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978-0078025600 Appendix B Lecture Note
AppB – Applying Present and Future Values Appendix B Applying Present and Future Values © 2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may […]
978-0078025600 Appendix B Solution Manual
©2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or […]
978-0078025600 Appendix C Lecture Note
AppC – Investments and International Operations Appendix C Investments and International Operations © 2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be […]
978-0078025600 Appendix C Solution Manual Part 1
Appendix C Investments and International Operations QUESTIONS 1. To be classified as current assets, investments must be (i) capable of being converted into cash quickly and (ii) management must intend to sell the investments as a source of cash to […]
978-0078025600 Appendix C Solution Manual Part 2
Financial & Managerial Accounting, 5th Edition 1406 Exercise C-14 (15 minutes) 2013 return on total assets 2014 return on total assets = 14.0% = 10.9% Regae Industries appears to be less efficient in the use of its total assets in […]
978-0078025600 Appendix C Solution Manual Part 3
Problem C-6AA (60 minutes) Part 1 2013 Apr. 8 Cash …………………………………………………………..…………………. 5,938 Sales …………………………………………………….… 5,938 July 21 Accounts Receivable⎯Sumito …………………….……. 14,100 Sales …………………………………………………….… 14,100 (1,500,000 yen x $0.0094/yen) Oct. 14 Accounts Receivable⎯Smithers ………………………….. 27,675 Sales …………………………………………………….… 27,675 (19,000£ x $1.4566/£) […]
978-0078025600 Appendix C Solution Manual Part 4
Financial & Managerial Accounting, 5th Edition 1434 Problem C-5B (Concluded) 2014 Aug. 1 Cash ……………………………………………………………………………… 27,000 Dividend Revenue ……………………………….…………………… 27,000 Received cash dividends (20,000 x $1.35). Dec. 31 Fair Value Adjustment—AFS (LT)* ……………..…………… 35,000 Unrealized Gain—Equity ………………………….. 35,000 Record fair […]
978-0078025600 Appendix D Excel
Student Name: Class: Plans a and c 40% «- Correct! 60% «- Correct! Plan b 33.33% «- Correct! 66.67% «- Correct! Plans c and d 72,000$ «- Correct! Plan d 4,200$ «- Correct! 6,300 «- Correct! Income (Loss) Year 1 […]
978-0078025600 Appendix D Lecture Note
AppD – Accounting for Partnerships Appendix D Accounting for Partnerships © 2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, […]
978-0078025600 Appendix D Solution Manual Part 2
PROBLEM SET A Problem D-1A (50 minutes) 1. Dec. 31 Income Summary …………………………………………..… 249,000 Kara Ries, Capital …………………………………….… 83,000 Tammy Bax, Capital …………………………………… 83,000 Joe Thomas, Capital …………………………………… 83,000 To close Income Summary. 2. Dec. 31 Income Summary …………………………………………..… 249,000 […]
978-0078025600 Appendix D Solution Manual Part 3
Problem D-4B (Concluded) Part 2 a) Apr. 30 Cash ……………………………………………………………….. 300,000 Chip, Capital*……………………………………………… 300,000 To record admission of Chip. * Supporting calculations $606,000 + $148,000 + $446,000 = $1,200,000 ($1,200,000 + $300,000) x 20% = $300,000 Thus, no bonus is […]
978-0078025600 Appendix E Excel Part 1
Student Name: Class: Page 2 CHURCH COMPANY Sales Journal COGS Inv. Acct. Rec. Debit Debit Date No. PR Sales Cr. Inv. Credit Mar. 2 854 √16,800 8,400 3855 √10,200 5,800 10 856 √5,600 2,900 27 857 √14,910 7,220 28 858 […]
978-0078025600 Appendix E Excel Part 2
Student Name: Class: Instructor McGraw-Hill/Irwin Problem 0E-06Aa Debit Credit 69,884$ 19,225 10,000 1,230 1,770 21,220 24,220$ 82,000 3,000 14,910$ 4,315 19,225$ Correct! 3,000$ 21,220 Gabel Company Spell Supply March 31 Schedule of Accounts Payable CHURCH COMPANY 7,000 116,685 652 76,225 […]
978-0078025600 Appendix E Lecture Note Part 2
Problem E-1A (Continued) Parts 2 and 3 GENERAL LEDGER Cash Acct. No. 101 Date Explanation PR Debit Credit Balance Mar. 31 85,000 Apr. 30 R3 213,863 298,863 Accounts Receivable Acct. No. 106 Date Explanation PR Debit Credit Balance Apr. 30 […]
978-0078025600 Appendix E Lecture Note Part 3
Problem E- 4AA (Continued) Parts 2 and 3—continued ACCOUNTS RECEIVABLE LEDGER Page Alistair Date Explanation PR Debit Credit Balance Apr. 3 S3 4,000 4,000 13 R3 4,000 0 13 S3 5,100 5,100 23 R3 5,100 0 Paula Kohr Date Explanation […]
978-0078025600 Appendix E Lecture Note Part 4
Problem E-1B (Continued) Parts 2 and 3 GENERAL LEDGER Cash Acct. No. 101 Date Explanation PR Debit Credit Balance June 30 100,000 July 31 R3 253,137 353,137 Accounts Receivable Acct. No. 106 Date Explanation PR Debit Credit Balance July 31 […]
978-0078025600 Appendix E Lecture Note Part 5
Problem E-4BA (Continued) Parts 2 and 3—continued ACCOUNTS RECEIVABLE LEDGER Ruth Blake Date Explanation PR Debit Credit Balance July 6 S3 7,500 7,500 16 R3 7,500 0 29 S3 17,500 17,500 Ashton Moore Date Explanation PR Debit Credit Balance July […]
978-0078025600 Appendix E Lecture Note Part 6
Problem E-6BA (Continued) Sales Salaries Expense Acct. No. 621 Date Explanation PR Debit Credit Balance Nov. 15 D2 6,585 6,585 30 D2 6,585 13,170 ACCOUNTS RECEIVABLE LEDGER Carlos Mantel Date Explanation PR Debit Credit Balance Nov. 10 S2 13,500 13,500 […]
978-0078025600 Chapter 1 Excel
Student Name: Class: Liabilities + Equity Accounts Office Accounts Common Date Cash Receivable Equipment Payable Stock Dividends Revenues Expenses May 1 $40,000 40,000 1(2,200) (2,200) 31,890 1,890 5(750) (750) 85,400 5,400 12 2,500 2,500 15 (750) (750) 20 2,500 (2,500) […]
978-0078025600 Chapter 1 Lecture Note
Chapter 01 – Introducing Accounting in Business Chapter 01 Introducing Accounting in Business © 2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not […]
978-0078025600 Chapter 1 Solution Manual Part 1
Chapter 1 Introducing Accounting in Business QUESTIONS 1. The purpose of accounting is to provide decision makers with relevant and reliable information to help them make better decisions. Examples include information for people making investments, loans, and business plans. 2. […]
978-0078025600 Chapter 1 Solution Manual Part 2
Financial & Managerial Accounting, 5th Edition 16 Exercise 1-13 (20 minutes) a. Purchased land for $4,000 cash. b. Purchased $1,000 of office supplies on credit. c. Billed a client $1,900 for services provided. d. Paid the $1,000 account payable created […]
978-0078025600 Chapter 1 Solution Manual Part 3
Problem 1-8A (Concluded) Part 3—continued Ander Electric Statement of Cash Flows For Month Ended December 31 Cash flows from operating activities Cash received from customers1 …………………………… $ 6,200 Cash paid for rent ……………………………………………….. (1,000) Cash paid for supplies ………………………………………… (800) […]
978-0078025600 Chapter 1 Solution Manual Part 4
Financial & Managerial Accounting, 5th Edition 44 Problem 1-8B (60 minutes) Parts 1 and 2 Assets = Liabilities + Equity Date Cash + Accounts Receivable + Office Supplies + Office Equipment + Excavating Equipment = Accounts Payable + Common Stock […]
978-0078025600 Chapter 10 Excel
Student Name: Class: Part 1. Date Account Titles Debit Credit 2013 Jan 1 3,456,448 543,552 «- Correct! 4,000,000 Part 2. 18,118 «- Correct! 138,118 «- Correct! Part 3. 3,600,000$ 4,000,000 Par value at maturity Thirty payments of $120,000 7,600,000$ (3,456,448) […]
978-0078025600 Chapter 10 Lecture Note Part 1
Chapter 10 – Long-Term Liabilities Chapter 10 Long-Term Liabilities Student Learning Objectives and Related Assignment Materials* Student Learning Objectives Discussion Questions Quick Studies Exercises Problems (A &B set)** Beyond the Numbers Conceptual objectives: C1. Explain the types and payment patterns […]
978-0078025600 Chapter 10 Lecture Note Part 2
Chapter 10 – Long-Term Liabilities Chapter Outline 2. Term or Serial a. Term bonds and notes are scheduled for maturity on one specified date. b. Serial bonds and notes mature at more than one date (often in series) and are […]
978-0078025600 Chapter 10 Solution Manual Part 1
Chapter 10 Long-Term Liabilities QUESTIONS 1. Notes payable generally involve borrowing from a single creditor, whereas bonds payable are usually sold to many different lenders (bondholders). 2. A bond is a liability of the issuing company. A share of stock […]
978-0078025600 Chapter 10 Solution Manual Part 2
Financial & Managerial Accounting, 5th Edition 570 Exercise 10-10 (25 minutes) 1. Semiannual cash interest payment = $150,000 x 10% x ½ year = $7,500 2. Number of payments = 5 years x 2 per year = 10 semiannual payments […]
978-0078025600 Chapter 10 Solution Manual Part 3
