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public accounting

Questions and Answers of Public Accounting

=+PR 18-4A Manufacturing income statement, statement of cost of goods manufactured objs. 2, 3✔ 1.b. Grant$594,000 The following information is available for Deutsch Corporation for 2010:Inventories
=+Heat, light, and power—factory 14,400 Indirect labor 50,400 Materials purchased 423,000 Office salaries expense 147,500 Property taxes—factory 11,700 Property taxes—office building 24,300
=+PR 18-5A Statement of cost of goods manufactured and income statement for a manufacturing company objs. 2, 3 848 Chapter 18 Managerial Accounting Concepts and Principles Instructions 1. Prepare the
=+a. Cost of electrical wiring for boats.b. Commissions to sales representatives, based upon the number of boats sold.
=+c. Salary of shop supervisor.d. Salary of president of company.
=+e. Cost of boat for “grand prize” promotion in local bass tournament.f. Power used by sanding equipment.g. Hourly wages of assembly line workers.
=+h. Boat chairs.i. Legal department costs for the year.
=+j. Memberships for key executives in the Bass World Association.k. Cost of normal scrap from defective hulls.l. Fiberglass for producing the boat hull.
=+m. Decals for boat hull.
=+n. Annual fee to pro-fisherman Jim Bo Wilks to promote the boats.o. Yearly cost maintenance contract for robotic equipment.p. Annual bonus paid to top executives of the company.q. Masks for use by
=+s. Cost of metal hardware for boats, such as ornaments and tie-down grasps.t. Straight-line depreciation on factory equipment.
=+u. Oil to lubricate factory equipment.v. Salary of chief financial officer.w. Canvas top for boats.
=+x. Wood paneling for use in interior boat trim.y. Cost of paving the headquarters employee parking lot.z. Steering wheels.Instructions
=+Classify each cost as either a product cost or a period cost. Indicate whether each product cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate whether each
=+PR 18-1B Classifying costs obj. 2 The following is a list of costs incurred by several businesses:a. Charitable contribution to United Fund.b. Fees charged by collection agency on past-due customer
=+e. Salary of the vice president of manufacturing logistics.
=+f. Rent for a warehouse used to store finished products.g. Wages of a machine operator on the production line.
=+h. Depreciation of tools used in production.
=+PR 18-2B Classifying costs obj. 2 Chapter 18 Managerial Accounting Concepts and Principles 849 i. Travel costs of marketing executives to annual sales meeting.j. Cost of sewing machine needles used
=+l. Maintenance and repair costs for factory equipment.
=+m. Wages of production quality control personnel.
=+n. Depreciation of robot used to assemble a product.o. Cost of a 30-second television commercial.p. Pens, paper, and other supplies used by the Accounting Department in preparing various managerial
=+q. Electricity used to operate factory machinery.
=+r. Factory janitorial supplies.s. Oil lubricants for factory plant and equipment.
=+t. Cost of plastic for a telephone being manufactured.u. Fees paid to lawn service for office grounds upkeep.
=+v. Telephone charges by president’s office.w. Surgeon’s fee for knee replacement.
=+x. Depreciation of copying machines used by the Marketing Department.Instructions
=+Classify each of the preceding costs as a product cost or period cost. Indicate whether each product cost is a direct materials cost, a direct labor cost, or a factory overhead cost.Indicate
=+Materials Labor Overhead Selling Administrative Cost Cost Cost Cost Expense Expense A partial list of Gaelic Medical Center’s costs is provided below.
=+a. Operating room supplies used on patients (catheters, sutures, etc.).b. Utility costs of the hospital.c. Training costs for nurses.
=+1===+d. Cost of maintaining the staff and visitors’ cafeteria.e. Cost of intravenous solutions.f. Cost of blood tests.g. Cost of improvements on the employee parking lot.h. Salary of the
=+k. Cost of laundry services for operating room personnel.
=+l. Depreciation on patient rooms.m. Depreciation of X-ray equipment.n. Cost of drugs used for patients.o. Doctor’s fee.p. Nurses’ salaries.
=+q. Overtime incurred in the Records Department due to a computer failure.r. Salary of intensive care personnel.
=+s. Cost of X-ray test.t. Cost of new heart wing.
=+u. Cost of advertising hospital services on television.Instructions 1. What would be Gaelic’s most logical definition for the final cost object?
=+2. Identify whether each of the costs is to be classified as direct or indirect. Define direct costs in terms of a patient as a cost object.
