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848 Chapter 18 Managerial Accounting Concepts and Principles
Learning Example
Objectives Exercises
OBJ. I EE 18-1 r process
of the management process are controlling, planning, and decision making
Match the following descriptions to the proper phase.
Phase of management process Description
PE 18-14
Controlling
Decision making
Planning
a. Long-range courses ofaction.
b. lnherent in planning, directing, controlling, and improving’
c. Monitoring the operating results of implemented plans and
comparing the actual results with expected results.
08J.1 EE 18-1
o8.,.2 EE 18-2 ,,
08J.3 EE 18-2
Directing
Controlling
Planning
PE 18-1B Management Process
Three phases of the management process are planning, directing, and controlling. Match
the following descriptions to the proper phase.
Phase of manaqement process Description
a. lsolating significant departures frorn plans for further investiga-
tion and possible remedialaction. lt may lead to a revision of
future plans.
b. Developing long-range courses ofaction to achieve goals.
c. Process by which managers, given their assigned levels of
responsibilities, run day-to-day operations.
materials, direct Iabor, and factory overhead
(FO) for an
a. Steel
following costs as direct materials (DM), direct labor (DL), or factory overhead
automobile manufacturer.
b. \Vages of employees that operate painting equipment
c. Oil used for assembly line machinery
d. lfages of the plant supervisor
PE 18-28 Direct materials, direct Iabor, and factory overhead
Identify the following costs as direct materials (DM), direct labor (DL), or factory overhead
(FO) for a magazine publisher.
a. Paper used in the lrragazine
b. Maintenance on printing machines
c. ‘W’ages of printing machine employees
d. Staples used to bind magazines
PE 18-3A Prime and conversion costs
Identify the following costs as a prime cost (P), conversion
automobile manufacturer.
a. Steel
b. \fages of employees that operate painting equipment
c. Oil used for assembly line machinery
d. Wages of the plant firarrager
cBJ.3 EE 18-3
cost (C), or both (B) for an
Chapter 17 Financial Statement Analysis
Learning Example
Objectives Exercises
OB”f
”
: EE 17-3 r: /.: : PE 17-38 Current position analysis
The following items are reported on a company,s balance sheet
Cash
Temporary investments
Accounts receivable (net)
lnventory
S2so,ooo
180,000
220,O00
200,000
OBJ.3 EE17-4 r: r)
0BJ.2 EE17-4 t, t
OBJ,2 EE 17-s ,., t ,.,
Accounts payable 500,000
Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place.
PE 17-4A Accounts receivable analysis
A company repofis the following:
Net sales
Average accounts receivable (net) .l00,000
Determine (a) the accounts receivable turnover and (b) the number of days, sales in re_ceivables. Round to one decimal place.
PE 17-48 Ac(ounts receivable analysis
A company reports the following:
Net sales s700,000
Average accounts receivable (net) 50,OOO
Determine (a) the accounts receivable turnover and (b) the number of days, sales in re_ceivables. Round to one decimal place.
s r,600,000
PE 17-5A lnventory analysis
A company reports the following:
Cost of goods sold
Average inventory
Determine (a) the inventory turnover and (b) the
Round to one decimal place.
s880,000
1 10,000
nurnber of days, sales in inventory.
OBJ.2 EE17-S t 7 PE 17-5B lnventory analysis
A company repofts the following:
Cost of goods sold
Average inventory
Determine (a) the inventory turnover and (b) the
Round to one decimal place.
.- =-\
s360,000
50,000
number of days, sales in inventory.
OBJ. A EE 17-6 r, / – PE 17-5A solvency analysis
g infonnation was taken from Wheat Company,s balance sheet:
Fixed assets (net)
Long-term liabilities
Iotal liabilities
s836,000
380,000
550,000
Total stockholders,equity 500,000
Determine the company’s (a) ratio of fixed assets to long-term liabilities and (b) ratio ofliabilities to stockholders, equity.
Chapter 17 Financial Statement Analysis 807
Learning Exomple
Objectives Exercises
OBJ,3 EE 17-10 r,
oBJ.3 EE 17-10
OBJ.3 EE17-11 r
PE 17-1oA Common stockholders’ profitability analysis
A company reports the following:
Net income
Preferred dividends
Average stockholders’ equity
Average common stockholders’ equity
s 210,000
30,000
1,750,000
1,000,000
Determine (a) the rate earned on stockholders’ equity and (b) the rate earned on common
stockholders’ equity. Round to one decimal place.
PE 17-10B Common stockholders’ profitability analysis
A company reports the following:
Determine (a) the rate earned on stockholders’ equity and (b) the rate earned on common
stockholders’ equity. Round to one decimal place.
Net income
Preferred dividends
Average stockholders’ equity
Average common stockholders’ equity
Net income
Preferred dividends
Shares of common stock outstanding
Market price per share of common stock
the company’s earnings per share on
the company’s price-earnings ratio.
s 600,000
50,000
6,000,000
5,000,000
s440,000
s40,000
50,000
51 00
common stock.a. Determine
b. Determine
PE 17-114 ings per share and price-earnings
reports the following:
oBJ.3 EErT-11, PE 17-1 1B Earnings per share and price-earnings
A company reports the following:
Net income
Preferred dividends
Shares of common stock outstanding
Market price per share of common stock
a. Determine the company’s earnings per share on
b. Determine the company’s price-earnings ratio.
56s0,000
ss0,000
120,000
57s
common stock.
OBJ. l
y’ a.2012 net
income: $4,000;0.5o/o
of sales
EX 17-1 Vertical analysis of income statement
Revenue and expense data for Mandell Technologies Co.
