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managerial accounting
Questions and Answers of
Managerial Accounting
The trial balance of Lexington Inn at December 31, 2008, and the data needed for the month-end adjustments follow.Adjustment data at December 31:a. Prepaid insurance still in force, \(\$ 600\).b.
The adjusted trial balance of Snyder Piano Tuning Service at December 31, 2007 , follows.Requirements 1. Prepare the 2007 income statement, statement of owner's equity; and year-end balance sheet of
The unadjusted trial balance of Solar Energy Consulting at July 31, 2007, and the related month-end adjustment data follow.Adjustment data:a. Accrued service revenue at July \(31, \$ 2,000\),b.
Which accounting concept or principle specifically states that we should record transactions at amounts that can be verified?a. Entity conceptb. Going-concern conceptc. Cost principled. Reliability
Assume that Fossil sold watches to a department store on account for $50,000. How would this transaction affect Fossil's accounting equation?a. Increase both liabilities and owners' equity by
Assume that Fossil paid expenses totaling $35,000. How does this transaction affect Fossil's accounting equation?a. Increases assets and decreases liabilitiesb. Increases both assets and
Consider the overall effects of transactions 5 and 7 on Fossil. What is Fossil's net income or net loss?a. Net income of $15,000b. Net loss of $35,000c. Net income of $50,000d. Cannot determine
The income statement reportsa. Financial position on a specific dateb. Results of operations on a specific datec. Results of operations for a specific periodd. Financial position for a specific period
Suppose you are starting a business, T-Shirts Plus, to imprint logos on T-shirts. In organizing the business and setting up its accounting records, consider the following:1. Should you combine your
Claire Hunter owns and operates Claire Hunter Floral Designs. She proposes to account for flowers at current market value in order to have realistic amounts on the books if the business liquidates.
You begin A-1 Accounting Service by investing \(\$ 2,000\) of your own money in a business bank account. Before starting operations, you borrow \(\$ 1,000\) cash by signing a note payable to Summit
Wendy Craven owns a travel agency near the campus of Prince George's Community College. The business has cash of \(\$ 2,000\) and furniture that cost \(\$ 8,000\). Debts include accounts payable of
Monte Jackson paid \(\$ 20,000\) cash to purchase land. To buy the land, Jackson was obligated to pay for it. Why, then, did Jackson record no liability in this transaction?
Brad Polson collected cash on account from a client for whom he had provided delivery services one month earlier. Why didn't Polson record revenue when he collected the cash on account?
Suppose you have saved some moner and you are investing in eBay stock. What accounting information will you use to decide whether to invest in eBay? Which accounting principle do you hope eBay's
Terry Maness publishes a travel magazine. In need of cash, Maness asks Metro Bank for a loan. The bank requires borrowers to submit financial statements. With little knowledge of accounting, Maness
Jake's Roasted Peanuts, a proprietorship, supplies snack foods. The business experienced the following events. State whether each event (1) increased, (2) decreased, or (3) had no effect on the total
A-1 Rentals' balance sheet data at May 31, 2009, and June 30, 2009, follow.RequirementsFollowing are three situations about investments and withdrawals by the owner of the business during June. For
Maria Lange opened a medical practice. During July, the first month of operation, the business, titled Maria Lange, M.D., experienced the following events.Requirement Analyze the effects of these
In this exercise you will practice using the data of a well-known company with the amounts rounded. The 2004 annual report of UPS, the overnight shipping company, reported revenue of \(\$ 32\)
Compute the missing amount for Jupiter Company: You will need to prepare a statement of owner's equity.Did Jupiter earn a net income or suffer a net loss for the year? Compute the amount. Jupiter
Abraham Woody practiced accounting with a partnership for five years. Recently he opened his own accounting firm, which he operates as a proprietorship. The name of the new entity is Abraham Woody,
Presented here are(a) the assets and liabilities of Gotcha Covered Security Systems at December 31,2007, (b) the revenues and expenses of the company for the year ended on that date.The capital
