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managerial accounting tools for business decision making

Questions and Answers of Managerial Accounting Tools For Business Decision Making

Compute the profit margin for 2017.(a) 17.1%.(c) 37.9%.(b) 18.1%.(d) 5.9%.
In this chapter, we evaluated a home electronics giant, Best Buy. Tweeter Home Entertainment sold consumer electronics products from 154 stores on the East Coast under various names. It specialized
What organization issues U.S. accounting standards?(a) Financial Accounting Standards Board.(b) International Accounting Standards Committee.(c) International Auditing Standards Committee.(d) None of
What motivates sales executives and finance and accounting executives to participate in activities that result in inaccurate reporting of revenues?
Suppose that Robert Jones purchases a \(\$ 100\) gift card at Best Buy on December 24, 2009, and gives it to his wife Mary Jones on December 25, 2009. On January 3, 2010, Mary uses the card to
Cookie Creations is gearing up the winter holiday season. Natalie has had a busy month of December. She needs to journalize and post the month's transactions and complete the accounting cycle,
Square Deal, a large national retail chain, is nearing its fiscal year-end. It appears that the company is not going to hit its revenue and net income targets. The company's marketing manager, Mickey
In order for these companies to prepare and issue financial statements, their accounting equations (debit and credits) must have been in balance at year-end. How could these errors or misstatements
Do you think that the Chicago Bears football team would be likely to have the same major revenue and expense accounts as the Cubs?
In what ways is this Microsoft division using accounting to assist in its effort to become more profitable?
In November 2009 after having incorporated Cookie Creations Inc., Natalie begins operations. She has decided to not pursue the offer to supply cookies to Biscuits. Instead she will focus on offering
During 2010, Gibson Company assets decreased \(\$ 50,000\) and its liabilities decreased \(\$ 90,000\). Its stockholders' equity therefore:(a) increased \(\$ 40,000\).(b) decreased \(\$ 140,000\)(c)
Presented below are three economic events. On a sheet of paper, list the letters (a), (b), an (c) with columns for assets, liabilities, and stockholders' equity. In each column, indicate whether the
Bob Sample and other student investors opened Campus Carpet Cleaning, Inc. on September 1, 2010. During the first month of operations the following transactions occurred.The chart of accounts for the
After investigating the different forms of business organization, Natalie Koebel decides to operate her business as a corporation, Cookie Creations Inc., and she begins the process of getting her
What can various company managers do to ensure that working capital is managed efficiently to maximize net income?
Discuss the difference in the debt to total assets ratio of Microsoft and General Motors.
What is meant by the phrase "make the country's businesses more transparent"? Why
What problems might Best Buy's year-end create for analysts?
For 2010 Stone land Corporation reported net income \(\$ 26,000\); net sales \(\$ 400,000\); and average shares outstanding 6,000 . There were preferred stock dividends of \(\$ 2,000\). What was the
Companies can use free cash flow to:(a) pay additional dividends.(b) acquire property, plant, and equipment.(c) pay off debts.(d) All of the above.
What organization issues U.S. accounting standards?(a) Financial Accounting Standards Board.(b) International Accounting Standards Committee.(c) International Auditing Standards Committee.(d) None of
Verifiability is an ingredient of: Reliability (a) Yes Relevance Yes (b) No No (c) Yes No (d) No Yes
What accounting constraint refers to the tendency of accountants to resolve uncertainty in a way least likely to overstate assets and net income?(a) Comparability.(b) Materiality.(c) Conservatism.(d)
What was Tootsie Roll's largest current asset, largest current liability, and largest item under "Other assets" at December 31, 2007 ?
What are the benefits to the company and to the employees of making the financial statements available to all employees?
How might accounting help you?
What benefits does a sound accounting system provide to a not-for-profit organization?
What is one way that some of these disputes might be resolved?
Classify each item as an asset, liability, common stock, revenue, or expense.1. Cost of renting property 2. Truck purchased 3. Notes payable 4. Issuance of ownership shares 5. Amount earned from
State whether each of the following items is most closely associated with the management discussion and analysis (MD&A), the notes to the financial statements, or the auditor's report.1. Descriptions
Which financial statement reports assets, liabilities, and stockholders' equity?(a) Income statement(b) Retained earnings statement.(c) Balance sheet.(d) Statement of cash flows.
