Accounting 200 Final Exam (Ch. 7 - 14)

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Metro, Inc. sells backpacks. The Company's accountant is preparing the purchases budget for the first quarter operations. Metro maintains ending inventory at 20% of the following month's expected cost of goods sold. Expected cost of goods sold for April is $70,000. Sales: January February March Budgeted CGS:$40,000 $50,000 $60,000 Plus: Desired ending inventory: 10,000 Inventory needed: 50,000 Less: Beginning inventory: (8,000) Required purchases: $42,000 Based on this information the total amount of expected purchases for February is

$52,000.

A sales budget has been prepared for April. Management wants the amount of ending inventory each month to be equal to 10% of that month's cost of goods sold. Cost of goods sold for April is projected at $60,000. Ending inventory at the end of March is expected to be $12,000. Based on this information, what would the amount of purchases be for April?

$54,000

Star Company projected unit credit sales for the last four months of the year as shown below: September: 3,000 October: 3,200 November: 4,100 December: 5,600 The company's past records show collection of credit sales as 60% in the month of sale and the balance in the following month. If inventory units are sold for $25, the total cash collections on receivables in November will be

$93,500.

Jack Manufacturing Company had beginning work in process inventory of $8,000. During the period, Jack transferred $34,000 of raw materials to work in process. Labor costs amounted to $41,000 and overhead amounted to $36,000. If the ending balance in work in process inventory was $12,000, what was the amount transferred to finished goods inventory?

$107,000.

The following budget information is available for the HD Sales Company for January: Sales: $320,000 Freight out: $.25 per unit sold Depreciation on Admin. Equipment: $10,000 Sales & Admin. Salaries: $40,000 + 2% of sales Advertising: $12,000 Depreciation on Manuf. Equip.: $15,000 Lease on Sales Building: $45,000 Miscellaneous Selling Expenses: $5,000 Based on January sales of 20,000, the amount of HDC's expected cash outflow for selling and administrative expenses would be

$113,400.

The following beginning and ending inventory balances apply to Holder Company: Beginning Ending Raw Materials Inventory $24,000 $22,000 Work in Process Inventory 32,000 33,000 Finished Goods Inventory 20,000 17,000 During the accounting period, the company purchased $234,000 of direct raw materials. It incurred $180,000 of direct labor costs for the year and allocated $260,000 of manufacturing overhead costs to work in process. There was no overapplied or underapplied overhead. Revenue from goods sold during the year was $800,000. What was Holder's gross margin?

$122,000

The following budget information is available for the HD Sales Company (HDC) for January: Sales: $320,000 Freight out: $.25 per unit sold Depreciation on Admin. Equipment: $10,000 Sales & Admin. Salaries: $40,000 + 2% of sales Advertising: $12,000 Depreciation on Manuf. Equip.: $15,000 Lease on Sales Building: $45,000 Miscellaneous Selling Expenses: $5,000 All operating expenses are paid in cash in the month incurred. If HDC expects to sell 20,000 units of inventory, the total budgeted selling and administrative expenses would be what amount on the January pro forma income statement?

$123,400

Boland Company sells a product that is priced at $20 per unit. The per unit contribution margin is equal to 25 percent of the sales price. If fixed costs amount to $55,000 and the company has a desired profit of $20,000, the number of units that must be sold to earn the desired profit is

15,000 units.

At the beginning of the current accounting period Blazer Company had a $40,000 balance in its Finished Goods Inventory account. During the period cost of goods manufactured amounted to $280,000. The ending balance in the Finished Goods Inventory account was $42,000. Based on this information the amount of cost of goods sold is

$278,000.

Green Manufacturing Company produces a product that has a variable cost of $30 per unit. Fixed costs amount to $240,000. The selling price of the product is $36. How many units of product must Green produce and sell to break even?

40,000 units

At a sales level of $270,000, the magnitude of operating leverage for Donuts Unlimited is 2.8. If number of units sold increase by 15%, profits will increase by:

42%

Derek's Drum Depot (DDD) wants to add a new line of drumsticks to its product line. The following data apply to the new drumsticks line. Budgeted sales: 30,000 sets per year Sales price: $5 per set Variable costs: $3 per set Fixed costs: $10,000 per set year The margin of safety for DDD is:

83%

Which of the following statements is true?

A company that has only variable cost cannot benefit from operating leverage.

Which of the following statements is true?

A fixed cost structure has more risk of volatile changes in net income than a company with a variable cost structure.

Cash receipts for January are expected to total $171,000. Cash disbursements for January are expected to be $158,000. The company's minimum desired cash balance is $10,000. It started the period with $35,000. What is the expected cash balance at the end of January?$48,000

$48,000

The book value of a share of stock may be

All of the answers are correct

American Enterprise Company's total current assets were $12,000 and its total current liabilities were $4,000. If American Enterprise issues a short-term note to a bank for $2,000 cash...

American Enterprise's total working capital will remain constant while its current ratio will decrease.

Select the true statement

As volume decreases fixed cost per unit increases.

On January 1, Year 1 Residence Company issued bonds with a $50,000 face value. The bonds were issued at 96 resulting in a 4% discount. They had a 20 year term and a stated rate of interest of 7%.Which of the following shows how the bond issue will affect Residence's financial statements on January 1, Year 1?

Balance Sheet: Assets = Liabilities + Equity $48,000 = $48,000 + NA ________________________________________________________________ Income Statement: Revenue − Expense = Net Income NA - NA = NA _________________________________________________________________ Statement of Cash Flows: $48,000 FA Explanation: Cash received from the bond issue = $50,000 face value × 0.96 bond price = $48,000 cash inflow. The bond issue is an asset source event. The asset account (cash) increases and the liability (bonds payable) increases. In other words, liabilities would be identified as the source of the cash. Since no interest has been incurred, there is no impact on the income statement. The cash inflow is a financing activity.

ManCo Manufacturing Company paid cash for wages of production workers. Which of the following choices reflects how this event would affect the Company's balance sheet and income statement?

Balance Sheet: Assets = Liabilities + Equity + − = n/a + n/a Income Statement: Rev. - Exp. = Net Income n/a − n/a = n/a

Which of the following items would not appear in a selling and administrative expense budget?

Cost of goods sold.

Which of the following would not likely appear on a classified balance sheet?