Problem 10–5AB (45 minutes) Part 1 Ten payments of $8,125* ……………….…….. $ 81,250 Par value at maturity ……………………..…… 250,000 Total repaid ………………………………………….. 331,250 Less amount borrowed ………………….…….. (255,333) Total bond interest expense …………..…….. $ 75,917 *$250,000 x 0.065 x ½ […]
978-0078025600 Chapter 10 Solution Manual Part 4
Financial & Managerial Accounting, 5th Edition 600 Problem 10-3B (Concluded) Part 4 Semiannual Period-End Unamortized Premium Carrying Value 1/01/2013 ………….…….. $792,932 $4,192,932 6/30/2013 ………….…….. 753,285 4,153,285 12/31/2013 ………….…….. 713,638 4,113,638 6/30/2014 ………….…….. 673,991 4,073,991 12/31/2014 ………….…….. 634,344 4,034,344 Part 5 […]
978-0078025600 Chapter 10 Solution Manual Part 5
Financial & Managerial Accounting, 5th Edition 612 Problem 10-10B (30 minutes) Part 1 Atlas Company Debt–to-equity ratio = $81,000 / $99,000 = 0.82 Bryan Company Debt–to-equity ratio = $562,500 / $187,500 = 3.00 Part 2 Bryan’s debt–to-equity ratio is much […]
978-0078025600 Chapter 11 Lecture Note Part 1
Chapter 11 – Corporate Reporting and Analysis Chapter 11 Corporate Reporting and Analysis Student Learning Objectives and Related Assignment Materials* Student Learning Objectives Discussion Questions Quick Studies Exercises Problems (A &B set)** Beyond the Numbers Conceptual objectives: C1. Identify characteristics […]
978-0078025600 Chapter 11 Lecture Note Part 2
Chapter 11 – Corporate Reporting and Analysis Chapter Outline Notes B. Reissuing Treasury Stock 1. Selling treasury stock at cost: debit Cash, credit Treasury Stock, Common. 2. Selling treasury stock above cost: debit Cash, credit Treasury Stock, Common, credit Paid-in […]
978-0078025600 Chapter 11 Solution Manual Part 1
Chapter 11 Corporate Reporting and Analysis QUESTIONS 1. Organization expenses (costs) are incurred in creating a corporation. Examples include: legal fees, promoter fees, accountant fees, costs of printing stock certificates, and fees paid to obtain a state charter. 2. Organization […]
978-0078025600 Chapter 11 Solution Manual Part 3
Problem 11-2B (Concluded) Part 2 BALTHUS CORP. Statement of Retained Earnings For Year Ended December 31, 2014 Retained earnings, December 31, 2013 ………………………. $2,160,000 Plus net income ………………………………………………………… 1,072,000 3,232,000 Less: Cash dividends declared …………………………………. (740,000) Treasury stock reissuances …………………………….. […]
978-0078025600 Chapter 12 Excel
Student Name: Class: 136,000$ (12,000) (75,000) 16,000 3,000 54,000 122,000$ «- Correct! (36,000) «- Correct! 60,000 (89,000) (29,000) «- Correct! 57,000$ «- Correct! 107,000 «- Correct! 164,000$ «- Correct! Problem 12-04A McGraw-Hill/Irwin Instructor For Year Ended December 31, 2013 Statement […]
978-0078025600 Chapter 12 Lecture Note Part 1
Chapter 12 – Reporting and Analyzing Cash Flows Chapter 12 Reporting and Analyzing Cash Flows Student Learning Objectives and Related Assignment Materials* Student Learning Objectives Discussion Questions Quick Studies Exercises Problems (A &B set)** Beyond the Numbers Conceptual objectives: C1. […]
978-0078025600 Chapter 12 Lecture Note Part 2
Chapter 12 – Reporting and Analyzing Cash Flows website, in whole or part. 12-9 VISUAL #12-1 CLASSIFYING ACTIVITIES IN THE STATEMENT OF CASH FLOWS OPERATING ACTIVITIES Cash inflows from Cash outflows to • Sale of goods or services • Suppliers […]
978-0078025600 Chapter 12 Solution Manual Part 1
Chapter 12 Reporting and Analyzing Cash Flows QUESTIONS 1. The purpose of the cash flow statement is to report all major cash receipts (inflows) and cash payments (outflows) during a period. It helps users to answer questions such as: • […]
978-0078025600 Chapter 12 Solution Manual Part 2
Financial & Managerial Accounting, 5th Edition 682 Exercise 12–10 (Part 1 continued) (1) Cost of equipment sold (Given) ………………………………………………………..… $ 48,600 Accumulated depreciation of equipment sold* …………………………………..… (40,600) Book value of equipment sold ………………………………………………………….… 8,000 Gain on sale of equipment […]
978-0078025600 Chapter 12 Solution Manual Part 3
Problem 12–5AA (Concluded) GOLDEN CORPORATION Statement of Cash Flows For Year Ended December 31, 2013 Cash flows from operating activities Net income ……………………………………………………………………….. $136,000 Adjustments to reconcile net income to net cash provided by operating activities Increase in accounts receivable […]
978-0078025600 Chapter 12 Solution Manual Part 4
Financial & Managerial Accounting, 5th Edition 710 Problem 12-7B (35 minutes) SALT LAKE COMPANY Cash Flows from Operating Activities—Indirect Method For Year Ended December 31, 2013 Cash flows from operating activities Net income ………………………………………………………………….… $ 20,000 Adjustments to reconcile net […]
978-0078025600 Chapter 13 Excel
Student Name: Class: Assets Liabilities Ratio 52,390$ 22,800$ 2.3 «- Correct! 37,924 19,960 1.9 «- Correct! 51,748 20,300 2.5 «- Correct! 2014 2013 2012 100.00% 100.00% 100.00% 51.08% 62.50% 55.36% 48.92% 37.50% 44.64% 18.54% 13.80% 18.27% 9.13% 8.80% 8.20% 27.67% […]
978-0078025600 Chapter 13 Lecture Note
Chapter 13 – Analyzing Financial Statements website, in whole or part. 13–1 Chapter 13 Analyzing Financial Statements © 2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. […]
978-0078025600 Chapter 13 Solution Manual Part 1
Chapter 13 Analyzing Financial Statements QUESTIONS 1. Financial reporting includes the entire process of preparing and issuing financial information about a company. Financial statements are an important part of financial reporting but they are less than the whole. 2. With […]
978-0078025600 Chapter 13 Solution Manual Part 2
Financial & Managerial Accounting, 5th Edition 738 Exercise 13-14 (15 minutes) RANDA MERCHANDISING, INC. Income Statement For Year Ended December 31, 2013 Net sales ……………………………………………………………….. $2,900,000 Expenses Cost of goods sold ……………………………………………… $1,480,000 Salaries expense ………………………………………………… 640,000 Depreciation expense …………………………………………. […]
978-0078025600 Chapter 13 Solution Manual Part 3
Problem 13-2B (120 minutes) Part 1 TRIPOLY COMPANY Income Statement Trends For Years Ended December 31, 2014-2008 2014 2013 2012 2011 2010 2009 2008 Sales ………………………………. 65.1% 70.9% 73.3% 79.1% 86.0% 89.5% 100.0% Cost of goods sold ………….. 72.6 76.3 […]
978-0078025600 Chapter 13 Solution Manual Part 4
SERIAL PROBLEM — SP 13 Serial Problem — SP 13, Success Systems (45 minutes) 1. Gross margin with services revenue Gross margin = Total revenue – Cost of goods sold = $43,853 – $14,052 = $29,801 Gross margin ratio = […]
978-0078025600 Chapter 14 Excel
Student Name: Class: 200,000$ 300,000 500,000 175,000 325,000$ Correct! 500,000$ 875,000 1,375,000 225,000 1,150,000$ Correct! Part 2 To: From: Date: Subject: Memorandum For Year Ended December 31, 2013 Merchandise purchases Goods available for sale The Merchandise Inventory account on December […]
978-0078025600 Chapter 14 Lecture Note
Chapter 14 Managerial Accounting Concepts and Principles © 2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, […]
978-0078025600 Chapter 14 Solution Manual Part 1
Chapter 14 Managerial Accounting Concepts and Principles QUESTIONS 1. The managerial accountant plays an important role in preparing the information necessary for effective planning and control decisions. One example is the budget, which is a quantitative expression of a company’s […]
978-0078025600 Chapter 14 Solution Manual Part 2
Financial & Managerial Accounting, 5th Edition 786 Exercise 14-11 (25 minutes) Account Balance Sheet Income Statement Manufacturing Statement Overhead Report Accounts receivable ………………………. ✓ Computer supplies used in office ……. ✓ Beginning finished goods inventory ✓ Beginning goods in process […]
978-0078025600 Chapter 14 Solution Manual Part 3
PROBLEM SET B Problem 14-1B (20 minutes) The managerial accounting professional must do more than assign value to ending inventory and cost of goods sold. S/he must understand the industry and the current business environment of the company. The managerial […]
978-0078025600 Chapter 14 Solution Manual Part 4
Financial & Managerial Accounting, 5th Edition 812 SERIAL PROBLEM — SP 14 Serial Problem, Success Systems (50 minutes) 1. Cost by Behavior . Cost by Traceability . Product Costs Variable Fixed Direct Indirect 1. Monthly flat fee to clean workshop […]
978-0078025600 Chapter 15 Excel
Student Name: Class: 1,500,000 «- Correct! 2,500,000 «- Correct! 60% «- Correct! b. Overhead costs charged to jobs: Direct Applied Labor Overhead 604,000$ 362,400$ «- Correct! 563,000 337,800 «- Correct! 298,000 178,800 «- Correct! 716,000 429,600 «- Correct! 314,000 188,400 […]
