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managerial accounting tools for business decision making

Questions and Answers of Managerial Accounting Tools For Business Decision Making

Operating data for Jacobs Corporation are presented below.2014 2013 Sales revenue $800,000 $600,000 Cost of goods sold 520,000 408,000 Selling expenses 120,000 72,000 Administrative expenses 60,000
Here is financial information for Spangles Inc.December 31, 2014 December 31, 2013 Current assets $106,000 $ 90,000 Plant assets (net) 400,000 350,000 Current liabilities 99,000 65,000 Long-term
Suppose selected comparative statement data for the giant bookseller Barnes& Noble are presented here. All balance sheet data are as of the end of the fiscal year(in millions).2014 2013 Net sales
The Wall Street Journal routinely publishes summaries of corporate quarterly and annual earnings reports in a feature called the “Earnings Digest.” A typical “digest” report takes the
Utech Company has income before irregular items of $310,000 for the year ended December 31, 2014. It also has the following items (before considering income taxes):(1) an extraordinary fire loss of
Match each of the following terms with the phrase that best describes it.Quality of earnings Pro forma income Current ratio Discontinued operations Horizontal analysis Comprehensive income 1 A
State whether each of the following is an indicator of a company’s liquidity, solvency, or profitability.(a) Price-earnings ratio.(b) Inventory turnover.(c) Debt to assets ratio.(d) Times interest
Summary financial information for Paragon Company is as follows.Dec. 31, 2014 Dec. 31, 2013 Current assets $ 200,000 $ 220,000 Plant assets 1,040,000 780,000 Total assets $1,240,000 $1,000,000
In its draft 2014 income statement, Sunflower Corporation reports income before income taxes $500,000, extraordinary loss due to earthquake $180,000, income taxes $200,000 (not including irregular
Selected data taken from a recent year’s financial statements of trading card company Topps Company, Inc. are as follows (in millions).Net sales $326.7 Current liabilities, beginning of year 41.1
Voorhees Company has stockholders’ equity of $400,000 and net income of$72,000. It has a payout ratio of 18% and a return on assets of 20%. How much did Voorhees pay in cash dividends, and what
Staples, Inc. is one of the largest suppliers of office products in the United States. Suppose it had net income of $738.7 million and sales of $24,275.5 million in 2014.Its total assets were
Here is the income statement for Eberle, Inc.EBERLE, INC.Income Statement For the Year Ended December 31, 2014 Sales revenue $400,000 Cost of goods sold 230,000 Gross profit 170,000 Expenses
The following data were taken from the income statements of Imhoff Company.2014 2013 Sales revenue $6,420,000 $6,240,000 Beginning inventory 960,000 840,000 Purchases 4,840,000 4,661,000 Ending
The following data are taken from the financial statements of Filbert Company.2014 2013 Accounts receivable (net), end of year $ 550,000 $ 540,000 Net sales on account 4,300,000 4,000,000 Terms for
Suppose these selected condensed data are taken from recent balance sheets of Bob Evans Farms (in thousands).2014 2013 Cash $ 13,606 $ 7,669 Accounts receivable 23,045 19,951 Inventory 31,087 31,345
Horizontal analysis (trend analysis) percentages for Roswell Company’s sales revenue, cost of goods sold, and expenses are listed here.Horizontal Analysis 2014 2013 2012 Sales revenue 96.2% 104.8%
Vertical analysis (common-size) percentages for Capuano Company’s sales revenue, cost of goods sold, and expenses are listed here.Vertical Analysis 2014 2013 2012 Sales revenue 100.0% 100.0%
If Francona Company had net income of $382,800 in 2014 and it experienced a 16% increase in net income over 2013, what was its 2013 net income?AppendixLO1
Net income was $500,000 in 2012, $485,000 in 2013, and $518,400 in 2014.What is the percentage of change from (a) 2012 to 2013, and (b) from 2013 to 2014? Is the change an increase or a
Using the data presented in BE13-4 for Ramirez Company, perform vertical analysis.AppendixLO1
Using these data from the comparative balance sheet of Ramirez Company, perform horizontal analysis.December 31, 2014 December 31, 2013 Accounts receivable $ 460,000 $ 400,000 Inventory 780,000
On January 1, 2014, Jenner Inc. changed from the LIFO method of inventory pricing to the FIFO method. Explain how this change in accounting principle should be treated in the company’s financial
An inexperienced accountant for Fielder Corporation showed the following in Fielder’s 2014 income statement: Income before income taxes $300,000; Income tax expense $72,000; Extraordinary loss from
On June 30, Reyes Corporation discontinued its operations in Mexico. On September 1, Reyes disposed of the Mexico facility at a pretax loss of $640,000. The applicable tax rate is 25%. Show the
