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Questions and Answers of Public Accounting

15. Nola Company manufactured and sold 10,000 units last year for $175 per unit, although it had budgeted to sell 12,000 units for $180 per unit. Nola purchased and used 20,000 feet of direct
16. Cabonet Corporation provided the following information about units, selling price, and manufacturing costs this period:All overhead is allocated based on direct labor cost.Calculate all nine
Identify the accounts debited and credited to account for uncollectibles under (a) the allowance method, and (b) the direct writeall method.
Identify and briefly describe the two ways to estimate bad-debt expense and uncollectible accounts, using the allowance method.
Show three ways to report Accounts Receivable of $100,000 and Allowance for Uncollectible Accounts of $2,800 on the balance sheet or in the related notes.
Why is the acid-test ratio a more stringent measure of the ability to pay current liabilities than the current ratio?
DE8-1 Examine the Accounts Receivable T-accounts on page 312, and answer these questions: 1.Which account (and which amount) will appear on the company's balance sheet? Suppose the company has cash
DE8-3 What duty must be withheld from a company's credit department in order to safeguard its cash? If this duty is granted to the credit department, what can a dishonest credit department employee
Which feature of effective internal control is the most fundamental? Why?
Identify seven features of an effective system of internal control.
Describe how a budget helps a company manage its cash.
Why should accountants adhere to a higher standard of ethical conduct than many other members of society?
Give three examples of companies that would use job costing rather than process costing, and explain why.
Is Manufacturing Overhead a temporary or permanent account? Explain how the account operates.
What is the primary difference between a merchandiser's and a manufacturer's income statement?
Summarize the computation of cost of goods manufac- tured Use any dollar amounts. 3
List and briefly explain four recent changes in the busi- ness environment.
Explain two ways globalization affects management accounting.
Describe two ways managers respond to time-based com- petition.
Once a company decides to adopt a just-in-time philoso- phy, what kinds of costs and benefits should it expect?
The Institute of Management Accountants Standards of Ethical Conduct for Management Accountants lists four broad requirements. In your own words. list and briefly explain three.
DE 19-1 Your roommate, who plans to specialize in international business, is considering whether to enroll in the second principles of accounting course. She says, "I don't want to be an accountant,
DE 19-2 List the six business functions in the value chain (Exhibit 19-4, page 760). Give an example of costs that Honda might incur in each function for a new gas-electric hybrid car.DE 19-3 Give an
DE19-4 Classify each of Hewlett-Packard's costs as one of the six business functions in the value chain.a. Depreciation on Roseville, California, plant.b. Costs of a customer support center Web
DE19-5 Consider Marvin Windows' manufacturing plant. Give two examples ofa. Direct materialsb. Direct laborc. Indirect materialsd. Indirect labore. Other manufacturing overhead
DE 19-6 Classify each of Georgia-Pacific's costs as either inventoriable or period costs:a. Depreciation on the gypsum board plant.b. Purchase of lumber to be cut into boards.c. Life insurance on
DE19-7 Listed on the following page are several terms relating to various cost definitions. Complete the following statements with one of these terms. You may use a term more than once, and some
DE19-8 Consider Toyota, United Parcel Service, and Home Depot. For each company. answer the following questions. 1. Is this a service company, a merchandiser, or a manufacturer? 2. What is the
DE19-9 Link Back to Chapter 5. Refer to Exhibit 19-9 on page 765. What would be Apex's beginning inventory if revenues, purchases and freight-in, and ending inventory are all the same as in Exhibit
DE 19-10 Link Back to Chapter 5. Given the following information for Gemz, a fashion jewelry e-tailer, compute the cost of goods sold. Web site maintenance..... Freight-in $1,000 2,500 Delivery
DE19-11 Look at Exhibit 19-11 (page 766). What would be Top-Flight's cost of goods sold and operating income if the cost of goods manufactured were $35.000 rather than $42,000? (Other costs and
DE 19-12 Turn to Exhibit 19-12 (page 767). If direct material purchases were $35,000 rather than $27,000, what would be the cost of direct materials used and the cost of goods manufactured? (Other
DE 19-13 Jell's manufactures women's plastic sandals. Suppose the company's March records C include the following items. What is Jell's total manufacturing overhead cost in March? Ink for printing
DE 19-14 You are a new accounting intern at Mountain Gear, Inc. Your boss gives you the following information and asks you to compute direct materials used. Purchases of direct materials
DE19-15 Use Exhibit 19-12 (page 767) to explain the differences between manufacturing costs and the cost of goods manufactured. How much are the manufacturing costs? How much is the cost of goods
DE19-16 The current asset sections of the balance sheets of three companies follow. Which company is a service company? Which is a merchandiser? Which is a manufacturer? How can you tell? X-Treme
DE19-17 You work for X-Rays, a company that produces and markets upscale sunglasses. One of your competitors. SunStop, has just hired eNow! Consultants to establish an on-line sales system that will
DE 19-18 Is JIT more appropriate for Amazon.com, a book, music, and electronics e-tailer. or Mouton-Rothschild, a French winemaker specializing in fine red wines? Explain.
