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survey of accounting

Questions and Answers of Survey of Accounting

Cloward and Hawkins, CPAs, took in $\$ 350,000$ of gross revenues this year. Besides themselves, they have two professional staff (one manager and one senior) and a full-time secretary. Fixed
Woodfield Company makes bed linens. During the first six months of 2000 Woodfield had the following production costs:1. Use the high-low method to compute the monthly fixed cost and the variable cost
Early in 2001, Delta Company (a retailing firm) sent the following income statement to its stockholders:1. Prepare a contribution margin income statement. (Assume that the fixed components of the
Susan Young is an attorney for a small law firm in Arizona. She is also a part-time inventor and an avid golfer. One day Susan's golf foursome included a man named Henry Jones, a manufacturer of
Smooth Surface Inc. (SSI) is a retail outlet for customized speedboats. The average cost of a boat to the company is $\$ 12,500$. SSI includes a markup of 30 percent of cost in the sales price. In
The following information is available for Dabney Company for 2000:Sales revenue (at $\$ 20$ per unit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $\$ 151,200$Fixed
Press Publishing Corporation has two major magazines: Star Life and Weekly News. During 2000 , Star Life sold 3 million copies at $\$ 1.00$ each, and Weekly News sold 2.1 million copies at $\$ 1.10$
Sunrise Company is a manufacturer of alarm clocks. The following information pertains to Sunrise's 2000 sales:Sales price per unit ..... 15 Variable costs per unit. ..... 11 Total fixed costs .....
Porter Company manufactures products $\mathbf{X}, \mathbf{Y}$, and $\mathbf{Z}$. The following information relates to the three products:Required:1. At the current level of sales, which product
Trudy Sorensen paid $\$ 150$ to rent a carnival booth for four days. She has to decide whether to sell donuts or popcorn. Donuts cost $\$ 1.20$ per dozen and can be sold for $\$ 2.40$ per dozen.
Using the following graph, complete the requirements.1. Determine the following:a. The break-even point in sales dollars and volume.b. The sales price per unit.c. Total fixed costs.d. Total variable
SMC Inc. is a producer of hand-held electronic games. Its 2000 income statement was as follows:In preparing its budget for 2001, SMC is evaluating the effects of changes in costs, prices, and volume
Zimmerman Company records the following costs associated with the production and sale of a steel slingshot:that in 2000 the beginning and ending inventories were the same. Also assume that 2000 sales
Rougely Manufacturing Company produces electric carving knives. The firm has not been as profitable as expected in the past three years. As a result, there is excess capacity that could be used to
produced by MOB Company. In 2000, MOB was limited to charging a price that would earn a 20 percent retum on gross sales. On the basis of this restriction, MOB had the following results for 2000 :In
The 2000 pro-forma income statement for Cedar Co. is as follows (ignore taxes):Required: 1. Compute how many units must be sold to break even. 2. Compute the increase (decrease) in income under the
Mike's Ice Cream Company produces and sells ice cream in three sizes: quart, halfgallon, and gallon. Relevant information for each of the sizes is as followsMike anticipates sales of $\$ 500,000$ and
Packard Inc. produces and sells mousetraps. The cost of a mousetrap can be broken down as follows:```Direct materials . . . . . . . . . . . . $0.23 Direct labor . . . . . . . . . . . . . . . . 0.09
You work for US MacDonald Corporation (USMC), an airplane manufacturer. USMC makes airplanes for commercial airlines such as Únited, American, and Delta, and for the U.S. Air Force. Many parts are
The CPA firm you work for has just been hired by Phillips Attorneys at Law to perform an audit. In the process of the audit, you notice that Phillips' accountant has been inconsistent in accounting
Springville Manufacturing Company uses a job order costing system. For lob $=151$. the production manager requisitioned $\$ 1,200$ of materials and used 40 hours of direct labor at $\$ 18$ per hour.
