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Questions and Answers of Public Accounting

=+2. Compute the investment turnover for the Truck Division for 2008–2010.
=+3. Compute the rate of return on investment for the Truck Division for 2008–2010.
=+4. Evaluate the division’s performance over the 2008–2010 time period. Why was Kurt concerned about the performance?
=+Casual Living Inc. is a privately held diversified company with five separate divisions organized as investment centers. A condensed income statement for the Apparel Division for the past year,
=+A projected income statement for the new product line is as follows:New Product Line Projected Income Statement For the Year Ended December 31, 2010 Sales . . . . . . . . . . . . . . . . . . . .
=+SA 24-5 Evaluating division performance The Truck Division of Estatoe Motors Inc. has been experiencing revenue and profit growth during the years 2008–2010. The divisional income statements are
=+SA 24-4 Evaluating division performance over time 1128 Chapter 24 Performance Evaluation for Decentralized Operations The Apparel Division currently has $30,000,000 in invested assets, and Casual
=+1. Determine the rate of return on investment for the Apparel Division for the past year.
=+2. Determine the Apparel Division manager’s bonus for the past year.
=+3. Determine the estimated rate of return on investment for the new product line.Round whole percents to one decimal place.
=+4. Why might the manager of the Apparel Division decide to reject the new product line? Support your answer by determining the projected rate of return on investment for 2010, assuming that the new
=+5. Can you suggest an alternative performance measure for motivating division managers to accept new investment opportunities that would increase the overall company income and rate of return on
=+Divide responsibilities between two groups, with one group going to the home page of The Palladium Group at http://www.thepalladiumgroup.com, and the second group going to the home page of Stern
=+After reading about the balanced scorecard at the palladiumgroup.com site, prepare a brief report describing the balanced scorecard and its claimed advantages. In the Stern group, use links in the
=+3. Is the projected budget in balance?
=+2. What are the major categories of budgeted expenditures (or appropriations) and their percentage breakdown?
=+1. What are the budgeted sources of revenue and their percentage breakdown?
=+b. Suggest an improvement in the budget system.In a group, find the home page of the state in which you presently live. The home page will be of the form statename.gov. At the home page site,
=+SA 22-5 Integrity and evaluating budgeting systems Chapter 22 Budgeting 1041 analyst prepared a chart of the difference between the monthly actual and budgeted amounts for the recent fiscal year.
=+SA 22-4 Objectives of the master budget The city of Western Heights has an annual budget cycle that begins on July 1 and ends on June 30. At the beginning of each budget year, an annual budget is
=+How would a master budget support planning, directing, and control for Domino’s?
=+CinnaStix®, and Coca-Cola® products. Our hand-tossed pizza is made from fresh dough produced in our regional distribution centers. We prepare every pizza using real cheese, pizza sauce made from
=+SA 22-3 Service company static decision making Domino’s Pizza L.L.C. operates pizza delivery and carryout restaurants. The annual report describes its business as follows:We offer a focused menu
=+b. What information does the budget fail to provide? Specifically, could the budget information be presented differently to provide even more insight for the bank manager?
=+a. What information is provided by the budget? Specifically, what questions can the bank manager ask of the Operations Department manager?
=+SA 22-2 Evaluating budgeting systems A bank manager of First Union Bank Inc. uses the managerial accounting system to track the costs of operating the various departments within the bank. The
=+b. Why are these methods superior to the former approaches?
=+a. What budgeting methods are being used under the new approach?
=+SA 22-1 Ethics and professional conduct in business 1040 Chapter 22 Budgeting Children’s Hospital of the King’s Daughters Health System in Norfolk, Virginia, introduced a new budgeting method
=+advanced payments for convention-related costs against July’s budget?
