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Questions and Answers of Public Accounting

46. Maximilian Company is considering making enhancements to its product. Doing so would require an additional investment in production machinery of $1,500,000, which would have a salvage value of
45. Belton Company had the following income statement last year:Belton’s cost of goods sold is 80% variable. Operating expenses are 40% variable. Belton will have to lower its selling price by 20%
43. Some of the records at Russell Company were destroyed in a fire, and the company is trying to reconstruct its cost function from the data available. It had used the high-low method to estimate
40. Millburg Corporation is trying to decide whether to continue making a component of its product or start purchasing it from an outside firm. Current per-unit manufacturing costs of the component
39. Carthage Corporation wants to estimate its total costs for next year, when it plans to sell 40,000 units. It has gathered the following data from the past 10 yearsEstimate Carthage’s cost
34. Mentina Corporation has three divisions, one of which has consistently shown a loss for the last 5 years. Mentina is trying to decide whether to close that division. Income consolidated over the
32. Baylee Company had the following results for the last year:Baylee wishes to estimate what its total costs would be if it sold 1,750 units.Estimate Baylee’s cost function and use it to predict
31. Bunner Corporation wishes to estimate costs for next year, when it projects unit sales to be 300,000. Bunner gathered the following data from the past 5 years:Estimate Bunner’s cost function
16. Norman Corporation identified the following relevant costs and benefits of a decision whether to accept or reject a special order:Find the net benefit of the decision and determine which
15. Noble Company identified the following relevant costs and benefits of a decision whether to keep or drop an unprofitable customer:Find the net benefit of the decision and determine which
2. Johnson Company compiled the following data from last year:Find the high and low points. Units Cost April 2,700 $52,000 May 3,950 $67,400 June 1,500 $35,980 July 1,470 $37,640 August 3,900 $70,530
1. Marbury Corporation compiled the following data from last year:Find the high and low points. Units Cost January 25,000 $325,000 February 27,000 $315,000 March 35,000 $378,000 April 50,000 $450,000
Toastem manufactures small appliances. The costs of manufacturing these appliances are listed below. Toastem has received a special order for 2,400 toasters from an appliance retailer whose usual
Your firm has collected the following information on unit sales and total costs for the past 6 months:Unit sales Total costs July 23,000 $810,000 August 18,000 $600,000 September 15,000 $625,000
Sapulpa Company currently manufactures all components of its product. The manager is trying to decide whether the company should continue to manufacture one of the parts or purchase it from an
Pellinore Company has received a special order from Maxwell, Inc. Pellinore incurs $150 in variable costs to manufacture each unit, and assigns $30 in fixed costs to each unit as well. Maxwell
Doxman Enterprises compiled the following information about the last 6 months:Determine the firm’s cost function, and predict costs for a month in which 25,000 units are sold.a. First, find the
Jaworski Company gathered information on sales volume and total costs for the first 3 years of the company’s operation:Determine the firm’s cost function, and predict costs for a year in which
=+The market price of Enron’s stock was approximately $83 per share when the prior financial statement data were taken. However, eventually Enron’s stock was selling for$0.22 per share?
=+Net cash flows from operating activities 4,779 Net cash flows from investing activities (4,264)Net cash flows from financing activities 571 Net increase in cash 1,086
=+Chapter 1 Introduction to Accounting and Business 47 The now defunct Enron Corporation, once headquartered in Houston, Texas, provided products and services for natural gas, electricity, and
=+First Year Second Year Third Year Net cash flows from operating activities negative Net cash flows from investing activities Net cash flows from financing activities SA 1-5 Cash flows Internet
=+b. Discuss any other factors that you believe Amber should consider before discussing a long-term arrangement with the North Fulton Tennis Club.Amazon.com, an Internet retailer, was incorporated
=+operating Deuce, would provide Amber with the most income per month.
=+a waitress. Evaluate which of the two alternatives, working as a waitress or
=+5.a. Assume that Amber Keck could earn $8 per hour working 30 hours a week as
=+4. Prepare a balance sheet as of June 30.
=+3. Prepare a statement of owner’s equity for June.
=+2. Prepare an income statement for June.
=+SA 1-4 Certification requirements for accountants Assets Liabilities Owner’s Equity Amber Amber Accounts Keck, Keck, Service Salary Rent Supplies Misc.Cash Supplies Payable Capital
=+accountancy. Find your state’s requirements.http://www.imanet.org This site lists the requirements for becoming a CMA.http://www.theiia.org This site lists the requirements for becoming a CIA.