As of December 31, 2007, Stone land Corporation has assets of \(\$ 3,500\) and stockholders' equity of \(\$ 2,000\). What are the liabilities for Stone land Corporation as of December 31, 2007?(a)
A job order cost sheet for Michaels Company is shown belowInstructions(a) Answer the following questions.(1) What was the balance in Work in Process Inventory on January 1 if this was the only
Kwik Kopy Company applies operating overhead to photocopying jobs on the basis of machine hours used. Overhead costs are expected to total $290,000 for the year, and machine usage is estimated at
Armando Company manufactures pizza sauce through two production departments: Cooking and Canning. In each process, materials and conversion costs are incurred evenly throughout the process. For the
The Sanding Department of Jo Furniture Company has the following production and manufacturing cost data for March 2017, the first month of operation.Production: 11,000 units finished and transferred
Karlene Industries produces plastic ice cube trays in two processes: heating and stamping. All materials are added at the beginning of the Heating Department process. Karlene uses the
Domestic Fabrics has budgeted overhead costs of $955,000. It has allocated overhead on a plantwide basis to its two products (wool and cotton) using direct labor hours which are estimated to be
Organic Products, Inc., uses a traditional product costing system to assign overhead costs uniformly to all products. To meet Food and Drug Administration (FDA) requirements and to assure its
The controller of Teton Industries has collected the following monthly expense data for use in analyzing the cost behavior of maintenance costs.Instructions (a) Determine the fi xed-cost and
Zion Seating Co., a manufacturer of chairs, had the following data for 2017:Instructions (a) What is the contribution margin ratio?(b) What is the break-even point in dollars?(c) What is the margin
Yard-King manufactures lawnmowers, weed-trimmers, and chainsaws. Its sales mix and unit contribution margins are as follows.Yard-King has fixed costs of $4,620,000.Instructions Compute the number of
Rene Company manufactures and sells three products. Relevant per unit data concerning each product are given below.Instructions(a) Compute the contribution margin per unit of limited resource
The CVP income statements shown below are available for Vericelli Company and Boone CompanyInstructions (a) Compute the degree of operating leverage for each company and interpret your results.(b)
Francis Corporation manufactures and sells three different types of water-sport wakeboards. The boards vary in terms of their quality specifications—primarily with respect to their smoothness and
Maningly Inc. has been manufacturing its own lampshades for its table lamps. The company is currently operating at 100% of capacity. Variable manufacturing overhead is charged to production at the
Tek Enterprises uses a computer to handle its sales invoices. Lately, business has been so good that it takes an extra 3 hours per night, plus every third Saturday, to keep up with the volume of
Benai Lorenzo, a recent graduate of Bonita’s accounting program, evaluated the operating performance of Wasson Company’s six divisions. Benai made the following presentation to the Wasson board
Notown Recording Studio rents studio time to musicians in 2-hour blocks. Each session includes the use of the studio facilities, a digital recorded CD of the performance, and a professional music
Mercury Corporation manufactures car audio systems. It is a division of Country-Wide Motors, which manufactures vehicles. Mercury sells car audio systems to other divisions of Country-Wide, as well
Jake Company expects to have a cash balance of $45,000 on January 1, 2017. Relevant monthly budget data for the fi rst 2 months of 2017 are as follows.Collections from customers: January $100,000.
Asheville Company is preparing its master budget for 2017. Relevant data pertaining to its sales and production budgets are as follows.Sales. Sales for the year are expected to total 2,100,000 units.