=+How should Deon Johnson respond to Lori Keller’s request to expense the
=+Lori: I don’t think so, but just the same, I’d like to be on the safe side.Deon: What do you mean?Lori: Well, this is what I’d like to do. I want to pay the convention-related costs in
=+The director of marketing for Eclipse Computer Co., Lori Keller, had the following discussion with the company controller, Deon Johnson, on July 26 of the current year:Lori: Deon, it looks like
=+Balances of accounts receivable, prepaid expenses, and accounts payable at the end of the year are not expected to differ significantly from the beginning balances. Federal income tax of $90,000 on
=+PR 22-5B Budgeted income statement and balance sheet objs. 4, 5✔ 1. Budgeted net income, $222,050 Chapter 22 Budgeting 1039 Estimated Costs and Expenses Fixed Variable(Total for Year) (Per Unit
=+Factory output and sales for 2011 are expected to total 225,000 units of product, which are to be sold at $5.20 per unit. The quantities and costs of the inventories at December 31, 2011, are
=+PR 22-4B Cash budget obj. 5✔ 1. May deficiency,$30,340 As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January 1, 2011, the following
=+which they are incurred and the balance in the following month.Current assets as of March 1 include cash of $30,000, marketable securities of$105,000, and accounts receivable of $750,000 ($600,000
=+The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be collected in full in the month following the sale and the remainder the following
=+8. Prepare a budgeted income statement for December.The controller of Sedona Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the
=+PR 22-3B Budgeted income statement and supporting budgets obj. 4✔ 4. Total direct labor cost in Fabrication Dept.,$226,200(continued)1038 Chapter 22 Budgeting 7. Prepare a selling and
=+6. Prepare a cost of goods sold budget for December. Work in process at the beginning of December is estimated to be $27,000, and work in process at the end of December is estimated to be $32,400.
=+5. Prepare a factory overhead cost budget for December.
=+3. Prepare a direct materials purchases budget for December.4. Prepare a direct labor cost budget for December.
=+i. Estimated other income and expense for December:Interest revenue $16,900 Interest expense 11,600 j. Estimated tax rate: 35%Instructions 1. Prepare a sales budget for December.2. Prepare a
=+h. Estimated operating expenses for December:Sales salaries expense $645,000 Advertising expense 149,700 Office salaries expense 211,100 Depreciation expense—office equipment 5,200 Telephone
=+g. Estimated factory overhead costs for December:Indirect factory wages $750,000 Power and light $47,000 Depreciation of plant and equipment 185,000 Insurance and property tax 15,400
=+f. Direct labor requirements:Bird House:Fabrication Department . . . . . . . . . 0.20 hr. at $15 per hr.Assembly Department . . . . . . . . . . 0.30 hr. at $11 per hr.Bird Feeder:Fabrication
=+e. Anticipated cost of purchases and beginning and ending inventory of direct materials:Wood . . . . . . . $6.00 per ft. Plastic . . . . . . $0.80 per lb.
=+d. Direct materials used in production:In manufacture of Bird House: In manufacture of Bird Feeder:Wood . . . . . 0.80 ft. per unit of product Wood . . . . . 1.20 ft. per unit of product Plastic .
=+c. Desired inventories at December 31:Direct materials: Finished products:Wood. . . . . . . . . 2,900 ft. Bird House . . . . . . . . . 3,600 units at $27 per unit Plastic . . . . . . . . 3,400 lbs.
=+b. Estimated inventories at December 1:Direct materials: Finished products:Wood. . . . . . . . . 2,400 ft. Bird House . . . . . . . . . 3,100 units at $26 per unit Plastic. . . . . . . . . 3,600
=+a. Estimated sales for December:Bird House . . . . . . . . . . . . . . . . . . . . 32,500 units at $50 per unit Bird Feeder. . . . . . . . . . . . . . . . . . . . 21,300 units at $85 per unit
=+PR 22-2B Sales, production, direct materials purchases, and direct labor cost budgets obj. 4✔ 3. Total direct materials purchases,$10,383,800 Chapter 22 Budgeting 1037 The budget director of
=+f. Direct labor requirements:Backyard Chef:Stamping Department. . . . . . . . . . 0.60 hr. at $18 per hr.Forming Department. . . . . . . . . . . 0.80 hr. at $14 per hr.Assembly Department . . . . .
