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managerial accounting
Questions and Answers of
Managerial Accounting
Sancha is an accountant at Merelix, a large international firm where she works on potential acquisitions. When Merelix is preparing to acquire a company, Sancha is involved in filing the necessary
The Shubert Organization, the largest owner of Broadway theatres, operates 24 theaters, including 18 on Broadway. It has brought hundreds of classic shows to Broadway over the decades, including The
Using the variance data for Menounos Manufacturing Co., prepare an income statement through gross profit for the year ended December 31, 20Y6. Assume the company sold 3,000 units at $100 per unit.
The following units of a particular item were available for sale during the period: Beginning inventory 40 units at $20 First purchase 50 units at $21 Second purchase 50 units at $22 Third purchase
The journal entry to record the requisition of materials to the factory in a job order cost system is a debit to:a. Materials.b. Accounts Payable.c. Work in Process.d. Cost of Goods Sold.
Hancock Inc. is considering spending $100,000 for a new grinding machine. This amount could be invested to yield a 12% return. What is the opportunity
The following units of a particular item were purchased and sold during the period:What is the cost of the 35 units on hand at the end of the period as determined under the perpetual inventory system
The beginning inventory, purchases, and sales of Item PEAR4 for a recent year are as follows:There are 16 units of the item in the physical inventory at December 31, the end of the fiscal year. The
JJ’s Electronics Company has three products in inventory (PCs, tablets, and smartphones). Each product’s quantity,cost per unit, and market value per unit are as follows:Apply the
Financial statement data for two years ending December 31 for Holland Company follow:a. Determine the inventory turnover for 20Y4 and 20Y3.b. Determine the number of days’ sales in inventory for
If inventory is being valued at cost and the price level is steadily rising, the method of costing that will yield the highest net income is:a. LIFO.b. FIFO.c. average.d. periodic.
Zulu Industries incorrectly counted its December 31, 20Y1, inventory at $250,000 instead of the correct amount of $220,000. Indicate the effect of the misstatement on Zulu’s income statement for
If the inventory at the end of the year is understated by $7,500, the error will cause an:a. understatement of cost of goods sold for the year by $7,500.b. overstatement of gross profit for the year
During the taking of its physical inventory on August 31, 20Y4, Kate Interiors Company incorrectly counted its inventory as $366,900 instead of the correct amount of $378,500. Indicate the effect of
Identify the control procedure violated in each of the following scenarios:a. Todd Leone is the accounting clerk for Home Chic, a small boutique retail store that is owned and operated by Al Dente.
The bank statement for Urethane Company for June 30, 20Y2, indicates a balance of $9,293.11.All cash receipts are deposited each evening in a night depository, after banking hours. The accounting
The following data related to the bank account of Apex Company were gathered on December 31, 20Y9, the end of the fiscal year:The following additional information was provided to help reconcile the
The bank erroneously charged Tropical Services’ account for $450.50 for a check that was correctly written and recorded by Tropical Services as $540.50. To reconcile the bank account of Tropical
In preparing a bank reconciliation, the amount of checks outstanding would be:a. added to the cash balance according to the bank statement.b. deducted from the cash balance according to the bank
Financial statement data for years ended December 31 for Holland Company follow:Determine the days’ cash on hand for 20Y2 and 20Y3. Round all calculations to one decimal place. Cash and short-term
Journal entries based on the bank reconciliation are required for:a. additions to the cash balance according to the company’s records.b. deductions from the cash balance according to the
At the end of the current year, ARS Industries has the following account balances before making an adjusting entry for uncollectible accounts:The company recorded $3,500,000 of credit sales during
On January 1, the first day of the fiscal year, Anchor Company issues a $30,000, 10%, five-year installment note that has annual payments of $7,914.a. Journalize the annual note payment at the end of
Which of the following taxes are employers usually not required to withhold from employees?a. Federal income taxb. Federal unemployment compensation taxc. Medicare taxd. State and local income tax
Scooter General Inc. is in its first year of manufacturing and selling high-end scooters. The company warrants its products for one year and estimates product warranty costs at 2% of sales. During
The fiscal year of Russell Inc., a manufacturer of acoustical supplies, ends December 31. Selected transactions for the period 20Y1 through 20Y6 involving bonds payable issued by Russell Inc.are as
An employee’s rate of pay is $36 per hour, with time and a half for all hours worked in excess of 40 during a week. The employee worked 45 hours during the week. The amount of the employee’s
Which of the following is the journal entry to record a periodic payment on an installment note?a. Debit Notes Payable;credit Cashb. Debit Interest Expense;credit Cashc. Debit Interest Expense; debit
Match the bond terminology in the left column to the correct definition from the right column. Bond Terminology 1. Contract rate of interest 2. Discount 3. Face amount 4. Market rate of interest 5.