Current Retained Earnings

The cost of denim used to manufacture blue jeans would most likely be classified as a

Direct Material

Elegant Dogs and Dazzling Dogs are competing canine grooming salons. Each company currently serves 4,500 customers per year. Both companies charge $35 to groom a dog. Elegant Dogs pays its dog groomers fixed salaries. Salary expense totals $45,000 per year. Dazzling Dogs pays its groomers $10 per dog groomed. Elegant Dogs lures 2,000 customers from Dazzling Dogs. Which of the following is true?

Elegant Dogs' profits will increase by more than Dazzling Dogs' profits will decrease.

Since a company must know how much inventory is on hand before it can determine how many items must be purchased, the inventory purchases budget is normally the starting point in the process of preparing a master budget. This statement is

False

The number of shares a corporation has outstanding may exceed the number of shares authorized. This statement is

False

A current asset is an asset that is cash or an asset that will be converted into cash within one year or one operating cycle whichever is shorter.

False.

Treasury stock is listed as the first account under the stockholders' equity section of the balance sheet. This statement is

False.

Fran Company is currently operating profitably. The company has a fixed cost structure. Based on this information which of the following statements is true?

If volume increases by 20%, profitability will increase by more than 20%.

Which of the following first required corporations to file quarterly and annual financial statements that are prepared in accordance with Generally Accepted Accounting Principles?

Securities Act of 1934

Which of the following has a single owner?

Sole Proprietorship

U-RIDE, Inc. currently produces the electric engines that are used in golf carts made and sold by the Company. Electco has offered to sell the electric engines to U-RIDE at a price of $200 each. Current production information follows: Unit-level material and labor: $175 Facility-level depreciation of manufacturing equip.: $5,000/month Product-level engine production supervisor's salary: $2,000/month Annual facility-level utilities: $15,000 Buying the engines will free up manufacturing capacity that could be used to make a new economy line golf cart that would produce an additional $36,000 profit per year. U-RIDE is currently operating profitably producing and selling 2,000 engines annually. Based on this information, which of the following is true?

The cost of buying the engines is $5 per unit less than the relevant cost of making the units.

Which of the following is a facility-level cost?

The cost of the salary for the company president.

Saylind Molding paid $280,000 in rent for the year. The company's three departments are Headrests, Armrests, and Floor Mats. The number of employees working in each department includes 60 in the Headrest Department, 30 in the Armrest Department and 110 in Floor Mats Department. The Headrest Department occupies 5,000 square feet of space; the Armrest Department occupies 6,300 square feet and the Floor Mats Department occupies 2,700 square feet. What is the most appropriate cost driver (allocation base) for allocating the $280,000 rental cost to each of the departments?

The square footage of space.

Taylor Tools, Inc. has sales of $200,000 in Year 1. Taylor warrants its products and estimates warranty expense to be 4% of sales. Which of the following shows how the year end adjusting entry would affect the company's assets, liabilities, and cash flow from operating activities?

Total Assets: NA Liabilities: +8000 Stockholders Equity: NA

A cost that is relevant to one decision may be irrelevant to a different decision. This statement is

True

As a result of the cost/benefit concept, a cost that could be traced directly to a cost object may still be treated as an indirect cost. This statement is

True

Indirect costs are frequently called overhead costs. This statement is

True

When there is no cause and effect relationship between a cost driver and the cost to be allocated accountants may be forced to make an arbitrary allocation such as assigning an equal amount of cost to each unit of product. This statement is

True

If investors require more interest than the rate of interest stated in a bond, the bond must be sold at a discount in order to motivate the investor to purchase the bond. This statement is... (true of false?)

True.

Which of the following is not a stock market ratio?

Working Capital Investment

The accounting records of Nowaczyk Company contained the following account balances: Cash $2,000; Accounts Receivable $8,000; Inventory $12,000; Prepaid Items $3,000; and Current Liabilities of $20,000. Based on this information Nowaczyk's

current ratio is higher than its quick ratio. current ratio is 1.25 to 1. quick ratio is 0.50 to 1. **All of the answers are correct.**

ManCo Manufacturing Company paid cash for commissions paid to sales staff. Which of the following choices reflects how this event would affect the Company's balance sheet and income statement?

Balance Sheet: Assets = Liabilities + Equity − = n/a + - Income Statement: Rev. - Exp. = Net Income n/a − + = -

If a corporation sells treasury stock for more than it paid to acquire the stock, it will record a gain that will be shown in the nonoperating section of the income statement. This statement is...

False.

On the balance sheet, paid-in excess accounts are normally shown after the retained earnings account. This statement is...

False.

Profitability ratios are prepared by company employees for internal use only. This statement is...

False.

The process of assigning costs to two or more cost objects requires

cost tracing. cost allocation. cost/benefit analysis. all of the above.****

Which of the following is the most logical cost driver for allocating the telephone bill among four departments?

number of telephones

Hector, Inc. currently makes and sells approximately 5,000 shovels per year. Hector has an offer to buy the shovels it currently makes at a price that is below its cost of making them. Based on this information Hector is faced with a(n)

outsourcing decision.

With respect to a company that is currently earning a profit,

the higher the margin of safety the less likely a company is to incur a loss.

Explorer Supplies, Inc. had sales of $120,000 in Year 1. Explorer warrants its products and estimates warranty expense to be 3% of sales. Which of the following shows how the year end adjusting entry would affect the company's assets, liabilities, and stockholders' equity?

Total Assets: NA Liabilities: +3600 Stockholders Equity: (3600)

All other things being equal, the higher a company's net margin, the better its performance. This statement is...

True.

Brock Company makes candy. During the most recent accounting period Brock paid $3,000 for raw materials, $4,000 for labor, and $2,000 for overhead costs that were incurred to make candy. Brock started and completed 10,000 units of candy of which 8,000 were sold. Based on this information the balance in the inventory account on Brock's balance sheet would be

$1,800

On January 1, Year 1 Residence Company issued bonds with a $50,000 face value. The bonds were issued at 96 resulting in a 4% discount. They had a 20 year term and a stated rate of interest of 7%. Based on this information, the carrying value of the bond liability on January 1, Year 1 is...