978-0078025600 Chapter 15 Lecture Note
Chapter 15 Job Order Costing and Analysis © 2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, […]
978-0078025600 Chapter 15 Solution Manual Part 2
838 Financial & Managerial Accounting, 5th Edition Exercise 15-18 (35 minutes) 1. Estimated cost of the architectural job Labor type Estimated hours Hourly rate Total cost Architects ………………………….. 150 $300 $ 45,000 Staff ………………………….. 300 75 22,500 Clerical ……………………….…. 500 […]
978-0078025600 Chapter 15 Solution Manual Part 3
Problem 15–5A (Continued) GENERAL JOURNAL a. Raw Materials Inventory ……………………………………….. 78,700 Accounts Payable ………………………………………..….. 78,700 To record materials purchases ($62,500+$16,200). d. Factory Payroll ………………………………………………….….. 174,250 Cash ……………………………………………………………….. 174,250 To record factory payroll. Factory Overhead ……………………………………………..….. 102,000 Cash ……………………………………………………………….. 102,000 To […]
978-0078025600 Chapter 15 Solution Manual Part 4
866 Financial & Managerial Accounting, 5th Edition Problem 15-4B (35 minutes) Part 1 a. Predetermined overhead rate = = = 50% Estimated overhead costs Estimated direct labor cost $750,000 $750,000 [50 x 2,000 x $15] $1,500,000 b. Overhead costs charged […]
978-0078025600 Chapter 16 Excel
Student Name: Class: Part 1 (a) and (b) Direct Direct Materials Labor 700,000 700,000 180,000 54,000 880,000 754,000 Correct! Correct! Direct Direct Materials Labor 420,000$ 139,000$ 2,220,000 3,254,000 2,640,000$ 3,393,000$ Correct! Correct! 880,000 754,000 3.00$ 4.50$ Correct! Correct! Direct Direct […]
978-0078025600 Chapter 16 Lecture Note
Chapter 16 Process Costing and Analysis Chapter 16 Process Costing and Analysis © 2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be […]
978-0078025600 Chapter 16 Solution Manual Part 2
Financial & Managerial Accounting, 5th Edition 894 Exercise 16–14 (Concluded) (1) Beginning goods in process $ 17,250 Direct materials $ ? Direct labor 47,250 Factory overhead 51,300 Total costs added ? Total costs in process $242,400 $17,250 + [Total costs […]
978-0078025600 Chapter 16 Solution Manual Part 3
Problem 16-3A (Concluded) Equivalent units of production Direct Materials Direct Labor Factory Overhead Units completed & transferred out …. 17,000 EUP 17,000 EUP 17,000 EUP Units of ending goods in process Direct materials (5,000 x 100%) …….. 5,000 EUP Direct […]
978-0078025600 Chapter 16 Solution Manual Part 4
Financial & Managerial Accounting, 5th Edition 924 Problem 16-1B (Continued) d. June 30 Factory Payroll ………………………………………….…………. 400,000 Cash ………………………………………………………. 400,000 Incurred payroll cost. e. June 30 Goods in Process Inventory ……………………….…. 350,000 Factory Payroll …………………………………….…………. 350,000 Used direct labor. f. […]
978-0078025600 Chapter 16 Solution Manual Part 5
Problem 16-8B (Concluded) Part 4 MEMORANDUM TO: FROM: DATE: RE: Percentage of Completion Error Analysis If the units in ending inventory are 75% complete instead of 25% with respect to labor, the number of equivalent units in ending inventory with […]
978-0078025600 Chapter 17 Lecture Note
Chapter 17 Activity-Based Costing and Analysis Chapter 17 Activity-Based Costing and Analysis © 2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be […]
978-0078025600 Chapter 17 Solution Manual Part 1
Chapter 17 Activity-Based Costing and Analysis QUESTIONS 1. Manufacturing overhead costs cannot be traced to units of product like direct materials and direct labor. Assigning overhead costs to units of product requires some sort of allocation on some “reasonable” basis. […]
978-0078025600 Chapter 17 Solution Manual Part 2
Financial & Managerial Accounting, 5th Edition 976 Exercise 17-12 (35 minutes) 1. Total direct labor hours: Product A: 10,000 units x 0.20 DLH/unit = 2,000 DLH Product B: 2,000 units x 0.25 DLH/unit = 500 DLH Total direct labor hours […]
978-0078025600 Chapter 17 Solution Manual Part 3
Problem 17-1B (concluded) 3. Eng. support $56,250/(50 + 25) modifications = $750/modification Electricity $112,500/150,000* machine hours = $0.75/machine hour Setup $41,250/(175 + 75) batches = $165/batch * From part 1 Standard Deluxe Engineering 50 mods. x $750 $37,500 25 mods. […]
978-0078025600 Chapter 17 Solution Manual Part 4
Serial Problem — SP 17 1. Setting up machines Batch level Inspecting components Unit level Providing utilities Facility level 2. Direct materials $2,500 Direct labor 3,500 Overhead (50% of DL) 1,750 Total mfg. cost $7,750 3. Setting up machines $20,000/25 […]
978-0078025600 Chapter 18 Excel
Student Name: Class: 270,000$ «- Correct! 60$ «- Correct! 4,500 «- Correct! 270,000$ «- Correct! 30.00% «- Correct! 900,000$ «- Correct! 900,000$ «- Correct! 630,000 «- Correct! 270,000$ «- Correct! 270,000 «- Correct! $0 «- Correct! Contribution margin ratio Fixed […]
978-0078025600 Chapter 18 Lecture Note
Chapter 18 Cost Behavior and Cost-Volume-Profit Analysis Chapter 18 Cost Behavior and Cost-Volume-Profit Analysis © 2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may […]
978-0078025600 Chapter 18 Solution Manual Part 1
Chapter 18 Cost Behavior and Cost-Volume-Profit Analysis QUESTIONS 1. A variable cost is one that varies proportionately with the volume of activity. For example, direct materials and direct labor (when the workers are paid for completed units) are treated as […]
978-0078025600 Chapter 18 Solution Manual Part 2
Financial & Managerial Accounting, 5th Edition 1022 Exercise 18-17 (25 minutes) 1. Selling price per composite unit 8 windows @ $200 per unit ……………………………………………………… $1,600 2 doors @ $500 per unit ………………………………………………………….. 1,000 Selling price per composite unit ……………………………………………… $2,600 […]
978-0078025600 Chapter 18 Solution Manual Part 3
PROBLEM SET B Problem 18-1B (25 minutes) Parts 1 and 2 Gilmore Company Contribution Margin Income Statement For Year Ended December 31, 2013 (12,000 units) Per unit % of sales Sales ($18 x 12,000) ………………….……. $216,000 $18.000 100.00% Variable costs […]
978-0078025600 Chapter 18 Solution Manual Part 4
Financial & Managerial Accounting, 5th Edition 1046 Problem 18-7B (50 minutes) Part 1 BREAK–EVEN ANALYSIS ASSUMING USE OF SAME MATERIALS Step 1: Compute break-even in composite units—Use equation in Exhibit 18.27 Break-even in composite units = Fixed costs/Contribution margin per […]
978-0078025600 Chapter 19 Lecture Note
Chapter 19 Variable Costing and Performance Reporting Chapter 19 Variable Costing and Performance Reporting © 2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may […]
978-0078025600 Chapter 19 Solution Manual Part 1
Chapter 19 Variable Costing and Performance Reporting QUESTIONS 1. Variable costing includes direct materials, direct labor, and variable overhead as product costs. Fixed overhead is treated as a period cost and is not included as a product cost. 2. Absorption […]
978-0078025600 Chapter 19 Solution Manual Part 2
Financial & Managerial Accounting, 5th Edition 1070 Exercise 19-7 (10 minutes) Memo to: Manager, MidCoast Airlines Subject: International student group Assuming that the fixed costs identified by MidCoast Airlines are allocated over all passengers and not direct costs to the […]
978-0078025600 Chapter 19 Solution Manual Part 3
Problem 19-2B (20 minutes) Memo to: Roberta Azule, President Subject: Break-even volume and absorption costing Break-even analysis is computed using a contribution margin approach. The contribution margin approach assumes that all fixed expenses – including fixed manufacturing expenses – are […]
978-0078025600 Chapter 2 Excel
Student Name: Class: Date Explanation Debit Credit Mar 1 150,000 22,000 172,000 «- Correct! 26,000 6,000 «- Correct! 33,000 1,200 4,200 «- Correct! 64,000 4,000 «- Correct! 97,500 7,500 «- Correct! 12 4,200 4,200 «- Correct! 19 5,000 5,000 «- […]
978-0078025600 Chapter 2 Lecture Note Part 1
Chapter 02 – Analyzing and Recording Transactions Chapter 02 Analyzing and Recording Transactions Student Learning Objectives and Related Assignment Materials* Student Learning Objectives Discussion Questions Quick Studies Exercises Problems (A &B set)** Beyond the Numbers Conceptual objectives: C1. Explain the […]
978-0078025600 Chapter 2 Lecture Note Part 2
Chapter 02 – Analyzing and Recording Transactions Chapter Outline Notes e. Verify that each journal entry is properly posted. f. Verify that the original journal entry has equal debits and credits. 2. If an error in a journal entry is […]
978-0078025600 Chapter 2 Solution Manual Part 1