DE19-19 Consider the cost-benefit analysis for the GE quality program discussed on page 774. Suppose GE's managers now estimate a 90% chance that the projects will yield an extra $20 million in
DE 19-20 Explain why each of the four broad ethical standards in the Institute of Management Accountants' Standards of Ethical Conduct for Management Accountants (Exhibit 19- 15, page 776) is
DE 19-21 The Institute of Management Accountants' Standards of Ethical Conduct for Management Accountants (Exhibit 19-15, page 776) require management accountants to meet standards regarding
E19-1 Listed below are several terms relating to the functions of managers and the differences between financial and management accounting. Complete the following statements with one of these terms.
E19-2 Suppose the computer manufacturer Gateway. Inc., provides the following information for its costs last month (in hundreds of thousands): Depreciation on manufacturing Exterior case for computer
E19-3 Suppose Target incurred the following costs at its Charleston, South Carolina. store. Research to determine whether store should add Payment to consultant for advice on location of new a travel
E19-4 Listed below are several terms relating to service, merchandising, and manufacturing firms and their inventories. Complete the following statements with one of these terms. You may use a term
E19-5 Consider the following selected amounts and account balances of Boyds: Fabric and Cost of goods sold. $96,000 Prepaid expenses..... $ 6.000 Direct labor. 47.000 Marketing expense.. 39.000
E19-6 Compute the 20X5 cost of goods manufactured and cost of goods sold for Strike Marine Company using the following amounts: Materials inventory Work in process inventory...... Finished goods
E19-7 Prepare the 20X5 income statement for the Strike Marine Company in Exercise 19-6. Assume that it sold 28.000 units of its product at a price of $14 during 20x5.
E19-8 Supply the missing amounts from the following computation of gross profit for Alon Plastics. Sales revenue Cost of goods sold: Beginning finished goods inventory... Cost of goods manufactured:
E19-9 Listed below are several terms relating to the modern business environment. Complete the following statements with one of these terms. You may use a term more than once, and some terms may not
E19-10 Cool Cuts manufactures casual menswear. Eric Haynes, the CEO, is trying to decide whether to adopt just-in-time (JIT). He expects that in present-value terms, adopting JIT would save $113,000
E19-11 Mary Gonzales is the controller at Automax, a car dealership. Cory Loftus has recently been hired as bookkeeper. Cory wanted to attend a class on Excel spreadsheets, so Mary tem- porarily took
E19-12 CoverUp manufactures and sells a new line of sun-protection clothing. Unfortunately. CoverUp suffered serious hurricane damage at its home office in Miami, Florida, As a result, the accounting
P19-1A Suppose Dell Computer reported the following costs last month. (All costs are in millions.) Payment to UPS for delivering PCs to customers.. Cost of hard drives used..... $ 250 3,300 Cost of
P19-2A Part One: On January 1. 2000, Matt Berrigan opened Boards of Paradise, a small retail store dedicated to selling snowboards, wakeboards, and skateboards. On December 31, 2000, his accounting
P19-3A Certain item descriptions and amounts are missing from the monthly schedule of cost of goods manufactured and income statement of Southern Manufacturing Company. Fill in the missing items.
P19-4A Quantx. Inc.. manufactures computer disk drives. It sells these disk drives to other manufacturers, which use them in assembling computers. Quantx is having trouble with its new DVD drive. If
P19-5A Problem 19-4A provided both quantitative and qualitative information about Quantx's quality project, and asked you to perform a quantitative analysis to help Quantx's managers decide whether
P19-6A West Bank is a regional bank in California that also processes checks for smaller banks and insurance companies. This results in mounds of paperwork, because West Bank tracks which checks have
P19-7A Consider the West Bank project described in Problem 19-6A. West Bank has revised its estimates of additional profits the bank is likely to earn. There is a 50% chance that the bank will earn
P19-8A Jan Hobbs is the new controller for Kromeware, a designer and manufacturer of outdoor wear. Shortly before the December 31 fiscal year end, Lashea Hare (the company president) asks Jan how
P19-1B Healthy Foods produces canned chicken la king-chicken, mushrooms, and bell peppers in a cream sauce. The production process starts with raw chicken that workers debone. Cream sauce is
P19-2B Part One: In 20X3, Kelly Williams opened Kelly's Boutique, a small retail boutique selling makeup. On December 31, 20X4, her accounting records show the following: Required Inventory on
P19-3B Certain item descriptions and amounts are missing from the monthly schedule of cost of goods manufactured and the income statement of Henriquez Manufacturing Company shown on the facing page.