The Make-It-Right Company manufactures special wheelchairs for handicapped athletes. The company uses a job order costing system. Partial data for a particular job include:Direct materials $\$
Memphis Corporation uses a job order costing system. Thus, management must establish a predetermined overhead rate for applying manufacturing overhead. During the past three years, the following data
East Lake Corporation uses a job order costing system and applies manufacturing overhead using a predetermined overhead rate. The following data are available for the past two years 1. Compute the
Matt Jones, a recently hired internal auditor, is currently auditing the work-in-process inventory account. Matt has forgotten some basic cost accounting concepts and asks for your assistance.
Post the following cost data to the appropriate T-accounts to trace the flow of costs from the time they are incurred until the product is completed and sold. (Assume that purchases and expenses are
Newstar Company has four manufacturing subsidiaries: A, B, C, and D. Each subsidiary keeps a separate set of accounting records. Manufacturing cost forecasts for 2000 for each subsidiary are:The
Valtec Company has three manufacturing divisions: A, B, and C. Each division has its own job order costing system and forecasts the following manufacturing costs for the year 2000 :The predetermined
Noah Manufacturing Company uses a job order costing system. All relevant information for Jobs \#609 and \#610, which were completed during June, is provided here. No other jobs were in process during
Remington Company uses predetermined overhead rates in assigning manufacturing overhead costs to jobs. The rates are based on machine hours in the Machining Department and on direct labor hours in
The following T-accounts represent inventory costs as of December 31, 2000.\begin{tabular}{lr|r}\multicolumn{3}{c}{ Raw Materials Inventory } \\\hline Bal. 12/31/99 & 140,000 & 400,000 \\& 350,000 &
Xavier \& Associates Law Firm estimated its total overhead costs for 2000 to be $\$ 1.8$ million. It allocates overhead based on direct labor hours. Xavier employs a total of 11 attorneys, each
Pierce Engineers incurred the following costs in 2000 :\begin{tabular}{lr}Use of supplies for clients & $\$ 3,500$ \\Utilities & 8,000 \\Property taxes & 12,000 \\Engineers' salaries & 100,000
The following data are available for Haul-It-Away Truckers:\begin{tabular}{|c|c|c|}\hline & 1999 & 2000 \\\hline Budgeted direct labor hours . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Lemon Schools teaches private drivers' education courses. It applies overhead based on instructor hours, i.e., direct labor hours. The following information was forecasted for 2000
Both Dave and Kelly own auto parts stores. The following information is available for 1999 and 2000\begin{tabular}{|c|c|c|}\hline & Dave & Kelly \\\hline \multicolumn{3}{|l|}{ Gross margin } \\\hline
The following information is available for a particular job performed by Newland Business Consultants in 2000 :\begin{tabular}{lr}Direct labor & $\$ 4,000$ \\Supplies & 500 \\Overhead & $? ? ?$
Following are transactions for Montigo Manufacturing Company. Assume that the company has no beginning Work-in-Process Inventory.1. Montigo purchased $\$ 600,000$ of raw materials, paying 10 percent
Payson Company uses a job order costing system. The following is a partial list of the company's accounts. (Note: Additional accounts may be needed.)Cash Manufacturing Overhead Sales Cost of Goods
Tremonton Corporation uses a job order costing system in its manufacturing operation. For the year 2000 , Tremonton's predetermined overhead rate was 90 percent of direct labor costs. For September
The following data apply to the Newton and Alexander companies:\begin{tabular}{|c|c|c|c|c|}\hline & \multicolumn{2}{|c|}{ Newton } & \multicolumn{2}{|c|}{ Alexandel } \\\hline Raw materials
High Country Furniture Company manufactures custom furniture only and uses a job order costing system to accumulate costs. Actual direct materials and direct labor costs are accumulated for each job,
Pinegor Corporation has four independent manufacturing divisions. The following data apply to the divisions for the year ended December 31, 2000:\begin{tabular}{|c|c|c|c|c|}\hline & A & B & C & D
Openshaw Manufacturing Company made the following estimates at the beginning of the year: Direct labor costs. Manufacturing overhead. Machine hours.. Direct labor hours... Department G Department H
Itsu Manufacturing Company applies manufacturing overhead on the basis of direct materials costs. The estimates for 2000 were:\footnotetext{Direct materials costs$\$ 500,000$Manufacturing overhead
Delta Manufacturing Company applies manufacturing overhead to jobs on the basis of machine hours. The 2000 estimates of manufacturing overhead and machine hours were:Manufacturing overhead . . . . .