Chapter 2 Analyzing and Recording Transactions QUESTIONS 1. a. Common asset accounts: cash, accounts receivable, notes receivable, prepaid expenses (rent, insurance, etc.), office supplies, store supplies, equipment, building, and land. b. Common liability accounts: accounts payable, notes payable, and unearned […]
978-0078025600 Chapter 2 Solution Manual Part 2
Financial & Managerial Accounting, 5th Edition 72 Exercise 2-17 (15 minutes) (a) (b) (c) (d) Answers $(28,000) $42,000 $73,000 $(45,000) Computations: Equity, Dec. 31, 2012 ………….. $ 0 $ 0 $ 0 $ 0 Owner’s investments …..…….. 110,000 42,000 87,000 […]
978-0078025600 Chapter 2 Solution Manual Part 3
Problem 2-3A (Continued) Accounts Payable Acct. No. 201 Date Explanation PR Debit Credit Balance April 3 G1 11,600 11,600 13 G1 11,600 0 29 G1 600 600 Common Stock Acct. No. 307 Date Explanation PR Debit Credit Balance April 1 […]
978-0078025600 Chapter 2 Solution Manual Part 4
Financial & Managerial Accounting, 5th Edition 102 Problem 2-3B (90 minutes) Part 1 Sept. 1 Cash …………………………………………………. 101 38,000 Office Equipment ………………………………. 163 15,000 Common Stock…………………………… 307 53,000 Owner invested in the business for stock. 2 Prepaid Rent …………………………………….. 131 […]
978-0078025600 Chapter 20 Excel
Student Name: Class: March April May 25,000 32,000 35,000 30% 30% 30% 7,500 9,600 10,500 15,000 25,000 32,000 22,500 34,600 42,500 (20,000) (7,500) (9,600) 2,500 27,100 32,900 Correct! Correct! Correct! March April May 90,000 95,000 90,000 30% 30% 30% 27,000 […]
978-0078025600 Chapter 20 Lecture Note
Chapter 20 Master Budgets and Performance Planning Chapter 20 Master Budgets and performance Planning © 2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may […]
978-0078025600 Chapter 20 Solution Manual Part 2
Financial & Managerial Accounting, 5th Edition 1106 Exercise 20-2 (concluded) Notes: concluded (5) August beginning inventory Total required (4 above) 355,500 Less budgeted purchases (308,250) August beginning inventory 47,250 (6) August Beginning Inventory = July Ending Inventory (7) July required […]
978-0078025600 Chapter 20 Solution Manual Part 3
Exercise 20–19 (10 minutes) MANNER COMPANY Direct Labor Budget For July, August, and September July August Sept. Budgeted production (units) ……………….… 620 680 540 Labor requirements per unit (hours) ……… x 2 x 2 x 2 Total labor hours needed […]
978-0078025600 Chapter 20 Solution Manual Part 4
Financial & Managerial Accounting, 5th Edition 1136 Problem 20-5A (Continued) Part 6 DIMSDALE SPORTS CO. Cash Budgets January, February, and March 2014 January February March Beginning cash balance …………………………….…. $ 36,000 $ 30,100 $210,300 Cash receipts from customers (note A)……………. […]
978-0078025600 Chapter 20 Solution Manual Part 5
Problem 20-3B (Continued) Part 4 Cash payments on product purchases (for March and April) From purchases in Total % Paid March April February ……………………………..…. $261,600 70% $183,120 March ……………………………………. 227,400 30 68,220 ………………………………….…. 70 $159,180 April ………………………………………. 230,400 30 _______ […]
978-0078025600 Chapter 20 Solution Manual Part 6
Financial & Managerial Accounting, 5th Edition 1162 Problem 20-7B (continued) Part 6 NABAR MANUFACTURING Selling Expense Budgets July, August, and September 2013 July August Sept. Total Budgeted sales ………………………….. $357,000 $323,000 $340,000 Sales commission percent ………….….. x 10% x 10% […]
978-0078025600 Chapter 21 Excel
Student Name: Class: Units Cost Total 1,615,000 $4.10 $6,621,500 1,620,000 $4.00 6,480,000 $141,500 U Direct material cost variance Correct! Yes! Units Price Total 1,615,000 $4.10 $6,621,500 1,615,000 $4.00 6,460,000 $161,500 U Correct! Yes! 1,615,000 $4.00 $6,460,000 1,620,000 $4.00 6,480,000 $20,000 […]
978-0078025600 Chapter 21 Lecture Note
Chapter 21 Flexible Budgets and Standard Costing Chapter 21 Flexible Budgets and Standard Costing Related Assignment Materials Student Learning Objectives Discussion Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives: C1. Define standard costs and explain how standard cost […]
978-0078025600 Chapter 21 Solution Manual Part 1
Chapter 21 Flexible Budgets and Standard Costing QUESTIONS 1. Fixed budget performance reports have limited usefulness because they do not reflect differences in revenues and variable costs that can occur simply because actual volume is different from budgeted volume. This […]
978-0078025600 Chapter 21 Solution Manual Part 2
Financial & Managerial Accounting, 5th Edition 1188 Exercise 21-6 (20 minutes) 1. Predetermined overhead rate computations Expected volume ……………………………………………………………. 75% Expected total overhead …………………………………………………. $2,100,000 Expected hours ……………………………………………………………… 375,000 hrs. Variable cost per hour ($1,500,000/ 375,000) ……………………. $4.00 Fixed cost […]
978-0078025600 Chapter 21 Solution Manual Part 3
Problem 21-4A (45 minutes) Part 1 PHOENIX COMPANY Flexible Budget Performance Report For Year Ended December 31, 2013 Flexible Actual Budget Results Variances* Sales (18,000 units) …………………….. $3,600,000 $3,648,000 $48,000 F Variable costs Direct materials ………………………… 1,170,000 1,185,000 15,000 U […]
978-0078025600 Chapter 21 Solution Manual Part 4
Financial & Managerial Accounting, 5th Edition 1218 $50,000 F (Spending variance) $10,000 F (Efficiency variance) $60,000 F (Total variable overhead variance) (b) Fixed Overhead Spending and Volume Variances Actual Overhead Budgeted Overhead Applied Overhead 252,000 x $7 $1,960,000 $2,016,000 $1,764,000 […]
978-0078025600 Chapter 21 Solution Manual Part 5
Problem 21–6BA (Continued) Part 3 Overhead Variances (a) Variable overhead Preliminary computations Actual variable overhead (given): Indirect materials ……………………………………………….. $10,000 Indirect labor …………………………………………………….. 16,000 Power …………………………………………………………..….. 4,500 Maintenance ………………………………………………….….. 3,000 Total …………………………………………………………….….. $33,500 Actual hours: 37,600 (given) Standard hours: 36,000 […]
978-0078025600 Chapter 22 Excel
Student Name: Class: Square Footage Rate Total 1,000 8.25$ 8,250$ «- Correct! 1,800 8.25 14,850$ «- Correct! Value- Usage Total Based Based Costs Costs Costs 18,000$ 18,000$ 27,000 27,000 9,000 9,000 3,000 3,000$ 3,000 3,000 6,000 6,000 66,000$ 54,000$ 12,000$ […]
978-0078025600 Chapter 22 Lecture Note
Chapter 22 Decentralization and Performance Evaluation Chapter 22 Decentralization and Performance Evaluation © 2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be […]
978-0078025600 Chapter 22 Solution Manual Part 1
Chapter 22 Performance Measurement and Responsibility Accounting QUESTIONS 1. Many companies are divided into departments when they become too large to be effectively managed as single units. This division into departments is often needed so that the responsibilities for the […]
978-0078025600 Chapter 22 Solution Manual Part 2
Financial & Managerial Accounting, 5th Edition 1258 Exercise 22-5 (25 minutes) COZY BOOKSTORE Departmental Expense Allocation Spreadsheet For Period Ended _______ Allocation of Expenses to Departments . Alloca- tion Base Exp. Account Balance Adver- tising Dept. Purch- asing Dept. Books […]
978-0078025600 Chapter 22 Solution Manual Part 3
Problem 22–4AB (Continued) Part 2 GEORGIA ORCHARDS Income Statement For Year Ended December 31, 2013 No. 1 No. 2 No. 3 Combined Sales (by grade) No. 1: 300,000 lbs. @ $1.50 …….….. $450,000 No. 2: 300,000 lbs. @ $1.00 …….….. […]
978-0078025600 Chapter 22 Solution Manual Part 4
Problem 22-5B (60 minutes) Part 1 Process time …………………………………………………………………… 16.0 hours Inspection time ……………………………………………………………..… 3.5 hours Move time ……………………………………………………………………..… 9.0 hours Wait time ………………………………………………………………………… 21.5 hours Manufacturing cycle time ………………………………………………… 50.0 hours Part 2 Manufacturing cycle efficiency (16.0 hours/ 50.0 […]
978-0078025600 Chapter 23 Excel
Student Name: Class: Normal New Volume Business Combined 2,400,000$ 260,000$ 2,660,000$ 576,000 72,000 648,000 144,000 27,000 171,000 320,000 30,000 350,000 150,000 150,000 100,000 5,000 105,000 1,290,000 134,000 1,424,000 Total costs and expenses 1,110,000$ 126,000$ 1,236,000$ Correct! Correct! Correct! 576,000$ 400,000 […]
978-0078025600 Chapter 23 Lecture Note
Chapter 23 Relevant Costing for Managerial Decisions Chapter 23 Relevant Costing for Managerial Decisions © 2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may […]
978-0078025600 Chapter 23 Solution Manual Part 2
