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survey of accounting

Questions and Answers of Survey of Accounting

=+E4-6 Income statement for merchandiser
=+E4-5 Cost ofmerchandise sold Obj 2/ Correct cost of merchandise sold,$820,500 Identify the errors in the following schedule of cost of merchandise sold for the current year ended March 31,
=+b. Determine the gross profit to be reported on the income statement for the year ended June 30, 2008.
=+a. Prepare the cost ofmerchandise sold section ofthe income statement for the year ended June 30, 2008, using the periodic inventory system.
=+E4-4 Cost ofmerchandise sold and related items Obj 2/a. Cost ofmerchandise sold, $1,218,300 The following data were extracted from the accounting records ofMeniscus Company for the year ended June
=+E4-3 Identity items missing in determining cost of merchandise sold Obj 2
=+For the year ending March 3, 2007, BestBuy reported revenue of $35,934 million. Its gross profit was $8,769 million. What was the amount ofBest Buy’s cost of merchandise sold?
=+E4-2 Determining cost of merchandise sold Obj 1
=+c. Will the income statement necessarily report a net income? Explain.
=+b. Compute the gross profit percentage (gross profit divided by sales).
=+a. What is the amount ofthe gross profit?
=+During the current year, merchandise is sold for $2,850,750. The cost ofthe merchandise sold is$1,995,525.
=+Obk.)ecash5increased for the abnormal inventory shrinkage?154 Chapter 4 Exercises E4-1 Determining gross profit Obj 1
=+What account would be bank credit cards, such as MasterCard and VISA, differ from accounting for cash sales to customers?CtCCliF vs. banKomfl Celebit)
=+.^^ yf- y shrinkage so that it would be separately disclosed customers using ‘ on the income statement.
=+14. Assume that Pembroke Office Equipment in Question 13 experienced an abnormal inventory shrinkage of $215,650. Pembroke Office Equipment has decided to record the abnormal inventory
=+8. How does the accounting for sales to
=+What type ofrevenue is reported in the Other income section ofthe multiple-step income statement? “ cash
=+13. Pembroke Office Equipment, which uses a perpetual inventory system, experienced a normal inventory shrinkage of $13,762. What accounts would be increased and decreased to record the adjustment
=+12. When you purchase a new car, the “sticker price”includes a “destination” charge. Are you purchasing the car FOB shipping point or FOB destination? Explain.i A
=+11. Who bears the transportation costs when the terms of sale are (a) FOB shipping point, (b) FOB destination?
=+Wbat is the" nature of (a'j'a credit memorandum issued by the seller of merchandise, (b) a debit memorandum issued by the buyer of merchandise?
=+. What is the meaning of (a) 1/10, n/30; (b) n/90; .(c) n/eorn? eraiiin e.a\\ in^o
=+6. What are the major advantages and disadvantages of the single-step form ofincome statement compared to the multiple-step statement?
=+5. Differentiate between the multiple-step and the singlestep forms ofthe income statement.
=+4. Describe how the periodic method differs from the perpetual method of accounting for merchandise inventory.
=+• (a) transportation costs, (b) beginning merchandise •inventory, (c) purchase discounted) ending merchan ¬dise inventory..
=+3. In computing the cost ofmerchandise sold, does each ofthe following items increase or decrease that cost?
=+2. Can a business earn a gross profit but incur a net loss?Explain. "les!
=+1. What distinguishes a merchandising business from a service business?
=+5. As of December 31, 2008, Ames Corporations physical inventory was $275,000 and its book inventory was$290,000. The effect ofthe inventory shrinkage on the accounts is:A. to increase cost
=+3. The income statement in which the total of all expenses is deducted from the total of all revenues is termed:A. multiple-step form C. account form B. single-step form D. report form
=+L i2. Ifmerchandise is sold on account to a customer for$1,000, terms FOB shipping point, 1/10, n/30, and the seller prepays $50 in transportation costs, the amount ofthe discount for early payment
=+4. On a multiple-step income statement, the excess ofnet sales over the cost ofmerchandise sold is called:A. operating income B. income from operations C. gross profit D. net income
=+1. Ifmerchandise purchased on account is returned, the buyer can inform the seller ofthe details by issuing:A. a debit memorandum B. a credit memorandum C. an invoice D. a bill
=+vb. Which ofthe three products do you believe has the largest markup on variable cost?
=+4. Whether the costs identified in part (3) are fixed costs or variable costs.