=+PR 18-3B Cost classifications—service company obj. 2 850 Chapter 18 Managerial Accounting Concepts and Principles Several items are omitted from each of the following income statement and cost of
=+Materials inventory, December 31 (a) 21,000 Materials purchased 150,000 (a)Cost of direct materials used in production 168,000 (b)Direct labor 205,000 133,000 Factory overhead 78,000 59,000
=+Total manufacturing costs incurred in December (b) 350,000 Total manufacturing costs 514,000 398,000 Work in process inventory, December 1 63,000 48,000 Work in process inventory, December 31
=+2. Prepare a statement of cost of goods manufactured for McCain Company.
=+3. Prepare an income statement for McCain Company.
=+PR 18-4B Manufacturing income statement, statement of cost of goods manufactured objs. 2, 3✔ 1. McCain, c.$423,000 The following information is available for Rosetta Company for 2010:Inventories
=+Materials purchased 95,000 Office salaries expense 59,500 Property taxes—factory 3,150 Property taxes—headquarters building 10,500 Rent expense—factory 5,250 Sales 665,000 Sales salaries
=+PR 18-5B Statement of cost of goods manufactured and income statement for a manufacturing company objs. 2, 3 Special Activities Earnhart Manufacturing Company allows employees to purchase, at cost,
=+SA 18-1 Ethics and professional conduct in business Chapter 18 Managerial Accounting Concepts and Principles 851 Gretchen MacCauley is in the process of replacing a deck on her home and has
=+SA 18-2 Financial vs.managerial accounting For each of the following managers, describe how managerial accounting could be used to satisfy strategic or operational objectives:1. The vice president
=+SA 18-3 Managerial accounting in the management process The Nerd Squad provides computer repair services for the community. Jane Doe’s computer was not working, and she called The Nerd Squad for
=+At 5:00 P.M. the technician was back on the job at Jane’s home. The replacement procedure is somewhat complex, since a variety of tests must be performed once the board is installed. The job was
=+Jane was surprised at the size of the bill and asked for some greater detail supporting the calculations. The Nerd Squad responded with the following explanations:Cost of materials:Purchase price
=+SA 18-4 Classifying costs 852 Chapter 18 Managerial Accounting Concepts and Principles Further explanations in the differences in the hourly rates are as follows:First hour:Base labor rate . . . .
=+Third hour:Base labor rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $45 The trip back to the shop includes vehicle depreciation and fuel; therefore,
=+Fourth hour:Base labor rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $45 Overtime premium for time worked in excess of an eighthour day (starting
=+1. If you were in Jane’s position, how would you respond to the bill? Are there parts of the bill that appear incorrect to you? If so, what argument would you employ to convince The Nerd Squad
=+2. Use the headings below to construct a table. Fill in the table by first listing the costs identified in the activity in the left-hand column. For each cost, place a check mark in the appropriate
=+1. The manager of Burger Barn wishes to determine the price to charge for various lunch plates.
=+2. By evaluating the cost of leftover materials, the plant manager of a precision machining facility wishes to determine how effectively the plant is being run.
=+3. The division controller needs to determine the cost of products left in inventory.
=+4. The manager of the Maintenance Department wishes to plan next year’s anticipated expenditures.For each situation, discuss how managerial accounting information could be used.
=+SA 18-5 Using managerial accounting information
=+With a group of students, visit a local copy and graphics shop or a pizza restaurant. As you observe the operation, consider the costs associated with running the business. As a group, identify as
Direct Direct Selling Cost Materials Labor Overhead Expenses
=+2. Analyze and compare the two companies, using the information in (1).
=+1. Determine the following ratios for both companies (round to one decimal place after the whole percent):a. Rate earned on total assetsb. Rate earned on total stockholders’ equityc. Number of
=+The average liabilities, stockholders’ equity, and total assets were as follows:Marriott Hilton Average total liabilities $7,250 $ 9,343 Average total stockholders’ equity 2,935 3,269 Average
=+Balance sheet information is as follows:Marriott Hilton(in millions) (in millions)Total liabilities $5,970 $12,754 Total stockholders’ equity 2,618 3,727 _______ _______ Total liabilities and
=+SA 17-4 Profitability and stockholder ratios Chapter 17 Financial Statement Analysis 815 Marriott International, Inc., and Hilton Hotels Corporation are two major owners and managers of lodging and
=+Harley-Davidson, lnc., is a leading motorcycle manufacturer in the United States. The company manufactures and sells a number of different types of motorcycles, a complete line of motorcycle parts,
=+SA 17-3 Vertical analysis“The founding family and majority shareholders of the company do not believe in using debt to finance future growth. The founding family learned from hard experience