Financial & Managerial Accounting, 5th Edition 1306 Exercise 23-12 (continued) SALES MIX RECOMMENDATION: These results suggest the company should manufacture as many units of Product TLX as it can produce and sell until reaching a (market or production) constraint. Thereafter, […]
978-0078025600 Chapter 23 Solution Manual Part 3
Problem 23-3B (30 minutes) Part 1 INCREMENTAL COST OF MAKING TH1 Variable costs: Direct materials (400,000 units x $1.20 per unit) ………………………….. $ 480,000 Direct labor (400,000 units x $1.50 per unit) ………………………….. 600,000 Variable overhead (2,400,000* x 25%) …………………………………..………… […]
978-0078025600 Chapter 23 Solution Manual Part 4
Financial & Managerial Accounting, 5th Edition 1330 Reporting in Action — BTN 23-1 1. $ millions Off-road Snow On–road Revenues ……………………………………….…… $1,823 $280 $146 Operating expenses………………………..… 1,586 294 140 Operating income ………………………….. $ 237 $ (14) $ 6 2. If […]
978-0078025600 Chapter 24 Excel
Student Name: Class: 115,000$ Correct! Net Net Cash Income Flow 1,840,000$ 1,840,000$ (480,000) (480,000) (672,000) (672,000) (336,000) (336,000) (115,000) (160,000) (160,000) 77,000 (23,100) (23,100) 53,900$ Correct! 168,900$ Correct! 2.84 years Correct! Part 3 Payback period Part 4 Accounting rate of […]
978-0078025600 Chapter 24 Lecture Note
Chapter 24 Capital Budgeting and Investment Analysis Chapter 24 Capital Budgeting and Investment Analysis © 2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may […]
978-0078025600 Chapter 24 Solution Manual Part 1
Chapter 24 Capital Budgeting and Investment Analysis QUESTIONS 1. Capital budgeting decisions require careful analysis because they are generally the most difficult and risky decisions that management faces. 2. Capital budgeting is the process of planning the acquisition or sale […]
978-0078025600 Chapter 24 Solution Manual Part 2
Financial & Managerial Accounting, 5th Edition 1354 Payback Period = = 2.29 years $350,000 $153,067 Problem 24-2A (55 minutes) Part 1 PROJECT Y Net income ……………………………………………………………………………… $ 56,000 Depreciation expense* ……………………………………………………………. 87,500 Net cash flow ………………………………………………………………………….. $143,500 *Annual depreciation = […]
978-0078025600 Chapter 24 Solution Manual Part 3
Problem 24-3B (Continued) Part 3 NET PRESENT VALUE OF ASSET USING STRAIGHT-LINE DEPRECIATION Present Present Net Cash Value of Value of Net Flows 1 at 10% Cash Flows Year 1 ………………………………………………….. $ 8,400 0.9091 $ 7,636 Year 2 ………………………………………………….. 9,600 […]
978-0078025600 Chapter 3 Excel Part 1
Student Name: Class: Parts 1 and 2 Unadj. Bal. 34,000 Unadj. Bal. 80,000 Bal. 34,000 Bal. 80,000 Correct! Correct! Unadj. Bal. 0 Unadj. Bal. 15,000 (f) 7,500 ( c) 13,200 Adj. Bal. 7,500 Adj. Bal. 28,200 Correct! Correct! Unadj. Bal. […]
978-0078025600 Chapter 3 Excel Part 2
Unadjusted Adjusted Trial Balance Adjustments Trial Balance 34,000$ 34,000$ 14,000 22,000 16,000 2,000 8,540 2,960 84,000 84,000 14,000$ 20,000$ 9,100 10,000 – 1,000 – 7,000 18,000 15,000 52,000 52,000 15,000 15,000 25,000 25,000 5,000 5,000 123,240 134,240 – 6,000 67,000 […]
978-0078025600 Chapter 3 Lecture Note Part 1
Chapter 03 – Adjusting Accounts and Preparing Financial Statements Chapter 03 Adjusting Accounts and Preparing Financial statements Student Learning Objectives and Related Assignment Materials* Student Learning Objectives Discussion Questions Quick Studies Exercises Problems (A &B set)** Beyond the Numbers Conceptual […]
978-0078025600 Chapter 3 Lecture Note Part 2
Chapter 03 – Adjusting Accounts and Preparing Financial Statements VISUAL #3-1 ACCRUAL BASIS ACCOUNTING (Follows GAAP) requires that the Income Statement (for a period) reports ALL REVENUES EARNED in period (Collected or Not) Minus ALL EXPENSES INCURRED in period (Paid […]
978-0078025600 Chapter 3 Solution Manual Part 1
Chapter 3 Adjusting Accounts and Preparing Financial Statements QUESTIONS 1. The cash basis of accounting reports revenues when cash is received while the accrual basis reports revenues when they are earned. The cash basis reports expenses when cash is paid […]
978-0078025600 Chapter 3 Solution Manual Part 2
EXERCISES Exercise 3-1 (25 minutes) a. Depreciation Expense—Equipment ………………………….. 18,000 Accumulated Depreciation—Equipment ………………… 18,000 To record depreciation expense for the year. b. Insurance Expense ………………………………………………….. 4,900 Prepaid Insurance* ………………………………………………. 4,900 To record insurance coverage that expired ($6,000 – $1,100). c. […]
978-0078025600 Chapter 3 Solution Manual Part 3
Exercise 3-16 (10 minutes) Dec. 31 Net Sales ………………………………………………. 1,014,345 Income Summary ……………………………. 1,014,345 To close the revenue account. 31 Income Summary ………………………………….. 936,724 Cost of Sales ………………………………….. 626,379 Advertising Expense ………………………. 96,359 Other Expense, Net …………………………. 213,986 To close […]
978-0078025600 Chapter 3 Solution Manual Part 4
Financial & Managerial Accounting, 5th Edition 170 Problem 3-7A (90 minutes) INSTRUCTOR NOTE: Ledger accounts are shown after Part 7 as they would appear after all entries are posted. Part 2 — Transactions for April April 1 Cash ……………………………………………………… 101 […]
978-0078025600 Chapter 3 Solution Manual Part 5
Problem 3-3B (90 minutes) Parts 1 and 2 Cash Accounts Payable Bal. 60,000 Bal. 11,200 Accounts Receivable Salaries Payable Unadj. Bal. 0 Unadj. Bal. 0 (f) 5,750 (g) 450 Adj. Bal. 5,750 Adj. Bal. 450 Teaching Supplies Unearned Training Fees […]
978-0078025600 Chapter 3 Solution Manual Part 6
Problem 3-7B (Continued) Part 4 SAFE STORAGE CO. Adjusted Trial Balance July 31, 2013 No. Account Title Debit Credit 101 Cash …………………………………………………………… $ 22,850 106 Accounts receivable …………………………………… 1,150 124 Office supplies ……………………………………………. 1,525 128 Prepaid insurance ………………………………………. 6,800 173 […]
978-0078025600 Chapter 3 Solution Manual Part 7
Serial Problem, SP 3 (Continued) Part 7 Closing entries 2013 Dec. 31 Computer Services Revenue …………………….. 403 31,284 Income Summary ……………………………….. 901 31,284 To close the revenue account. 31 Income Summary ……………………………………… 901 17,036 Depreciation Exp–Office Equipment ……. 612 400 […]
978-0078025600 Chapter 3 Solution Manual Part 8
Reporting in Action — BTN 3-1 (Concluded) 6. The balance of Income Summary before it is closed as of December 31, 2011, equals the net income for Polaris of $227,575 ($ thousands). This can also be computed from taking $2,681,730 […]
978-0078025600 Chapter 4 Excel
Student Name: Class: Trans. Date Account Titles no. Debit Credit Jan. 31 4,050 4,050 «- Correct! 31 1,400 1,400 «- Correct! 31 1,525 1,525 «- Correct! 31 1,600 1,600 «- Correct! To adjust inventory for shrinkage. To record depreciation expense. […]
978-0078025600 Chapter 4 Lecture Note
Chapter 04 Accounting for Merchandising Operations Chapter 04 Accounting for Merchandising Operations © 2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be […]
978-0078025600 Chapter 4 Solution Manual Part 1
Chapter 4 Accounting for Merchandising Operations QUESTIONS 1. Merchandising companies report Merchandise Inventory on the balance sheet, service companies do not. Also, merchandising companies report both Sales (of goods) and Cost of Goods Sold on the income statement, while service […]
978-0078025600 Chapter 4 Solution Manual Part 2
Financial & Managerial Accounting, 5th Edition 246 Exercise 4-7 (25 minutes) 1. Entries for Sydney Company (BUYER): May 11 Merchandise Inventory ……………………………. 40,000 Accounts Payable ……………………………… 40,000 Purchased merchandise on credit. 11 Merchandise Inventory ……………………………. 345 Cash …………………………………………………. 345 Paid […]
978-0078025600 Chapter 4 Solution Manual Part 3
Problem 4-2A (Concluded) Aug. 15 Cash ………………………………………………………….. 4,508 Sales Discounts* ……………………………………….. 92 Accounts Receivable—Laird ……………….. 4,600 Collected receivable within 2% discount period. *[($5,200 – $600) x 2%] 18 Accounts Payable—Waters ………………………… 4,840 Merchandise Inventory * ……………………… 47 Cash …………………………………………………… 4,793 […]
978-0078025600 Chapter 4 Solution Manual Part 4
Financial & Managerial Accounting, 5th Edition 276 Problem 4-3B (Continued) Part 2 Multiple-step income statement FOSTER PRODUCTS COMPANY Income Statement For Year Ended October 31, 2013 Sales ………………………………………………………………. $227,100 Less: Sales discounts …………………………………….. $ 1,000 Sales returns and allowances ………………… […]
978-0078025600 Chapter 4 Solution Manual Part 5
Financial & Managerial Accounting, 5th Edition 290 Serial Problem — SP 4 (Continued) Common Stock Acct. No. 307 Date Explanation PR Debit Credit Balance Dec. 31 Balance 83,000 Jan. 5 25,000 108,000 Retained Earnings Acct. No. 318 Date Explanation PR […]
