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business
understanding financial accounting

Questions and Answers of Understanding Financial Accounting

Lands" End Inc. is a mail-order and Internet-based direct merchant of traditionally styled casual clothing accessories, domestics, shoes, and soft luggage. Presented here are selected income
Papa John's is one of the fastest-growing pizza delivery and carry-out restaurant chains in the country.Presented here are selected income statement and balance sheet amounts (in thousands).Required:
Following are the concepts of accounting covered in Chapters 2 through 5. Match each transaction with its related concept by entering the appropriate letter in the space provided. Use one letter for
Following are terms related to the balance sheet, which were discussed in Chapters 2 through 5. Match each definition with its related term by entering the appropriate letter in the space pro\ ided.
King Jewelers is developing its annual financial statements for 2005. The following amounts were correct at December 31, 2005: cash, $42,000; accounts receivable, $51,300; merchandise inventory,$1
Stewart Company is preparing its balance sheet at December 31. 2005. The following assets are to be reported:a. Building, purchased 15 years ago (counting 2005): original cost. $450,000; estimated
At the end of the 2003 annual reporting period. Mesa Corporation's balance sheet showed the following:During 2004. the following selected transactions (summarized) were completed:a. Sold and issued 1
Tommy Hilfiger Corporation designs, sources, and markets men's and women's sportswear, jeanswear, and childrenswear under the Tommy Hilfiger trademarks. The company prides itself in producing
Thomas Real Estate Company (organized as a corporation on April 1, 2003) has completed the ac-L03 counting cycle for the second year, ended March 3 1 , 2005. Thomas also has completed a correct trial
Following are the items on Srinivasan Company's 2004 statement of cash flows presented in alphabetical order. Parentheses indicate that a listed amount should be subtracted on the cash flow
Apple Computer popularized both the personal computer and the easy-to-use graphic interface. Today it is fighting for its life, however, against a bevy of companies that rely on Intel microprocessors
Adolph Coors Company, established in 1873, is the third-largest brewer of beer in the United States.Its products include Coors, Coors Light, ZIMA, and many other malt beverages. Recently, Coors
Following is a partially completed income statement of Reginold Corporation for the year ended December 3 1 , 2004.Required:Based on these data and assuming ( 1 ) a 20 percent income tax rate on all
Carpet Bazaar is developing its annual financial statements for 2005. The following amounts were correct at December 31. 2005: cash. $35,000; investment in stock of ABC corporation (long
Richmond Inc. is preparing its balance sheet at December 31, 2005. The following assets are to be report! 'a. Building, purchased 12 years ago (counting 2005): original cost, $630,000; estimated
At the end of the 2003 annual reporting period, Potamia Corporation's balance sheet showed the following:During 2004, the following selected transactions (summarized) were completed:a. Sold and
ACME Pest Control Services (organized as a corporation on September 1, 2003) has completed the accounting cycle for the second year, ended August 31, 2005. ACME Pest Control also has completed a
Barnes & Noble, Inc., revolutionized bookselling by making its stores public spaces and community institutions where customers may browse, find a book, relax over a cup of coffee, talk with
Refer to the financial statements of American Eagle Outfitters given in Appendix B at the end of this book, or open file AEOS.pdf in the Annual Report Cases directory on the student CD-ROM. At the
Refer to the financial statements of Abercrombie & Fitch given in Appendix C at the end of this book, or open file ANF.pdf in the Annual Report Cases directory on the student CD-ROM. At the bottom of
Refer to the financial statements of American Eagle Outfitters given in Appendix B. Abercrombie &Fitch given in Appendix C. and the Industry Ratio Report given in Appendix D at the end of this book
The following amounts were selected from the annual financial statements for Genesis Corporation at December 3 1 , 2005 (end of the third year of operations):Required:Analyze the data on the 2005
As the economy becomes more international in scope, users of financial statements may be expected to analyze companies that are not incorporated in the United States. Diageo is a major world
As noted in the chapter, Callaway Golf believes in tying executives* compensation to the company's performance as measured by accounting numbers. In a recent year. Callaway had agreed to pay its five
Sony is a world leader in the manufacture of consumer and commercial electronics as well as the entertainment and insurance industries. Its ROE has increased from 9 percent to 14 percent over the
Megan Company (not a corporation) was careless about its financial records during its first year of operations, 2003. It is December 31, 2003, the end of the annual accounting period. An outside CPA
Mercury Finance Co. was a fast-growing auto-finance and insurance company. In January 1 997. however, the auditors discovered that recently announced 1996 earnings had been grossly overstated and
As a team, select an industry to analyze. MarketGuide provides lists of industries and their makeup at\v\v\v.marketguide.com/mgi/INDUSTRY/INDUSTRY.html. Each team member should acquire the annual
