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public accounting

Questions and Answers of Public Accounting

=+1. The chart of accounts for Kelly Consulting is shown on page 158, and the post-closing trial balance as of April 30, 2010, is shown on page 166. For each account in the postclosing trial
=+2. Post the journal to a ledger of four-column accounts.
=+3. Prepare an unadjusted trial balance.
=+4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6).a. Insurance expired during May is $300.b. Supplies on hand on May 31
=+5. Optional: Enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet.
=+6. Journalize and post the adjusting entries.
=+7. Prepare an adjusted trial balance.
=+8. Prepare an income statement, a statement of owner’s equity, and a balance sheet.
=+9. Prepare and post the closing entries. (Income Summary is account #33 in the chart of accounts.) Indicate closed accounts by inserting a line in both the Balance columns opposite the closing
=+10. Prepare a post-closing trial balance.Special Activities
=+Pixel Graphics is a graphics arts design consulting firm. Marcie Biel, its treasurer and vice president of finance, has prepared a classified balance sheet as of August 31, 2010, the end of its
=+In the Current Assets section of the balance sheet, Marcie reported a $75,000 receivable from Chas Gaddis, the president of Pixel Graphics, as a trade account receivable. Chas borrowed the money
=+Evaluate whether it is acceptable for Marcie Biel to prepare the August 31, 2010, balance sheet in the manner indicated above.
=+SA 4-1 Ethics and professional conduct in business 198 Chapter 4 Completing the Accounting Cycle The following is an excerpt from a telephone conversation between Alice Lutz, president of DeSoto
=+Victor: So what’s the big deal? Sounds to me like it would save you time and effort.Alice: Right! The balance sheet showed a minus for supplies!Victor: Minus supplies? How can that be?Alice:
=+1. Comment on (a) the desirability of computerizing DeSoto Supplies Co.’s financial reporting system, (b) the elimination of the end-of-period spreadsheet (work sheet) in a computerized
=+2. Explain to the programmer why Supplies could not have a credit balance.
=+SA 4-2 Financial statements Assume that you recently accepted a position with Stockman National Bank as an assistant loan officer. As one of your first duties, you have been assigned the
=+1. Explain to Yolanda Tovar why a set of financial statements (income statement, statement of owner’s equity, and balance sheet) would be useful to you in evaluating the loan request.
=+2. In discussing the “Statement of Accounts” with Yolanda Tovar, you discovered that the accounts had not been adjusted at March 31. Analyze the “Statement of Accounts”and indicate possible
=+3. Assuming that an accurate set of financial statements will be submitted by Yolanda Tovar in a few days, what other considerations or information would you
=+require before making a decision on the loan request?
=+SA 4-3 Financial statements Chapter 4 Completing the Accounting Cycle 199 In groups of three or four, compare the balance sheets of two different companies, and present to the class a summary of
=+4. EDGAR (Electronic Data Gathering, Analysis, and Retrieval), the electronic archives of financial statements filed with the Securities and Exchange Commission.
=+SEC documents can be retrieved using the EdgarScan™ service at http://sec.gov. To obtain annual report information, click on “Search for Company Filing,” click on“Companies & Other
=+click on “Retrieve Selected Findings.” Finally, click on the “html” for the latest period and the related document.
44. Bethany Corporation recently received an offer for a special order. Bethany usually charges $47 per unit, and has the following per-unit costs:Direct materials $17 Direct labor 10 Overhead 15
42. Melloni, Inc., is considering replacing a piece of equipment with a book value of $8,000 with one that costs $5,000,000. The current machinery can be sold for $50,000. The new machine will
41. Atmince Company sold 120,000 units this year for $15 each. Variable costs were $9 per unit, and fixed costs were $600,000.Calculate the following:a. Before-tax income this yearb. The number of
38. Billman Corporation has an investment opportunity that would require an up-front investment of $7,000,000 in assets and would bring in additional revenues of $3,000,000 each year for 4 years. The
37. Baja Company is considering replacing one of its machines with a new one that costs $2,000,000 and has a projected salvage value of $500,000. The old machine has a book value of $500,000, and
36. Smithburg Corporation had revenues of $3,450,000, variable costs of $2,070,000, and fixed costs of $1,000,000 last year.Calculate the following:a. The revenues required to break evenb. The
35. Combridge Company charges $500 per unit for its product, which costs $375 per unit in variable costs and $700,000 in total fixed costs.Calculate the following:a. The number of units required to
33. Rosewood Company is trying to decide whether to accept a special order for 4,000 units from Teak Corporation. Rosewood usually charges $50 per unit for its product, which includes $10 in direct
30. A proposed project requires a net initial investment of $600,000. The present value of annual cash flows is $565,022.30, and the present value of the terminal cash flows is $13,392.86.Calculate
29. A proposed project requires a net initial investment of $1,000,000. The present value of annual cash flows is $1,137,236.03, and the present value of the terminal cash flows is
28. A project requiring a net initial investment of $800,000 yields annual cash flows of $120,000 and has a terminal cash flows of $50,000 at the end of its 10-year life. The required rate of return
27. A project requires a $100,000 net initial investment, has a terminal cash flows of $12,000, and increases cash flows by $25,000 each year over its 5-year life. The required rate of return is
26. Palles Company is considering a new investment that would cost $700,000 for new assets that would have a salvage value of $100,000. The project would last for 6 years, and would bring in$200,000
25. Dama, Inc., is considering purchasing a new machine costing $1,200,000 to replace its current machine, which has a book value of $350,000 and could be sold for $75,000. The new machine would last
24. Deussin Company sells its product for $160 per unit. Variable costs are $90 per unit, and fixed costs are $77,000 per month. Deussin currently pays each of its 5 salespeople a fixed salary of
23. Kattico currently has revenues of $4,500,000, variable costs of $1,125,000, and fixed costs of$3,000,000. Kattico is thinking of making improvements to the production process that would increase
22. Rogers Enterprises had $600,000 in revenues last year, as well as $240,000 in variable costs and$300,000 in fixed costs. Rogers hopes to increase before-tax profit by 10% next year.Calculate the
21. Willco sells its products for $50 per unit. Variable costs are $20 per unit, and fixed costs are$450,000 per month. Willco’s target before-tax profit next month is $180,000.Calculate the volume
20. Farr Company has $200,000 in fixed costs. Variable costs are 60% of revenues.Calculate the volume in revenues required to break even.