978-0078025600 Chapter 5 Excel
Student Name: Class: 2012 2013 2014 615,000$ 957,000$ 780,000$ (56,000) 56,000 20,000 (20,000) 559,000$ 1,033,000$ 760,000$ Correct! Correct! Correct! 2012 2013 2014 230,000$ 285,000$ 241,000$ 56,000 (56,000) (20,000) 20,000 286,000$ 209,000$ 261,000$ Correct! Correct! Correct! 2012 2013 2014 1,255,000$ 1,365,000$ […]
978-0078025600 Chapter 5 Lecture Note Part 1
Chapter 05 – Inventories and Cost of Sales Chapter 05 Inventories and Cost of Sales Student Learning Objectives and Related Assignment Materials* Student Learning Objectives Discussion Questions Quick Studies Exercises Problems (A &B set)** Beyond the Numbers Conceptual objectives: C1. […]
978-0078025600 Chapter 5 Lecture Note Part 2
Chapter 05 – Inventories and Cost of Sales Chapter Outline Notes 1. Subtract sales (general ledger amount) from goods available measured at retail price (retail data in supplementary records) to get ending inventory at retail. 2. Find cost ratio by […]
978-0078025600 Chapter 5 Solution Manual Part 1
Chapter 5 Inventories and Cost of Sales QUESTIONS 1. (a) FIFO: The cost of the first (earliest) items purchased in inventory flow to cost of goods sold first. (b) LIFO: The cost of the last (most recent) items purchased in […]
978-0078025600 Chapter 5 Solution Manual Part 2
Financial & Managerial Accounting, 5th Edition 320 Exercise 5-7 (Concluded) Alternate Solution Format Ending Cost of Inventory Goods Sold a. FIFO (100 x $25) + (120 x $20) ………………………………………………… $4,900 (150 x $10) + (50 x $10) + (250 x […]
978-0078025600 Chapter 5 Solution Manual Part 3
Problem 5-3A (Continued) 3d. Specific Identification Cost of goods available for sale ………………. $77,200 Less: Cost of Goods Sold 600 @ $45.00 ………………………………. $27,000 300 @ $42.00 ………………………………. 12,600 200 @ $27.00 ………………………………. 5,400 50 @ $50.00 ………………………………. 2,500 250 […]
978-0078025600 Chapter 5 Solution Manual Part 4
Financial & Managerial Accounting, 5th Edition 350 Problem 5-2B (40 minutes) 1. Compute cost of goods available for sale and units available for sale Beginning inventory ……………………… 20 units @ $3,000 $ 60,000 April 6 ………………………………………….. 30 units @ $3,500 […]
978-0078025600 Chapter 5 Solution Manual Part 5
Financial & Managerial Accounting, 5th Edition 364 Serial Problem — SP 5, Success Systems (concluded) 2. Per Unit Total Total LCM Applied Inventory Items Units Cost Market Cost Market To Items Office productivity …….. 3 $ 76 $ 74 $228 […]
978-0078025600 Chapter 6 Excel
Student Name: Class: 27,233$ 27,497$ 11,514 7,955 38,747 35,452 1,482$ NSF check 805$ 382 Service charge 25 2,281 4,145 Error (Check no. 3056) 20 850 34,602$ «- Correct! Adjusted book balance 34,602$ «- Correct! Date Account Title Debit Credit Jul […]
978-0078025600 Chapter 6 Lecture Note
Chapter 06 – Cash and Internal Controls Chapter 06 Cash and Internal Controls © 2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not […]
978-0078025600 Chapter 6 Solution Manual Part 1
Chapter 6 Cash and Internal Controls QUESTIONS 1. The seven broad principles are: Establish responsibilities; Maintain adequate records; Insure assets and bond key employees; Separate recordkeeping from custody of assets; Divide responsibilities for related transactions; Apply technology controls; Perform regular […]
978-0078025600 Chapter 6 Solution Manual Part 2
Financial & Managerial Accounting, 5th Edition 392 Exercise 6-14B (Concluded) b. Recording inventory at net amounts Oct. 2 Merchandise Inventory …………………………………….….. 2,940 Accounts Payable ………………………………………….. 2,940 To record merchandise purchases less discount [$3,000 – ($3,000 x .02) = $2,940]. 10 […]
978-0078025600 Chapter 6 Solution Manual Part 3
Problem 6-5B (Concluded) Part 3 There are several possible reasons why some prenumbered checks are missing from the sequence of canceled checks returned with a bank statement. Reasons include: (1) Some of the checks in the numbered sequence may have […]
978-0078025600 Chapter 7 Excel
Student Name: Class: Estimated Market Percent Apportioned Value of Total Cost Building $508,800 53% $477,000 «- Correct! Land 297,600 31% 279,000 «- Correct! Land Improvements 28,800 3% 27,000 «- Correct! Vehicles 124,800 13% 117,000 «- Correct! Totals $960,000 100% $900,000 […]
978-0078025600 Chapter 7 Lecture Note
Chapter 07 – Accounts and Notes Receivable Chapter 07 Accounts and Notes Receivable © 2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not […]
978-0078025600 Chapter 7 Solution Manual Part 1
Chapter 7 Accounts and Notes Receivable QUESTIONS 1. When customers use credit cards, the selling companies can avoid having to directly evaluate the credit standing of their customers. They also avoid the risk of bad debts and often are paid […]
978-0078025600 Chapter 7 Solution Manual Part 2
Financial & Managerial Accounting, 5th Edition 432 PROBLEM SET A Problem 7-1A (30 minutes) June 4 Accounts Receivable—N. Morris ……………………….. 650 Sales …………………………………………………………… 650 To record sales on credit. 4 Cost of Goods Sold ………………………………………….…….. 400 Merchandise Inventory ……………………………….…….. 400 […]
978-0078025600 Chapter 7 Solution Manual Part 3
Financial & Managerial Accounting, 5th Edition 444 Problem 7-5B (75 minutes) Part 1 2012 Nov. 1 Notes Receivable—S. Julian ………………………….. 4,800 Accounts Receivable—S. Julian …………………. 4,800 To record note received on account. Dec. 31 Interest Receivable ………………………………………….. 64 Interest Revenue […]
978-0078025600 Chapter 8 Excel
Student Name: Class: National Fargo Locust Bank Bank 1. May 19 Jul 8 Nov 28 90 120 60 Aug 17 Nov 5 Jan 27 Correct! Correct! Correct! 2. $35,000 $80,000 $42,000 10% 9% 8% 90/360 120/360 60/360 $875 $2,400 $560 […]
978-0078025600 Chapter 8 Lecture Note
Chapter 08 – Long-Term Assets Chapter 08 Long-Term Assets © 2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, […]
978-0078025600 Chapter 8 Solution Manual Part 1
Chapter 8 Long-Term Assets QUESTIONS 1. A plant asset is tangible; it is used in the production or sale of other assets or services; and it has a useful life longer than one accounting period. 2. The cost of a […]
978-0078025600 Chapter 8 Solution Manual Part 2
Financial & Managerial Accounting, 5th Edition 470 company became more efficient in using its assets. Moreover, it has improved its efficiency in using assets relative to its competitors who average 3.0. Together, these results based on total asset turnover indicate […]
978-0078025600 Chapter 8 Solution Manual Part 3
Financial & Managerial Accounting, 5th Edition 484 **Accumulated depreciation on machine at 12/31/2014: 2012 $ 17,425 2013 ……………………………………………………………………… 27,500 2014 ……………………………………………………………………… 27,500 Total …………………………………………………………………….. $ 72,425 ***Book value of machine at 12/31/2014: Total cost ……………………………………………………………… $114,270 Less accumulated depreciation …………………………..…. […]
978-0078025600 Chapter 9 Lecture Note
Chapter 09 – Current Liabilities Chapter 09 Current Liabilities © 2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, […]
978-0078025600 Chapter 9 Solution Manual Part 1
Chapter 9 Current Liabilities QUESTIONS 1. A current liability is expected to be paid within one year or the company’s operating cycle, whichever is longer. Any liability that is not current is considered to be long term. 2. An estimated […]
978-0078025600 Chapter 9 Solution Manual Part 2
Financial & Managerial Accounting, 5th Edition 514 Exercise 9-17 (concluded) (b) Aug 31 Salaries (or Wages) Expense ………………………….. 10,020.00 FICA—Social Sec. Taxes Payable ………….……. 298.84 FICA—Medicare Taxes Payable ……………..……. 145.29 Employee Fed. Inc. Taxes Payable ………………. 2,380.00 Employee State Inc. […]
978-0078025600 Chapter 9 Solution Manual Part 3
Problem 9-2B (60 minutes) 1. Each employee’s FICA withholdings for Social Security Ahmed Carlos June Marie Total Maximum base ………… $110,100 $110,100 $110,100 $110,100 Earned through 9/23 … 108,500 36,650 6,650 22,200 Amount subject to tax $ 1,600 $ 73,450 […]
AC 28813
Leather Head Sports operates on a small production scale using expensive, top-quality materials. How does cost-volume-profit analysis benefit this company? Answer: ____________________________ is an outgrowth of ABC that draws on the link between activities and cost incurrence for better management. […]
AC 35037
To check for accuracy after posting: first a trial balance is completed, then the subsidiary ledgers are tested by preparing a schedule of the controlling account. Answer: Revenues are increases in retained earnings from a company’s earnings activities. Answer: TRUE […]
