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managerial accounting tools for business decision making

Questions and Answers of Managerial Accounting Tools For Business Decision Making

Which statement is incorrect concerning the adjusted trial balance?(a) An adjusted trial balance proves the equality of the total debit balances and the total credit balances in the ledger after all
Which account will have a zero balance after a company has journalized and posted closing entries?(a) Service Revenue.(b) Supplies.(c) Prepaid Insurance.(d) Accumulated Depreciation.
Which types of accounts will appear in the postclosing trial balance?(a) Permanent accounts.(b) Temporary accounts.(c) Expense accounts.(d) None of the above.
All of the following are required steps in the accounting cycle except:(a) journalizing and posting closing entries.(b) preparing an adjusted trial balance.(c) preparing a post-closing trial
A company fails to recognize revenue earned but not yet received. Which of the following types of accounts are involved in the adjusting entry:(a) asset, (b) liability, (c) revenue, or (d) expense?
A company fails to recognize an expense incurred but not paid. Indicate which of the following types of accounts is debited and which is credited in the adjusting entry: (a) asset, (b) liability, (c)
Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income.The first transaction has
The trial balance of LaGrace Company includes the following balance sheet accounts. Identify the accounts that might require adjustment. For each account that requires adjustment, indicate (1) the
The following selected accounts appear in the adjusted trial balance for Cohen Company. Indicate the financial statement on which each account would be reported.(a) Accumulated Depreciation. (e)
After closing revenues and expense, Natraj Company shows the following account balances.Prepare the remaining closing entries at December 31. Dividends Retained Earnings Income Summary $22,000 70,000
These are the assumptions, principles, and constraints discussed in this and previous chapters.1. Economic entity assumption. 6. Materiality constraint.2. Expense recognition principle. 7. Full
Selected accounts of Sandin Company are shown here.Instructions After analyzing the accounts, journalize (a) the July transactions and (b) the adjusting entries that were made on July 31. (Hint: July
The following selected data are taken from the comparative financial statements of Superior Curling Club. The club prepares its financial statements using the accrual basis of accounting.Dues are
Open Road Travel Court was organized on July 1, 2011, by Tiffany Lampkins.Tiffany is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Tiffany prepared
The following data are taken from the comparative balance sheets of Glenview Club, which prepares its financial statements using the accrual basis of accounting.Fees are billed to members based upon
The Fly Right Travel Agency was organized on January 1, 2010, by Joe Kirkpatrick.Joe is a good manager but a poor accountant. From the trial balance prepared by a parttime bookkeeper, Joe prepared
On September 1, 2012, the following were the account balances of Worthington Equipment Repair.During September, the following summary transactions were completed.Sept. 8 Paid \($1,100\) for salaries
Phil Eubanks recorded the following transactions during the month of April.Apr. 3 Cash 3,400 Service Revenue 3,400 16 Rent Expense 500 Cash 500 20 Salaries and Wages Expense 300 Cash 300 Post these
Delmont Company entered into these transactions during May 2012.1. Purchased computers for office use for $30,000 from Dell on account.2. Paid $4,000 cash for May rent on storage space.3. Received
During 2012, its first year of operations as a delivery service, Underwood Corp.entered into the following transactions.1. Issued shares of common stock to investors in exchange for $100,000 in
Selected transactions for Charlotte Corporation during its first month in business are presented below.Sept. 1 Issued common stock in exchange for $20,000 cash received from investors.5 Purchased
The T accounts on the next page summarize the ledger of McGregor Gardening Company, Inc. at the end of the first month of operations.Instructions (a) Prepare in the order they occurred the journal
Here is the ledger for Stamper Co.Instructions (a) Reproduce the journal entries for only the transactions that occurred on October 1, 10, and 20, and provide explanations for each.(b) Prepare a
The accounts in the ledger of Roshek Delivery Service contain the following balances on July 31, 2012.Accounts Receivable $13,400 Prepaid Insurance $ 2,200 Accounts Payable 8,400 Service Revenue
A Susan Taylor started her own consulting firm, Taylor Made Consulting Inc., on May 1, 2012. The following transactions occurred during the month of May.May 1 Stockholders invested $15,000 cash in
A Clear View Miniature Golf and Driving Range Inc. was opened on March 1 by Roger Prince. These selected events and transactions occurred during March.Mar. 1 Stockholders invested $50,000 cash in the
A This trial balance of Michels Co. does not balance.Each of the listed accounts has a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors:1.