$48,000 Explanation: The carrying value of the bond liability is the face value of the bonds minus the discount. In this case, the carrying value is $48,000 [($50,000 - ($50,000 × 0.04)]. The carrying value can also be determined by multiplying the face value of the bond times the bond price. The bond price is normally expressed as a percentage of face value. For example a bond priced at 96 means that the bonds will sell for 96% of face value. To confirm, $50,000 × 0.96 = $48,000

On January 1, Year 1 Residence Company issued bonds with a $50,000 face value. The bonds were issued at 104 resulting in a 4% premium. They had a 20 year term and a stated rate of interest of 7%. Based on this information, the carrying value of the bond liability on January 1, Year 6 is...

$51,500

Alpha Associates was organized on January 1, Year 1. Alpha was organized as a corporation. Alpha reported $200,000 of before tax income during Year 1 and paid a $30,000 cash dividend to its stockholders. Assuming a corporate income tax rate of 30% and a personal income tax rate of 15%, the total amount of tax collected by the government is...

$64,500

Brock Company makes candy. During the most recent accounting period Brock paid $3,000 for raw materials, $4,000 for labor, and $2,000 for overhead costs that were incurred to make candy. Brock started and completed 10,000 units of candy of which 8,000 were sold. Based on this information Brock would recognize which of the following amounts of expense on its income statement?

$7,200

The following information was drawn from the accounting records of Woo Company: -------------------------------------------------------------- Current assets: $50,000 Long-term assets (Plant assets): 350,000 Current liabilities: 40,000 Long-term liabilities: 100,000 Stockholders' Equity: 260,000 Earnings before interest and taxes: 60,000 Interest expense: 15,000 -------------------------------------------------------------- Based on this information, the company's times interest earned measure is (round your answer to two decimal places.)

4.00 times

On January 1, Year 1 Graham Corporation issued 200 shares of $5 stated value preferred stock for $40 per share. Which of the following shows how the stock issue will affect Graham's financial statements on January 1, Year 1?

Balance Sheet: Assets = Common stock + Paid-in- Capital in Excess of Par Value $8,000 = $1,000 + $7,000 Income Statement: Rev.- Exp. = Net Inc. NA - NA = NA Statement of Cash Flows: $8,000 FA

On January 1, Year 1 Residence Company issued bonds with a $50,000 face value. The bonds were issued at 104 resulting in a 4% premium. They had a 20 year term and a stated rate of interest of 7%.Which of the following shows how the bond issue will affect Residence's financial statements on January 1, Year 1?

Balance Sheet: Assets = Liabilities + Equity 52000 = 52000 + NA _______________________________________________________________ Income Statement: Revenue − Expense = Net Income NA - NA = NA _________________________________________________________________ Statement of Cash Flows: $52,000 FA

On November 1, Year 1 Cove Company borrowed $7,000 cash to from Shelter Company. The one-year note carried a 7% rate of interest. Which of the following shows how the loan will affect Cove's financial statements on November 1, Year 1?

Balance Sheet: Assets = Liabilities + Equity 7000 = 7000 + NA ________________________________________________________________ Income Statement: Revenue − Expense = Net Income NA -NA = NA _________________________________________________________________ Statement of Cash Flows: 7,000 FA

Tom Tom Toys, Inc. has sales of $500,000 in Year 1. Tom Tom warrants its products and estimates warranty expense to be 2% of sales. Which of the following shows how the year end adjusting entry for warranty expense would affect the company's financial statements?

Balance Sheet: Assets = Liabilities + Equity NA = $10,000 + ($10,000) ________________________________________________________________ Income Statement: Revenue − Expense = Net Income NA - $10,000 = ($10,000) _________________________________________________________________ Statement of Cash Flows: NA

On August 1, Year 1 Gomez Company borrowed $48,000 cash. The one-year note carried a 5% rate of interest. Which of the following shows how the accrual of interest expense in Year 2 will effect Gomez's financial statements?

Balance Sheet: Assets = Liabilities + Equity NA = 1,400 + (1,400) ________________________________________________________________ Income Statement: Revenue − Expense = Net Income NA - 1,400 = (1,400) _________________________________________________________________ Statement of Cash Flows: NA

On November 1, Year 1 Dixon Company paid $20 per share to buy back 1,000 shares of its $8 par value common stock. The stock had originally sold for $15. On December 15, Year 1 Dixon sold 400 shares of the treasury stock at $24 per share. Which of the following shows how the sale of the treasury stock will affect Dixon's financial statements on December 15, Year 1?

Balance Sheet: Assets = Other Equity Accounts - Treasury Stock 9,600 = NA - (8,000) Paid in Treasury Stock: 1,600 Income Statement: Rev.- Exp. = Net Inc. NA - NA = NA Statement of Cash Flows: 9,600 FA

Of the following statements, which is NOT true concerning indirect costs?

An indirect cost may be fixed but cannot be variable.

Product costs are placed in which financial statement account when incurred?

Inventory

Harcourt Manufacturing (HM) has the capacity to produce 10,000 fax machines per year. HM currently produces and sells 7,000 units per year. The fax machines normally sell for $100 each. Modem Products has offered to buy 2,000 fax machines from HM for $60 each. Unit-level costs associated with manufacturing the fax machines are $15 each for direct labor and $40 each for direct materials. Product-level and facility-sustaining costs are $50,000 and $65,000, respectively. Should HM accept the special order?

Yes, but only if qualitative factors are favorable.

A company should accept a special order if

additional revenue is greater than relevant costs.

The process of dividing a total cost into parts, and assigning the parts among relevant cost objects is called

allocation

Based on the segment income statement below, Chips, Inc. is considering eliminating its Barbecue Division line. Revenue from Barbecue Division sales: $500,000 Salaries for Barbecue Division workers: (100,000) Direct material: (300,000) Sunk costs (equipment depreciation): (75,000) Allocated company-wide facility-sustaining costs: (50,000) Net loss: $(25,000) If Barbecue Division were eliminated, profitability would...

decrease $100,000.

Tutor, Inc. (TI) provides instructional services to its customers. TI charges $200 per student. The Company expects to serve 500 students during the coming year. All of the Company's expenses are fixed. Total annual fixed costs are projected to be $60,000. If the estimated number of students decreases by 10%, net income will

decrease by 25%

Costs that can be traced to objects in a cost-effective manner are called

direct costs

The adjusting entry required to recognize warranty expense will cause...

equity to decrease and will not affect cash flow from operating activities.

Direct costs and variable costs are synonymous terms. This statement is

false

The estimated amount of manufacturing overhead appears on the schedule of cost of goods manufactured and sold. This statement is

false

Upstream costs are included in the determination of cost of goods sold but downstream costs are not included. This statement is

false.