Santo Corporation experienced a fire on December 31, 2014 in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following
Explain how the choice of one of the following accounting methods over the other raises or lowers a company’s net income during a period of continuing inflation.(a) Use of FIFO instead of LIFO for
Kono Inc. has net income of $200,000, average shares of common stock outstanding of 40,000, and preferred dividends for the period of $20,000.What is Kono’s earnings per share of common stock? Tim
The return on assets for Espino Corporation is 7.6%.During the same year, Espino’s return on common stockholders’ equity is 12.8%. What is the explanation for the difference in the two
Holding all other factors constant, indicate whether each of the following changes generally signals good or bad news about a company.(a) Increase in profit margin.(b) Decrease in inventory
At year-end, the price-earnings ratio of General Motors was 11.3, and the price-earnings ratio of Microsoft was 28.14. Which company did the stock market favor? Explain.AppendixLO1
Quick Mart, a retail store, has an accounts receivable turnover of 4.5 times. The industry average is 12.5 times. Does Quick Mart have a collection problem with its receivables?AppendixLO1
Tom Vernon is puzzled. His company had a profit margin of 10% in 2014. He feels that this is an indication that the company is doing well. Andrea Travis, his accountant, says that more information is
(a) If Neer Company had net income of $300,000 in 2013 and it experienced a 24.5% increase in net income for 2014, what is its net income for 2014?(b) If 6 cents of every dollar of Neer’s revenue
The condensed financial statements of Elliott Company for the years 2013 and 2014 are presented below.ELLIOTT COMPANY Balance Sheets December 31 (in thousands)2014 2013 Current assets Cash and cash
(a) Distinguish among the following bases of comparison:intracompany, intercompany and industry averages.(b) Give the principal value of using each of the three bases of comparison.AppendixLO1
(a) Jennifer Gorman believes that the analysis of financial statements is directed at two characteristics of a company: liquidity and profitability. Is Jennifer correct? Explain.(b) Are short-term
What amount did Tootsie Roll Industries report as “Other comprehensive earnings” in 2011?By what percentage did Tootsie Roll’s “Comprehensive earnings” differ from its “Net
Hosemer Inc. has been in operation for 3 years and uses the FIFO method of pricing inventory. During the fourth year, Hosemer changes to the average-cost method for all its inventory. How will
Garvey Inc. reported 2013 earnings per share of$3.26 and had no extraordinary items. In 2014, earnings per share on income before extraordinary items was $2.99, and earnings per share on net income
Indicate which of the following items would be reported as an extraordinary item on Pitchford Corporation’s income statement.(a) Loss from damages caused by a volcano eruption in Iona.(b) Loss from
Which situation below might indicate a company has a low quality of earnings?(a) The same accounting principles are used each year.(b) Revenue is recognized when the performance obligation is satisfi
Compute the times interest earned for 2014.(a) 11.2 times. (c) 14.0 times.(b) 65.3 times. (d) 13.0 times.2014 2013 Inventory $ 54,000 $ 48,000 Current assets 81,000 106,000 Total assets 382,000
Compute the return on common stockholders’ equity for 2014.(a) 54.2%. (c) 61.2%.(b) 52.5%. (d) 59.4%.2014 2013 Inventory $ 54,000 $ 48,000 Current assets 81,000 106,000 Total assets 382,000 326,000
Compute the profit margin for 2014.(a) 17.1%. (c) 37.9%.(b) 18.1%. (d) 5.9%.2014 2013 Inventory $ 54,000 $ 48,000 Current assets 81,000 106,000 Total assets 382,000 326,000 Current liabilities 27,000
Compute the current ratio for 2014.(a) 1.26:1. (c) 0.80:1.(b) 3.0:1. (d) 3.75:1.2014 2013 Inventory $ 54,000 $ 48,000 Current assets 81,000 106,000 Total assets 382,000 326,000 Current liabilities
Compute the days in inventory for 2014.(a) 64.4 days. (c) 6 days.(b) 60.8 days. (d) 24 days.2014 2013 Inventory $ 54,000 $ 48,000 Current assets 81,000 106,000 Total assets 382,000 326,000 Current
Plano Corporation reported net income $24,000; net sales $400,000; and average assets $600,000 for 2014.What is the 2014 profit margin?(a) 6%. (c) 40%.(b) 12%. (d) 200%.AppendixLO1
Which of these is not a liquidity ratio?(a) Current ratio.(b) Asset turnover.(c) Inventory turnover.(d) Accounts receivable turnover.AppendixLO1
Which measure is useful in evaluating the efficiency in managing inventories?(a) Inventory turnover.(b) Days in inventory.(c) Both (a) and (b).(d) None of the above.AppendixLO1