=+By satisfying certain specific requirements, accountants may become certified as public accountants (CPAs), management accountants (CMAs), or internal auditors (CIAs).Find the certification
=+1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings:
=+k. Withdrew $270 for personal use on June 30.As a friend and accounting student, you have been asked by Amber to aid her in assessing the venture.
=+j. Determined that the cost of supplies on hand at the end of the month totaled $150;therefore, the cost of supplies used was $100.
=+46 Chapter 1 Introduction to Accounting and Businessc. Paid $150 for the rental of video equipment to be used in offering lessons during June.d. Arranged for the rental of two ball machines during
=+In return for her services, the club would pay Amber $200 per week, plus Amber could keep whatever she earned from lessons and the fees from the use of the ball machine. The club and Amber agreed
=+Amber Keck, a junior in college, has been seeking ways to earn extra spending money.As an active sports enthusiast, Amber plays tennis regularly at the North Fulton Tennis Club, where her family
=+Comment on Dr. Hendley’s statement that the difference between the opening bank balance ($30,000) and the January statement balance ($75,000) is pure profit.SA 1-2 Net income
=+Dr. Monti: I’ve thought about doing something like that. Are you making any money? I mean, is it worth your time?Dr. Hendley: You wouldn’t believe it. I started by opening a bank account with
=+had dinner together.Dr. Hendley: Actually, I never made it to Denver this year. My husband and kids went up to our Vail condo twice, but I got stuck in Fort Lauderdale. I opened a new consulting
=+SA 1-1 Ethics and professional conduct in business On August 1, 2009, Dr. Dana Hendley established Med, a medical practice organized as a proprietorship. The following conversation occurred the
=+c. What common interests are shared by bankers and business owners?
=+b. What types of information about a business would bankers want before extending a loan?
=+What types of information would owners not be willing to provide?
=+2.a. What types of information about their businesses would owners be willing to provide bankers?
=+1. Is Blake behaving in a professional manner by omitting some of the financial statements?
=+Chapter 1 Introduction to Accounting and Business 45 Special Activities Blake Gillis, president of Wayside Enterprises, applied for a $175,000 loan from American National Bank. The bank requested
=+4. Prepare a balance sheet for Music Depot as of June 30, 2010.
=+3. Prepare a statement of owner’s equity for Music Depot for the month ended June 30, 2010.
=+2. Prepare an income statement for Music Depot for the month ended June 30, 2010.
=+1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings:Assets Liabilities Owner’s Equity Lee Lee Office Equipment Accounts
=+30. Withdrew $200 of cash from Music Depot for personal use.Instructions
=+30. Paid $800 royalties (music expense) to National Music Clearing for use of various artists’ music during the month.
=+30. Paid for miscellaneous expenses, $150.
=+30. Determined that the cost of supplies on hand is $170. Therefore, the cost of supplies used during the month was $180.
=+30. Paid Upstairs Realty $300 for Music Depot’s share of the utilities for June.
=+30. Paid Upstairs Realty $400 for Music Depot’s share of the receptionist’s salary for June.
=+30. Received $1,000 for serving as disc jockey for a local club’s monthly dance.
=+29. Paid $240 (music expense) to Galaxy Music for the use of its library of music demos.
=+25. Received $500 from a friend for serving as the disc jockey for a cancer charity ball hosted by the local hospital.
=+22. Served as disc jockey for a wedding party. The father of the bride agreed to pay $1,350 the 1st of July.
=+16. Received $400 from a dentist for providing two music sets for the dentist to play for her patients.
=+13. Paid City Office Supply Co. $100 on account.
=+2. Paid $250 (music expense) to Cool Music for the use of its current music demos to make various music sets.
=+8. Paid $500 to a local electronics store for renting digital recording equipment.
=+6. Paid $600 to a local radio station to advertise the services of Music Depot twice daily for two weeks.
=+4. Purchased supplies (blank CDs, poster board, extension cords, etc.) from City Office Supply Co. for $350. Agreed to pay $100 within 10 days and the remainder by July 5, 2010.
=+2. Agreed to share office space with a local real estate agency, Upstairs Realty.Music Depot will pay one-fourth of the rent. In addition, Music Depot agreed to pay a portion of the salary of the
=+2. Received $2,400 from a local radio station for serving as the guest disc jockey for June.
=+June 1. Deposited $8,000 in a checking account in the name of Music Depot.