The proceeds received from issuing bonds depends on which of the following?a. Coupon rate of interestb. Market rate of interestc. Principald. All of these
On January 1, the first day of the fiscal year, Nickson Company issues a $1,000,000, 6%, five-year bond, receiving cash of $936,420. The bond pays interest semiannually on June 30 and December 31,
If a corporation plans to issue $1,000,000 of 5% bonds at a time when the market rate for similar bonds is 4%, the bonds can be expected to sell at:a. their face amount.b. a premium.c. a discount.d.
On January 1, the first day of the fiscal year, Johnson Company issues a $2,000,000, 8%, five-year bond, receiving cash of $2,170,600. The bond pays interest semiannually on June 30 and December 31
On January 1, 20Y1, DeFrance Corporation issued for cash 40,000 shares of $10 par common stock at $24. On March 30, 20Y1, DeFrance issued 6,000 shares of cumulative preferred 3% stock of $100 par at
If the bonds payable account has a balance of $900,000 and the discount on bonds payable account has a balance of $72,000, what is the carrying amount of the
Which of the following is the entry to amortize a discount on bonds?a. Debit Discount on Bonds Payable;credit Interest Expense; credit Cashb. Debit Bonds Payable; credit Discount on Bonds Payable;
Berry Company reported the following on the company’s income statement in two recent years:a. Determine the times interest earned ratio for 20Y4 and 20Y5. Round to one decimal place.b. Is the
The balance in the discount on bonds payable account would usually be reported on the balance sheet in the:a. “Current assets” section.b. “Current liabilities” section.c. “Long-term
Altenburg Inc. is a lighting fixture wholesaler located in Arizona. During its current fiscal year, ended December 31, Altenburg completed the following selected transactions:Instructions Journalize
Which of the following is a disadvantage of the corporate form of organization?a. Limited liabilityb. Continuous lifec. Owner is separate from managementd. Ability to raise capital
Borzilova Company has 150,000 shares of $20 par common stock outstanding on January 1. During the year, the company had the following dividend transactions:a. On April 7, the company declared a cash
Paid-in capital for a corporation may arise from which of the following sources?a. Issuing preferred stockb. Issuing common stockc. Selling the corporation’s treasury stockd. All of the above
The following transactions were completed by Grayson Inc. during the current fiscal year ended December 31:Apr. 19. Reacquired 10,000 shares of its own $10 par common stock at $30 per share.Aug. 30.
The “Stockholders’ Equity” section of the balance sheet may include:a. common stock.b. stock dividends distributable.c. preferred stock.d. all of the above.