=+SA 17-2 Receivables and inventory turnover The condensed income statements through income from operations for Dell Inc. and Apple Computer, Inc., are reproduced below for recent fiscal years
=+Holly: Your responses have not been reassuring to me.Doug: I’m a little confused. Assets are good, right? Why don’t you look at our current ratio? It has improved, hasn’t it? I would think
=+SA 17-1 Analysis of financing corporate growth 814 Chapter 17 Financial Statement Analysis Tylee Industries, Inc., has completed its fiscal year on December 31, 2010. The auditor, Holly Marcum, has
=+Assume that the president of Garden Isle Brewery made the following statement in the Annual Report to Shareholders:
=+2. What conclusions can be drawn from these analyses?Financial Statement Analysis Special Activities
=+31, 2006, rounding to one decimal place.a. Working capitalb. Current ratioc. Quick ratiod. Accounts receivable turnovere. Number of days’ sales in receivablesf. Inventory turnover g. Number of
=+1. Determine the following measures for the fiscal years ended May 31, 2007 and May
=+PR 17-5B Solvency and profitability trend analysis objs. 2, 3 __________ __________ __________ __________ Chapter 17 Financial Statement Analysis 813 You have been asked to evaluate the historical
=+Total assets (ending balance) 4,417,178 4,124,350 3,732,443 3,338,500 2,750,000 Total stockholders’ equity(ending balance) 1,904,365 1,774,497 1,599,709 1,299,900 880,000 Average total assets
=+Merlin Company has provided the following comparative information:2010 2009 2008 2007 2006 Net income $ 129,868 $ 174,788 $ 299,809 $ 419,900 $ 380,000 Interest expense 280,021 260,001 240,075
=+PR 17-4B Nineteen measures of solvency and profitability objs. 2, 3✔ 9. Ratio of liabilities to stockholders’equity, 0.6 812 Chapter 17 Financial Statement Analysis Caylay Technologies
=+For the Years Ended December 31, 2010 and 2009 2010 2009 Sales (all on account) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,245,000 $3,675,000 Sales returns and allowances . . . .
=+The comparative financial statements of Caylay Technologies Inc. are as follows. The market price of Caylay Technologies Inc. common stock was $40 on December 31, 2010.Caylay Technologies
=+PR 17-3B Effect of transactions on current position analysis obj. 2✔ 2.e. Quick ratio, 0.8 Chapter 17 Financial Statement Analysis 811 Instructions 1. Compute (a) the working capital, (b) the
=+PR 17-2B Vertical analysis for income statement obj. 1✔ 1. Net income, 2009, 10.0%Data pertaining to the current position of Newton Industries, Inc., are as follows:Cash $300,000 Temporary
=+Comparative Income Statement For the Years Ended December 31, 2010 and 2009 2010 2009 Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $525,000 $420,000 Sales returns and
=+26.3% increase For 2010, Einar Industries Inc. initiated a sales promotion campaign that included the expenditure of an additional $40,000 for advertising. At the end of the year, David Heaney, the
=+PR 17-1B Horizontal analysis for income statement obj. 1 810 Chapter 17 Financial Statement Analysis Egils Inc.Comparative Income Statement For the Years Ended December 31, 2010 and 2009 2010 2009
=+PR 17-5A Solvency and profitability trend analysis objs. 2, 3 Problems Series B For 2010, Egils Inc. reported its most significant increase in net income in years. At the end of the year, David
=+2. Prepare an analysis of the graphs in (1).
=+each graph should have two lines.
=+d. Ratio of liabilities to stockholders’ equity Display both the company ratio and the industry benchmark on each graph. That is,
=+c. Number of times interest charges earned
=+b. Rate earned on stockholders’ equity
=+(ending balance) 6,742,500 4,812,000 3,525,000 2,550,000 1,900,000 Average total assets 10,171,980 7,824,600 5,922,000 4,620,000 3,600,000 Average stockholders’ equity 5,777,250 4,168,500
=+Lancelot Company has provided the following comparative information:2010 2009 2008 2007 2006 Net income $ 1,930,500 $1,287,000 $ 975,000 $ 650,000 $ 500,000 Interest expense 400,200 345,000 300,000
=+PR 17-4A Nineteen measures of solvency and profitability objs. 2, 3✔ 5. Number of days’ sales in receivables, 53.7 Chapter 17 Financial Statement Analysis 809 Instructions Determine the
=+Dec. 31, 2010 Dec. 31, 2009 Assets Current assets:Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 240,000 $ 162,400 Temporary investments . . . . . . . . . . . . . . 364,000 328,800
=+Optical Solutions Inc.Comparative Income Statement For the Years Ended December 31, 2010 and 2009 2010 2009 Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,608,000 $1,481,600
=+PR 17-3A Effect of transactions on current position analysis obj. 2✔ 2.c. Current ratio, 2.6 808 Chapter 17 Financial Statement Analysis The comparative financial statements of Optical Solutions
=+a. Sold temporary investments at no gain or loss, $45,000.b. Paid accounts payable, $80,000.c. Purchased goods on account, $50,000.d. Paid notes payable, $100,000.e. Declared a cash dividend,

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