RV Oasis was started on April 1 by Taras Dankert. These selected events and transactions occurred during April.Apr. 1 Stockholders invested $70,000 cash in the business in exchange for common stock.4
The financial statements of Tootsie Roll in Appendix A at the back of this book contain the following selected accounts, all in thousands of dollars.Instructions (a) What is the increase and decrease
The financial statements of The Hershey Company appear in Appendix B, following the financial statements for Tootsie Roll in Appendix A.Instructions(a) Based on the information contained in these
Sid Cato provides critiques of corporate annual reports. He maintains a website at www.sidcato.com that provides many useful resources for those who are interested in preparing or using annual
Chieftain International, Inc., is an oil and natural gas exploration and production company.A recent balance sheet reported $208 million in assets with only $4.6 million in liabilities, all of which
Purpose: This activity provides information about career opportunities for CPAs.Address: www.icpas.org, or go to www.wiley.com/college/kimmel Steps 1. Go to the address shown above and click on
DECISION MAKING ACROSS THE ORGANIZATION Donna Dye operates Double D Riding Academy, Inc. The academy’s primary sources of revenue are riding fees and lesson fees, which are provided on a cash
Clean Sweep Company offers home cleaning service. Two recurring transactions for the company are billing customers for services provided and paying employee salaries. For example, on March 15 bills
The July 28, 2007, issue of the Wall Street Journal includes an article by Kathryn Kranhold entitled “GE’s Accounting Draws Fresh Focus on News of Improper Sales Bookings.”Instructions Read the
The expanded accounting equation under IFRS is as follows:(a) Assets Liabilities Share Capital Dividends Revenues Expenses.(b) Assets Liabilities Share Capital Dividends Revenues
Describe some of the issues the SEC must consider in deciding whether the United States should adopt IFRS.INTERNATIONAL FINANCIAL REPORTING PROBLEM: Zetar plc
The financial statements of Tootsie Roll Industries, Inc., appear in Appendix A at the end of this book.Instructions Answer the following questions using the financial statements and the notes to the
The financial statements of The Hershey Company appear in Appendix B, following the financial statements for Tootsie Roll in Appendix A. Assume Hershey’s average number of shares outstanding was
The April 27, 2009, edition of the Wall Street Journal Online includes an article by Cari Tuna entitled “Corporate Blogs and ‘Tweets’ Must Keep SEC in Mind.”Instructions Read the article and
The following information was reported by Gap, Inc. in its 2009 annual report.(a) Determine the overall percentage decrease in Gap’s total assets from 2005 to 2009. What was the average decrease
Purpose: Identify summary liquidity, solvency, and profitability information about companies, and compare this information across companies in the same industry.Address: http://biz.yahoo.com/i, or go
The opening story described the dramatic effect that investment bulletin boards are having on the investment world. This exercise will allow you to evaluate a bulletin board discussing a company of
As a financial analyst in the planning department for Lindemann Industries, Inc., you have been requested to develop some key ratios from the comparative financial statements. This information is to
T. J. Cerrillo is the chief executive officer of Tomorrow’s Products. T. J. is an expert engineer but a novice in accounting.Instructions Write a letter to T. J. Cerrillo that explains (a) the
Every company needs to plan in order to move forward. Its top management must consider where it wants the company to be in three to five years. Like a company, you need to think about where you want
Which of the following statements is false?(a) The monetary unit assumption is used under IFRS.(b) Under IFRS, companies sometimes net liabilities against assets to report “net assets.”(c) The
Brian Hopkins is interested in comparing the liquidity and solvency of a U.S. software company with a Chinese competitor. Is this possible if the two companies report using different
The effects on the basic accounting equation of performing services for cash are to:(a) increase assets and decrease stockholders’ equity.(b) increase assets and increase stockholders’ equity.(c)
Which of the following events is not recorded in the accounting records?(a) Equipment is purchased on account.(b) An employee is terminated.(c) A cash investment is made into the business.(d) Company
Which statement about an account is true?(a) In its simplest form, an account consists of two parts.(b) An account is an individual accounting record of increases and decreases in specific asset,
Which accounts normally have debit balances?(a) Assets, expenses, and revenues.(b) Assets, expenses, and retained earnings.(c) Assets, liabilities, and dividends.(d) Assets, dividends, and expenses.