AC 38951
Payroll is usually paid with a check or with the use of an electronic funds transfer. Answer: Purchase discounts are the same as trade discounts. Answer: FALSE Trade accounts payable are amounts owed to suppliers for products or services purchased […]
Acc 15443
Which of the following is not a benefit of following a well-designed budgeting process? A. Improved decision-making processes. B. Improved performance evaluations. C. Improved coordination of business activities. D. Assurance of future profits. E. Improved commitment to meet expected performance […]
ACC 20156
A _____________________ is an unincorporated association of two or more people to pursue a business for profit as co-owners. Answer: What is activity-based budgeting? Answer: Activity-based budgeting is a budget system based on expected activities. Knowledge of expected activities and […]
Acc 24163
Limited liability partnerships are designed to protect innocent partners from malpractice or negligence claims resulting from the acts of another partner. Answer: The days’ sales uncollected ratio is calculated by dividing accounts receivable by net sales and multiplying this quotient […]
ACC 24369
Relevant benefits refer to the additional revenue generated by selecting a particular course of action over another. Answer: The relevant range of operations includes extremely high and low levels of production that are unlikely to occur. Answer: False If the […]
Acc 34243
If net present values are used to evaluate two investments that have equal costs and equal total cash flows, the one with more cash flows in the early years has the higher net present value. Answer: In a job order […]
Acc 38527
What is discounting? Answer: A firm produces and sells a product with a contribution margin of $32 per unit. The firm is presently selling 90,000 units and earning $240,000 in after-tax income. Taxes are $80,000 at a 25% tax rate. […]
ACC 40411
A revenue account normally has a debit balance. Answer: A service company earns net income by buying and selling merchandise. Answer: FALSE Partners can invest both assets and liabilities into a partnership. Answer: True A business segment is a part […]
ACC 41942
The cost of an inventory item includes its invoice cost and any added or incidental costs necessary to make it saleable less any discount. Answer: The focus of financial accounting is on an organization’s projects, processes, and subdivisions, and the […]
Acc 42517
The concept of incremental cost is the same as the concept of differential cost. Answer: An advantage of the break-even time (BET) method over the payback period method is that it recognizes the time value of money. Answer: True Earnings […]
ACC 49117
Ben and Jerry’s had total assets of $149,501,000, net income of $6,242,000, and net sales of $209,203,000. Profit margin was 98%. Answer: Input devices include journal entries, keyboards, scanners, and modems. Answer: TRUE A company has net income of $130,500. […]
ACC 54343
Parris Corporation purchased 40% of Samitz Corporation for $100,000 on January 1. On November 17 of the same year, Samitz Corporation declared total cash dividends of $12,000. At year-end, Samitz Corporation reported net income of $60,000. The balance in the […]
Acc 57527
Facility level costs vary with the number of units or batches produced. Answer: An increase in the price of the U.S. dollar against other currencies puts U.S. companies in a stronger competitive position internationally. Answer: FALSE A markup percentage equals […]
Acc 68011
In process cost accounting, direct labor includes only the labor that is applied directly to the products. Answer: According to the cost principle, it is preferable for managers to report the most current estimate of an asset’s value. Answer: FALSE […]
ACC 81124
Product level costs do not vary with the number of units or batches produced. Answer: When LIFO is used with the periodic inventory system, cost of goods sold is assigned costs from the most recent purchases at the point of […]
ACC 85052
The cash flow on total assets ratio: A. Is the same as return on assets. B. Is the same as profit margin. C. Can be an indicator of earnings quality. D. Is highly affected by accounting principles of income recognition […]
ACC 85082
Auditors rely on accounting system databases when they audit financial statements and a company’s controls. Answer: Earned but uncollected revenues that are recorded during the adjusting process with a credit to a revenue account and a debit to an expense […]
ACC 91250
A retailer is an intermediary that buys products from manufacturers and sells them to wholesalers. Answer: Under the cash basis of accounting, no adjustments are made for prepaid, unearned, and accrued items. Answer: TRUE Process and job order manufacturing operations […]
Acc 92079
A single cost incurred in producing or purchasing two or more essentially different products is a(n): A. Product cost B. Incremental cost C. Differential cost D. Joint cost E. Fixed cost Answer: Classify each of the following items as a […]
Acc 93636
A schedule of accounts receivable is a listing of all creditor accounts and account balances. Answer: An inventory error is sometimes said to be self-correcting because it causes an offsetting error in the next period. Answer: TRUE A lawsuit is […]
Acc 93662
A company owns $100,000 of 9% bonds that pay interest on October 1 and April 1. The amount of interest accrued on December 31 (the company’s year-end) would be: A. $750 B. $1,500 C. $2,250 D. $4,500 E. $9,000 Answer: […]
Acc 96109
Given the following information, determine the cost of ending inventory at December 31 using the LIFO perpetual inventory method. December 2: 5 units were purchased at $7 per unit. December 9: 10 units were purchased at $9.40 per unit. December […]
Acc 99616
A company received a $1,000, 90-day, 10% note receivable. The journal entry to record receipt of the note would include a debit to Notes Receivable. Answer: The days’ sales uncollected ratio reflects the liquidity of accounts receivable. Answer: TRUE If […]
Accounting 19149
A company’s employees had the following earnings records at the close of the current payroll period: The company’s payroll taxes expense on each employee’s earnings includes: FICA Social Security taxes of 6.2% on the first $87,000 plus 1.45% FICA Medicare […]
Accounting 57754
Which of the following accounts would appear on a manufacturing statement? A. Raw materials, factory insurance expired, indirect labor. B. Raw materials, goods in process, finished goods. C. Factory buildings, delivery equipment, and depreciation on factory equipment. D. Direct labor, […]
Accounting 63105
A company reported the following information regarding its inventory. Beginning inventory: cost is $70,000; retail is $130,000. Net purchases: cost is $65,000; retail is $120,000. Sales at retail: $145,000. The year-end inventory showed $105,000 worth of merchandise available at retail […]
Acct 14661
A process of examining the differences between actual and budgeted costs and describing them in terms of the amounts that resulted from price and quantity differences is called: A. Cost analysis. B. Flexible budgeting. C. Variable analysis. D. Cost variable […]
Acct 19475
Assume that the following information was available for Guy Brown Company. How would Maria Teresa Vazquez and the other owners evaluate this information based on contribution margin ratio? A. Recycled toner cartridges has the lowest contribution margin ratio. B. Furniture […]
Acct 20555
Companies promoting continuous improvement strive to achieve _____________ standards by eliminating inefficiencies and waste. Answer: A _______________________ is a document the buyer issues to inform the seller of a debit made to the seller’s account in the buyer’s records. Answer: […]
Acct 25899
Which of the following is true when computing cost per equivalent unit in a FIFO process costing system? A. Prior period costs are combined with costs incurred in the current period and then divided by the equivalent units of production. […]
ACCT 31279
One possible explanation for direct labor rate and efficiency variances is the use of workers with different skill levels. Answer: The present value of 1 formula is often useful when a borrowed asset must be repaid in full at a […]
Acct 33648
Prepare the required general journal entry to record the following transactions for the Flaherty Company. (a.) Incurred $95,000 of factory labor cost which is paid in cash. (b.) Used $42,000 of direct labor in the grinding department, and $36,000 of […]