P19-4B Pameon manufactures fine watches. The company is having trouble with one of its watches. If the parts are not machined to exact specifications, the watch will not operate. Even a speck of dust
P19-5B Problem 19-4B provided both quantitative and qualitative information about Pameon's quality project, and asked you to perform a quantitative analysis to help Pameon's managers decide whether
P19-6B Discount Gas Corporation wants to move its sales-order system to the Web. Under the proposed system, gas stations and other merchants will use a Web browser and, after typing in a password for
P19-7B Consider the Discount Gas proposed entry into e-commerce in Problem 19-6B. Steve Pronai revises his estimates of the benefits from the new system's lower labor costs. He now thinks there is a
P19-8B Renee Abby is the new controller for Gate Software, Inc., which develops and sells educational software. Shortly before the December 31 fiscal year end. Matt Berrigan, the company president,
Case 1. Digiteck, Inc., designs and manufactures switches used in telecommunications. Digiteck's main facility is in California's Silicon Valley. Its second facility in North Carolina's Research
Case 2. To help management accountants meet obligations to their profession, employer, the public, and themselves, the IMA has issued Standards of Ethical Conduct for Management Accountants. In
Link Back to Chapter 7. ComDigital, Inc., designs and manufactures chips used in digital cell phones. ComDigital is currently developing the next generation of computer chips that will allow users to
To help determine whether current profits will continue and grow in the future, investors need information on management's plans. Investors are especially interested in how management plans to
Search the Internet for a nearby company that also has a Web page. Arrange an interview with a management accountant, a controller, or other accounting/finance officer of the company. Before you
1. Go to http://www.forbes.com. Under "Quotes & Research" type TOY, the stock symbol for Toys "" Us, Inc., and click on Go. In the left-hand column click on Company Info and scan the information
What percentage distinguishes a small stock dividend from a large stock dividend?
To an investor, a stock split and a stock dividend have essentially the same effect. Explain the similarity and difference to the corporation between a 100% stock dividend and a 2-for-1 stock split.
What is the normal balance of the Treasury Stock account?
What is the most widely used of all accounting statistics?
What account is affected by all prior-period adjustments? On what financial statement are prior-period adjustments reported?
What is the main difference in accounting for small and large stock dividends?
The following questions are unrelated except that they all apply to fixed assets and intangible assets:a. The manager of Clarkson Corporation regularly debits the cost of repairs and mainte- nance of
Required Visit a local business. 1. List all its plant assets. 2. If possible, interview the manager. Gain as much information as you can about the busi- ness's plant assets. For example, try to
What distinguishes a current liability from a long-term liability?
A company purchases a machine by signing a $21.000, one-year. 10% note payable on July 31. Interest is to be paid at maturity. What two current liabilities related to this purchase does the company
Explain why sales tax that is paid by consumers is a liability of the store that sold the merchandise.
Patton Company warrants its products against defects for three years from date of sale. During the current year, the company made sales of $300.000. Store management estimated that warranty costs on
Two persons are studying Allen Company's manufacturing process. One person is Allen's factory supervisor, and the other is an outside consultant who is an expert in the industry. Which person's
DE11-17 Link Back to Chapter 7 (Internal Controls) 1. What are some of the important elements of good internal control to safeguard payroll disbursements? 2. Explain how the use of two payroll bank
Wal-Mart Stores, Inc., is the largest retailer in the United States. Recently, Wal-Mart reported these figures (in billions of dollars): 1999 1998 Net sales. Receivables at end of year $165 1 $138 1
Newcastle Sporting Goods distributes merchandise to sporting goods stores. All sales are on credit, so virtually all cash receipts arrive in the mail. William Borrows, the company president, has just
Windows Company received the following notes during 20X3. Note Date Principal Amount Interest Rate Term (1) Oct. 31 $11.000 12% 3 months (2) Nov. 19 15,000 10% 60 days (3) Dec. 1 12.000 9% 1 year
Link Back to Chapter 4 (Closing Entries). Record the following selected transactions in the general journal of Recognition Systems. Explanations are not required. 20x2 Dec. 21 31 31 20X3 Jan. 20
Assume that Sherwin Williams, the paint manufacturer, completed the following selected transactions:20X1 Dec. 1 20X2 31 31 Mar. 1 July 21 Sep. 19 Nov. 11 Dec. 2 Required Sold goods to Kelly Paint
Molson Appliance Co., prepares crowns, dentures, and other dental appliances. All work is performed on account, with regular monthly billing to participating dentists. Eve Nations, accountant for
On May 31, Nortell Networks, had a $210,000 debit balance in Accounts Receivable. During June. Nortell made sales of $640,000, all on credit. Other data for June include Collections on account,
The June 30, 20X1, balance sheet of Clarus Consultants. Inc.. reports the following: Accounts Receivable... Allowance for Uncollectible Accounts (credit balance). $143,000 3.200 At the end of each
Link Back to Chapter 4 (Closing Entries). Interbiz Interactive completed the following transactions during 20X1 and 20X2: 20X1 Dec. 31 Estimated that uncollectible-account expense for the year was
What is the relevant range, and why must it be considered in preparing a flexible budget?
What do the sales volume variance and the flexible bud- get variance for operating income measure?

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