=+3. A list of costs that are required to produce and sell the product selected in part (1) as listed in the annual report on SEC form 10-K.
=+a. In groups ofthree, assign each person in your group to one ofthe Internet sites listed above.For each site, determine the following:1. A product (or service) description.2. A product price.
=+Many businesses are offering their products and services over the Internet. Some ofthese com¬panies and their Internet addresses are listed below.Company Name_Internet Address (URL)Delta Air Lines
=+b. How might target costing be used to help solve this pricing dilemma?Differential Analysis and Product Pricing 473 A12-6 Internet marketing GROUP
=+a- Ify°u were Lee> how would you respond to Theo’s solution to the pricing problem?
=+Theo: There you go. The fixed cost is sunk. We don’t need to consider it in our pricing decision Ifwe reduce the product cost by $400, the new price with a 25% markup would be right at$2,500.
=+Lee: Well, there’s the rub. The product cost looks as ifit’s going to come in at around $2,400.With a 25% markup, that will give us a selling price of $3,000.Theo: I see your concern. That’s
=+A12-5 Cost-plus and target costing concepts The following conversation took place between Theo James, vice president ofmarketing, and Lee Corso, controller ofAstor Computer Company:Theo: I am
=+b. What additional considerations should Megan address in the recommendation?
=+a. Prepare a differential analysis report to support Megans recommendation on whether to continue making material TS-101 or whether to purchase the material from the overseas supplier.
=+A12-4 Make-or-buy decision Hie president ofMonarch Materials Inc., Todd Bentley, asked the controller, Megan Mayfield, to provide an analysis of a make vs. buy decision for material TS-101. The
=+* Both housekeeping and laundry stafFinclude many part-time workers, so that the workload is variable to demand.Should Marriott accept the customer bid for a night in Dallas on August 24 at a price
=+If you are not familiar with Priceline.com Inc., go to its Web site. Assume that an individual bids $60 on Priceline.com for a room in Dallas, Texas, on August 24. Assume that August 24 is a
=+What are some considerations in accepting or rejecting this order?
=+A12-2 Decision on accepting additional business A manager ofBack Tee Sporting Goods Company is considering accepting an order from an overseas customer. This customer has requested an order for
=+A12-1 Product pricing ETHICS Marcia Martinez is a cost accountant for Ascend Inc. Marcus Todd, vice president ofmarketing, has asked Marcia to meet with representatives ofAscends major competitor
=+3. Assume that management wishes to improve profitability by increasing prices on selected products. At what price would High and Good grades need to be offered in order to produce the same
=+2. Provide an analysis to determine the relative product profitabilities, assuming that the furnace is a bottleneck.
=+1. Determine the unit contribution margin for each product.
=+The furnace operation is part ofthe total process for each ofthese three products. Thus, for example, 5 ofthe 15 hours required to process High Grade steel are associated with the
=+P12-6 Product pricing and profit analysis with bottleneck operations Objs 1, 3 SPREADSHEET•/ 1. High Grade, $125 Atlas Steel Company produces three grades ofsteel: high, good, and regular grade.
=+b. Based upon the differential analysis report in part (a), should the proposal be accepted?
=+a. Prepare a differential analysis report ofthe proposed sale to Vision Systems Inc.
=+6. Assume that as of September 1, 2008, 13,000 units of flat panel displays have been produced and sold during the current year. Analysis ofthe domestic market indicates that 4,400 addi¬tional
=+5. Comment on any additional considerations that could influence establishing the selling price for flat panel displays.
=+4. Assuming that the variable cost concept is used, determine (a) the cost amount per unit,
=+(b) the markup percentage (rounded to two decimal places), and (c) the selling price offlat panel displays (rounded to nearest whole dollar).
=+3. Assuming that the product cost concept is used, determine (a) the cost amount per unit,
=+2. Assuming that the total cost concept is used, determine (a) the cost amount per unit, (b) the markup percentage, and (c) the selling price offlat panel displays.
=+1. Determine the amount of desired profit from the production and sale offlat panel displays.
=+Plasma Labs Inc. is currently considering establishing a selling price for flat panel display.The president of Plasma Labs has decided to use the cost-plus approach to product pricing and has
=+2. Briefly report your recommendations.percentage, 6%Plasma Labs Inc. recently began production of a new product, flat panel displays, which required the investment of $3,000,000 in assets. The
=+1. Prepare a report as ofAugust 30, 2008, presenting a differential analysis ofthe further processing ofraw sugar to produce refined sugar.
