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survey of accounting

Questions and Answers of Survey of Accounting

Hernadez Trophies makes and sells trophies it distributes to little league ballplayers. The company normally produces and sells between 10,000 and 13,000 trophies per year. The following cost data
Barlow Entertainment sponsors rock concerts. The company is considering a contract to hire a band at a cost of \($50,000\) per concert.Required:a. What are the total band cost and the cost per person
Barlow Entertainment sells souvenir T-shirts at each rock concert that it sponsors. The shirts cost \($8\) each. Any excess shirts can be returned to the manufacturer for a full refund of the
Damon Corporation paid one of its sales representatives \($5,000\) during the month of March. The rep is paid a base salary plus \($15\) per unit of product sold. During March, the rep sold 200
The following income statements illustrate different cost structures for two competing companies.Required:a. Reconstruct Keef’s income statement, assuming that it serves 160 customers when it lures
The following income statement was drawn from the records of Mantooth Company, a merchandising firm.Required:a. Reconstruct the income statement using the contribution margin format.b. Calculate the
The following income statement applies to Lyons Company for the current year:Required:a. Use the contribution margin approach to calculate the magnitude of operating leverage.b. Use the operating
Thorpe Corporation sells products for \($15\) each that have variable costs of \($10\) per unit. Thorpe’s annual fixed cost is \($300,000\) .Required:Determine the break-even point in units and
Jaffe Company incurs annual fixed costs of \($60,000\). Variable costs for Jaffe’s product are \($7.50\) per unit, and the sales price is \($12.50\) per unit. Jaffe desires to earn an annual profit
Amaya Corporation produced 150,000 watches that it sold for \($24\) each during 2006. The company determined that fixed manufacturing cost per unit was \($6\) per watch. The company reported a
Information concerning a product produced by Cheung Company appears here.Required:Determine the following:a. Contribution margin per unit.b. Number of units that Cheung must sell to break even.c.
Bates Company makes a product that sells for \($18\) per unit. The company pays \($8\) per unit for the variable costs of the product and incurs annual fixed costs of \($150,000\) . Bates expects to
Jenny Tang has decided to start Tang Cleaning, a residential housecleaning service company. She is able to rent cleaning equipment at a cost of \($600\) per month. Labor costs are expected to be
Citizens Bank’s start-up division establishes new branch banks. Each branch opens with three tellers. Total teller cost per branch is \($80,000\) per year. The three tellers combined can process up
Adriane Dawkins operates a sales booth in computer software trade shows, selling an accounting software package, Account-tech. She purchases the package from a software manufacturer for \($200\)
Smartt Training Services (STS) provides instruction on the use of computer software for the employees of its corporate clients. It offers courses in the clients’ offices on the clients’
Autumn and Zogby Universities offer executive training courses to corporate clients. Autumn pays its instructors \($6,000\) per course taught. Zogby pays its instructors \($300\) per student enrolled
Norm Champion is a venture capitalist facing two alternative investment opportunities. He intends to invest \($500,000\) in a start-up firm. He is nervous, however, about future economic volatility.
Dester Manufacturing Company makes a product that it sells for \($50\) per unit. The company incurs variable manufacturing costs of \($20\) per unit. Variable selling expenses are \($5\) per unit,
Musso Company is considering the addition of a new product to its cosmetics line. The company has three distinctly different options: a skin cream, a bath oil, or a hair coloring gel. Relevant
What is the significance of inventory turnover, and how is it calculated?
Cadeshia Industries recognized accrued compensation cost. Use the following model to show how this event would affect the company’s financial statement under the following two assumptions: (1) the
Chappell Industries recognized the annual cost of depreciation on December 31, 2007. Using the following horizontal financial statements model, indicate how this event affected the company’s
Andrea Pomare was talking to another accounting student, Don Cantrell. Upon discovering that the accounting department offered an upper-level course in cost measurement, Andrea remarked to Don,
A review of the accounting records of Zammon Manufacturing indicated that the company incurred the following payroll costs during the month of August.1. Salary of the company president—\($75,000\)
Trammell Manufacturing experienced the following events during its first accounting period.1. Recognized depreciation on manufacturing equipment.2. Recognized depreciation on office furniture.3.