=+e. Anticipated purchase price for direct materials:Grates. . . . . . . . . . . . . . . . . . . $20 per unit Burner subassemblies . . . . $105 per unit Stainless steel. . . . . . . . . . . . . . $6
=+d. Direct materials used in production:In manufacture of Backyard Chef:Grates . . . . . . . . . . . . . . . . . . . . . 3 units per unit of product Stainless steel . . . . . . . . . . . . . . . 20
=+c. Desired inventories at July 31:Direct materials: Finished products:Grates. . . . . . . . . . . . . . . . . 800 units Backyard Chef . . . . . . 1,600 units Stainless steel. . . . . . . . . . .
=+b. Estimated inventories at July 1:Direct materials: Finished products:Grates. . . . . . . . . . . . . . . . . 1,000 units Backyard Chef . . . . . . 1,400 units Stainless steel. . . . . . . . . . .
=+a. Estimated sales for July by sales territory:Maine:Backyard Chef. . . . . . . . . . . . . . . . 5,000 units at $750 per unit Master Chef . . . . . . . . . . . . . . . . . 1,800 units at $1,500
=+PR 22-1B Forecast sales volume and sales budget obj. 4✔ 3. Total revenue from sales,$2,447,424 1036 Chapter 22 Budgeting The budget director of Outdoor Gourmet Grill Company requests estimates of
=+1. Compute the increase or decrease of actual unit sales for the year ended December 31, 2010, over budget. Place your answers in a columnar table with the following format:Unit Sales, Increase
=+For the year ending December 31, 2011, unit sales are expected to follow the patterns established during the year ending December 31, 2010. The unit selling price for the 8'' 10'' frame is
=+East . . . . . . . . . . . . . . . . . . . . . . . 15,000 $25.00 $ 375,000 Central . . . . . . . . . . . . . . . . . . . . . 9,500 25.00 237,500 West . . . . . . . . . . . . . . . . . . . . . . .
=+Van Gogh Frame Company Sales Budget For the Year Ending December 31, 2010 Unit Sales Unit Selling Product and Area Volume Price Total Sales 8'' 10'' Frame:East . . . . . . . . . . . . . . . . . .
=+PR 22-5A Budgeted income statement and balance sheet objs. 4, 5✔ 1. Budgeted net income, $613,700 Chapter 22 Budgeting 1035 Problems Series B Van Gogh Frame Company prepared the following sales
=+2. Prepare a budgeted balance sheet as of December 31, 2011, with supporting calculations.
=+Miscellaneous administrative expense . . . . . 2,000 1.50 Balances of accounts receivable, prepaid expenses, and accounts payable at the end of the year are not expected to differ significantly
=+Estimated Costs and Expenses Fixed Variable(Total for Year) (Per Unit Sold)Cost of goods manufactured and sold:Direct materials . . . . . . . . . . . . . . . . . . . . . . — $25.00 Direct labor.
=+$1,169,100 $1,169,100 __________ __________ Factory output and sales for 2011 are expected to total 32,000 units of product, which are to be sold at $100 per unit. The quantities and costs of the
=+As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January 1, 2011, the following tentative trial balance as of December 31, 2010, is
=+2. On the basis of the cash budget prepared in part (1), what recommendation should be made to the controller?
=+PR 22-4A Cash budget obj. 5✔ 1. August deficiency, $21,100 1034 Chapter 22 Budgeting Instructions 1. Prepare a monthly cash budget and supporting schedules for June, July, and August 2010.
=+expected that $3,500 in dividends will be received in June. An estimated income tax payment of $18,000 will be made in July. Dash Shoes’ regular quarterly dividend of $8,000 is expected to be
=+Current assets as of June 1 include cash of $45,000, marketable securities of $65,000, and accounts receivable of $143,400 ($105,000 from May sales and $38,400 from April sales). Sales on account
=+The company expects to sell about 10% of its merchandise for cash. Of sales on account, 60% are expected to be collected in full in the month following the sale and the remainder the following
=+8. Prepare a budgeted income statement for January.The controller of Dash Shoes Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following
=+5. Prepare a factory overhead cost budget for January.6. Prepare a cost of goods sold budget for January. Work in process at the beginning of January is estimated to be $12,500, and work in process
=+4. Prepare a direct labor cost budget for January.
