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business
survey of accounting

Questions and Answers of Survey of Accounting

Wave Electronics Company manufactures two models of clock radios, R4 and R8 Based on the following production and sales data for September 2003, prepare(a) a sales budget and (b) a production budget.
Leno and Letterman, CPAs, offer three ^es of services to clients: auditing, tax, and computer consulting. Based on experience and projected growth, the follow ing billable hours have been estimated
Mama Leona s Frozen Pizza Inc. has determined from its production budget the following estimated production volumes for 12 and 16 frozen pizzas for August:Prepare a direct materials purchases budget
Sampras Sporting Goods Company manufactures two types of tennis rackets, the Junior and Pro-Striker models. The production budget for November for the two rackets is as follows: Junior Pro-Striker
Ambassador Watch Company budgeted the following costs for anticipated production for April 2002:Prepare a factory overhead cost budget, separating variable and fixed costs. Assume that all indirect
Mann Company was organized on March 1 of the current year. Projected sales for each of the first three months of operations are as follows:The company expects to sell 20% of its merchandise for cash.
Vision Systems Inc. was organized on May 31, 2002. Rrojected selling and administrative expenses for each of the first three months of operations are as follows:Depreciation, insurance, and property
The Oasis Hotel is planning its cash payments for operations for the fourth quarter (October-December), 2003. The Accrued Expenses Payable balance on October 1 is \($136,000.\) The budgeted expenses
Curtis Container Company (CCC) manufactures plastic 2-liter bottles for the beverage industry. The cost standards per 100 2-liter bottles are as follows:At the beginning of May, CCC management
Rough Trails Bicycle Company manufactures mountain bikes. The following data for March of the current year are available:Determine the direct labor rate and time variances.. Quantity of direct labor
Cherokee Wood Products Company prepared the following factory overhead cost budget for the Press Department for August of the current year, during which it expected to require 6,000 hours of
Which two methods of capital investment analysis ignore present value?
Which two methods of capital investment analysis can be described as present value methods?
How is the average rate of return computed for capital investment analysis, assuming that the effect of straight-line depreciation on the amount of the investment is considered?
Which method of evaluating capital investment proposals reduces their expected future net cash flows to present values and compares the total present values to the amount of the investment?
How is the present value index for a proposal determined?
The following data are accumulated by Miska Machining Company in evaluating two competing capital investment proposals:Determine the expected average rate of return for each proposal, giving effect
Sprouse Company is considering an investment in equipment that will replace direct labor. The equipment has a cost of \($64,000,\) with a \($6,000\) residual value and an 8-year life. The equipment
Glow Right Lighting Company is considering an investment in new equipment that will be used to manufacture a desk lamp. The desk lamp is expected to generate additional annual sales of 3,000 units at
Spring Colours Inc. is planning to invest \($230,000\) in a new garden product that is expected to generate additional sales of 12,500 units at \($16\) each. The \($230,000\) investment includes
Security Atlantic Bank Corporation is evaluating two capital investment proposals for a drive-up ATM, each requiring an investment of \($200,000\) and each with an 8-year life and expected total net
Kim-Klark Consumer Products Company is considering an investment in one of two new product offerings. The investment required for either product is$420,000. The net cash flows associated with each
Pyramid Construction Company is planning an investment of \($174,000\) for a bulldozer. The bulldozer is expected to operate for 1,400 hours per year for five years.Customers will be charged \($80\)
Eden Development Company has two competing investments. Proposal A and Proposal B. Proposals A and B have an initial investment of $175,000. The net cash flows estimated for the two investments are
Clear Sight Glass Company has computed the net present value for capital expenditure proposals A and B, using the net present value method. Relevant data related to the computation are as
Quantum Computer Company is considering the purchase of automated machinery that is expected to have a useful life of 4 years and no residual value. The average rate of return on the average
What are the two primary methods of setting prices?
What are three cost concepts commonly used in applying the cost-plus approach to product pricing?
In using the product cost concept of applying the cost-plus approach to product pricing, what factors are included in the markup?
The variable cost concept used in applying the cost-plus approach to product pricing includes what costs in the cost amount to which the markup is added?
In determining the markup percentage for the product cost concept of applying the costplus approach, what is included in the denominator?