19. Eagle, Inc., sells its product for $100 per unit. Variable costs are $35 per unit. Fixed costs are$975,000.Calculate the volume in units required to break even.
18. Tessera Corporation had revenues of $500,000, variable costs of $300,000, and fixed costs of$400,000. Next year, revenues are projected to increase to $1,200,000.Calculate next year’s
17. Passi Company sells its products for $15 per unit. Variable costs are $7 per unit, and fixed costs are $300,000. Passi sold 40,000 units this period.Calculate before-tax profit.
14. Robotechnology Corporation currently manufactures all parts of its product. The firm is trying to decide whether to purchase circuitry from an outside manufacturer instead of making the
13. Grenda Company has received a special order for 300 units from Jordan Company, which requires that its logo be placed on each unit at an extra cost of $20 per unit. Apart from that modification,
12. Kimber Company is trying to decide whether to accept an order from Kline Corporation for a special batch of its products with Kline Corporation’s logo printed on each.Make a column for each
11. Vreeland Corporation is trying to decide whether to eliminate a segment of its business that has shown a loss for the last seven quarters.Make a column for each decision alternative.
10. McCullough Corporation wants to estimate total costs for next year, when it expects to sell 2,500 units. Its cost function is as follows:Total cost = $3,000 x Units + $10,000,000 Use the firm’s
9. Sutherland Enterprises is trying to estimate total costs for next month, when it expects to sell 300,000 units. Its cost function is as follows:Total cost = $15 x Units + $5,000,000 Use the
8. Variable cost per unit is $37, and total fixed costs are $320,000.Build the firm’s cost function.
7. Variable cost per unit is $7, and total fixed costs are $100,000.Build the firm’s cost function.
6. The variable cost per unit is $6. When sales were at their highest at 750,000 units, total costs were $6,500,000. When sales were at their lowest at 500,000 units, total costs were $5,000,000.Find
5. The variable cost per unit is $500. The high point is (1,200, $700,000), and the low point is(700, $450,000).Find the total fixed cost.
4. When sales were at their highest at 500,000 units, total costs were $750,000. When sales were at their lowest at 200,000 units, total costs were $420,000.Find the variable cost per unit.