ACCT 55387
Given the following information, determine the cost of goods sold for December 31 using the FIFO perpetual inventory method. December 2: 5 units were purchased at $7 per unit. December 9: 10 units were purchased at $9.40 per unit. December […]
Acct 59353
Merchandise inventory is reported in the long-term assets section of the balance sheet. Answer: Accounting is an information and measurement system that identifies, records, and communicates financial information to users. Answer: TRUE In applying the lower of cost or market […]
ACCT 68031
Dividing accounts receivable by net sales and multiplying the result by 365 is equal to the: A. Profit margin B. Days’ sales uncollected C. Accounts receivable turnover ratio D. Average accounts receivable ratio E. Current ratio Answer: Responsibility accounting performance […]
ACCT 69018
Identify and explain the advantages and disadvantages of bond financing. Answer: Montgomery Marketing Co. had assets of $475,000; liabilities of $275,500; and equity of $199,500. Calculate its debt ratio. Answer: $275,500/$475,000 = 58% A company reported net sales for Year […]
ACCT 71795
The recurring steps performed each accounting period, starting with analyzing and recording transactions in the journal and continuing through the post-closing trial balance, are referred to as the: A. Accounting period B. Operating cycle C. Accounting cycle D. Closing cycle […]
Acct 77172
If a company sells merchandise with credit terms 2/10, n/60, the credit period is 10 days and the discount period is 60 days. Answer: FALSE Dividends are a type of business expense. Answer: FALSE Internal controls include policies to direct […]
ACCT 77300
Reference: 18_04 A firm sells two products, A and B. For every unit of A the firm sells, two units of B are sold. The firm’s total fixed costs are $1,612,000. Selling prices and cost information for both products follow: […]
ACCT 77377
A company had net sales of $82,000, cost of goods sold of $70,000, and other expenses of $2,000. Its gross margin ratio equals: A. 37% B. 2.44% C. 14.63% D. 16.67% E. 683.33% Answer: C Feedback: ($82,000 – $70,000)/$82,000 = […]
ACCT 94763
Match the appropriate definition (a) through (h) with the following terms: (a) A department or unit that incurs costs without directly generating revenues. (b) A center in which a manager is responsible for using the center’s assets to generate income […]
ACCT 95346
What would be the account balance in Accounts Receivable after the following transactions, assuming a zero beginning balance? A. $17,400 B. $10,900 C. $14,400 D. $ 4,500 E. $ 2,000 Answer: On August 31, 2013, Victory Corporation’s common stock is […]
ACCT 99950
A good financial statement analysis report often includes the following sections: Executive summary, analysis overview, evidential matter, assumptions, key factors, and inferences. Answer: The “cumulative effect of a change in accounting principles” is shown below the extraordinary items section on […]
ACT 20777
Admitting a partner into a partnership by accepting assets is a personal transaction between one or more current partners and the new partner. Answer: Fixed costs change in the short run depending upon managements decision to accept or reject special […]
ACT 53441
FastForward reported net income of $17,500 for the past year. At the beginning of the year the company had $200,000 in assets. By the end of the year, assets had increased to $300,000. Calculate the return on assets. Answer: Probably […]
ACT 80466
Canberra Company uses a job order cost accounting system. During the current month, the factory payroll of $180,000 was paid in cash. The amount of labor classified as direct labor was three times greater than the amount classified as indirect […]
ACT 80854
A company borrowed $300,000 cash from the bank by signing a five-year, 8% installment note. The present value factor for an annuity at 8% for five years is 3.9927. Each annuity payment equals $75,137. How much cash did the company […]
ACT 98086
The budgeted balance sheet is prepared with data contained in the previously prepared components of the master budget. Answer: The matching principle requires that revenue not be assigned to the accounting period in which it is earned. Answer: FALSE A […]
MET MG 14810
Use the balance sheets of Sando shown below to calculate the following ratios for 2013 (round to the hundredths): (a) Current ratio (b) Acid-test ratio (c) Debt ratio (d) Equity ratio Answer: (a) ($43,000 + $38,000 + $61,000 + $6,000)/$62,000 […]
MET MG 21570
A company issues bonds with a par value of $900,000 on their stated issue date. The bonds mature in 10 years and pays 10% annual interest in semiannual payments. On the issue date, the annual market rate for the bonds […]
MET MG 33036
A company paid $200,000 10 years ago for a specialized machine that has no salvage value and is being depreciated at the rate of $10,000 per year. The company is considering using the machine in a new project that will […]
MET MG 38597
A corporation had 50,000 shares of $20 par value common stock outstanding on July 1. Later that day the board of directors declared a 10% stock dividend when the market value of each share was $27. The entry to record […]
MET MG 38878
The relevant range of operations excludes extremely high and low levels of production that are not likely to occur. Answer: If the partners agree on a formula to share income and say nothing about losses, then the losses are shared […]
MET MG 51572
Financing activities include the purchase and sale of long-term assets. Answer: Fixed budgets are also known as flexible budgets. Answer: False FUTA requires employers to pay a federal unemployment tax on the first $7,000 in salary or wages paid to […]
MET MG 59183
Accounting records are also referred to as the books. Answer: In a limited partnership the general partner has unlimited liability. Answer: True All companies desire a low return on total assets. Answer: FALSE An investor with significant influence owns as […]
MET MG 63617
A company had gross profit of $134,200 on net sales of $205,000. If ending inventory was $8,000 and average inventory was $7,080, what is the company’s inventory turnover? A. 10.0 B. 8.85 C. 16.77 D. 18.95 E. 28.95 Answer: A […]
MET MG 64227
The process of evaluating performance can be improved by using budgets. Answer: Three key variables determine the dollar value of inventory: (1) inventory quantity, (2) costs of inventory, and (3) cost flow assumption. Answer: TRUE The International Accounting Standards Board […]
MET MG 97968
Most managers stress the importance of understanding and predicting cash flows for business decisions. Answer: TRUE The assignment of costs to cost of goods sold and to inventory using specific identification is the same for both the perpetual and periodic […]
SMG AC 11252
With credit terms of 2/10, n/30, the seller is offering the purchaser a 2% cash discount if the amount is paid within 10 days of the invoice date. Otherwise, the full amount is due in 30 days. Answer: Product costs […]
SMG AC 30570
The stockholders’ equity section of a company’s year-end balance sheet follows: The preferred stock has a call price of $103 per share plus dividends in arrears. One entire year’s dividends are in arrears. Calculate the book value per (1) preferred […]
SMG AC 32019
Assets tied up in inventory are referred to as nonproductive assets. Answer: Job order costing is applicable to manufacturing firms only and not service firms. Answer: False A typical sales journal is used to record cash sales. Answer: FALSE An […]
SMG AC 34968
In evaluating capital budgeting alternatives, there are two primary methods that do not consider the time value of money. These methods are _______________ and __________________. There are also two primary methods that consider the time value of money; these are […]
SMG AC 37057
A company returned merchandise to a supplier because it did not meet their specifications. This transaction would be recorded in which of the following journals? A. Sales journal B. Purchases journal C. Cash disbursements journal D. Cash receipts journal E. […]
SMG AC 80423
Raisen, Inc.s budget included the following overhead costs for the current year assuming operations at 80% of capacity, or 40,000 units: The standard cost per unit when operating at this same 80% capacity level is: The actual production achieved in […]