Fowler Construction Company is considering selling excess machinery with a book value of \($200,000\) (original cost of \($325,000\) less accumulated depreciation of \($125,000)\) for \($160,000\)
Mobile Computer Company has been purchasing carrying cases for its portable computers at a delivered cost of \($30\) per unit. The company, which IS currently operating below full capacity, charges
A company is considering replacing an old piece of machinery, which cost\($500,000\) and has \($390,000\) of accumulated depreciation to date, with a new machine that costs \($405,000.\) The old
Hoover Company produces wood chips by using a manually operated machine to cut logs (direct materials). The original cost of the machine is \($150,000,\) the accumulated depreciation is \($110,000,\)
Residential Glass Company has a plant capacity of 60,000 units, and current production is 45,000 units. Monthly fixed costs are \($200,000,\) and variable costs are\($27\) per unit. The present
Lakeside Lumber Company incurs a cost of \($450\) per hundred board feet in processing certain “rough-cut” lumber, which it sells for \($600\) per hundred board feet. An alternative is to produce
Sunrise Coffee Company produces Columbian coffee in batches of 6,000 pounds.The standard quantity of materials required in the process are 6,000 pounds, which cost \($4.20\) per pound. Columbian
What are the three most common classifications of cost behavior?
What equation is used to determine the breakeven point in sales units?
a. How is operating leverage computed?b. What does operating leverage measure?
Mario Company is considering discontinuing a product. The costs of the product consist of \($20,000\) hxed costs and \($15,000\) variable costs.The variable operating expenses related to the product
Henry Company is considering spending \($100,000\) for a new grinding machine. This amount could be invested to yield a 12% return.What is the opportunity cost?A. \($112,000\) B. \($88,000\) C.
Reclining Comfort Furniture Company (RCFC) manufactures furniture. RCFC uses a job order cost system. Balances on June 1 from the materials ledger are as follows:a. Determine the total purchase of
Lincoln Homes Inc. manufactures log homes. Lincoln uses a job order cost system. The time tickets from September jobs are summarized below.Factory overhead is applied to jobs on the basis of a
High Definition Images Inc. operates two consumer appliance factories. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on the basis of direct labor hours
Partner Printing Company began manufacturing operations on May I. Jobs I and 2 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 3 and 4
Nomura Manufacturing Company is a job shop. The management of Nomura uses the cost information from the job sheets to assess cost performance. Information on the total cost, product type, and
New Era Advertising provides media services for clients across the nation. New Era is presently working on four projects, each for a different client. New Era accumulates costs for each account
Paywell Insurance Company takes ten days to make payments on insurance claims. Claims are processed through three departments: Data Input, Claims Audit, and Claims Adjustment. The three departments
How does the income statement and balance sheet of a manufacturing business differ from that of a merchandising business?
What documents serve as the bases for recording to (a) the direct materials section of the job cost sheet and (b) the direct labor section of the job cost sheet?
Describe the sources of the data for increases to Work in Process for (a) direct materials,(b) direct labor, and (c) factory overhead.
What account is increased for completed service jobs?
On its income statement for the current year, Marconi Company reported a net loss of \($65,000\) from operations. On its statement of cash flows, it reported\($20,000\) of cash flows from operating
State the effect (cash receipt or payment and amount) of each of the following transactions, considered individually, on cash flows:a. Paid dividends of \($1.50\) per share. There were 30,000 shares
The following comparative income statement (in thousands of dollars) for the current year ending January 29, and the preceding year ending February 1, was adapted from an annual report of Dell
Balance sheet data for Fisher Fabrics Company on December 31, the end of the fiscal year, are as follows:Prepare a comparative balance sheet for 2002 and 2001, stating each asset as a percent of
Income statement data for Neon Flashlight Company for the year ended December 31, 2002 and 2001, are as follows:a. Prepare a comparative income statement with horizontal analysis, indicating the
The bond indenture for the 10-year, 9'/^% debenture bonds dated January 2, 2001,required working capital of \($350,000,\) a current ratio of 1.5, and an acid-test ratioof 1 at the end of each
The following data were taken from the hnancial statements of Mountain Spring Water Co. for December 31, 2002 and 2001:The income before income tax was \($780,000\) and \($216,000\) for the years
The following selected data were taken from the financial statements of Ohio Cement Co. for December 31, 2003, 2002, and 2001:The 2003 net income was \($380,000,\) and the 2002 net income was
The following data were taken from the financial statements of Premium PrintersInc. for the current fiscal year:Assuming that long-term investments totaled \($175,000\) throughout the year and that
The ratio of the quick assets to current liabilities, which indicates the “instant” debt-paying ability of a firm, is:A. current ratio B. working capital ratio C. acid-test ratio D. bankers’
A corporation issued \($5,000,000\) of 20-year bonds for cash at 105. How would the transaction be reported on the statement of cash flows?
What does an increase in the number of days’ sales in receivables ordinarily indicate about the credit and collection policy of the firm?