=+$1,480 44 Chapter 1 Introduction to Accounting and Business On June 1, 2010, Lee established a proprietorship known as Music Depot. Using an extensive collection of music CDs, Lee will serve as a
=+During the last several months, Lee served as a guest disc jockey on a local radio station. In addition, Lee has entertained at several friends’ parties as the host deejay.✔ 2.Net income:
=+Lee has gained a local reputation for knowledge of music from classical to rap and the ability to put together sets of recordings that appeal to all ages.
=+Cash received as owner’s investment . . . . . . . . . . . . . . . . . . . . . . . . . (n)Deduct cash withdrawal by owner . . . . . . . . . . . . . . . . . . . . . . . . . . . (o)Net cash flow
=+Assets Liabilities Cash . . . . . . . . . . . . . . . . . . . $ 26,700 Accounts payable . . . . . . . . . . . . . . . $ 9,600 Supplies . . . . . . . . . . . . . . . . . 21,300 Owner’s Equity
=+Wages expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $51,000 Rent expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
=+✔ 3. Net income:$22,050 The financial statements at the end of Palo Duro Realty’s first month of operations are shown at the top of the next page.PR 1-6B Missing amounts from financial
=+4. (Optional). Prepare a statement of cash flows for July.PR 1-5B Transactions;financial statements
=+3. Prepare an income statement for July, a statement of owner’s equity for July, and a balance sheet as of July 31.
=+2. State the assets, liabilities, and owner’s equity as of July 1 in equation form similar to that shown in this chapter. In tabular form below the equation, indicate increases and decreases
=+1. Determine the amount of Peyton Keyes’ capital as of July 1 of the current year.
=+l. Withdrew $18,000 cash for personal use.Instructions
=+k. Determined that the cost of supplies on hand was $1,800; therefore, the cost of supplies used during the month was $2,950.
=+i. Paid the following: wages expense, $5,100; truck expense, $1,200; utilities expense,$800; miscellaneous expense, $950.j. Received cash from customers on account, $26,750.
=+f. Paid creditors on account, $5,100.g. Charged customers for dry cleaning revenue on account, $24,750.h. Received monthly invoice for dry cleaning expense for July (to be paid on August 10),$8,200.
=+d. Paid rent for the month, $3,000.e. Purchased supplies on account, $1,550.
=+a. Peyton Keyes invested additional cash in the business with a deposit of $25,000 in the business bank account.b. Paid $24,000 for the purchase of land as a future building site.c. Received cash
=+2. Prepare an income statement for August, a statement of owner’s equity for August, and a balance sheet as of August 31.Swan Dry Cleaners is owned and operated by Peyton Keyes. A building and
=+1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings:Assets Liabilities Owner’s Equity Office Accounts Tanja Zier, Tanja
=+g. Paid automobile expenses (including rental charge) for month, $2,500, and miscellaneous expenses, $1,200.PR 1-4B Transactions;financial statements✔ 2. Net income:$9,200 obj. 5 objs. 4,
=+Bal. 8,200 11,500 680 1,580 15,000 5,000 39,500 16,000 7,500 4,500 1,500 1,200 On August 1, 2010, Tanja Zier established Royal Realty. Tanja completed the following transactions during the
=+Financial statements✔ 1. Net income:$8,800 Assets Liabilities Owner’s Equity Ashley Ashley Accounts Accounts Rhymer, Rhymer, Fees Salaries Rent Auto Supplies Misc.Cash ReceivableSupplies
=+4. (Optional). Prepare a statement of cash flows for the month ending January 31, 2010.PR 1-3B
=+3. Prepare a balance sheet as of January 31, 2010.
=+2. Prepare a statement of owner’s equity for the month ended January 31, 2010.
=+Ashley Rhymer established Fair Play Financial Services on January 1, 2010. Fair Play Financial Services offers financial planning advice to its clients. The effect of each transaction and the
=+Chapter 1 Introduction to Accounting and Business 41 Accounts payable $ 6,250 Rent expense $12,500 Accounts receivable 21,150 Supplies 1,350 Cash 90,000 Supplies expense 1,400 Fees earned 125,000
=+PR 1-1B Transactions✔ Cash bal. at end of November:$28,100 Assets Liabilities Owner’s Equity Rhea Rhea Accounts Accounts Quade, Quade, Fees Rent Salaries Supplies Auto Misc.Cash
=+1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings:

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