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survey of accounting

Questions and Answers of Survey of Accounting

=+g. Cost ofpaving the employee parking lot.
=+h. Hourly wages of assembly line workers.
=+i. Annual bonus paid to top executives of the company.
=+j. Straight-line depreciation on factory equipment.
=+k. Wood paneling for use in interior boat trim.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
=+p. Yearly cost maintenance contract for robotic equipment.q. Oil to lubricate factory equipment.r. Canvas top for boats.s. Executive end-of-year bonuses.
=+t. Salary ofshop supervisor.u. Decals.
=+v. Annual fee to pro-fisherman Jim Bo Wilks to promote the boats.
=+w. Paint for boats.x. Legal department costs for the year.
=+y. Fiberglass for producing the boat hull.
=+z. Salary of president of company.P10-2 Entries and schedules for unfinishedjobs and completedjobs
=+Godwin Fixtures Co. uses a job order cost system. The following data summarize the operations related to production for April 2008, the first month of operations:a. Materials purchased on account,
=+c. Factory overhead costs incurred on account, $60,000.d. Depreciation ofmachinery and equipment, $ 14,500.e. The factory overhead rate is $53 per machine hour. Machine hours used:Job Machine Hours
=+f. Jobs completed: 601, 602, 603, and 605.g. Jobs were shipped and customers were billed as follows: Job 601, $72,750; Job 602, $88,780;Job 605, $74,500.Instructions
=+1. Prepare a schedule summarizing manufacturing costs by job for April. Use the following form:
=+Direct Direct Factory Job_Materials_Labor_Overhead Total
=+2. Prepare a schedule ofjobs finished in April.
=+3. Prepare a schedule ofjobs sold in April. What account does this schedule support for the month ofApril?
=+4. Prepare a schedule of completed jobs on hand as ofApril 30, 2008. What account does this schedule support?
=+5. Prepare a schedule of unfinished jobs as ofApril 30, 2008. What account does this schedule support?
=+P10-3 Job order cost sheet Objs 4, 5 Nu-Life Furniture Company refinishes and reupholsters furniture. Nu-Life uses a job order cost system. When a prospective customer asks for a price quote on a
=+Accounting Systemsfor Manufacturing Businesses 391On July 4, the chairs and couch were picked up from the residence ofEd Douthett, 411 Austin Lane, Alexandria, with a commitment to return them on
=+The related materials requisitions and time tickets are summarized as follows:Materials Requisition No. Description Amount 3480 7 meters at $23 $161 3492 11 meters at $23 253 Time Ticket No.
=+1. Prepare a job order cost sheet showing the estimate given to the customer. Use the format shown below.
=+2. Assign number 00-10-23 to the job, record the costs incurred, and complete the job order cost sheet. Comment on the reasons for the variances between actual costs and estimated costs. For this
=+pment Company manufactures fishing rods in a wide variety of lengths and weights. The following incomplete ledger accounts refer to transactions that are summa¬rized for November:Materials Nov. 1
=+a. Materials and direct labor were applied to six jobs in November.Direct Direct Job No. Style Quantity Materials Labor No. Ill DL-8 70 $ 15,000 $ 12,000 No. 112 DL-18 100 23,000 18,000 No. 113
=+b. Factory overhead is applied to each job at a rate of 75% ofdirect labor cost.
=+c. The November 1 Work in Process balance consisted oftwo jobs, as follows:Work in Process, Job No._Style_November 1$20,000 30,000$50,000 Job 111 Job 112 Total DL-8 DL-18 Accounting Systemsfor
=+d. Customer jobs completed and units sold in November were as follows:Job No. Style Completed in November Units Sold in November Job 111 DL-8 X 60 Job 112 DL-18 X 100 Job 113 DL-11 X 80 Job 114
=+1. Determine the missing amounts associated with each letter. Provide supporting calculations by completing a table with the following headings:Nov. 1 Cost of
=+Job Work in Direct Direct Factory Total Unit Units Goods No. Quantity Process Materials Labor Overhead Cost Cost Sold_Sold
=+2. Determine the November 30 balances for each ofthe inventory accounts and factory overhead.
=+P10-5 Flow ofcosts and income statement Obj 4 SPREADSHEET/ 1. Income from oper¬ations, $2,998,000
=+Outdoor Software Inc. is a designer, manufacturer, and distributor ofsoftware for microcomput¬ers. A new product, Landscape 2008, was released for production and distribution in early 2008.In
=+Outdoor uses a job order cost system to accumulate costs associated with each software title. Direct materials unit costs are:Blank CD $ 4.50 Packaging 8.00 Manual 11.00 Total $23.50
=+The actual production process for the software product is fairly straightforward. First, blank CDs are brought to a CD copying machine. The copying machine requires 1 hour per 1,500 CDs.After the
=+Factory overhead cost is applied to jobs at the rate of $1,200 per copy machine hour. There were an additional 1,000 copied CDs, packaging, and manuals waiting to be assembled on December 31, 2008.