=+2. Prepare a production budget for January.3. Prepare a direct materials purchases budget for January.
=+j. Estimated tax rate: 30%Instructions 1. Prepare a sales budget for January.
=+Office supplies expense 4,900 Miscellaneous administrative expense 5,200 i. Estimated other income and expense for January:Interest revenue $14,500 Interest expense 17,400
=+h. Estimated operating expenses for January:Sales salaries expense $275,300 Advertising expense 139,500 Office salaries expense 83,100 Depreciation expense—office equipment 5,800 Telephone
=+g. Estimated factory overhead costs for January:Indirect factory wages $115,000 Power and light $18,000 Depreciation of plant and equipment 32,000 Insurance and property tax 8,700
=+PR 22-3A Budgeted income statement and supporting budgets obj. 4✔ 4. Total direct labor cost in Assembly Dept., $85,605 Chapter 22 Budgeting 1033
=+f. Direct labor requirements:Batting helmet:Molding Department . . . . . . . . . . . . . . . . . 0.20 hr. at $15 per hr.Assembly Department . . . . . . . . . . . . . . . . 0.50 hr. at $13 per
=+e. Anticipated cost of purchases and beginning and ending inventory of direct materials:Plastic . . . . . . . . . . . . . . . . . $7.50 per lb.Foam lining . . . . . . . . . . . . . $5.00 per lb.
=+d. Direct materials used in production:In manufacture of batting helmet:Plastic . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.20 lbs. per unit of product Foam lining . . . . . . . . . .
=+c. Desired inventories at January 31:Direct materials: Finished products:Plastic . . . . . . . . . . 1,240 lbs. Batting helmet . . . . . . 290 units at $34 per unit Foam lining . . . . . . . 450
=+b. Estimated inventories at January 1:Direct materials: Finished products:Plastic . . . . . . . . . . 800 lbs. Batting helmet . . . . . . 310 units at $33 per unit Foam lining . . . . . . . 520
=+a. Estimated sales for January:Batting helmet . . . . . . . . . . . . . 3,700 units at $70 per unit Football helmet . . . . . . . . . . . . 7,200 units at $142 per unit
=+The budget director of Heads Up Athletic Co., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the
=+4. Prepare a direct labor cost budget for August.
=+3. Prepare a direct materials purchases budget for August.
=+f. Direct labor requirements:King:Framing Department. . . . . . . . . . . . . . . 2.5 hrs. at $12 per hr.Cutting Department. . . . . . . . . . . . . . . 1.5 hrs. at $11 per hr.Upholstery
=+e. Anticipated purchase price for direct materials:Fabric . . . . . . . . . . . . . . . . . $12.00 per sq. yd. Filler . . . . . . . . . . . . $3.50 per cu. ft.Wood . . . . . . . . . . . . . . . . .
=+PR 22-2A Sales, production, direct materials purchases, and direct labor cost budgets obj. 4✔ 3. Total direct materials purchases,$7,721,394 1032 Chapter 22 Budgeting In manufacture of
=+d. Direct materials used in production:In manufacture of King:Fabric . . . . . . . . . . . . . . . 5.0 sq. yds. per unit of product Wood . . . . . . . . . . . . . . . 35 lineal ft. per unit of
=+c. Desired inventories at August 31:Direct materials: Finished products:Fabric . . . . . . . . . . . . . . . 4,300 sq. yds. King . . . . . . . . . . . . . . . 800 units Wood . . . . . . . . . . . .
=+a. Estimated sales of King and Prince chairs for August by sales territory:Northern Domestic:King . . . . . . . . . . . . . . . . 5,500 units at $750 per unit Prince . . . . . . . . . . . . . . .

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