Kasey Manufacturing Company began operations on January 1. During the year, it started and completed 4,000 units of product. The company incurred the following costs.1. Raw materials purchased and
Each of the following events describes acquiring an asset that requires a year-end adjusting entry. Explain how acquiring the asset and making the adjusting entry affect the amount of net income and
During 2008, Wake Manufacturing Company incurred \($9,000,000\) of research and development (R&D) costs to create a long-life battery to use in computers. In accordance with FASB standards, the
Auto-sound Company manufactures and sells high-quality audio speakers. The speakers are encased in solid walnut cabinets supplied by Garrison Cabinet Inc. Garrison packages the speakers in durable
After reviewing the financial statements of Baird Company, Tim Hanson concluded that Baird was a service company because its financial statements displayed no inventory accounts.Required:Explain how
Lucy Quinn, a teacher at Grove Middle School, is in charge of ordering the T-shirts to be sold for the school’s annual fund-raising project. The T-shirts are printed with a special Grove School
Jay’s Pet Supplies purchases its inventory from a variety of suppliers, some of which require a six- week lead time before delivery. To ensure that she has a sufficient supply of goods on hand, Ms.
Reavis Manufacturing Company was started on January 1, 2006, when it acquired \($90,000\) cash by issuing common stock. Reavis immediately purchased office furniture and manufacturing equipment
Chateau Manufacturing Company experienced the following accounting events during its first year of operation. With the exception of the adjusting entries for depreciation, all transactions are cash
The following transactions pertain to 2007, the first year operations of Lakeview Company. All inventory was started and completed during 2007. Assume that all transactions are cash transactions.1.
Savoy Company began operations on January 1, 2006, by issuing common stock for \($36,000\) cash. During 2006, Savoy received \($48,000\) cash from revenue and incurred costs that required \($72,000\)
Dextron Manufacturing Company (DMC) was started when it acquired \($60,000\) by issuing common stock. During the first year of operations, the company incurred specifically identifiable product costs
Hacienda Company invented a new process for manufacturing ice cream. The ingredients are mixed in high-tech machinery that forms the product into small round beads. Like a bag of balls, the ice cream
Levis Manufacturing Company obtains its raw materials from a variety of suppliers. Levis’s strategy is to obtain the best price by letting the suppliers know that it buys from the lowest bidder.
Pass CPA Inc. provides review courses for students studying to take the CPA exam. The cost of textbooks is included in the registration fee. Text material requires constant updating and is useful for
Victor Holt, the accounting manager of Sexton Inc., gathered the following information for 2006. Some of it can be used to construct an income statement for 2006. Ignore items that do not appear on
The September 1999 issue of Strategic Finance contains the article “Counting More, Counting Less: Transformations in the Management Accounting Profession,” written by Keith Russell, Gary Siegel,
The 1998 annual report of the Maytag Corporation contained the following excerpt:During the first quarter of 1996, the Company announced the restructuring of its major appliance operations in an
Mensa Mountaineering Company (MMC) provides guided mountain climbing expeditions in the Rocky Mountains. Its only major expense is guide salaries; it pays each guide \($4,800\) per climbing
Sharp Company makes and sells pencil sharpeners. The variable cost of each sharpener is \($20\) . The sharpeners are sold for \($30\) each. Fixed operating expenses amount to \($40,000\) .Required:a.
Don Moon is the owner of The Clothes Shop. At the beginning of the year, Moon had \($1,200\) in inventory. During the year, Moon purchased inventory that cost \($6,500\). At the end of the year,
The following data were taken from Microsoft Corporation’s 2004 annual report. All dollar amounts are in millions.Required:a. Compute Microsoft’s gross margin percentage for 2004 and 2003.b.
The following events were completed by Chris Toy Shop in September 2009:Required:a. Record each event in a statements model like the following one. The first event is recorded as an example.b.