Paying an account payable with cash affects the components of the accounting equation in the following way:(a) Decreases stockholders’ equity and decreases liabilities.(b) Increases assets and
Which is not part of the recording process?(a) Analyzing transactions.(b) Preparing a trial balance.(c) Entering transactions in a journal.(d) Posting transactions.
Which of these statements about a journal is false?(a) It contains only revenue and expense accounts.(b) It provides a chronological record of transactions.(c) It helps to locate errors because the
A ledger:(a) contains only asset and liability accounts.(b) should show accounts in alphabetical order.(c) is a collection of the entire group of accounts maintained by a company.(d) provides a
A trial balance:(a) is a list of accounts with their balances at a given time.(b) proves that proper account titles were used.(c) will not balance if a correct journal entry is posted twice.(d)
Indicate whether each account is an asset, a liability, or a stockholders’ equity account, and whether it would have a normal debit or credit balance.(a) Accounts Receivable. (d) Dividends.(b)
For each of the following accounts, indicate the effect of a debit or a credit on the account and the normal balance.(a) Accounts Payable. (d) Accounts Receivable.(b) Advertising Expense. (e)
From the ledger balances below, prepare a trial balance for Lyndon Company at June 30, 2012. All account balances are normal.Accounts Payable $ 1,000 Service Revenue $8,600 Cash 5,400 Accounts
These selected condensed data are taken from a recent balance sheet of Bob Evans Farms (in millions of dollars).Compute working capital and the current ratio. Cash Accounts receivable Inventory $
Kalb’s Books & Music Inc. reported the following selected information at March 31.Calculate (a) the current ratio, (b) the debt to total assets ratio, and (c) free cash flow for March 31, 2012.
Here are some qualitative characteristics of useful accounting information:1. Predictive value 3. Verifiable 2. Neutral 4. Timely Match each qualitative characteristic to one of the following
The following financial statement items were taken from the financial statements of Jing Corp.Prepare the assets section of Heather Corporation’s balance sheet. Accounts receivable $22,000
The following financial statement items were taken from the financial statements of Jing Corp.Match each of the financial statement items to its proper balance sheet classification. (See E2-1 on page
The following are characteristics, assumptions, principles, or constraints that guide the FASB when it creates accounting standards. Relevance Faithful representation Comparability Consistency
These items are taken from the financial statements of Victory Co. at December 31, 2012.Instructions Prepare a classified balance sheet. Assume that $13,600 of the note payable will be paid in 2013.
The following items were taken from the 2009 financial statements of Texas Instruments, Inc. (All dollars are in millions.)Prepare a classified balance sheet in good form as of December 31, 2009.
These financial statement items are for Withal Corporation at year-end, July 31, 2012.Instructions (a) Prepare an income statement and a retained earnings statement for the year. Whitnall Corporation
Presented below are the assumptions and principles discussed in this chapter.Instructions Identify by number the accounting assumption or principle that is described below. Do not use a number more
The following items are taken from the 2008 balance sheet of Yahoo! Inc. (All dollars are in thousands.)Instructions Prepare a classified balance sheet for Yahoo! Inc. as of December 31, 2008.
These items are taken from the financial statements of Xenox Corporation for 2012.Instructions Prepare an income statement, a retained earnings statement, and a classified balance sheet as of
You are provided with the following information for Merrell Enterprises, effective as of its April 30, 2012, year-end.Instructions (a) Prepare an income statement and a retained earnings statement
The following items are from the 2009 balance sheet of Kellogg Company. (All dollars are in millions.)Instructions Prepare a classified balance sheet for Kellogg Company as of December 31, 2009.