=+1. Prepare an annual income statement for the Landscape 2008 product, including supporting calculations, from the given information.
=+2. Determine the balances in the finished goods and work in process inventory for the Land¬scape 2008 product on December 31, 2008.Activities A10-1 Ethics and professional conduct in business
=+Farrar Manufacturing Company allows employees to purchase, at cost, manufacturing materials, such as metal and lumber, for personal use. To purchase materials for personal use, an employee must
=+Peggy Carron is in the process ofreplacing a deck on her home and has requisitioned lumber for personal use, which has been approved in accordance with company policy. In computing the cost ofthe
=+The following statement was made by the vice president offinance ofHaberman Inc.: “The man¬agers of a company should use the same information as the shareholders ofthe firm. When man¬agers use
=+A10-3 Classifying costs Time technician arrived at 2:00 p.m. to begin work. By 4:00 p.m. the problem was diagnosed as a failed circuit board. Unfortunately, the technician did not have a new
=+Purchase price of circuit board $gg Markup on purchase price to cover storage and handling 20 Total materials charge $80 Accounting Systemsfor Manufacturing Businesses 395 The labor charge per hour
=+Overhead (other than storage and handling) 8 Total base labor rate $35 Additional charge for first hour of any job to cover the cost of vehicle depreciation, fuel, and employee time in transit. A
=+1. Ifyou were in Lauries position, how would you respond to the bill? Are there parts ofthe bill that appear incorrect to you? Ifso, what argument would you employ to convince On-Time that the bill
=+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
=+A10-4 Managerial analysis The controller ofthe plant ofCommercial Plumbing Supplies prepared a graph ofthe unit costs from the job cost reports for Product QQQ. The graph appeared as follows:MTWR
=+How would you interpret this information? What further information would you request?
=+Tech Inc., a specialized tool manufacturer, uses a job order costing system. The overhead is allocated to jobs on the basis of direct labor hours. The overhead rate is now $1,500 per direct labor
=+1. What is the engineers concern about the overhead rate going “up and up”?
=+2. What did the engineer mean about the large overhead rate being a disadvantage when placing bids and seeking new business?
=+3. What do you think is a possible solution?
=+With a group ofstudents, visit a local copy and graphics shop or a pizza restaurant. As you ob¬serve the operation, consider the costs associated with running the business. As a group, identify as
=+A10-7 Winter Comfort Inc. manufactures electric space heaters. While the CEO, Kevin Cross, is visitJust-in-time principles ing the production facility, the following conversation takes place with
=+By keeping the plant busy I’m using our plant assets wisely. This is reflected in the low unit costs that I’m able to maintain.
=+Ifyou were Kevin Cross, how would you respond to Alicia Alvarez? What recommenda¬tions would you provide Alicia Alvarez?
=+2. Analyze and compare the two companies, using the information in (1).
=+c. Number oftimes interest charges are earned
=+b. Rate earned on total stockholders’ equity
=+1. Determine the following ratios for both companies (round to one decimal place after the whole percent):a. Rate earned on total assets
=+A9-5 MarriottInternational, Inc., and Hilton Hotels Corporation are two major owners and managComprehensive profitability ers °flodging and resort properties in the United States. Abstracted
=+v4. Explain the direction ofthe dividend yield and price-earnings ratio in light of Ford’s profit¬ability trend.
=+3. Why does Ford have so much leverage?
=+2. What is the ratio of average liabilities to average stockholders’ equity for Year 3?
=+1. Calculate the following ratios for each year:a. Rate earned on total assetsb. Rate earned on stockholders’ equityc. Earnings per shared. Dividend yielde. Price-earnings ratio
=+The following information is available for three recent years (in millions except per-share amounts):Year 3 Year 2 Year 1 Net income (loss) $2,024 $3,487 $495 Preferred dividends $0 $0 $0 Shares
=+A9-4 Profitability amd stock¬holder ratios FordMotor Company is the second largest automobile and truck manufacturer in the United States. In addition to manufacturing motor vehicles, Ford also
=+Apple Computer, Inc.$55,908 $13,931 45,958 9,888$ 9,950 $ 4,043$ 5,140 $ 1,859 463 534$ 5,603 $ 2,393$ 4,347 $ 1,650 Prepare comparative common-size statements, rounding percents to one decimal
=+A9-3 Vertical analysis The condensed income statements through income from operations for Dell Inc. and Apple Computer, Inc., are reproduced below for recent fiscal years (numbers in millions of
=+What action may Steve need to take? How would you respond to Tony’s last comment?
