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managerial accounting tools for business decision making

Questions and Answers of Managerial Accounting Tools For Business Decision Making

Edelman Corporation issued the following statement of cash flows for 2014.EDELMAN CORPORATION Statement of Cash Flows—Indirect Method For the Year Ended December 31, 2014 Cash flows from operating
RL Photography reported net income of $100,000 for 2014. Included in the income statement were depreciation expense of $6,300, patent amortization expense of$4,000, and a gain on disposal of plant
Morray Corporation had the following transactions. 1. Issued $160,000 of bonds payable. 2. Paid utilities expense. 3. Issued 500 shares of preferred stock for $45,000. 4. Sold land and a building for
Sellers Corporation reports operating expenses of $90,000, excluding depreciation expense of $15,000 for 2014. During the year, prepaid expenses decreased $7,200 and accrued expenses payable
Kolmer Corporation reported income taxes of $370,000,000 on its 2014 income statement and income taxes payable of $277,000,000 at December 31, 2013, and$528,000,000 at December 31, 2014. What amount
Suppose Columbia Sportswear Company had accounts receivable of $299,585,000 at January 1, 2014, and $226,548,000 at December 31, 2014. Assume sales revenue was$1,244,023,000 for the year 2014. What
The management of Unruh Inc. is trying to decide whether it can increase its dividend. During the current year, it reported net income of $875,000. It had net cash provided by operating activities of
Suppose Canwest Global Communications Corp. reported net cash used by operating activities of $104,539,000 and sales revenue of $2,867,459,000 during 2014. Cash spent on plant asset additions during
Flowers Corporation reported net cash provided by operating activities of$412,000, net cash used by investing activities of $250,000, and net cash provided by financing activities of $70,000. In
Suppose during 2014, Cypress Semiconductor Corporation reported net cash provided by operating activities of $89,303,000, cash used in investing of $43,126,000, and cash used in financing of
The T-accounts for Equipment and the related Accumulated Depreciation—Equip. for Coldsmith Company at the end of 2014 are shown here.Equipment Accum. Depr.—Equip.Beg. bal. 80,000 Disposals 22,000
The comparative balance sheets for Lowery Company show these changes in noncash current asset accounts: accounts receivable decrease $80,000, prepaid expenses increase $28,000, and inventories
The net income for Freeman Co. for 2014 was $280,000. For 2014, depreciation on plant assets was $70,000, and the company incurred a loss on disposal of plant assets of $28,000. Compute net cash
Manuel, Inc. reported net income of $2.5 million in 2014. Depreciation for the year was $160,000, accounts receivable decreased $350,000, and accounts payable decreased $280,000. Compute net cash
(a) Why is net cash provided by operating activities likely to be lower than reported net income during the growth phase?(b) Why is net cash from investing activities often positive during the late
The following T-account is a summary of the cash account of Kemper Company.Cash (Summary Form)Balance, Jan. 1 8,000 Receipts from customers 364,000 Payments for goods 200,000 Dividends on stock
Classify each item as an operating, investing, or financing activity. Assume all items involve cash unless there is information to the contrary.(a) Purchase of equipment. (d) Depreciation.(b) Sale of
Each of these items must be considered in preparing a statement of cash flows for Irvin Co. for the year ended December 31, 2014. For each item, state how it should be shown in the statement of cash
Detwiler Inc. reported sales of $2 million for 2014.Accounts receivable decreased $150,000 and accounts payable increased $300,000. Compute cash receipts from customers, assuming that the receivable
During 2014, Markowitz Company exchanged$1,700,000 of its common stock for land. Indicate how the transaction would be reported on a statement of cash flows, if at all.AppendixLO1
Why is the statement of cash flows useful?AppendixLO1
Why and how is depreciation expense reported in a statement of cash flows prepared using the indirect method?AppendixLO1
The president of Selby Company is puzzled. During the last year, the company experienced a net loss of $800,000, yet its cash increased$300,000 during the same period of time. Explain to the