The following T-accounts represent manufacturing cost flows for Kanton Manufacturing Company for the year 2000\begin{tabular}{l|r|r}& Direct Materials Inventory \\\hline $1 / 1$ & 70,000 & 250,000
Jones Custom Furniture Manufacturing, Inc., made the following estimates at the beginning of the year, 2000 :Budgeted direct labor costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Morgan Engineering Company employs three professional engineers, each having a different specialty. Don Corbin specializes in structural engineering: Bob Rouse, clectrical engineering; and Bill
Following are transactions for Andersen Custodial Inc. Assume the company's beginning work-in-process services account balance is zero.1. Purchased supplies costing $\$ 5,000$ for cash.2. Received
Blake Accounting Services has the following transactions. Its beginning workin-process services account balance is zero.a. Purchased supplies costing $\$ 11,000$ on account.b. Paid property tax, $\$
Tolman Company had the following balances at the beginning of 2000 :\begin{tabular}{|c|c|c|}\hline & Debit & Credit \\\hline Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . .
Development Corporation reports the following summary data for the most current year.a. Sales revenue totaled $\$ 251,500$.b. Interest revenue for the period was $\$ 2,200$.c. Interest expense for
The following information, in T-account format, is provided for the M \& M Company for the year 2000 .Cash Account\begin{tabular}{lr|lr}\hline Beg. Bal. & 15,400 & (b) & 56,500 \\(a) & 147,000 & (c)
The following information was provided by the treasurer of Surety, Inc., for the year 2000 .a. Cash sales for the year were $\$ 50,000$; sales on account totaled $\$ 60,000$.b. Cost of goods sold was
Gardner Enterprises reported a net loss of $\$ 40,000$ for the year just ended. Relevant data for the company follow.1. Using the indirect method, determine the net cash flows provided by (used in)
Super Sales Inc. shows the following information in its accounting records at yearend:Sales revenue $\$ 890,000$Interest revenue. 12,000 Cost of goods sold. ..... 425,000 Wages expense ..... 225,000
The following combined income and retained earnings statement, along with selected balance sheet data, are provided for Roper Company:1. Using the indirect method, compute the net cash flows from
The following partially completed work sheet is provided for ATM Corporation, which uses the direct method in computing net cash flows from operations:Key:1. Decrease in Accounts Receivable (net),
Jackson Corporation computed the amount of cash flows from operations using both the direct and indirect methods, as follows:Using the data provided, prepare an income statement for Jackson
JEM Company's comparative balance sheets for 1999 and 2000 are provided.The following additional information is available:a. Net income for the year 2000 (as reported on the income statement) was $\$
Financial statement data for Continental Stores Inc. are provided. (All numbers are shown rounded to the nearest thousand, with 000 's omitted.)1. Compute the net cash flows from operations using the
Required: Using the data from Problem 8-10, prepare a statement of cash flows. Use the indirect method to report cash flows from operating activities. 2. Interpretive Question: What are the main
Grant Kesler is the manager and one of three brothers who own the Rocky Mountain Auto Parts Company in Denver, Colorado. Grant is pleased that sales were up last year and that his new, small company
DuPont was America's first large-scale "vertically integrated" company. What does "vertically integrated" mean?
The chapter talks about the birth of management accounting being the result of an opportunity to obtain a competitive edge in business. Explain how management accounting provides a competitive edge.
How can management accounting information be useful in helping companies to be competitive and profitable?
How did the large railroad companies change management accounting?
