal entry would be:a. a debit to Warranty Expense and a credit to Estimated Warranty Liability.b. a debit to Warranty Expense and a debit to Cash.c. a debit to
Warranty expense is:a. recorded in the period of sale.b. recorded as it is incurred.c. capitalized as a warranty asset.d. none of the above.
Which of the following is true?a. A contingent liability should always be recorded in the footnotes to the financial statements.b. A contingent liability should always be recorded within the
When should a contingent liability be recognized?a. when the contingent liability is probableb. when a reasonable estimation can be madec. A and Bd. neither A nor B
When a credit is made to the state income tax payable account, the corresponding debit is made to:a. Tax Expenseb. Cashc. Wages Expensed. Tax Payable
Payroll taxes typically include all of the following except:a. Social Security taxb. Federal excise taxc. Medicare taxd. Federal income tax

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