If a corporation reacquires its own stock, the stock is listed on the balance sheet in the:a. “Current assets” section.b. “Long-term liabilities” section.c. “Stockholders’ Equity”
Rockwell Inc. began the month of June with the following balances: Common Stock, $50,000;Additional Paid-In Capital, $2,000,000; and Retained Earnings, $3,900,000. During June, Rockwell issued for
A corporation has issued 25,000 shares of $100 par common stock and holds 3,000 of these shares as treasury stock. If the corporation declares a $2 per share cash dividend, what amount will be
Mohroman Inc. reported net income of $80,000 for 20Y2. The liability and equity accounts from the company’s comparative balance sheet are as follows:During the year, the company retired bonds
Financial statement data for the years 20Y2 and 20Y3 for Dovetail Corporation follow:a. Determine the earnings per share for 20Y2 and 20Y3.b. Is the change in the earnings per share from 20Y2 to 20Y3
Omicron Inc. reported net income of $120,000 for 20Y2. In addition, the income statement reported $12,000 of depreciation expense and a $15,000 loss on the disposal of equipment. The current
Select financial statement data for OM&M Inc. for two recent years follows:Based on these data, calculate the following liquidity measures for 20Y2:a. Current ratiob. Quick ratioc. Accounts
During its first month of operations, Templeton Company had the following cash transactions:a. Issued 30,000 shares of common stock.b. Purchased a new piece of equipment.c. Sold merchandise to
An example of a cash flow from an operating activity is:a. receipt of cash from the sale of stock.b. receipt of cash from the sale of bonds.c. payment of cash for dividends.d. receipt of cash from
The following data were taken from the financial statements of French Broad Steel Works Inc. for a recent year:Based on these data, determine the following profitability measures:a. Asset turnoverd.
Mercury Inc. reported net income of $100,000 for 20Y2. In addition, the income statement reported $20,000 of depreciation expense and a $10,000 gain on the sale of land. The noncurrent assets from
An example of a cash flow from an investing activity is:a. receipt of cash from the sale of equipment.b. receipt of cash from the sale of stock.c. payment of cash for dividends.d. payment of cash to
The net income reported on the income statement for the year was $55,000, and depreciation of fixed assets for the year was $22,000. The balances of the current asset and current liability accounts
An example of a cash flow from a financing activity is:a. receipt of cash from customers on account.b. receipt of cash from the sale of equipment.c. payment of cash for dividends.d. payment of cash
Which of the following methods of reporting cash flows from operating activities adjusts net income for revenues and expenses not involving the receipt or payment of cash?a. Direct methodb. Purchase
Select income statement data for Bukasy Company for two recent years ended December 31 are as follows:Prepare horizontal and vertical analyses of Bukasy’s income statement. Round percentages to one
The following are select balance sheet and income statement data for Wilton Strand Inc. for the year ended December 31, 20Y3:Based on these data, calculate the following solvency measures:a. Ratio of
What type of analysis is indicated by the following? a. Vertical analysisb. Horizontal analysisc. Liquidity analysisd. Profitability analysis Current assets Property, plant, and equipment Total
A partial list of the costs for MLB Mitt Company, a baseball glove manufacturer, is as follows:a. Ink used to print a player’s autographb. Salesperson’s salary and commissionc. Padding materiald.
The following information is available for January for MLB Mitt Company, a baseball glove manufacturer:For January, determine(a) The cost of goods manufactured (b) The cost of goods sold. Cost of
The ability of a company to pay its debts is called:a. earnings per share.b. liquidity.c. profitability.d. solvency.
The ratio that measures how much of a company is financed by debt and equity is the:a. current ratio.b. ratio of fixed assets to long-term liabilities.c. ratio of liabilities to
1. Indicate whether the following statements are true or false:a. Managerial accounting information is designed primarily to meet the needs of external users such as shareholders, creditors, and the
The ratio that measures the “instant” debt-paying ability of a firm, by focusing on current assets that can be easily converted to cash, is the:a. working capital.b. quick ratio.c. number of
A measure useful in evaluating efficiency in the management of inventories is the:a. working capital.b. quick ratio.c. number of days’ sales in inventory.d. ratio of fixed assets to long-term
Which of the following best describes the difference between financial and managerial accounting?a. Managerial accounting provides information to support decisions, while financial accounting does
Which of the following is not one of the five basic phases of the management process?a. Planningb. Controllingc. Decision makingd. Operating
Which of the following is not considered a cost of manufacturing a product?a. Direct materials costb. Factory overhead costc. Sales salariesd. Direct labor cost
Which of the following costs would be included as part of the factory overhead costs of a microcomputer manufacturer?a. The cost of memory chipsb. Depreciation of testing equipmentc. Wages of
For the month of May, Latter Company has beginning finished goods inventory of $50,000, ending finished goods inventory of $35,000, and cost of goods manufactured of $125,000.What is the cost of
Grayson Company is a manufacturer that uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations:a. Purchased 400
Grayson Company estimates that total factory overhead costs will be $100,000 for the year. Direct labor hours are estimated as 25,000 for the year. The company has two completed jobs at the end of
The Mad-Fly Agency provides consulting services to a variety of clients across the country. The agency accumulates costs for each consulting project on the basis of direct labor costs and allocated
For which of the following would the job order cost system be appropriate?a. Antique furniture repair shopb. Rubber manufacturerc. Coal manufacturerd. Computer chip manufacturer
Job cost sheets accumulate all of the following costs except for:a. direct materials.b. indirect materials.c. direct labor.d. factory overhead applied.