These items are taken from the financial statements of Tilley, Inc.Instructions Prepare an income statement, a retained earnings statement, and a classified balance sheet as of December 31, 2012.
You are provided with the following information for Rapp Corporation, effective as of its April 30, 2012, year-end.Instructions (a) Prepare an income statement and a retained earnings statement for
Here is a list of words or phrases discussed in this chapter:1. Corporation 4. Partnership 7. Accounts payable 2. Creditor 5. Stockholder 8. Auditor’s opinion 3. Accounts receivable 6. Common stock
All businesses are involved in three types of activities—financing, investing, and operating. Listed below are the names and descriptions of companies in several different industries.Abitibi
The Fair View Golf & Country Club details the following accounts in its financial statements.(a) (b)Accounts payable _____ _____ Accounts receivable _____ _____ Equipment _____ _____ Sales revenue
The following items and amounts were taken from Linus Inc.’s 2012 income statement and balance sheet.______ Cash $ 84,700 ______ Accounts receivable 88,419 ______ Retained earnings 123,192 ______
Here are incomplete financial statements for Liam, Inc.Instructions Calculate the missing amounts. Cash Inventory Assets $ 7,000 LIAM, INC. Balance Sheet Liabilities and Stockholders' Equity
This information is for O’Brien Corporation for the year ended December 31, 2012.Instructions (a) Prepare the 2012 statement of cash flows for O’Brien Corporation.(b) Suppose you are one of
The following data are derived from the 2009 financial statements of Southwest Airlines. All dollars are in millions. Southwest has a December 31 year-end.Instructions (a) After analyzing the data,
Gabelli Corporation was formed on January 1, 2012. At December 31, 2012, John Paulus, the president and sole stockholder, decided to prepare a balance sheet, which appeared as followsJohn willingly
Special Delivery was started on May 1 with an investment of $45,000 cash. Following are the assets and liabilities of the company on May 31, 2012, and the revenues and expenses for the month of May,
Presented below are selected financial statement items for Rowe Corporation for December 31, 2012.Inventory $ 55,000 Cash paid to purchase equipment $ 30,000 Cash paid to suppliers 154,000 Equipment
The 2009 financial statements of Tootsie Roll Industries, Inc. are provided in Appendix A.Instructions Refer to Tootsie Roll’s financial statements to answer the following questions.(a) What were
Tootsie Roll’s financial statements are presented in Appendix A, and the financial statements of The Hershey Company are presented in Appendix B.Instructions(a) Based on the information in these
The September 3, 2009, issue of BusinessWeek includes an article by Lindsey Gerdes entitled “The Best Places to Launch a Career.” It provides interesting information regarding the job
Xerox was not having a particularly pleasant year. The company’s stock price had already fallen in the previous year from $60 per share to $30. Just when it seemed things couldn’t get worse,
Purpose: Identify summary information about companies. This information includes basic descriptions of the company’s location, activities, industry, financial health, and financial
Kim Walters recently accepted a job in the production department at Tootsie Roll.Before she starts work, she decides to review the company’s annual report to better understand its
Jane Noonan is the bookkeeper for Wilson Company, Inc. Jane has been trying to get the company’s balance sheet to balance. She finally got it to balance, but she still isn’t sure that it is
Some people are tempted to make their finances look worse to get financial aid.Companies sometimes also manage their financial numbers in order to accomplish certain goals.Earnings management is the
Discuss the potential advantages and disadvantages that countries outside the United States should consider before adopting regulations, such as those in the Sarbanes-Oxley Act, that increase
In a classified balance sheet, assets are usually classified as:(a) current assets; long-term assets; property, plant, and equipment; and intangible assets.(b) current assets; long-term investments;
Current assets are listed:(a) by order of expected conversion to cash.(b) by importance.(c) by longevity.(d) alphabetically.
Which is an indicator of profitability?(a) Current ratio.(b) Earnings per share.(c) Debt to total assets ratio.(d) Free cash flow.
For 2012, Ganos Corporation reported net income $26,000; net sales $400,000; and average shares outstanding 4,000. There were preferred stock dividends of $2,000. What was the 2012 earnings per

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