Why is it necessary to convert accrual-basis net income to cash-basis net income when preparing a statement of cash flows?AppendixLO1
Based on its statement of cash flows, in what stage of the product life cycle is Tootsie Roll Industries?AppendixLO1
Diane Hollowell and Terry Parmenter were discussing the format of the statement of cash flows of Snowbarger Co. At the bottom of Snowbarger’s statement of cash flows was a separate section
(a) What are the sources (inflows) of cash in a statement of cash flows?(b) What are the uses (outflows) of cash?AppendixLO1
(a) What is a statement of cash flows?(b) Mark Paxson maintains that the statement of cash flows is an optional financial statement. Do you agree? Explain.AppendixLO1
Which of the following items is reported on a statement of cash flows prepared by the direct method?(a) Loss on disposal of plant asset.(b) Increase in accounts receivable.(c) Depreciation
The beginning balance in accounts receivable is$44,000, the ending balance is $42,000, and sales during the period are $129,000. What are cash receipts from customers?(a) $127,000. (c) $131,000.(b)
Free cash flow provides an indication of a company’s ability to:(a) generate net income.(b) generate cash to pay dividends.(c) generate cash to invest in new capital expenditures.(d) Both (b) and
The cash debt coverage is:(a) a measure of liquidity.(b) a measure of profi tability.(c) net income divided by average total liabilities.(d) a measure of solvency.AppendixLO1
The following data are available for Retique!Increase in bonds payable $100,000 Sale of investment 50,000 Issuance of common stock 60,000 Payment of cash dividends 30,000 Net cash provided by
The following are data concerning cash received or paid from various transactions for Orange Peels Corporation.Sale of land $100,000 Sale of equipment 50,000 Issuance of common stock 70,000 Purchase
The following data are available for Bill Mack Corporation.Net income $200,000 Depreciation expense 40,000 Dividends paid 60,000 Gain on sale of land 10,000 Decrease in accounts receivable 20,000
Items that are added back to net income in determining net cash provided by operating activities under the indirect method do not include:(a) depreciation expense.(b) an increase in inventory.(c)
Net income is $132,000, accounts payable increased$10,000 during the year, inventory decreased $6,000 during the year, and accounts receivable increased$12,000 during the year. Under the indirect
During the introductory phase of a company’s life cycle, one would normally expect to see:(a) negative cash from operations, negative cash from investing, and positive cash from fi nancing.(b)
Which of the following is incorrect about the statement of cash flows?(a) The direct method may be used to report cash provided by operating activities.(b) The statement shows the net cash provided
The statement of cash flows classifies cash receipts and cash payments by these activities:(a) operating and nonoperating.(b) operating, investing, and fi nancing.(c) fi nancing, operating, and
Which of the following will not be reported in the statement of cash flows?(a) The net change in plant assets during the year.(b) Cash payments for plant assets during the year.(c) Cash receipts from
Use the statement of cash fl ows to evaluate a company.AppendixLO1
Prepare a statement of cash fl ows using the indirect method.AppendixLO1
Suppose selected financial data of Edgewater Company and The Ritter Company for 2014 are presented here (in millions).Edgewater Ritter Income Statement Data for Year Net sales $1,356.0 $1,436.5 Cost
On January 1, 2014, Lamar Corporation had these stockholders’ equity accounts.Common Stock ($20 par value, 80,000 shares issued and outstanding) $1,600,000 Paid-in Capital in Excess of Par Value
Hercules Company manufactures raingear. During 2014, Hercules Company decided to issue bonds at 8% interest and then used the cash to purchase a significant amount of treasury stock. The following
On January 1, 2014, Ferris Inc. had these stockholders’ equity balances.Common Stock, $5 par (2,000,000 shares authorized, 600,000 shares issued and outstanding) $3,000,000 Paid-in Capital in
Hartwell Corporation has been authorized to issue 25,000 shares of $100 par value, 8%, noncumulative preferred stock and 1,000,000 shares of no-par common stock.The corporation assigned a $4 stated
The post-closing trial balance of Dondec Corporation at December 31, 2014, contains these stockholders’ equity accounts.Preferred Stock (6,000 shares issued) $ 300,000 Common Stock (350,000 shares