A company estimated $420,000 of factory overhead cost and 16,000 direct labor hours for the period. During the period, a job was completed with $4,500 of direct materials and $3,000 of direct labor.
If the factory overhead account has a credit balance, factory overhead is said to be:a. underapplied.b. overapplied.c. underabsorbed.d. in error.
The Bottling Department of Rocky Springs Beverage Company had 2,000 liters in the beginning work in process (30% complete). During the month, 28,500 liters were started and 29,000 liters were
For which of the following businesses would the process cost system be most appropriate?a. Custom furniture manufacturerb. Commercial building contractorc. Crude oil refineryd. Automobile repair shop
The cost of direct materials transferred into the Bottling Department of Rocky Springs Beverage Company is $22,800. The conversion costs for the period in the Bottling Department are $8,790. The
Information relating to production in Department A for May is as follows:If 500 units were one-fourth completed at May 31, 5,500 units were completed during May, and the first-in, first-out method is
There were 2,000 pounds in process at the beginning of the period in the Packing Department.Packing received 24,000 pounds from the Blending Department during the month, of which 3,000 pounds were in
The cost of materials transferred into the Bottling Department of Rocky Springs Beverage Company is $22,800, including $20,000 from the Blending Department and $2,800 from the materials storeroom.
Information from the accounting system revealed the following:Which of the following statements best interprets this information?a. The total costs are out of control.b. The product costs have
Based on the data presented in Question 3, what is the conversion cost per equivalent unit?a. $10b. $15c. $25d. $32
Which of the following statements is most accurate?a. The single plantwide factory overhead rate method will usually provide management with accurate product costs.b. Activity-based costing can be
San Madeo Company had the following factory overhead costs:The factory budgeted to work 20,000 direct labor hours in the upcoming period. San Madeo uses a single plantwide factory overhead rate based
Lifestyle Furniture Company manufactures home furniture products. The total factory overhead for the company is budgeted at $600,000 for the year. The company manufactures two products: a computer
The total factory overhead for Lifestyle Furniture Company is budgeted at $600,000 for the year, divided between two departments: Fabrication, $420,000, and Assembly, $180,000. Lifestyle manufactures
The total factory overhead for Lifestyle Furniture Company is budgeted at $600,000 for the year, divided among four activities: fabrication, $300,000; assembly, $120,000; setup, $100,000; and
Which of the following activity bases would best be used to allocate setup activity to products?a. Number of inspectionsb. Direct labor hoursc. Direct machine hoursd. Number of production runs
Metro University uses activity-based costing to assign indirect costs to academic departments, using four activities.The activity base, budgeted activity cost, and estimated activity-base usage for
Production Department 1 (PD1) and Production Department 2 (PD2) had factory overhead budgets of $26,000 and $48,000, respectively. Each department was budgeted for 5,000 direct labor hours of
The following activity rates are associated with moving rail cars by train: $4 per gross ton mile; $50 per rail car switch; $200 per rail car. A train with 20 rail cars traveled 100 miles.Each rail
Support Department 1 has $200,000 in costs distributed to it. Costs from Support Department 1 will be allocated to other departments based on labor hours. Support Department 2 uses 50 labor hours
Maeser Productions, a film production company, allocates support activity costs to production activities using the reciprocal services method. Specifically, the costs from two support activities,
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