At lunchtime, Pete's Chilly Dogs sells hot dogs, chips, and soft drinks from five portable hot dog carts stationed on busy street corners. The depreciation cost on the carts is $1,000 per year for each cart. The company buys supplies (hot dogs, chips, cups, napkins) as needed. The 5 cart operators are each paid $8,000 per year plus 5% of sales revenue. Relative to the number of customers at a particular hot dog stand, the depreciation cost is

fixed

Operating leverage is caused by.

fixed cost

The graph below depicts Dove Company's monthly warehouse rental cost. (graph) Based on the graph, the rental cost is a

fixed cost

The adjusting entry required to recognize warranty expense will cause...

liabilities to increase and equity to decrease.

As compared to companies with low operating leverage, companies with high operating leverage have

more opportunity and more risk

Green Manufacturing Company produces a product that has a variable cost of $30 per unit. Fixed costs amount to $240,000. The selling price of the product is $36. The contribution margin per unit is:

none of the above.

The following information was drawn from the accounting records of Woo Company: _______________________________________ Current assets: $50,000 Long-term assets: 350,000 Current liabilities: 40,000 Long-term liabilities: 100,000 Stockholders' Equity: 260,000 Net Income: 60,000 ________________________________________ Based on this information, the company's debt to assets ratio is: (round your answer to the nearest whole percentage.)

35% Explanation: Total debt = $40,000 current + $100,000 long-term = $140,000 Total assets = $50,000 current + $350,000 long-term = $400,000 Debt to assets = $140,000 total debt ÷ $400,000 total assets = 35%

The following information was drawn from the accounting records of Kerry Company. ---------------------------------------------- Net income: $200,000 Preferred stock outstanding, 8% cumulative: $40,000 Market price per share of common stock: $10.00 Total Stockholders' Equity: $1,240,000 Average number of common shares outstanding: 100,000 shares Dividends per share on common stock: $0.50 per share ---------------------------------------------- Based on this information the company's dividend yield on its common stock is

Unistar Computers makes and sells a unique computer that is designed for a specific market. Cost information relating to that product is shown below: Sales Price: $1,500 per unit Variable Costs: $1,000 per unit Fixed Costs: $120,000 total Unistar expects to make and sell 300 computers. Based on this information, the margin of safety expressed in units is:

60 units

70,000 units

The beginning inventory is expected to be 2,000 cases. Expected sales are 10,000 cases, and the company wishes to begin the next period with an inventory of 1,000 cases. The number of cases the company must purchase during the month is

9,000 cases.

Information need to prepare the cash budget is drawn from which of the following budgets?

All of the answers describe budgets that contain information need to prepare the cash budget.

Which of the following statements is true regarding potential qualitative issues affecting outsourcing decisions?

All of the answers describe potential qualitative factors associated with outsourcing decisions.

Which of the following formulas is used to determine the margin of safety?

All of the formulas will yield a measure of the margin of safety.

Which of the following is normally included in the description of cumulative preferred stock when shown in the stockholder's equity section of the balance sheet?

All of the items are included in the description shown on the balance sheet.

Which of the following is commonly used to measure liquidity?

All of the ratios are used to measure liquidity.

On August 1, Year 1 Gomez Company borrowed $48,000 cash. The one-year note carried a 5% rate of interest. Which of the following shows how the December 31, Year 1 recognition of accrued interest will effect Gomez's financial statements?

Balance Sheet: Assets = Liabilities + Equity NA = 1,000 + (1,000) ________________________________________________________________ Income Statement: Revenue − Expense = Net Income NA - 1,000 = (1,000) _________________________________________________________________ Statement of Cash Flows: NA

Mary's Manufacturing Company used supplies in its accounting department. Which of the following choices reflects how this event would affect the Company's balance sheet and income statement?

Balance Sheet: Assets = Liabilities + Equity − = n/a + - Income Statement: Rev. - Exp. = Net Income n/a − + = -

Which of the following would not likely appear in the current liabilities section of a classified balance sheet?

Bonds payable.

To be relevant, information must

Both of the answers are characteristics of relevant information.

Based on the behavior shown in the following table, which of the following is a variable cost? Units Produced: 2 3 4 5 ___________________________________________________________________________ a.Cost Per Unit of Materials 500 500 500 500 b.Total Labor Cost 3,000 4,500 6,000 7,500 c.Total Utilities Cost 4.,500 4,500 4,500 4,500

Both the cost per unit of materials and the total labor cost are variable costs.

U-RIDE, Inc. currently produces the electric engines that are used in golf carts made and sold by the Company. Electco has offered to sell the electric engines to U-RIDE at a price of $200 each. Current production information follows: Unit-level material and labor: $175 Facility-level depreciation of manufacturing equip.: $5,000/month Product-level engine production supervisor's salary: $2,000/month Annual facility-level utilities: $15,000 U-RIDE is currently operating profitably producing and selling 2,000 engines a year using 90% of its manufacturing capacity. Which of the following is true?

Buying the units would increase U-RIDE's cost by $13 per unit.

The wages of factory maintenance personnel would usually be considered as: Indirect Labor / Manufacturing overhead a) No Yes b) Yes No c) Yes Yes d) No No

C) Yes, Yes ( Indirect and Manufacturing overhead

The magnitude of operating leverage can be determined by which of the following formulas?

Contribution margin ÷ Net income

Which of the following is a disadvantage of a corporate form of business?

Double Taxation

Which of the following formulas is used to determine the amount of inventory that must be purchased in order to satisfy a company's budgeted sales?

Ending inventory + Cost of goods sold = Amount of inventory needed - Beginning Inventory

The book value per share of stock is the amount of money an investor would have to pay to purchase a share of stock in an open market. This statement is

False.

Harcourt Manufacturing (HM) has the capacity to produce 10,000 fax machines per year. HM currently produces and sells 7,000 units per year. HM currently leases its excess capacity for a rental fee of $12,000. The fax machines normally sell for $100 each. Modem Products has offered to buy 2,000 fax machines from HM for $60 each. Unit-level costs associated with manufacturing the fax machines are $15 each for direct labor and $40 each for direct materials. Product-level and facility-level costs are $50,000 and $65,000, respectively. Based on this information (ignore qualitative characteristics)

HM should reject the offer because accepting it will reduce profitability by $2,000.