What does a decrease in the ratio of liabilities to stockholders’ equity indicate about the margin of safety for a firm’s creditors and the ability of the firm to withstand adverse business
Tech World Magazine Inc. sold 3,200 annual subscriptions of Tech World for \($36\) during December 2000. These new subscribers will receive monthly issues, beginning in January 2001. In addition, the
A business issued a 60-day, 12% note for $25,000 to a creditor on account. Illustrate the effects on the accounts and financial statements of (a) the issuance of thenote and (b) the payment of the
Precision Audio Company warrants its products for one year. The estimated product warranty is 3% of sales. Assume that sales were \($400,000\) for January. In February, a customer received warranty
Prism Business Consultants has three employees —a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee:For the current pay
Wilmer Co. produces and distributes fiber optic cable for use by telecommunications companies. Wilmer Co. issued \($7,500,000\) of 20-year, 8% bonds on April 1 of the current year, with interest
Taft Inc., a computer software development firm, has stock outstanding as follows: 25,000 shares of \($3\) (3%) cumulative preferred stock of \($100\) par, and 100,000 shares of \($50\) par common.
On June 5, Szabo Inc., a marble contractor, issued for cash 15,000 shares of \($18\) par common stock at \($24,\) and on August 7, it issued for cash 5,000 shares of \($10\) par preferred stock at
On April 10, Morriss Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 1,500 shares of \($50\) par common stock with a current market price of \($82.\) Determine the amount
Heavenly Inc. bottles and distributes spring water. It has outstanding 50,000 shares of \($10\) par common stock that were issued at par. On July 1 of the current year. Heavenly Inc. reacquired 3,000
When are short-term notes payable issued?
Land is acquired by a corporation for 5,000 shares of its \($50\) par common stock, which is currently selling for \($65\) per share on a national stock exchange. What accounts should be increased in
A corporation reacquires 7,500 shares of its own\($25\) par common stock for \($225,000,\) recording it at cost,(a) What effect does this transaction have on revenue or expense of the period?(b) What
Eileen Larkin owns and operates First Run Print Co. During July, First Run Print Co. incurred the following costs in acquiring two printing presses. One printing press was new, and the other was used
Langley Delivery Company acquired an adjacent lot to construct a new warehouse, paying \($30,000\) and giving a short-term note for \($90,000.\) Legal fees paid were\($3,500,\) delinquent taxes
Sheehan Metal Casting Co. reported \($625,000\) for equipment and \($310,000\) for accumulated depreciation on its balance sheet.Does this mean(a) that the replacement cost of the equipment is
A refrigerator used by a meat processor has a cost of \($138,000,\) an estimated residual value of \($10,000,\) and an estimated useful life of 10 years. What is the amount of the annual depreciation
A diesel-powered generator with a cost of \($475,000\) and estimated residual value of \($25,000\) is expected to have a useful operating life of 60,000 hours. During July, the generator was operated
Prior to adjustment at the end of the year, the amount reported for Trucks is\($150,000,\) and the amount reported for Accumulated Depreciation is \($63,800\).Details of the subsidiary ledger are as
A dairy storage tank acquired at the beginning of the fiscal year at a cost of\($60,000\) has an estimated residual value of \($8,000\) and an estimated useful life of 10 years. Determine the
Sandblasting equipment acquired at a cost of \($125,000\) has an estimated residual value of \($5,000\) and an estimated useful life of 5 years. It was placed in service on April 1 of the current
Gregg Office Equipment Co. has a fleet of automobiles and trucks for use by salespersons and for delivery of office supplies and equipment.Bridger Auto Sales Co. has automobiles and trucks for sale.
Jolliff Co. acquired an adjacent vacant lot with the hope of selling it in the future at a gain. The lot is not intended to be used in Jolliffs business operations. Where should such real estate be
Parish Company solicited bids from several contractors to construct an addition to its office building. The lowest bid received was for \($240,000.\) Parish Company decided to construct the addition
Wilkie Company purchased a machine that has a manufacturer’s suggested life of 12 years. The company plans to use the machine on a special project that will last 8 years. At the completion of the
The financial statements of La-Z-Boy Chair Company contain the following footnote:The Company has several long-term leases covering manufacturing facilities. The lease agreements require the Company
Describe the internal controls for acquiring fixed assets.
Why is a physical count of fixed assets necessary?
What is the term applied to the periodic cost of(a) ore removed from a mine, (b) the use of an intangible asset?
How should (a) fixed assets and (b) intangible assets be reported in the balance sheet?
The accounts receivable clerk is also responsible for handling cash receipts. Which principle of internal control is violated in this situation?
Stamm Company issued a promissory note to Blair Company, (a) Who is the payee? (b) What is the title of the account used by Blair Company in recording the note?
Ober Co. sold merchandise to Nunley Companyon December 31, FOB shipping point. If the merchandise is in transit on December 31, the end of the fiscal year, which company would report it in its
Cardinal Company sells carpeting. Over 75% of all carpet sales are on credit. The following procedures are used by Cardinal to process this large number of credit sales and the subsequent

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