Jan Featherston is a realtor. She organized her business as a proprietorship on November 1, 2006. Consider the following facts at November 30, 2006.a. Featherston owes \(\$ 55,000\) on a note payable
Amy Fisk practiced law with a partnership for 10 years. Recently she opened her own law office, which she operates as a proprietorship. The name of the new entity is Amy Fisk, Attorney. Fisk
Studio Gallery provides pictures for high school yearbooks. During 2009 Mike Magid, the owner, withdrew \(\$ 16,000\) for personal use. At December 31,2009 , the business's accounting records show
The amounts of(a) the assets and liabilities of Town \& Country Realty at December 31, 2007, (b) the revenues and expenses of the company for the year ended on that date follow.The capital
Martha Agee operates a Kinko's store. Agee organized the business as a proprietorship on March 1, 2006. Consider the following facts at March 31, 2006:a. Agee has \(\$ 3,000\) in her personal bank
The bookkeeper of Dave Lundy Tax Service prepared the balance sheet of the company while the accountant was ill. The balance sheet contains numerous errors. In particular, the bookkeeper knew that
Carl Redmon completed these transactions during the first half of December;Requirements 1. Analyze the effects of Redmon's transactions on the accounting equation. Use the format to include these
In vertical analysis, the base used for comparison on the income statement isa. total expenses.b. total assets.c. net sales.d. gross profit.
Vertical analysis would rarely be performed on which of the following statements or schedules?a. Income statementb. Adjusting entry worksheetc. Balance sheetd. All of the above are common targets of
A statement that lists the assets, liabilities, and stockholders’ equity of a company in percentages only with no dollar amounts is aa. common-size income statement.b. benchmarking analysis.c.
Which ratio measures the ability of a company to collect its receivables?a. Current ratiob. Quick ratioc. Days’ sales in receivablesd. Return on assets
Which ratio measures the ability of a company to pay its current debts?a. Current ratiob. Inventory turnover ratioc. Days’ sales in receivablesd. Return on assets
To calculate the debt ratio, total liabilities should be divided bya. income from operations.b. total assets.c. interest expense.d. total stockholders’ equity.
Which of the following ratios measures a company’s profitability?a. Rate of return on net salesb. Current ratioc. Days’ sales in receivablesd. Times-interest-earned
Parkins Corporation reported the following on its comparative income statement:Perform a horizontal analysis of revenues and gross profit—both in dollar amounts and in percentages—for 2023 and
Bradley Group reported the following revenues and net income amounts:a. Show Bradley Group’s trend percentages for revenues and net income. Use 2020 as the base year and round to the nearest
McCormick Optical Company reported the following amounts on its balance sheet at December 31:Perform a vertical analysis of McCormick Optical Company’s assets at year-end. Cash and
Zoaring Music, Inc., is a start-up tech company that streams live music via various channels and plans. When Zoaring released its earnings for the second half of 2021, earnings were less than
Refer to the Cartwright’s Data Set.a. Compute Cartwright’s current ratio at December 31, 2023 and 2022.b. Did Cartwright’s current ratio improve, deteriorate, or hold steady during 2023?Data
Use the Cartwright’s Data Set to compute the following:a. The rate of inventory turnover for 2023.b. Days’ sales in average receivables during 2023. Assume all sales are on credit.Data From
Refer to the Cartwright’s Data Set.a. Compute the debt ratio at December 31, 2023.b. Is Cartwright’s ability to pay its liabilities strong or weak? Explain your reasoning.Data From Cartwright’s
Use the Cartwright’s Data Set to compute these profitability measures for 2023:a. Gross profit percentageb. Operating income percentagec. Rate of return on net salesd. Rate of return on total
Use the Cartwright’s Data Set when making the following calculations:a. Compute earnings per share (EPS) for Cartwright’s. The number of shares outstanding was 720,000.b. Compute Cartwright’s
For each of the situations listed, identify the primary standard from the IMA Statement of Ethical Professional Practice that is violated (competence, confidentiality, integrity, or credibility).1.