Royal Industries has budgeted the following information for January: Cash Receipts: $40,000 Beginning Cash Balance: $10,000 Cash Payments: $48,000 Desired Ending Cash Cushion: $5,000 If there is a cash shortage, the company borrows money. If a surplus occurs funds are used to repay loans or to invest in short-term assets. All borrowing, repayments, and interest payments occur on the last day of the month. The interest rate is 1% per month. The amount of interest expense incurred for January is

None of the above.

Crowe Company began operations on January 1, Year 1. The company was organized as a sole proprietorship. During Year 1, Crowe acquired $40,000 of capital from John Crowe, the owner. Also, during Year 1 the company earned net income of $20,000 and John Crowe withdrew $15,000 from the business. Based on this information, the Company would show

None of the answers are correct.

Forest Beach Company experienced an event that had the following effects on its financial statements: Balance Sheet: Assets = Liabilities + Equity (-) = (-) + (NA) ________________________________________________________________ Income Statement: Revenue − Expense = Net Income (NA) - (NA) = (NA) _________________________________________________________________ Statement of Cash Flows: (-FA) Which of the following events could have caused these effects?

Paid cash to settle the principal balance of note payable.

Which of the following describes the flow of product costs in a manufacturing company?

Product costs are first accumulated in an asset account (Inventory) and then transferred to an expense account (Cost of Goods Sold) when the products are sold.

Which of the following is a reason a company would acquire treasury stock?

Reduce the likelihood of a hostile takeover

Which of the following statements regarding the schedule of cost of goods manufactured and sold is true?

The cost of goods sold is determined by subtracting the ending balance in the finished goods inventory account from the amount of the finished goods available for sale.

Which of the following is least likely to be classified as a unit-level cost?

The cost of plant security.

Morehead Manufacturing Company (MMC) makes a screen that is used to manufacture a toy cell phone. All of the screens made by MMC are identical and sold for the same price per unit. Employees of Morehead Manufacturing Company (MMC) made 1,700 screens in January and 1,100 screens in February. Morehead expects to make 18,000 screens during the year. The company incurs $54,000 per year of insurance cost to attain coverage for its manufacturing employees. The company's manufacturing facility contains 24,000 square feet of space. Which of the following is the most appropriate allocation base assuming management is trying to determine the cost of the products made in January?

The number of units

The margin of safety is a measure of the distance between budgeted sales and the break-even point. It can be measured in dollars, in units or as a percentage.

These statements are true.

The amount of net income determined for an accounting period will be the same regardless of whether the income statement is prepared under a contribution margin format used in managerial accounting or the product costing format use in financial accounting. This statement is

True

A classified balance sheet separates assets and liabilities into categories that distinguish between accounts that are identified as current from those that are identified as long-term. This statement is

True.

A company that does not have enough assets to pay its liabilities is insolvent. This statement is

True.

A company's profitability may suffer from holding too much working capital. This statement is...

True.

A corporation may have issued more shares of stock than it has outstanding. This statement is

True.

All other things being equal, the lower a company's debt to assets or debt to equity ratios, the greater its borrowing capacity. This statement is

True.

If the stated rate of interest of a bond is higher than the rate of interest paid on other bonds of equal risk, the bond will sell for more than face value. This statement is...

True.

In a business organized as a sole proprietorship, retained earnings and capital acquired from owners are combined is a single account. This statement is...

True.

Investors can benefit from investments in stock via increases in the market price of the stock or through the receipt of dividends. This statement is

True.

Partnerships are frequently managed by the owners of the business. This statement is...

True.

The higher a company's plant assets to long-term liabilities ratio, the greater its borrowing capacity. This statement is...

True.

The length of an operating cycle is the time it takes to turn cash into inventory, then inventory into accounts receivable, and then accounts receivable back into cash. This statement is

True.

Warranty obligations are contingent liabilities that must be recognized and reported in a company's published financial statements. This statement is... (true or false?)

True.

The price-earnings ratio (P/E ratio) is a measure of how much it costs to buy the earnings of a company. This statement is

True. a company's future earnings are expected to decline.

The allocation process requires answers to which of the following questions?

What is the amount of the cost to be allocated? Where is the cost going to be allocated? How will the allocation be made? Allocation requires answers to all three questions.***

A segment elimination decision involves a comparison between revenue that will be lost through the elimination and the

avoidable cost of operating the segment.

The general, selling and administrative expense budget is normally prepared

before the cash budget.

The break-even point is the point at which

revenue is equal to the total of fixed plus variable cost.

Interrelated sales transactions (sales of one product affects the sales of another product) is a qualitative characteristic most commonly examined in a

segment elimination decision.

The Lamp Company (TLC) currently makes and sells approximately 5,000 lamps per year. TLC recently received an offer from a new customer to purchase 500 lamps. TLC has the capacity to make the additional lamps but is reluctant to accept the offer because the price offered is significantly below the normal selling price. Based on this information TLC if faced with a(n)

special order decision.

Which of the following are not relevant to decision making?

sunk cost

Steel City Company (SCC) paid $120,000 to purchase land that it planned to use as a future building site. A short time later the Company was approached with an opportunity to purchase a better property. The new property cost $125,000. After considering the alternative SCC decided to reject the offer because the Company would be required to sell the original site for $119,000 thereby incurring a $1,000 loss on the disposal of the land ($120,000 − $119,000). Based on this information

the $119,00 current market value of original site is relevant to the decision.

The Science Institute has three departments: Biology, Chemistry, and Physics. The institute's controller wants to estimate the cost of operating each department. He has identified several indirect costs that must be allocated to each department including $42,000 of indirect salaries, $4,000 of office supplies, and $36,000 of office rent. There are 500 students in the biology department, 200 in chemistry and 300 in physics. The director of the Institute wants to know how much of the indirect cost to allocate to each department. Based on this information

the amount of the cost to be allocated is $82,000.

Senath Company's annual report reveals net credit sales of $240,000 and average accounts receivable of $20,000. The report also shows an average inventory balance of $10,000 and cost of goods sold of $200,000. Based on this information (treat any partial day as a whole day)...

the average number of days to collect receivables is 31.