What are the three basic costs of carrying inventory? How do the ordering cost and carrying costs relate to one another?LO1
What is the ABC method of inventory analysis? Why do A items and C items warrant different inventory control methods? What are some methods that may be employed to control C items?LO1
How and why is the cost of capital used in economic order quantity computations?LO1
What is a stockout? What costs are associated with a stockout?LO1
Why is the purchasing cost not part of the EOQ formula?LO1
After the EOQ point is found, what qualitative factors may be considered in determining the actual order quantity?LO1
You own a manufacturing company and your friend Joe owns a retail appliance store. Joe is concerned about how many VCRs to order at a time. You proceed to tell him about using economic production
What deficiency of the EOQ and safety stock models does MRP (materials requirements planning) overcome and how does MRP do this?LO1
Can MRP be effectively implemented without a computer system? Why or why not?LO1
MRP produces a time-sequenced schedule for component requirements and a time-phased projection of worHoads for various work centers as a result of a given master schedule. What do these worHoads
What are some of the problems associated with MRP and why do these problems occur?LO1
Discuss the differences between push and pull systems of production. Are MRP and JIT push or pull systems?LO1
What are the primary goals of a JIT philosophy and how does JIT attempt to achieve these goals?LO1
What Hnds of changes need to occur in a production environment to effectively implement JIT? Why are these changes necessary?LO1
“JET cannot be implemented as effectively in the United States as it can be in Japan.” Discuss the rationale behind this statement.LO1
How can the JIT philosophy be used by nonmanufacturers?LO1
Describe the production system found in a “lights-out” environment.LO1
In what areas of accounting can a company implementing a JIT manufacturing system expect changes? Why will such changes arise? Why is backflush costing used in JIT environments?LO1
(Appendix) How are economic order quantity and order point related?LO1
(Appendix) What is safety stock and why is it necessary?LO1
(Carrying costs) Determine the carrying costs for an item costing $4.30, given the following per-unit cost information:LO1 Storage cost $.04 Handling cost .03 Production labor cost .80 Insurance .02
(EOQ) Hawk Company wants to determine its economic order quantity for a T-bracket. The company supplies you with the following information:LO1Determine the economic order quantity. Annual units of
(Ordering) Based on the EOQ associated with the following data, determine the total annual ordering cost.LO1 Annual demand Ordering cost Carrying cost 20,000 units $5.25 per order $0.84 per unit
(Cost classification) For each of the following costs, indicate whether it would be considered an ordering cost (O), a carrying cost (C), or a cost of not carrying (N) inventory. For any costs that
(Carrying cost) Katbites manufactures a variety of pet food products from dried seafood “pellets.” The firm has determined that its EOQ is 20,000 pounds of pellets. Based on the EOQ, the firm’s
(Multiproduct EOQs) A pharmacy carries three types of face cream: Wrinkle Free, Skin-so-Tight, and Smooth & Sweet. Determine the economic order quantity for each, given the following
(Product demand) Compute the annual estimated demand if the economic order quantity for a product is 78 units; carrying cost is $.65 per unit; and ordering cost is $3,042 per order.LO1
(EPR) Lars Gonzalez has taken a new job as production superintendent in a plant that makes briefcases. He is trying to determine how many cases to produce on each production run. Discussions reveal
(EPR) Johns Company manufactures parts to be sold to other companies. Part #48 has the following data related to its production:Calculate the economic production run for Part #48.LO1 Annual quantity
(EPR) Gazelle Equipment Company requires 10,000 castings a year for use in assembling lawn and garden tractors. The foundry can produce 30,000 castings a year. The cost associated with setting up the
(EOQ, number of orders) Marianne May is a wholesale distributor of videotapes. She sells approximately 9,000 tapes every year. She estimates that it costs $.25 per tape to carry inventory for 12
(EOQ, sensitivity analysis) Bill Bennett owns and operates a gift shop near Niagra Falls. His estimated annual demand for Niagra Falls coffee mugs is 12,000 units. His ordering costs are $15 per
(JIT variances) Smith Company uses a JIT system. The following standards are related to materials A and B, which are used to make one unit of the company’s final product:The current material
(JIT variances) Tom Sawyer uses a JIT system in his manufacturing firm, which makes “Purrr,” for cats. Tom provides you with the following standards for a can of “Purrr”:The standards were
(Backflush costing) Crosby Manufacturing uses backflush costing to account for an electronic meter it makes. During October 1998, the firm produced 16,000 meters, of which it sold 15,800. The
(Appendix) Bobbie Brown manages a printing company in Seattle, Washington. She has been wondering how many reams of letter-size paper to order at a time and when to reorder paper. She says that she
(Appendix) Billy Blades is a hockey player living in Los Angeles. Billy, a Cana¬ dian, deeply misses Calgary Spring Water and must have it imported. Billy drinks 5 bottles of Calgary Spring Water a