Use the Topps Company annual report to answer the following questions.a. Which accounts on Topps’ balance sheet are accrual type accounts?b. Which accounts on Topps’ balance sheet are deferral
Beta One Inc. is a pharmaceutical company heavily involved in research leading to the development of genealogy-based medicines. Although the company has several promising research studies in
Use the Topps Company’s annual report to answer the following questions.a. What was Topps’ net income for 2003?b. Did Topps’ net income increase or decrease from 2002 to 2003, and by how
The following business scenarios are independent of one another.1. Tilly Jensen starts a business by transferring \($5,000\) from her personal checking account into a checking account for the
Selected financial information for Wingo Company for 2007 follows.Required:Assuming that the merchandise inventory buildup was relatively constant, how many times did the merchandise inventory turn
The following data come from the financial records of Cowser Corporation for 2005.Required:How many times was interest earned in 2005? Sales Interest Expense Income Tax Expense Net Income $135,000
Moran Corporation wrote off a \($1,000\) uncollectible account receivable against the \($8,500\) balance in its allowance account.Required:Explain the effect of the write-off on Moran’s current
On June 30, 2006, Victor Company’s total current assets were \($160,000\) and its total current liabilities were \($100,000\). On July 1, 2006, Victor issued a short-term note to a bank for
On June 30, 2006, Victor Company’s total current assets were \($160,000\) and its total current liabilities were \($100,000\) . On July 1, 2006, Victor issued a long-term note to a bank for
Fredrick Corporation reported the following operating results for two consecutive years.Required:a. Compute the percentage changes in Fredrick Corporation’s income statement components between the
Sanchez Company reported the following operating results for two consecutive years.Required:Express each income statement component for each of the two years as a percent of sales. 2004 Amount
Balance sheet data for Embry Corporation follow.Required:Compute the following: Current Assets Long-Term Assets (net) Total Assets Current Liabilities Long-Term Liabilities Total Liabilities Common
For 2006, Ethridge Corporation reported after-tax net income of \($3,600,000\). During the year, the number of shares of stock outstanding remained constant at 10,000 of \($100\) par, 9 percent
Income statements for Shirley Company for 2005 and 2006 follow.Required:a. Perform a horizontal analysis, showing the percentage change in each income statement component between 2005 and 2006.b.
Compute the specified ratios using Kale Company’s balance sheet at December 31, 2004.The average number of common stock shares outstanding during 2004 was 880 shares. Net income for the year was
Selected data from Walker Company follow.Selected data from Walker Company follow.Required:Compute the following:a. The accounts receivable turnover for 2004.b. The inventory turnover for 2004.c. The
The December 31, 2005, balance sheet for Ivey Inc. is presented here. These are the only accounts on Ivey’s balance sheet. Amounts indicated by question marks (?) can be calculated using the
The following percentages apply to Walden Company for 2005 and 2006.Required:Assuming that sales were \($600,000\) in 2005 and \($800,000\) in 2006, prepare income statements for the two years. 2006
Oxmoore Company’s income statement information follows. 2004 2003 Net Sales $420,000 $260,000 Income before Interest and Taxes 110,000 85,000 Net Income after Taxes 55,500 63,000 Interest Expense
Bellaire Manufacturing has a current ratio of 3:1 on December 31, 2003. Indicate whether each of the following transactions would increase (+), decrease (—), or not affect (NA) Bellaire’s current
Selected data for Faulkner Company for 2005 and additional information on industry averages follow.Required:a. Calculate and compare Faulkner Company’s ratios with the industry averages.b. Discuss
The bookkeeper for Clifford’s Country Music Bar went insane and left this incomplete balance sheet. Clifford’s working capital is \($90,000\) and its debt to assets ratio is 40
The following financial statements apply to Maronge Company.Required:Calculate the following ratios for 2004 and 2005. When data limitations prohibit computing averages, use year-end balances in your
Financial statements for Pocca Company follow.Required:Prepare a horizontal analysis of both the balance sheet and income statement. 2006 2005 Assets Current Assets Cash Marketable Securities
Use the financial statements for Pocca Company from Problem 9-22 to calculate the following ratios for 2006 and 2005.a. Working capitalb. Current ratioc. Quick ratiod. Accounts receivable turnover
Use the financial statements for Pocca Company from Problem 9-22 to perform a vertical analysis of both the balance sheets and income statements for 2006 and 2005.Data From Problem 9-22:-Financial