Firth Company's annual report shows an average inventory balance of $40,000 and cost of goods sold of $200,000. Total assets amount to $400,000 and liabilities amount to $100,000. Based on this information (treat any partial day as a whole day)

the average number of days to sell inventory is 73

Omega Company has sales of $300,000 and cost of goods sold of $200,000. The cost of goods sold is a variable cost. The Company incurred $20,000 of fixed operating expenses and $40,000 of variable operating expenses. Based on this information

the company's gross margin is $100,000, while its contribution margin is $60,000.

Assume that a company incurs a mixture of fixed and variable product costs, and that all of its operating expenses are fixed. Finally, assume that the company earns a profit by making and selling 1,000 units of product. Under these conditions

the contribution margin will be greater than the gross margin.

To identify the best cost driver for a particular allocation consideration should be given to

the strength of a cause and effect relationship. the availability of information. the capacity to control the allocation base. All of the choices identify factors that affect the selection of the allocation base.*****

The schedule of cost of goods manufactured and sold is not part of the income statement that appears in a company's public financial statements.

true

Which of the following would be classified as an indirect cost when assigning costs to a particular department of a large retail sales store?

utility costs

variable

The contribution margin is determined by subtracting

variable product and variable period costs from sales.

Budgeted sales for the 2nd quarter operations are shown in the following table: Sales: April May June --------------------------------------------- Cash Sales $500 Sales on Account $800 The company expects a 25% increase in sales per month for May and June. Also, the company expects to collect cash from receivables in the month following the month in which the receivables are established. The amount of accounts receivable appearing on the pro forma balance sheet would be

$1,250.00

Overhead expenses are budgeted at $2,000 per month. Included in the $2,000 are $500 of monthly depreciation expense and $200 of allocated expenses related to the insurance premium that is paid in September. What is the cash outflow for overhead for the month of May?

$1,300

$1,425.00.

Harcourt Manufacturing (HM) has the capacity to produce 10,000 fax machines per year. HM currently produces and sells 7,000 units per year. The fax machines normally sell for $100 each. Modem Products has offered to buy 2,000 fax machines from HM for $60 each. Unit-level costs associated with manufacturing the fax machines are $15 each for direct labor and $40 each for direct materials. Product-level and facility-level costs are $50,000 and $65,000, respectively. How much would profit increase (decrease) if HM accepted this special order?

$10,000

The following information was drawn from the accounting records of Marlin Manufacturing Co. Product 1 Product 2 Product 3 Direct Material Cost: $25,000 $30,000 $35,000 Direct Labor Cost: $30,000 $40,000 $50,000 Direct Labor Hours: 1,200 hours 1,800 hours 2,000 hours Factory overhead is estimated to be $30,000 and is applied on a basis of direct labor dollars. This overhead cost is not traceable to any particular product. Factory overhead allocated to Product 2 is

$10,000

The following information was drawn from the accounting records of Comcat Company. ------------------------------------------------------- Net income: $200,000 Preferred stock outstanding, 10% cumulative: $40,000 Market price per share of common stock: $10.00 Total Stockholders' Equity: $1,240,000 Average number of common shares outstanding: 100,000 shares Number of common shares outstanding at end of the accounting period: 120,000 shares Dividends per share on common stock: $0.50 per share ------------------------------------------------------- Based on this information, the company's book value per share is

$10.00

Tom's Toolery is operating at 80% of its productive capacity. It is currently paying $20 per unit for a part used in its manufacturing operation. Tom's estimates it could make the part internally for a total cost of $24 per unit, consisting of $18 of unit-level production costs and $6 of facility-level costs that are currently attributed to other products. Tom's usually purchases 50,000 units of the part each year. These units could be manufactured using Tom's excess capacity. What is the effect on cost if the company decides to start making the part?

$100,000 cost decrease

The Science Institute has three departments: Biology, Chemistry, and Physics. The institute's controller wants to estimate the cost of operating each department. He has identified several indirect costs that must be allocated to each department including $42,000 of indirect salaries, $4,000 of office supplies, and $36,000 of office rent. There are 500 students in the biology department, 200 in chemistry and 300 in physics (1,000 total students as the allocation base). The amount of cost that should be allocated to the Chemistry Department is

$16,400

A condensed income statement for Gilbert, Inc. follows: (amounts are shown in thousands) (table) Gilbert's management is considering whether to eliminate manufacturing product G at the beginning of the next year. The elimination will have no effect on the sales or unit-level costs of products F and H. The change in income that would result from eliminating product G is

$20,000 decrease

Calgary Manufacturing company makes chairs and desks. The following costs were incurred in making its products during its first year of operation. Chairs Desk Total Direct Materials $4,000 $6,000 $10,000 Direct Labor 12,000 8,000 20,000 Also the company incurred $14,000 of employee benefits cost. Since these overhead costs are driven by the use of labor they are allocated to the products based on the direct labor dollars. Based on this information alone the total cost of making chairs is

$24,400

At a production and sales level of 3,000 units, Bastion Company incurred $60,000 of fixed cost and $36,000 of variable cost. When 4,000 units of product are produced and sold the company's cost per unit is:

$27

Clayton Company borrowed $6,000 from the State Bank on April 1, Year 1. The one-year note carried a 6% rate of interest. The amount of interest expense that Clayton would report in Year 1 and Year 2, respectively would be...

$270, and $90.

The following information is drawn from Royal Industries' cash budget: Cash Receipts: $40,000 Beginning Cash Balance: $10,000 Cash Payments: $48,000 Desired Ending Cash Cushion: $5,000 If there is a cash shortage, the company borrows money. If a surplus occurs funds are used to repay loans or to invest in short-term assets. The company had no debt before January 1st. The amounted "needed" to borrow or the amount "available" for repayment of debt in January would be

$3,000 needed.

$30.

Budgeted sales for the 2nd quarter operations are shown in the following table: Sales: April May June --------------------------------------------- Cash Sales $500 Sales on Account $800 The company expects a 25% increase in sales per month for May and June. The amount of sales revenues that would appear on the company's 2nd quarter pro forma income statement would be

$4,956.25.

Based on the segment income statement below, Chips, Inc. is considering eliminating its Barbecue Division line. Revenue from Barbecue Division sales: $500,000 Salaries for Barbecue Division workers: (100,000) Direct material: (300,000) Sunk costs (equipment depreciation): (75,000) Allocated company-wide facility-sustaining cost(50,000) Net loss: $(25,000) If the Division is eliminated, what is the total amount of avoidable cost?

$400,000.