Prepare a horizontal analysis of the following comparative income statement of The Ruby Group.Why did net income increase by a higher percentage than net sales revenue during 2023? 1 2 3 The Ruby
Prepare a comparative common-size income statement for Jubilee Corporation. To an investor, how does the current year compare with the prior year? Explain your reasoning. 1 2 3 Jubilee Corporation
Jason Home Products currently sells its products through multiple distribution channels.When the company first started, its home cleaning products were sold strictly through home party sales. About
Prepare a horizontal analysis of the following comparative income statement of The Slate Group.Why did net income increase by a higher percentage than net sales revenue during 2023? 1 2 3 The Slate
Martin Home Products currently sells its products through multiple distribution channels.When the company first started, its home cleaning products were sold strictly through home party sales. About
The Dotz Bookzzz Company currently sells its products, children’s books, through multiple distribution channels. It sells subscriptions that provide children with a box every month containing an
Net sales revenue, net income, and common stockholders’ equity for Vallen Optical Corporation, a manufacturer of contact lenses, follow for a four-year period.Requirements:1. Compute trend
Comparative financial statement data of Tennyson, Inc., follow:1. Market price of Tennyson’s common stock: \($43.51\) at December 31, 2023, and \($31.36\) at December 31, 2022 2. Common shares
Net sales revenue, net income, and common stockholders’ equity for Connor Vision Corporation, a manufacturer of contact lenses, follow for a four-year period.Requirements:1. Compute trend
Comparative financial statement data of Hollingsworth, Inc., follow:1. Market price of Hollingsworth’s common stock: \($50.60\) at December 31, 2023, and \($33.49\) at December 31, 2022 2. Common
Select a company and obtain its financial statements. Convert the income statement and the balance sheet to common size and compare the company you selected to the industry average. Discuss how the
Describe horizontal analysis. Describe vertical analysis. What is each technique used for? How are the two methods similar? How are they different?
How is the current ratio calculated? What is it used to measure? How is it interpreted?
Assume a company has a current ratio of 2.0. List two examples of transactions that could cause the current ratio to increase. Also list two examples of transactions that could cause the current
Describe the set of circumstances that could result in net income increasing while return on investment (ROI) decreases.
Suppose a company has a relatively high inventory turnover. What does the high inventory turnover indicate about the company’s short-term liquidity?
Describe at least four financial conditions that may signal financial trouble.
Describe at least two reasons that a company’s ratios might not be comparable over time.
Describe why book value per share of common stock may not be useful for investment analysis.
Find a recent annual report for a publicly held company in which you are interested.Summarize what sustainability information is provided in that annual report. Based on the sustainability
There are three components in the triple bottom line: people, planet, and profit. Which component do you think is most important? Why?
Starbucks Corporation’s net revenues over a five year period were as follows (in millions of dollars): *• \($29,060.6\) (2021)• \($23,518.0\) (2020)• \($26,508.6\) (2019)• \($24,719.5\)
Select financial data for Starbucks Corporation is as follows (in millions of dollars):*• Current assets \($9,756.4\)• Inventory \($1,603.9\) (end of fiscal 2021) and \($1,551.4\) (end of fiscal
Healthful Living Corporation’s annual sales and net income data for the years 2017–2023 as well as the company’s 2023 and 2022 comparative income statements are presented below.Requirements:1.