(Impact of technology or ordering) A plant manager and her controller were dis¬ cussing the plant’s inventory control policies one day. The controller suggested to the plant manager that the
(Excessive inventory) The director of supply management at Turner Machine Works has contracted for $1 million of spare parts that are currently unneeded. His rationale for the contract was that the
(EOQ larger than needed) Assume that your company uses 1,000 units of Part Q per day. The economic order quantity for Part Q is 1,050 units and the part can be ordered daily. Discuss the “ripple
(Potential causes ofprocurement problems) Logan Logging Company began imple¬ menting a just-in-time inventory system several months ago. The production and purchasing managers, however, have not
(JITfor a restaurant) Choose a fast-food restaurant and prepare a report showing how JIT can be used to improve operations.LO1
(Cases in which JIT will not work) Everyone in your company seems excited about the suggestion that the firm implement a JIT system. Being a cautious person, your company president has asked you to
(Identification of carrying, ordering costs) Wilson Industries has been evaluating its policies with respect to control of costs of metal tubing, one of the firm’s major component materials. The
(Missing data, EOQ) The following represent five independent situations from which one amount is missing. Compute the missing figures for each of the cases.LO1 ANNUAL QUANTITY CARRYING COST ORDERING
(Estimate errors) A company has computed its economic order quantity based on the following estimates: annual demand, 75,000 units; ordering cost, $4.25 per order; and carrying cost, $.75 per unit.
(EPR) The Town and Country Nursery grows and sells a tremendous variety of household and outdoor plants. The firm also grows and sells garden vegetables. One of the more popular vegetables grown by
(EOQ, sensitivity analysis) Janet Monet wanted to know what the economic order quantity for an important component would be. Upon your inquiry, she esti¬ mated annual usage to be 6,000 units, cost
(Just-in-time features) Given the features below concerning just-in-time systems, indicate by letter which of the three categories apply to the following items. If more than one category applies,
JITjournal entries) Keller Production Company has implemented a just-in-time inventory system for the production of its insulated wire. Inventories of raw material and work in process are so small
(Appendix) Elke Ginter operates a health-food bakery that uses specially ground flour in its products. The bakery operates 360 days a year. Elke finds that she seems to order either too much or too
(Appendix) L’Orange Computer Systems acquires its keyboards to make micro¬ computers from an external supplier. Management is wondering what its safety stock should be and obtains the following
(Using EOQ for cash/securities management) Chemcon Corporation sells various industrial supplies used for general-purpose cleaning. Approximately 85 percent of its sales are to not-for-profit and
(Managingprocurement for products with short life cycles) The Smith Company man¬ ufactures various electronic assemblies that it sells primarily to computer man¬ ufacturers. Smith’s reputation
For nearly a decade since its forced divestiture, AT&T has been lighting to maintain market share and profitability in the telecommunications industry. In some cases, the quality of services offered
You are the owner of Peterson Company, which provides a significant product component to the Gund Firm. The manager at Gund has asked you for a dis¬ count on the components you are providing. Since
Find the home pages of Boeing Company and Coca Cola. Read materials pre¬ sented for each company discussing the companies’ operations. Prepare a written report in which you compare and contrast
Bar coding technology has revolutionized inventory and production manage¬ ment. Search the web for advertisements of bar coding technology vendors. Then, after selecting a small business in your
There exists a large volume of software to aid manufacturing companies in man¬ aging inventory and production. Search the web for promotional materials from vendors of such software (such as Syspro
Apply the revenue principle to determine the accepted time to record sales revenue for typical retailers, wholesalers, manufacturers, and service companies. p. 285 LO1
Analyze the impact of credit card sales, sales discounts, and sales returns on the amounts reported as net sales. p. 286 LO1
Analyze and interpret the gross profit percentage. p. 289 LO1
Estimate, report, and evaluate the effects of uncollectible accounts receivable (bad debts) on financial statements. p. 291 LO1
Analyze and interpret the accounts receivable turnover ratio and the effects of accounts receivable on cash flows. p. 297 LO1
Report, control, and safeguard cash. p. 299 LO1
What is measured by the payback period?LO1
How and why should management conduct a post-mvestment audit of a capital project?LO1
(Appendix 1) How are present values calculated?LO1
(Appetidix 2) What are the advantages and disadvantages of the accounting rate of return?LO1
(Appendix 3) How can the risk of a capital project be measured on a statistical basis?LO1
What is a contra-asset? Give an example of one.LO1
Which of the following accounts would not appear in a closing entry?a. Interest Incomec. Retained Earningsb. Accumulated Depreciationd. Salary Expense LO1

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