Metro, Inc. sells backpacks. The Company's accountant is preparing the purchases budget for the first quarter operations. Metro maintains ending inventory at 20% of the following month's expected cost of goods sold. Expected cost of goods sold for April is $70,000. All purchases are made on account with 25% of accounts paid in the month of purchase and the remaining 75% paid in the month following the month of purchase. Sales: January February March Budgeted CGS: $40,000 $50,000 $60,000 Plus: Desired ending inventory: 10,000 Inventory needed: 50,000 Less: Beginning inventory: (8,000) Required purchases: $42,000 Based on this information the amount of accounts payable appearing on the March 31 pro forma balance sheet is

$46,500.

On January 1, Year 1 Residence Company issued bonds with a $50,000 face value. The bonds were issued at 96 resulting in a 4% discount. They had a 20 year term and a stated rate of interest of 7%. Based on this information, the carrying value of the bond liability on January 1, Year 6 is...

$48,500 Explanation: The carrying value of the bond liability is the face value of the bonds minus the discount. The discount is amortized (expensed) each year by $100 ($2,000 discount ÷ 20 years). Amortizing the discount decreases the balance of the discount account. As of January 1, Year 6 the discount has be amortized 5 times for a total amount of $500 ($100 annual amortization × 5 years). As a result, the balance in the discount account as of January 1, Year 6 is $1,500 ($2,000 original balance − $500 amortized). This means the carrying value of the bond liability is $48,500 ($50,000 face value − $1,500 discount).

Saylind Molding paid $280,000 in rent for the year. The company's three departments are Headrests, Armrests, and Floor Mats. The accountant has identified two possible cost drivers. The number of employees in each department and the square footage of space occupied by each department. The number of employees working in each department includes 60 in the Headrest Department, 30 in the Armrest Department and 110 in Floor Mats Department. The departments occupy 5,000, 6,300, and 2,700 square feet, for Headrests, Armrests, and Floor Mats respectively. How much of the rent cost should be allocated to the products made in the Floor Mats department?

$54,000

Metro, Inc. sells backpacks. The Company's accountant is preparing the purchases budget for the first quarter operations. Metro maintains ending inventory at 20% of the following month's expected cost of goods sold. Expected cost of goods sold for April is $70,000. All purchases are made on account with 25% of accounts paid in the month of purchase and the remaining 75% paid in the month following the month of purchase. Sales: January February March Budgeted CGS:$40,000 $50,000 $60,000 Plus: Desired ending inventory: 10,000 Inventory needed: 50,000 Less: Beginning inventory: (8,000) Required purchases: $42,000 Based on this information the total cash paid in March to settle accounts payable is

$54,500.

Logan Corporation has 30 employees, 10 in "A-line," and 20 in "B-line." Logan incurred $180,000 in fringe benefits costs last year. Assuming number of employees as the allocation base, how much in fringe benefits cost should be allocated to "A-line"?

$60,000

On September 1, Year 1 Western Company borrowed $36,000 cash. The one-year note carried a 5% rate of interest. The amount of interest expense on the income statement and the amount of cash flow from operating activities shown on Western's December 31, Year 1 financial statements would be...

$600 interest expense and zero cash outflow from operating activities.

$62,500

$675,000.

The following information was drawn from the accounting records of Dark Night, Inc. _____________________________________________________________ Income Statement: Sales Revenue (250 @ $600 per unit): $150,000 CGS Variable (250 @ $300 per unit): (75,000) ----------- Gross Margin: 75,000 Sales Commissions (250 @ $20): (5,000) Fixed Period Expenses: (9,000) ------------ Net Income: $61,000 _______________________________________________________________________________ Based on this information Dark Night's contribution margin is:

$70,000

Crowe Company began operations on January 1, Year 1. The company was organized as a sole proprietorship. During Year 1, Crowe acquired $50,000 of capital from John Crowe, the owner. Also, during Year 1 the company earned net income of $20,000. Based on this information, Crowe can withdraw (assume all transactions are cash transactions)

$70,000 from the business.

The following information was drawn from the accounting records of Woo Company: -------------------------------------------------------------- Current assets: $50,000 Long-term assets (Plant assets): 350,000 Current liabilities: 40,000 Long-term liabilities: 100,000 Stockholders' Equity: 260,000 Earnings before interest and taxes: 60,000 Interest expense: 15,000 -------------------------------------------------------------- Based on this information, the company's debt to equity ratio is: (round your answer to two decimal places.)

.54 to 1

The following information was drawn from the records of Calico Company Income Statement ------------------------------------ Sales Revenue (250 @ $600 per unit): $150,000 CGS: Variable (250 @ $300 per unit): (75,000) Fixed: (8,000) Gross Margin: 67,000 Sales Commissions (250 @ $20): (5,000) Depreciation: (1,000) Net Income: $61,000 Based on this information the magnitude of operating leverage is approximately (round to nearest hundredth):

1.15

The following information was drawn from the accounting records of Jones Company. ---------------------------------------------------------- Net sales: $400,000 Net income: 50,000 Average total assets: 500,000 Average total liabilities: 300,000 Average total stockholders' equity: 200,000 ---------------------------------------------------------- Based on this information, the company's return on investment (also known as return on assets) is

10.0%

The following information was drawn from the accounting records of Suzuki Company. -------------------------------------------------------- Net income: $209,600 Preferred stock outstanding, 12% cumulative: $80,000 Market price per share of common stock: $24.00 Total Stockholders' Equity: $1,240,000 Average number of common shares outstanding: 100,000 shares Number of common shares outstanding at end of the accounting period: 120,000 shares Dividends per share on common stock: $0.50 per share --------------------------------------------------------- Based on this information the company's price-earnings ratio

12 to 1

15.0 % change in net income.

25%Tutor, Inc. (TI) provides instructional services to its customers. TI charges $200 per student. The Company expects to serve 500 students during the coming year. All of the Company's expenses are fixed. Total annual fixed costs are projected to be $60,000. If the estimated number of students decreases by 10%, net income will

Select the false statement from the following choices.

The longer the number of days to sell inventory, the more liquid a company is.

Jefferson Company borrowed $6,000 on April 1, Year 1. The one-year note carried a 6% rate of interest. The amount of cash outflow from operating activities that Jefferson would report in Year 1 and Year 2, respectively would be...

$0, and $360.

$0.80 of sales dollars per $1 of assets.