3. The high point is (20,000, $400,000), and the low point is (15,000, $350,000).Find the variable cost per unit.
Your firm is considering purchasing a new piece of equipment that would cost $400,000. It will last 10 years, after which it can be sold for $50,000. The new equipment will generate cost savings
Your firm can purchase a new machine that will increase annual fixed costs by 18.75% but will decrease variable cost per unit by 10%. At what level of production would your firm be indifferent
Turquette Corporation is considering whether to launch a new product line. The product life is expected to be 10 years. The launch would require an initial investment in assets of $12,000,000.The
Orchid, Inc., had the following income last year, when 50,000 units were sold:Revenues $1,000,000 Variable cost 600,000 Contribution margin $ 400,000 Fixed cost 150,000 Before-tax profit $ 250,000
Jonesmith, Inc., incurs $30 per unit in variable costs, and $500,000 in total fixed costs. Each unit sells for $80. Jonesmith is considering making an investment that would increase fixed costs
33. Swift Company manufactures two products (widgets and thingies), each of which must be processed on two different machines (Machine X and Machine Y). The machines run 8 hours per day. Production
26. Poth Corporation uses normal process costing (weighted average method), and applies manufacturing overhead at a rate of 80% of direct labor costs. Poth has two departments, Molding and Assembly
20. Ferry, Inc., has four departments with the following information before allocation:Allocate the service department costs to the operating departments, first using the direct method, then the
12. Riverside Company has prepared the following budget for June:Unit sales, selling price per unit, variable cost per unit, total fixed costs, and all inventories are anticipated to remain constant
11. Cherry Company has prepared the following budget for January:Selling price per unit, variable cost per unit, total fixed costs, work-in-process inventory, and finished goods inventory are
4. Eldon Corporation has three divisions, one of which has consistently shown a loss for the last 5 years. Eldon is trying to decide whether to close that division. Income consolidated over the last
2. Cedar Company had the following results for the last year:Cedar wishes to estimate what its total costs would be if it sold 2,400 units.Estimate Cedar’s cost function, and use it to predict
1. Dewberry Corporation wishes to estimate costs for next year, when it projects unit sales to be 320,000. Dewberry gathered the following data from the past 5 years:Estimate Dewberry’s cost
13. Goss, Inc., has the capability to manufacture five products, and has 1,500 labor hours available each week for production. Each unit manufactured requires a stamp of approval by an inspector, who
12. Kinney, Inc., manufactures two products (Wham and Shapow) in three processes (Preparation, Assembly, and Packaging). The production requirements of the two products are as follows:Preparation has
10. Stickle Company manufactures two products (widgets and thingies), each of which must be processed on two different machines (Machine X and Machine Y). The machines run 16 hours per day.
8. Nappo Company produces two products (Super and Ultra) in two departments. Department A has 2,000 hours available per week, and Department B has 1,600 hours available. Demand for both products is
7. Parets, Inc., produces four products in a single department that has 4,000 hours of available time per week. The products have the following weekly demand, throughput margin per unit, and required
3. Your firm makes two types of patio umbrellas, Regular and Deluxe. Suppose that there is unlimited customer demand for each product. You have only 1,600 hours available per year in Department A,
2. Your firm produces four products: Prima, Seconda, Terzo, and Quarto, using one machine that operates 40 hours per week. Per-unit information about the products, as well as weekly demand for each,
1. Your firm produces two products in two departments. Information about production constraints and usage is as followsDemand for Product X is 30 units per week, and demand for Product Y is 20 units
35. Gallico has historically purchased all parts for its products (each unit requires two parts) from Roberts Corporation, and is considering acquiring Roberts in order to save money. As part of the
33. Tepper Enterprises is planning a new product for which price and demand will be related to a certain degree, but there will be some flexibility in setting the price. For the first year, demand
29. Constellation Corporation manufactures parts in Division A that are transferred to Division B for use in its product, which requires one part per unit. Costs are as follows:Division A has the
27. Mustine Company uses the weighted average method of process costing to account for the costs in its three production departments. Goods are transferred from Department 1 to Department 2 to
26. Jackson Company uses job costing, and applies overhead to jobs at a rate of $12 per direct labor hour. Beginning inventories were $15,000 in raw materials, $260,000 in work-in-process,
25. Bishop Corporation uses normal process costing (weighted average method), and applies manufacturing overhead at a rate of 60% of direct labor costs. Bishop has two departments, Molding and
24. Fillion Company uses job costing, and applies manufacturing overhead costs to jobs at a rate of 70% of direct labor cost. Beginning inventories were $60,000 in raw materials, $150,000 in
23. At the beginning of April, Dumas Company had no beginning raw materials or finished goods inventories. Beginning work-in-process inventory was $2,250, and consisted of one job—Job 5130. The
22. Barry, Inc., applies manufacturing overhead to products at a rate of $60 per machine hour. In June, Barry only worked on one job, which it began June 1, purchasing $400,000 in materials($75,000
21. Boussard Company, which uses normal job costing, incurred the following costs last period(A indicates paid on account; C indicates paid in cash):Boussard had no beginning inventories of any kind
20. The balance before adjustment in work in process inventory was 80% of the balance in cost of goods sold, and the balance in finished goods inventory before adjustment was 70% of that in cost of
19. The ending balances before adjustment were as follows: work-in-process $250,000, finished goods $500,000, and cost of goods sold $750,000. Actual overhead costs were $1,000,000, and $1,300,000 in
18. The firm incurred $50,000 in administrative salaries as well as $140,000 in office expenses, all paid in cash. In addition, $30,000 in depreciation on office equipment was recognized. Selling
17. General and administrative costs paid in cash totaled $100,000 this period. In addition, administrative salaries of $75,000 were accrued, and depreciation on office equipment was $24,000.Selling
16. One hundred thousand units costing $2,000,000 to manufacture were sold this period.
15. Goods with a total cost of $700,000 were sold this period.
14. Peese, Inc., spent $14,000 to repair goods damaged as a normal part of the production process, and spent $8,000 to repair goods damaged in an accident. Rework costs were paid in cash.
13. Morrison Company incurred $3,000 in rework costs, half of which was considered a normal part of the production process, and half of which was considered abnormal. Rework costs were paid in cash.
12. Good units costing $50,000 to manufacture were completed this period. Normal spoilage was$10,000, and abnormal spoilage was $8,000.

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