On December 31, 2013, Peabody Company had 820,000 shares of $10 par common stock issued and outstanding. At December 31, 2013, stockholders’ equity had the amounts listed here.Common Stock
The stockholders’ equity accounts of Warden Corporation on January 1, 2014, were as follows.Preferred Stock (9%, $50 par cumulative, 10,000 shares authorized) $ 200,000 Common Stock ($1 stated
Bennis Corporation was organized on January 1, 2014. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1
On April 15, the market price of the stock was $14 per share.May 15 Issued the shares for the stock dividend.Dec. 1 Declared a $0.60 per share cash dividend to stockholders of record on December 15,
On January 1, 2014, Everett Corporation had these stockholders’ equity accounts.Common Stock ($10 par value, 70,000 shares issued and outstanding) $700,000 Paid-in Capital in Excess of Par Value
Cepeda Company manufactures backpacks. During 2014, Cepeda issued bonds at 10% interest and used the cash proceeds to purchase treasury stock. The following financial information is available for
On January 1, 2014, Kessler Inc. had these stockholders’ equity balances.Common Stock, $1 par (2,000,000 shares authorized, 600,000 shares issued and outstanding) $ 600,000 Paid-in Capital in
Pringle Corporation has been authorized to issue 20,000 shares of $100 par value, 7%, noncumulative preferred stock and 1,000,000 shares of no-par common stock.The corporation assigned a $5 stated
The ledger of Wade Corporation at December 31, 2014, after the books have been closed, contains the following stockholders’ equity accounts.Preferred Stock (10,000 shares issued) $1,000,000 Common
On December 31, 2013, Paxson Company had 1,300,000 shares of $5 par common stock issued and outstanding. At December 31, 2013, stockholders’ equity had the amounts listed here.Common Stock
The stockholders’ equity accounts of Miley Corporation on January 1, 2014, were as follows.Preferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) $ 300,000 Common Stock ($4 stated
Tidwell Corporation was organized on January 1, 2014. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1
On January 1, 2014, Wilkens Corporation had $1,200,000 of common stock outstanding that was issued at par and retained earnings of $750,000. The company issued 30,000 shares of common stock at par on
Sandberg Company has $1,000,000 in assets and $1,000,000 in stockholders’equity, with 40,000 shares outstanding the entire year. It has a return on assets of 10%. In the past year, it had net
Atlantic Airlines is considering these two alternatives for financing the purchase of a fleet of airplanes: 1. Issue 50,000 shares of common stock at $40 per share. (Cash dividends have not been paid
Korsak Corporation decided to issue common stock and used the $300,000 proceeds to redeem all of its outstanding bonds on January 1, 2014. The following information is available for the company for
Suppose the following financial information is available for Walgreen Company.(in millions) 2014 2013 Average common stockholders’ equity $13,622.5 $11,986.5 Dividends declared for common
The following financial information is available for Whitlock Corporation.(in millions) 2014 2013 Average common stockholders’ equity $2,532 $2,591 Dividends declared for common stockholders 298
The following accounts appear in the ledger of Polzin Inc. after the books are closed at December 31, 2014.Common Stock (no-par, $1 stated value, 400,000 shares authorized, 250,000 shares issued) $
The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Roder Corporation at December 31, 2014.Common Stock ($2 stated value) $1,600,000 Paid-in Capital in Excess
Wells Fargo & Company, headquartered in San Francisco, is one of the nation’s largest financial institutions. Suppose it reported the following selected accounts (in millions)as of December 31,
On October 31, the stockholders’ equity section of Pele Company’s balance sheet consists of common stock $648,000 and retained earnings $400,000. Pele is considering the following two courses of
On January 1, Vanessa Corporation had 60,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions
Garcia Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had
The stockholders’ equity section of Leyland Corporation’s balance sheet at December 31 is presented here.LEYLAND CORPORATION Balance Sheet (partial)Stockholders’ equity Paid-in capital