=+I would think that you would view that very favorably.Why is Steve concerned about the inventory and accounts receivable turnover ratios and Tony s responses to them?
=+Why don’t you look at our current ratio? It has improved, hasnt it?
=+Tony: As you may be aware, the company is under tremendous pressure to expand sales and profits. As a result, we lowered our credit standards to our commercial customers so that we would be able to
=+Tony: We will increase our advertising and provide some very attractive price concessions to move these machines. We have no choice. Newer technology is already out there, and we have to unload
=+6.1 was wondering ifyou could explain this change in operations.Tony: There is little need for concern. The inventory represents computers that we were unable to sell during the holiday buying
=+A9-2 Roan Mountain Fitness Company has completed its fiscal year on December 31, 2008. The audiReceivables and inventory tor’ Steve Berry, has approached the CFO, Tony Brubaker, regarding the
=+A9-1 Assume that the president ofIce Mountain Brewery made the following statement in the Annual Analysis offinancing Report to Shareholders.corporate growth “The founding family and majority
=+2. Prepare an analysis ofthe graphs in (1).Activities
=+1. Prepare four line graphs with the ratio on the vertical axis and the years on the hori¬zontal axis for the following four ratios (rounded to one decimal place):a. Rate earned on total assetsb.
=+Selected industry ratios have remained relatively steady at the following levels for the last five years:2004-2008 Rate earned on total assets 14%Rate earned on stockholders’ equity 20%Number
=+You have been asked to evaluate the historical performance ofthe company over the last five years.
=+P9-5 Solvency and profitability trend analysis Objs 2, 3 Shore Company has provided the following comparative information:2008 _ 2007 2006 2005 2004 Net income $ 42,000 $ 70,000 $ 140,000 $ 210,000
=+Determine the following measures for 2008, rounding to one decimal place:1. Working capital 2. Current ratio 3. Quick ratio 4. Accounts receivable turnover 5. Number of days’ sales in receivables
=+Current liabilities $ 342,000 $ 285,000 Long-term liabilities:Mortgage note payable, 8%, due 2013 $ 600,000 —Bonds payable, 10%, due 2017 500,000 $ 500,000 Total long-term liabilities $1,100,000
=+P9-4 Nineteen measures ofsol¬vency and profitability Objs 2, 3 SPREADSHEET A 9. Ratio of liabilities to stockholders’equity, 0.5 The comparative financial statements ofTriad Images Inc. are as
=+separately and assume that only that transaction affects the data given above. Round to one decimal point.a. Sold marketable securities at no gain or loss, $37,500.b. Paid accounts payable,
=+2. List the following captions on a sheet of paper:Transaction Working Capital Current Ratio Quick Ratio Compute the working capital, the current ratio, and the quick ratio after each ofthe
=+P9-3 Effect oftransactions on current position analysis Obj 2 SPREADSHEET 7 1.c. Quick ratio, 1.4 Data pertaining to the current position of Tsali Industries, Inc., are as follows:Cash $195,000
=+2. To the extent the data permit, comment on the significant relationships revealed by the verti¬cal analysis prepared in (1).
=+1. Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to net sales for each ofthe years. Round to one decimal place.
=+DUSAN WATER SUPPLIES INC.Comparative Income Statement For the Years Ended December 31, 2008 and 2007 2008 2007 Sales $255,000 $214,000 Sales returns and allowances 5,000 4,000 Net sales $250,000
=+2. To the extent the data permit, comment on the significant relationships revealed by the hori¬zontal analysis prepared in (1).P9-2 Vertical analysis for income statement Obj 1 SPREADSHEET V 1.
=+P9-1 Horizontal analysis for income statement Gbj 1 SPREADSHEET/ 1. Net sales, 25.1%increase For 2008, Doane Inc. reported its most significant increase in net income in years. At the end ofthe
=+b. Explain the differences in these ratios across the three companies.Problems
=+a. Determine the price-earnings ratio and dividend yield for the three companies. Round to one decimal place.
=+The table below shows the stock price, earnings per share, and dividends per share for three Price-earnings ratio; divi- companies:dendyield Obj 3 Price Earnings per Share Dividends per Share Bank
=+E9-22 Earnings pershare Ob] 3 yb. Earnings per share on common stock,$3.00 The net income reported on the income statement ofGround Hog Co. was $1,250,000. There were 250,000 shares of $40 par

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