Which measure is an evaluation of a company’s ability to pay current liabilities?(a) Current cash debt coverage.(b) Current ratio.(c) Both (a) and (b).(d) None of the above.AppendixLO1
Here are comparative statement data for Prince Company and King Company, two competitors. All balance sheet data are as of December 31, 2014, and December 31, 2013.Prince Company King Company 2014
The following schedule is a display of what type of analysis?Amount Percent Current assets $200,000 25%Property, plant, and equipment 600,000 75%Total assets $800,000(a) Horizontal analysis. (c)
Adams Corporation reported net sales of $300,000,$330,000, and $360,000 in the years 2012, 2013, and 2014, respectively. If 2012 is the base year, what percentage do 2014 sales represent of the
Cool Stools Corporation has income before taxes of$400,000 and an extraordinary loss of $100,000. If the income tax rate is 25% on all items, the income statement should show income before irregular
The comparative statements of Osborne Company are presented here.OSBORNE COMPANY Income Statements For the Years Ended December 31 2014 2013 Net sales $1,890,540 $1,750,500 Cost of goods sold
Condensed balance sheet and income statement data for Jernigan Corporation are presented here.JERNIGAN CORPORATION Balance Sheets December 31 2014 2013 2012 Cash $ 30,000 $ 20,000 $ 18,000 Accounts
The following financial information is for Frizell Company.FRIZELL COMPANY Balance Sheets December 31 Assets 2014 2013 Cash $ 70,000 $ 65,000 Debt investments (short-term) 55,000 40,000 Accounts
Suppose selected financial data of Target and Wal-Mart for 2014 are presented here (in millions).Target Wal-Mart Corporation Stores, Inc.Income Statement Data for Year Net sales $65,357 $408,214 Cost
Here are comparative statement data for Dean Company and Gerald Company, two competitors. All balance sheet data are as of December 31, 2014, and December 31, 2013.Dean Company Gerald Company 2014
The comparative statements of Simpson Company are shown below.SIMPSON COMPANY Income Statements For the Years Ended December 31 2014 2013 Net sales $780,000 $624,000 Cost of goods sold 440,000
You are provided with the following transactions that took place during the year.Current Free Cash Cash Cash Debt Debt Flow Coverage Coverage Transactions ($80,000) (0.7 times) (0.4 times)(a)
The comparative balance sheets for Berkler Company as of December 31 are presented below.BERKLER COMPANY Comparative Balance Sheets December 31 Assets 2014 2013 Cash $ 96,000 $ 78,000 Accounts
Data for Turner Inc. are presented in P12-9B. Further analysis reveals that accounts payable pertain to merchandise creditors.Instructions Prepare a statement of cash flows for Turner Inc. using the
The condensed balance sheet and income statement data for Symbiosis Corporation are presented below.SYMBIOSIS CORPORATION Balance Sheets December 31 2014 2013 2012 Cash $ 30,000 $ 24,000 $ 20,000
Condensed financial data of Turner Inc. follow.TURNER INC.Comparative Balance Sheets December 31 Assets 2014 2013 Cash $ 37,000 $ 33,000 Accounts receivable 57,000 41,000 Inventories 45,000 48,000
Data for Filmore Company are presented in P12-7B. Further analysis reveals the following.1 Accounts payable pertains to merchandise creditors.2 All operating expenses except for depreciation are paid
Shown below are the financial statements of Filmore Company.FILMORE COMPANY Comparative Balance Sheets December 31 Assets 2014 2013 Cash $ 25,000 $ 33,000 Accounts receivable 23,000 14,000 Inventory
Data for Mosley Company are presented in P12-5B.Instructions Prepare the operating activities section of the statement of cash flows using the direct method.AppendixLO1
Mosley Company’s income statement contained the condensed information below.MOSLEY COMPANY Income Statement For the Year Ended December 31, 2014 Service revenue $850,000 Operating expenses,
Data for Hubble Company are presented in P12-3B.Instructions Prepare the operating activities section of the statement of cash flows using the direct method.AppendixLO1
The income statement of Hubble Company is presented below.Additional information:1 Accounts receivable decreased $290,000 during the year, and inventory increased$140,000.2 Prepaid expenses increased
The following selected account balances relate to the plant asset accounts of Lazari Inc. at year-end.2014 2013 Accumulated depreciation—buildings $337,500 $300,000 Accumulated
You are provided with the following transactions that took place during a recent fiscal year.Cash Inflow, Statement of Cash Flow Outflow, or Transaction Activity Affected No Effect?(a) Purchased
You are provided with the following transactions that took place during the year.Current Free Cash Cash Cash Debt Debt Flow Coverage Coverage Transactions ($125,000) (0.5 times) (0.3 times)(a)