Meranda Corporation is authorized to issue both preferred and common stock.The par value of the preferred is $50. During the first year of operations, the company had the following events and
Fagan Co. had these transactions during the current period.June 12 Issued 80,000 shares of $1 par value common stock for cash of $300,000.July 11 Issued 3,000 shares of $100 par value preferred stock
During its first year of operations, Rosa Corporation had these transactions pertaining to its common stock.Jan. 10 Issued 30,000 shares for cash at $5 per share.July 1 Issued 60,000 shares for cash
Foyle Corporation has issued 100,000 shares of $5 par value common stock. It was authorized 500,000 shares. The paid-in capital in excess of par value on the common stock is $263,000. The corporation
Kosco CD Company has had 4 years of record earnings. Due to this success, the market price of its 400,000 shares of $2 par value common stock has increased from$6 per share to $50. During this
Fusion Corporation has 3,000 shares of 8%, $100 par value preferred stock outstanding at December 31, 2014. At December 31, 2014, the company declared a$105,000 cash dividend. Determine the dividend
Gibbs Corporation purchased 2,000 shares of its $10 par value common stock for $76,000 on August 1. It will hold these in the treasury until resold. Journalize the treasury stock
Eddy Corporation began operations on April 1 by issuing 55,000 shares of$5 par value common stock for cash at $13 per share. Journalize the issuance.AppendixLO1
Indicate whether each of the following statements is true or false.______ 1 The corporation is an entity separate and distinct from its owners.______ 2 The liability of stockholders is normally
Gast Corporation has 200,000 shares of $10 par value common stock outstanding.It declares a 12% stock dividend on December 1 when the market price per share is$17. The dividend shares are issued on
Fugate Inc. is considering these two alternatives to finance its construction of a new $2 million plant:1 Issuance of 200,000 shares of common stock at the market price of $10 per share.2 Issuance of
SUPERVALU, one of the largest grocery retailers in the United States, is headquartered in Minneapolis. Suppose the following financial information (in millions) was taken from the company’s 2014
Mike Haden, president of Haden Corporation, believes that it is a good practice for a company to maintain a constant payout of dividends relative to its earnings.Last year, net income was $600,000,
Leiker Corporation has these accounts at December 31: Common Stock, $10 par, 5,000 shares issued, $50,000; Paid-in Capital in Excess of Par Value $22,000; Retained Earnings $42,000; and Treasury
Indicate whether each of the following transactions would increase (1), decrease(2), or not affect (N/A) total assets, total liabilities, and total stockholders’ equity.Stockholders’Transaction
The stockholders’ equity section of Maley Corporation’s balance sheet consists of common stock ($8 par) $1,000,000 and retained earnings $300,000. A 10% stock dividend(12,500 shares) is declared
Troutman Corporation has 7,000 shares of common stock outstanding. It declares a $1 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31.
Pringle Inc. issues 8,000 shares of $100 par value preferred stock for cash at$106 per share. Journalize the issuance of the preferred stock.AppendixLO1
On June 1, Tucker Inc. issues 3,000 shares of no-par common stock at a cash price of $7 per share. Journalize the issuance of the shares.AppendixLO1
On May 10, Paige Corporation issues 2,500 shares of $5 par value common stock for cash at $13 per share. Journalize the issuance of the stock.AppendixLO1
Andrea Hanlin is planning to start a business. Identify for Andrea the advantages and disadvantages of the corporate form of business organization.AppendixLO1
Krause Corp. has a return on assets of 12%. It plans to issue bonds at 8% and use the cash to repurchase stock. What effect will this have on its debt to assets ratio and on its return on common
Under what circumstances will the return on assets and the return on common stockholders’ equity be equal?AppendixLO1
Explain the circumstances under which debt financing will increase the return on common stockholders’ equity.AppendixLO1
Hatch Inc.’s common stock has a par value of $1 and a current market price of $15. Explain why these amounts are different.AppendixLO1
(a) What is the purpose of a retained earnings restriction?(b) Identify the possible causes of retained earnings restrictions.AppendixLO1

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