The following information relates to Best Buy and Circuit City Stores, Inc., for their 2003 and 2002 fiscal years.Required:a. Compute the following ratios for the companies’ 2003 fiscal years:(1)
Presented here are selected data from the 10-K reports of four companies for the 1997 fiscal year. The four companies, in alphabetical order, are 1. BellSouth Corporation, a telephone company that
Dell, Inc., uses its SEC Form 10-K as its official annual report. The company also produces a “Year in Review” summary, which it refers to as an annual report, but that document does not provide
Following are the debt to assets, return on assets, and return on equity ratios for four companies from two different industries. The range of interest rates each company was paying on its long-term
J. Talbot is the accounting manager for Kolia Waste Disposal Corporation. Kolia is having its worst financial year since its inception. The company is expected to report a net loss. In the midst of
Tuscan Manufacturing Company makes a unique headset for use with mobile phones. During 2006, its first year of operations, Tuscan experienced the following accounting events. Other than the adjusting
Use the Topps Company’s annual report to answer the following questions.a. Does Topps’ common stock have a par value, and if so how much is it?b. How many shares of Topps’ common stock were
Listed here are the stockholders’ equity sections of three public companies for years ending in 2003 and 2002:Required:a. Divide the class in three sections and divide each section into groups of
Listed here are data for five companies. These data are from companies’ annual reports for the fiscal year indicated in the parentheses. The market price per share is the closing price of the
This problem requires stock price quotations for the New York Stock Exchange, the American Stock Exchange, and NASDAQ. These are available in The Wall Street Journal and in the business sections of
During 2007, Musicland Corporation and Jazz town Corporation reported net incomes of \($62,000\) and \($54,000\) , respectively. Each company had 10,000 shares ofcommon stock issued and outstanding.
Financial statements for Stallings Company follow.Required:a. Use horizontal analysis to determine which expense item increased by the highest percentage from 2008 to 2009.b. Use vertical analysis to
A sole proprietorship was started on January 1, 2005, when it received \($60,000\) cash from Mark Pruitt, the owner. During 2005, the company earned \($40,000\) in cash revenues and paid \($19,300\)
Justin Harris and Paul Berryhill started the HB partnership on January 1,2006. The business acquired \($56,000\) cash from Harris and \($84,000\) from Berryhill. During 2006, the partnership earned
Newly formed Home Medical Corporation has 100,000 shares of \($5\) par common stock authorized. On March 1,2006, Home Medical issued 10,000 shares of the stock for \($12\) per share. On May 2 the
Rainey Inc. was organized on June 5, 2007. It was authorized to issue 400,000 shares of \($10\) par common stock and 50,000 shares of 4 percent cumulative class A preferred stock. The class A stock
The following information pertains to Smoot Corp. at January 1, 2006.Smoot Corp. completed the following transactions during 2006:1. Issued 1,000 shares of \($10\) par common stock for \($28\) per
On October 1,2005, Smart Corporation declared a \($60,000\) cash dividend to be paid on December 30 to shareholders of record on November 20.Required:Record the events occurring on October 1,
When Polledo Corporation was organized in January 2007, it immediately issued 5,000 shares of \($50\) par, 5 percent, cumulative preferred stock and 10,000 shares of \($10\) par common stock. The
B&S Corporation had the following stock issued and outstanding at January 1, 2007:1. 100,000 shares of \($5\) par common stock.2. 5,000 shares of \($100\) par, 5 percent, noncumulative preferred
Wu Corp. had the following stock issued and outstanding at January 1, 2006:1. 50,000 shares of no-par common stock.2. 10,000 shares of \($100\) par, 4 percent, cumulative preferred stock. (Dividends
Merino Corporation issued a 4 percent stock dividend on 30,000 shares of its \($10\) par common stock.At the time of the dividend, the market value of the stock was \($25\) per share.Required:a.
Mighty Drugs (one of the three largest drug makers) just reported that its 2004 third quarter profits are essentially the same as the 2003 third quarter profits. In addition to this announcement, the
Merck & Company is one of the world’s largest pharmaceutical companies. The following data were taken from the company’s 2004 annual report.Required:a. Compute Merck’s price-earnings ratio
Ja-San Company was started on January 1,2007, when the owners invested \($160,000\) cash in the business. During 2007, the company earned cash revenues of \($90,000\) and incurred cash expenses of

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