The comparative balance sheets for Yanik Company as of December 31 are presented below.YANIK COMPANY Comparative Balance Sheets December 31 Assets 2014 2013 Cash $ 68,000 $ 45,000 Accounts receivable
Data for Odgers Inc. are presented in P12-9A. Further analysis reveals that accounts payable pertain to merchandise creditors.Instructions Prepare a statement of cash flows for Odgers Inc. using the
Condensed financial data of Odgers Inc. follow.ODGERS INC.Comparative Balance Sheets December 31 Assets 2014 2013 Cash $ 80,800 $ 48,400 Accounts receivable 87,800 38,000 Inventory 112,500 102,850
Data for Kurtzel Company are presented in P12-7A. Further analysis reveals the following. 1. Accounts payable pertain to merchandise suppliers. 2. All operating expenses except for depreciation were
Presented below are the financial statements of Kurtzel Company.KURTZEL COMPANY Comparative Balance Sheets December 31 Assets 2014 2013 Cash $ 35,000 $ 20,000 Accounts receivable 20,000 14,000
Data for Thornton Company are presented in P12-5A.Instructions Prepare the operating activities section of the statement of cash flows using the direct method.AppendixLO1
Thornton Company’s income statement contained the condensed information below.THORNTON COMPANY Income Statement For the Year Ended December 31, 2014 Service revenue $970,000 Operating expenses,
Data for Paxson Company are presented in P12-3A.Instructions Prepare the operating activities section of the statement of cash flows using the direct method.AppendixLO1
The income statement of Paxson Company is presented here.PAXSON COMPANY Income Statement For the Year Ended November 30, 2014 Sales revenue $7,600,000 Cost of goods sold Beginning inventory
The following account balances relate to the stockholders’ equity accounts of Smoltz Corp. at year-end.2014 2013 Common stock, 10,500 and 10,000 shares, respectively, for 2014 and 2013 $160,800
You are provided with the following transactions that took place during a recent fiscal year.Cash Inflow, Statement of Cash Outflow, or Transaction Flow Activity Affected No Effect?(a) Recorded
The following information is taken from the 2014 general ledger of Praeger Company.Rent Rent expense $ 30,000 Prepaid rent, January 1 5,900 Prepaid rent, December 31 7,400 Salaries Salaries and wages
The following information is available for Taliaferro Corp. for 2014.Cash used to purchase treasury stock $ 48,100 Cash dividends paid 21,800 Cash paid for interest 22,400 Net income 464,300 Sales
The 2014 accounting records of Rogan Transport reveal these transactions and events.Payment of interest $ 10,000 Payment of salaries and wages $ 53,000 Cash sales 48,000 Depreciation expense 16,000
Suppose the 2014 income statement for McDonald’s Corporation shows cost of goods sold $5,178.0 million and operating expenses (including depreciation expense of$1,216.2 million) $10,725.7 million.
Metzger Company completed its first year of operations on December 31, 2014.Its initial income statement showed that Metzger had sales revenue of $198,000 and operating expenses of $83,000. Accounts
Information for two companies in the same industry, Patton Corporation and Sager Corporation, is presented here.Patton Sager Corporation Corporation Net cash provided by operating activities $ 80,000
Suppose presented below is 2014 information for PepsiCo, Inc. and The Coca-Cola Company.($ in millions) PepsiCo Coca-Cola Net cash provided by operating activities $ 6,796 $ 8,186 Average current
Shown below and on the next page are comparative balance sheets for Schmitt Company.SCHMITT COMPANY Comparative Balance Sheets December 31 Assets 2014 2013 Cash $ 68,000 $ 22,000 Accounts receivable
The three accounts shown below appear in the general ledger of Lauber Corp.during 2014.Equipment Date Debit Credit Balance Jan. 1 Balance 160,000 July 31 Purchase of equipment 70,000 230,000 Sept. 2
The following information is available for Ramos Corporation for the year ended December 31, 2014.Beginning cash balance $ 45,000 Accounts payable decrease 3,700 Depreciation expense 162,000 Accounts
The current sections of Sanford Inc.’s balance sheets at December 31, 2013 and 2014, are presented here. Sanford’s net income for 2014 was $153,000. Depreciation expense was $27,000.2014 2013
Cosi Company reported net income of $190,000 for 2014. Cosi also reported depreciation expense of $35,000 and a loss of $5,000 on the disposal of plant assets. The comparative balance sheet shows an
The information in the table is from the statement of cash flows for a company at four different points in time (A, B, C, and D). Negative values are presented in parentheses.Point in Time A B C D
Financial information for Bradford Company is presented here.BRADFORD COMPANY Balance Sheets December 31 Assets 2014 2013 Cash $ 50,000 $ 42,000 Debt investments (short-term) 80,000 50,000 Accounts

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