=+P12-4 Differential analysis report for farther processing Obj 1 y 1. Differential reve¬nue, $9,800 The management ofDelta Sugar Company is considering whether to process further raw sugar into
=+2. The sales manager had tentatively decided to promote perfume, estimating that operating income would be increased by $50,000 ($20 operating income per unit for 8,000 units, less promotion
=+1. Prepare a differential analysis report as ofApril 15, 2008, presenting the additional revenue and additional costs anticipated from the promotion ofmoisturizer and perfume.
=+No increase in facilities would be necessary to produce and sell the increased output. It is anticipated that 10,500 additional units ofmoisturizer or 8,000 additional units of perfume could be
=+usefulness in deciding which ofthe products to select for the campaign:Moisturizer_Perfume Until selling price $56 $75 Until production costs:Direct materials $10 $14 Direct labor 5 8 Variable
=+2. List other factors that should be considered before a final decision is reached.
=+1. Prepare a differential analysis report as of October 13, 2008, comparing operations utilizing the new machine with operations using the present equipment. The analysis should indicate the total
=+Annual nonmanufacturing operating expenses and revenue are not expected to be affected by purchase of the new machine. 7 Differential Analysis and Product Pricing 469 Instructions
=+Cost of machine, 10-year life $360,000 Annual depreciation (straight-line) 36,000 Annual manufacturing costs, excluding depreciation 325,000 Annual nonmanufacturing operating expenses 215,000
=+P12-2 Differential analysis report for machine replacement proposal Obj 1 SPREADSHEET Quebec Printing Company is considering replacing a machine that has been used in its factory for four years.
=+3. Ifthe proposal is accepted, what would be the total estimated income from operations ofthe store for the 20 years?
=+2. Based on the results disclosed by the differential analysis, should the proposal be accepted?
=+1. Prepare a report as ofJuly 1, 2008, presenting a differential analysis ofthe proposed opera¬tion ofthe store for the 20 years as compared with present conditions.
=+Cost ofstore equipment $280,000 Life ofstore equipment 20 years Estimated residual value ofstore equipment Yearly costs to operate the store, excluding$20,000 depreciation ofstore equipment $70,000
=+P12-1 Differential analysis report involving opportunity costs Obj 1 SPREADSHEET/ 1. Differential loss from operating store,$100,00 On July 1, Daybreak Stores Inc. is considering selling a building
=+Product pricing under bottlenecked operations Obi 3 V Medium, $270 Based on the data presented in Exercise 12-21, assume that Gannett Glass wanted to price all products so that they produced the
=+b. Prepare an analysis showing which product is the most profitable per bottleneck hour.
=+a. Determine the contribution margin by glass type and the total company income from operations for the budgeted units of production.
=+/a. Total income from operations, $11 5,000 Gannett Glass Company manufactures three types ofsafety plate glass: large, medium, and small. All three products have high demand. Thus, Gannett Glass
=+The Marketing Department is considering a new marketing and sales campaign.Which product should be emphasized in the marketing and sales campaign in order to maximize profitability?
=+Samsons operations require all three grades to be melted in a furnace before being formed.The furnace runs 24 hours a day, 7 days a week, and is a production bottleneck. The furnace hours required
=+E12-20 Product decisions under bottlenecked operations Obj 3 Samson Metals Inc. has three grades ofmetal product, Type 5, Type 10, and Type 20. Financial data for the three grades are as
=+c. Evaluate the three engineering improvements to determine ifthe required cost reduction(drift) can be achieved.
=+b. Determine the required cost reduction.
=+a. Determine the target cost for Model A200 assuming that the historical markup on product cost is maintained.
=+Differential Analysis and Product Pricing 467 The direct labor rate is $32 per hour.
=+3. Decrease the cycle time ofthe injection molding machine from four minutes to three min¬utes per part. Thirty percent ofthe direct labor and 42% ofthe factory overhead is related to running
=+2. Add an inspection step that will add three minutes per unit direct labor but reduce the materials cost by $6 per unit.
=+1. Purchase a plastic printer cover with snap-on assembly. This will reduce the amount of direct labor by six minutes per unit.
=+It is estimated that the competitive selling price for color laser printers ofthis type will drop to $270 next year. Spectrum Imaging has established a target cost to maintain its historical markup

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