What exactly did Donaldson Brown, the accountant for DuPont, develop and why was it so revolutionary?
Management accounting and financial accounting provide different information for different purposes. Explain what this means and provide an example that contrasts management and financial accounting
What classification determines whether materials used in the production of a product are direct materials or indirect materials? Is the classification always simple to determine? What are some
How do variable costs and fixed costs differ?
While a minimum level of inventory was deemed desirable by most companies, how did the concept of JIT change that view? Use the measures of cost, quality, and time as you prepare your answer.
Identify some ethical dilemmas that might be faced by management accountants.
The story of E. I. du Pont de Nemours and Company detailed at the beginning of this chapter provides key insights into the development of management ac- counting. Particularly, we see how the
International Business Machines Corporation (IBM) has faced challenges lately due to increased competition in the home-consumer segment of the personal com- puter (PC) market. When IBM introduced the
You are at the student union having lunch with a friend who is attending law school. In the course of your conversation, you tell your friend that, in contrast to financial accounting or tax
For each of the following, note whether it is characteristic of financial accounting reports, management accounting reports, or both:1. They are used primarily by creditors and investors.2. They aid
A friend who is thinking about majoring in accounting has asked you to distinguish between the work of a financial accountant and a management accountant. What is your response?
Bright Inc., a producer of educational toys for children, incurs the following types of costs:a. Depreciation on the production plantb. Depreciation on the corporate officesc. Paper, toner, and
Jordan Industries is a manufacturing company that produces solid oak office equipment. During the year, the following costs were incurred. The building depreciation and the utilities are allocated $3
The Benson Manufacturing Company produces rides for amusement parks. Parts for the rides are purchased from other suppliers. Rides are then assembled in various company plants.Recently, Benson
The president of Penman Corporation, John Burton, has asked you, the company's controller, to advise him on whether Penman should develop a just-in-time (JIT) inventory system Your research concludes
Refer to Exercise 9-7.1. Is the decision facing John Burton an example of a long-run decision, a shortrun operating decision, or a short-run nonroutine decision? Be sure to defend your answer.2.
The following are costs associated with manufacturing firms, merchandising firms, or service firms:a. Miscellaneous materials used in productionb. Salesperson's commission in a real estate firmc.
The following are costs associated with manufacturing firms, merchandising firms, or service firms:Legal services for an accounting firm Car leases for company management Oil used to service
Why should a firm know how much it costs to manufacture its products?
How can manufacturing companies improve quality while also reducing costs?
What is the difference in accounting treatment for direct materials and indirect materials?
What is the normal flow of costs in a job order costing system?
What are some common bases for applying manufacturing overhead costs to products?
How does a firm dispose of over- or underapplied manufacturing overhead costs?
Should managers concentrate only on the costs of production (e.g., the cost of goods sold number). or are there other costs and factors they should also consider?
How can the ROI formula be used to evaluate the management of inventory?
Indicate whether each of the following items would be classified as a cash inflow (I), cash outflow (O), or noncash item (N), and under which category each would be reported on a statement of cash
The following items summarize certain transactions that occurred during the past year for Alta Inc. Show in which section of the statement of cash flows that the information would be reported by
Following are the transactions of Equine Company:a. Sold equipment for $\$ 1,000$. The original cost was $\$ 15,700$; the book value is $\$ 1,700$.b. Purchased equipment costing $\$ 110,000$ by
The Vikon Company had the following selected transactions during the past year:Transaction Analysis Preparing a Simple Cash Flow Statementa. Sold (issued) 1,000 shares of common stock, $\$ 10$ par,
Assume you have access to the ledger (specifically the detail of the cash account) for New Company, represented by the following T-account.\begin{tabular}{lr|lr}\hline \multicolumn{4}{c}{ Cash }
Assuming the following data, compute:1. Cash collected from customers.2. Cash paid for wages and salaries.3. Cash paid for inventory purchases.4. Cash paid for taxes.\begin{tabular}{lccc}\hline &

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