Healthful Living Corporation’s income statement was presented in Summary Problem 1. The company’s balance sheets (adapted) at the end of fiscal years 2023 and 2022 are presented below.Other
Another name for a report containing sustainability information is a(n)a. environmental, social, and governance (ESG) report.b. corporate social responsibility (CSR) report.c. Botha. andb. are
All of the following represent monetary information in an environmental management accounting system excepta. gallons of waste water generated.b. costs to upgrade factory to use renewable energy
Following are the 17 UN Sustainable Development Goals (SDGs). For each goal, match the example from the right column that best illustrates that SDG. UN Sustainable Development Goal (SDG) Item Example
For each of the situations listed, identify the primary standard from the IMA Statement of Ethical Professional Practice that is violated (competence, confidentiality, integrity, or credibility). 1.
Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not be used at all.1. _________ is the process of analyzing current and
The Jamtime Toy Manufacturing Company has an environmental goal to eliminate the use of non-recyclable packaging materials within the next five years. The company adopted this goal two years ago, so
The manufacture of appliances can produce hazardous waste. New manufacturing facilities and processes can eliminate or greatly decrease the amount of hazardous waste generated. In addition, products
Sustainability involves more than just the impact of actions on the environment. The triple bottom line recognizes that a company has to measure its impact on people, planet, and profit for its
Each of the following scenarios describes a sustainability-related cost item for organizations in recent years. For each scenario, identify which function of the value chain that cost would represent
Classify each of the following sustainability key performance indicators (KPIs) according to the balanced scorecard perspective it addresses. Choose from the following five perspectives:• Financial
In its Corporate Social Responsibility report, the Blue Giraffe Candy Company details the results from the steps it has taken to embed a sustainable culture throughout its business operations. In the
Sustainability involves more than just the impact of actions on the environment. The triple bottom line recognizes that a company has to measure its impact on the economy, the environment, and
Classify each of the following sustainability key performance indicators (KPIs) according to the balanced scorecard perspective it addresses. Choose from the following five perspectives:• Financial
This case is a continuation of the Burburr Resorts & Hotels Corporation serial case that began. The components of the Burburr serial case can be completed in any order. Burburr Resorts & Hotels
Increasingly, there are calls to manufacture hybrid or electric cars. Businesses and individuals purchase these cars to be environmentally friendly. However, there is an ongoing debate about whether
EnergyCo is an electric utility serving markets in the Midwest, Mid-Atlantic, and Southeastern regions. It operates an infrastructure of nearly 350,000 miles of distribution lines stretching across
Pressure to become more sustainable can usually be categorized into several reasons, including cost reduction and regulatory compliance. Think of an organization you’re familiar with. Which
Adding a fifth perspective of “community” to the traditional four balanced scorecard perspectives (financial, customer, internal business, and learning and growth) is sometimes advocated as a way
Information from an environmental management accounting (EMA) system can be used to support managers and their primary responsibilities of planning, directing, and controlling. Think of an
Find a recent annual report for a publicly held company in which you are interested.Summarize what sustainability information is provided in that annual report. Based on the sustainability
There are three components in the triple bottom line: economic, environmental, and social. Which component do you think is most important? Why?
Oftentimes, an investment in sustainable technology is more costly than a comparable investment in traditional technology. What arguments can you make for the investment in sustainable technology?
Stakeholders are frequently the reason that companies adopt sustainable practices.Think of an organization with which you are familiar. List as many stakeholders as you can think of for this
The chapter discussed five challenges to implementing an environmental management accounting (EMA) system within an organization. From your viewpoint, which of these challenges seems to be the
Where do you think sustainability reporting is heading in the future? Will companies become more transparent, or is sustainability reporting going to be mostly on internal reports? How important do
Classify each of the following GRI topics according to whether it addresses sustainability from an economic, environmental, or social standpoint. 1. Customer health and safety 2. Child labor 3.
Place the following activities in order from first to last to illustrate the capital budgeting process:a. Screen and analyze investments using one or more of the methods discussedb. Engage in capital
Refer to Woodsy Music in S12-10. What is the approximate internal rate of return (IRR) of the studio investment?Data From S12-10:-Woodsy Music is considering investing \($625,000\) in private lesson
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