Barrett Company has completed all operating budgets other than the income statement for 2017. Selected data from these budgets follow.Sales: $300,000 Purchases of raw materials: $145,000 Ending
Felix Company uses a fl exible budget for manufacturing overhead based on direct labor hours. Variable manufacturing overhead costs per direct labor hour are as follows.Fixed overhead costs per month
The White Division of Mesin Company reported the following data for the current year.Top management is unhappy with the investment center’s return on investment (ROI). It asks the manager of the
Hector Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product.Direct materials (6 pounds at $2.50 per pound) $15.00 Direct labor (3.1 hours
Manufacturing overhead data for the production of Product H by Yamato Company are as follows. Overhead incurred for 35,000 actual direct labor hours worked $140,000 Overhead rate (variable $3;
BTMS Inc. wants to purchase a new machine for $30,000, excluding $1,500 of installation costs. The old machine was bought five years ago and had an expected economic life of 10 years without salvage
Furst Corporation had the following transactions.1. Paid salaries of $14,000.2. Issued common stock for equipment worth $16,000.3. Sold equipment (cost $10,000, accumulated depreciation $6,000) for
Strong Corporation’s comparative balance sheets are presented below.Additional information:1. Net income was $28,300. Dividends declared and paid were $26,400.2. Equipment that cost $10,000 and had
The income statement for the year ended December 31, 2017, for Kosinski Manufacturing Company contains the following condensed information.Included in operating expenses is a $24,000 loss resulting
The comparative condensed balance sheets of Roadway Corporation are presented below.Instructions (a) Prepare a horizontal analysis of the balance sheet data for Roadway Corporation using 2016 as a
Rondo Corporation’s comparative balance sheets are presented below.Rondo’s 2017 income statement included net sales of $120,000, cost of goods sold of $70,000, and net income of
The events and transactions of Dever Corporation for the year ending December 31, 2017, resulted in the following data. Cost of goods sold $2,600,000 Net sales 4,400,000 Other expenses and losses
Fredricks Company reports the following costs and expenses in MayInstructions From the information, determine the total amount of:(a) Manufacturing overhead(b) Product costs(c) Period costs. Factory
Tommi Corporation incurred the following costs while manufacturing its product.Work-in-process inventory was $10,000 at January 1 and $14,000 at December 31. Finished goods inventory was $60,500 at
Superior Company has the following cost and expense data for the year ending December 31, 2017.Instructions (a) Prepare a cost of goods manufactured schedule for Superior Company for 2017.(b)
Disney faces many situations where it needs to apply the decision tools learned in this chapter, such as using a job cost sheet to determine a film’s profitability. For example, assume Disney uses
Old Rosebud is a Kentucky horse farm that specializes in boarding thoroughbred breeding mares and their foals. Customers bring their breeding mares to Old Rosebud for delivery of their foals and
Magee Inc. pays its sales manager a bonus of $10,000 if the manager meets the sales quota. The sales manager can exert either high effort or low effort. The additional disutility of the manager in
James, Inc., a large mail-order catalog firm, is thinking of expanding into Canada. The Buffalo district office would manage the expansion and must decide how much to spend on the advertising
What are some of the reasons for allocating costs?
Describe some ways cost allocations can affect cash flows.
How do cost allocations act as a tax system?
Define externality and give an example of one.
What is the difference between a positive and a negative externality?
How are externalities reduced within a firm?
Describe the three cases to consider when determining if a cost allocation is beneficial.
Should common costs be allocated?
Describe how a noninsulating allocation promotes cooperation among managers and encourages mutual monitoring.
Why would senior managers want to distort factor prices by using cost allocations?
Giza Farms in Cairo, Egypt, has a corporate headquarters staff and three operating divisions: consulting services, chemicals, and agricultural products. Giza is considering allocating 160 million
The Chicago Omni Hotel is a 750-room luxury hotel offering guests the finest facilities in downtown Chicago. The hotel is organized into four departments: lodging, dining, catering, and retail
What is the death spiral and how is it prevented?
What are some reasons to allocate service department costs, independent of which allocation method is chosen?
What is step-down allocation? What are some criticisms of this allocation method?
How do the direct allocation and step-down methods differ?
How does the cost per unit of service vary over the sequence of service departments when the step-down method is used?
What are joint costs? How do they differ from common costs?
Describe some methods for allocating joint costs.
What are the advantages and disadvantages of the net realizable method of allocating joint costs?
A bank has three service centers: EDP (electronic data processing), copying, and accounting. These service centers provide services to one another as well as to three operating divisions: A, B, and
A firm has four service centers, S1, S2, S3, and S4, which provide services to each other, as well as to three operating divisions, A, B, and C. The distribution of each service center’s output as
What are the two distinct absorption systems?
Describe the flow of costs through the T-accounts in a job order cost system.
Suppose that during the production of a particular job, a machine malfunctions, destroying $2,750 of raw materials.How should the cost of these materials be handled? Should they be charged to the job
Why would you use a prospective overhead rate to accumulate the overhead costs of a job?
Give a reason why you might have overabsorbed overhead at the end of the year.
Give the three ways to eliminate the balance in the overhead account at the end of the year.

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