A low price to earnings ratio (P/E ratio) may suggest that

a company's future earnings are expected to decline.

The par value or stated value of stock represents the amount of legal capital that a corporation must maintain for the protection of the creditors. This statement is

True

Which of the following costs would not be included as part of manufacturing overhead?

Insurance on sales vehicles

The following information was drawn from the accounting records of Silverburg Company. ------------------------------------------------------------ Net income: $200,000 Preferred stock outstanding, 10% cumulative: $40,000 Market price per share of common stock: $10.00 Total Stockholders' Equity: $1,240,000 Average number of common shares outstanding: 100,000shares Number of common shares outstanding at end of the accounting period: 120,000 shares Dividends per share on common stock: $0.50 per share -------------------------------------------------------------- Based on this information, the company's earnings per share is....

$1.96

The cost of manufacturing a product includes all of the following except

advertising

The cost of a small amount of glue used to manufacture a product may be called

an overhead cost, a product cost and an indirect cost. All of the choices are terms that may be used to describe small quantities of materials consumed in the process of making products.*

On January 1, Year 1 Residence Company issued bonds with a $50,000 face value. The bonds were issued at 104 resulting in a 4% premium. They had a 20 year term and a stated rate of interest of 7%. Assuming a straight-line amortization of the discount, the amount of interest expense recognized on the December 31, Year 1 income statement is

$3,400

On January 1, Year 1 Residence Company issued bonds with a $50,000 face value. The bonds were issued at 96 resulting in a 4% discount. They had a 20 year term and a stated rate of interest of 7%. Assuming a straight-line amortization of the discount, the amount of interest expense recognized on the December 31, Year 1 income statement is...

$3,600 Explanation: Bond discount = $50,000 Face value × 0.04 Discount = $2,000 Discount amortization = $2,000 Bond discount ÷ 20 Years = $100 Per year Interest expense paid in cash = $50,000 Face value × 0.07 Stated interest rate = $3,500 Total interest expense = $3,500 Stated interest + $100 Discount amortization = $3,600

Alpha Associates was organized on January 1, Year 1. Alpha was organized as a partnership. Alpha reported $200,000 of before tax income during Year 1 and the partners withdrew $30,000 from the company. Assuming a corporate income tax rate of 30% and a personal income tax rate of 15%, the total amount of tax collected by the government is...

$30,000

The following information was drawn from the accounting records of Jones Company. -------------------------------------------------------------- Net sales: $400,000 Net income: 50,000 Average total assets: 500,000 Average total liabilities: 300,000 Average total stockholders' equity: 200,000 -------------------------------------------------------------- Based on this information, the company's net margin (also known as return on sales) is

12.5%

25.0%

On January 1, Year 1 Graham Corporation issued 200 shares of $5 par value common stock for $40 per share. Which of the following shows how the stock issue will affect Graham's financial statements on January 1, Year 1?

Balance Sheet: Assets = Common stock + Paid-in- Capital in Excess of Par Value $8,000 = $1,000 + $7,000 Income Statement: Rev.- Exp. = Net Inc. NA - NA = NA Statement of Cash Flows: $8,000 FA

Normally companies sell stock for an amount that is...

More than the par value

Celestin Manufacturing Company incurred $5,000 of depreciation on its manufacturing equipment during its first year of operation. During this year the company made 2,500 units of product and sold 2,000 units of product. Based on this information alone the company would show

$4,000 of cost of goods sold expense on its income statement.

$45,000 in its capital account on the Year 1 balance sheet.

On January 1, Year 1 Residence Company issued bonds with a $50,000 face value. The bonds were issued at 104 resulting in a 4% premium. They had a 20 year term and a stated rate of interest of 7%. Based on this information the carrying value of the bond liability on January 1, Year 1 is...

$52,000

On January 1, Year 1 Graham Corporation issued 200 shares of no-par common stock for $40 per share. Which of the following shows how the stock issue will affect Graham's financial statements on January 1, Year 1?

Balance Sheet: Assets = Common stock + Paid-in- Capital in Excess of Par Value $8,000 = $8,000 + NA Income Statement: Rev.- Exp. = Net Inc. $8,000 - NA = $8,000 Statement of Cash Flows: $8,000 OA

Which of the following shows how paying off a warranty obligation will affect a company's financial statements?

Balance Sheet: Assets = Liabilities + Equity (-) = (-) + (NA) ________________________________________________________________ Income Statement: Revenue − Expense = Net Income (NA) - (NA) = (NA) _________________________________________________________________ Statement of Cash Flows: (-OA)

On January 1, Year 1 Residence Company issued bonds with a $50,000 face value. The bonds were issued at 104 resulting in a 4% premium. They had a 20 year term and a stated rate of interest of 7%.The company amortizes the premium on a straight-line basis. Which of the following shows how the recognition of interest expense will affect Residence's financial statements on December 31, Year 1?

Balance Sheet: Assets = Liabilities + Equity (3,500) = (100) + (3,400) _______________________________ Income Statement: Revenue − Expense = Net Income NA - 3,400 = (3,400) _________________________________________________________________ Statement of Cash Flows: ($3500) OA

On November 1, Year 1 Dixon Company paid $20 per share to buy back 1,000 shares of its $8 par value common stock. The stock had originally sold for $15. Which of the following shows how the purchase of the treasury stock will affect Dixon's financial statements on November 1, Year 1?

Balance Sheet: Assets = Other Equity Accounts - Treasury Stock ($20,000) = NA - $20,000 Income Statement: Rev.- Exp. = Net Inc. NA - NA = NA Statement of Cash Flows: ($20,000) FA

Accrued interest expense will appear on the income statement but not on the statement of cash flows. This statement is... (true or false?)

True

On January 1, Year 1 Residence Company issued bonds with a $50,000 face value. The bonds were issued at 96 resulting in a 4% discount. They had a 20 year term and a stated rate of interest of 7%. The company amortizes the discount on a straight-line basis. Which of the following shows how the recognition of interest expense will affect Residence's financial statements on December 31, Year 1?

Balance Sheet: Assets = Liabilities + Equity 50,000 = 48,000 + 2,000 _______________________________________________________________ Income Statement: Revenue − Expense = Net Income NA - 3,600 = (3,600) _________________________________________________________________ Statement of Cash Flows: $48,000 FA

A company's return on equity (ROE) was higher than its return on investment (ROI). What could have caused this difference?

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