2012
Sales
Cost of goods sold
Selling expenses
Administrative expenses
Income tax expense
are as follows:
2011
5800,000
504,000
120,000
128,000
33,600
s740,000
407,000
‘140,600
12s,800
48,1 00
Chapter 17 Financial Statement Analysis 815 -illl
ex, 17-22 Price-earnings ratio; dividend yield
The table below shows the stock price, earnings
per share,
three comPanies as of MaY 2010:
and dividends Per share for
Earnings
Share
493.14
52.67
5 1.s7
21.99
3.04
:. Earnings Per
:’e on common
::. 5i I.BG
Appendix
EX17-23 Earnings per share, extraordinary item
The net income reported on the income statement of styx co’
was $3,200,000′ There
were 250,000 shares of $5 par common stock and 250,000 shares
of $1 preferred stock
outstanding throughout th” ir..”.t year. The income statement included two extraordinary
itemsl a $]00,000 gain ttom condemnation of land and a $350,000
loss arising from flood
damage, both aftel applicable income tax. Detetmine the per-shate tigutes tor CommOn
stock for (a) income betole extraordinafy items and (b) net inconre.
a. Determine the price-earnings ratio and dividend yield for the three companies’
Round
to one decimal Place.
s,.*Explainthedifferencesintheseratiosacrossthethreecompanies.
s800,000
5 r00,000x
s 1 20,000″
50,000
4oo/o
Appendix
EX 17-24 Extraordinary item
Assume that the amount of each of the following items is material to the financial state-
ments. Classify each item as either normally recurring (NR) or extraordinary (E).
a. Gain on sale of land condemned by the local government for a public works project.
b. Uninsured flood loss. (Flood insurance is unavailable because of periodic flooding in
the area.)
c. Loss on the disposal of equipment considered to be obsolete because of the develop-
ment of new technology.
d. Uncollectible accounts expense.
e. Loss on sale of investments in stocks and bonds.
f. Uninsured loss on building due to hurricane damage. The building was purchased by
the company in 1!10 and had not previously incurred hurricane damage.
g. Interest revenue on notes receivable.
,.-.
/ nppendix /
I eX 1:.-zs /nro-.statement and earnings per share for extraordinary items and discon-
kfirefoperations
Eris, Inc., repofis the following for 201.2:
lncome from continuing operations before income tax
Extraordinary property loss from hurricane
Loss from discontinued operatlons
Weighted average number of shares outstanding
Applicable tax rate
*Net of any tax effect.
a. Prepare a paftial income statement for Eris, Inc., beginning with income from continu-
ing operations before income tax.
b. Calculate the earnings per common share for Eris, Inc., including per-share amounts
for unusual items.
Dividends
Price Share
5 33.43
Chapter ’19 Job Order Costing 887
Learning Example
$bjectives Exercises
OBJ”2 EE19-1 p i:19 PE 19-1A nce of materials
8, Darling Company purchased 65,000 units of raw materials at $7 per unit.
On April 20, ra:w materials were requisitioned for production as follows: 26,000 units
for Job 50 at $6 per unit and 30,000 units for Job 51 at $7 per unit. Journalize the entry
on April 8 to record the purchase and on April 20 to record the requisition from the
materials storeroom.
OBJ.2 EE19-1 o .:’1′: PE 19-1 B lssuance of materials
On June 3, Plowers Company purchased 8,000 units of raw materials at $10 per unit.
On June 22, raw materials were requisitioned for production as follows: 2,400 units for
Job 30 at $8 per unit and 2,600 units for Job 32 at fi’J.O per unit. Journalize the entry on
June 3 to record the purchase and on June 22 to record the requisition from the materi-
als storeroom.
OBJ. 2 EE 19-2 , i/ i Iabor costs
O)ut’g epril, Darling Company accumulated 12,000 hours of direct labor costs on Job
50 and 15,000 hours on Job 51. The total direct labor was incurred at a rate of $21.50
per direct labor hour for Job 50 and $24 per direct labor hour for Job 51. Journalize the
entry to record the flow of labor costs into production during April.
OBJ.2 EE19-2 p [.<7i PE 19-28 Direct labor costs During June, Plowers Company accumulated 2,400 hours of direct labor costs on Job 30 and 3,000 hours on Job J2. The total direct labor was incurred at a rate of fi22 per direct labor hour for Job 30 and $20 per direct labor hour for lob 32. Journalize the entry to record the flow of labor costs into production during June.
O8.,,2 EE19-3 r: 3/.t PE 19- Factory overhead costs
April, Dading Company incurred factory overhead costs as follows: indirect ma-
terials, $30,000; indirect labor, $78,000; utilities cost, $7,000; and factory depreciation,
$55,000. Journalize the entry to record the factory overhead incurred during April.
OBJ.2 EE19-3 yt tt) PE 19-38 Factory overhead costs
During June, Plowers Company incurred factory overhead costs as follows: indirect ma-
terials, $14,000; indirect labor, $15,000; utilities cost, $6,500; and factory depreciation,
ff14,500. Journalize the entry to record the factory overhead incurred during June.
PE 19-4A Applying factory overhead
Darling Company estimates that total factory overhead costs will be $750,000 for the
year. Direct labor hours are estimated to be 300,000. For Darling Company, (a) determine
the predetermined factory overhead rate, (b) determine the amount of factory overhead
applied to Jobs 50 and 51 in April using the data on direct labor hours from Practice
Exercise l9-2A, and (c) prepare the journal entry to apply factory overhead to both jobs
in April according to the predetermined overhead rate.
OBJ.2 EE19-4 p ii:
Chapter 19 lob Order Costing
EX 19-18 order cost accounting entries for a service businessOEJ.4
r’ d.Dr. Cost of
Services, $1,225,500
!t,#.a/e.sen Company provides advertising services for clients across the nation’
The
pedersen Company is f.e”..rtly working o., ior. projects, each for a different client’
The
pedersen Company aciumulates costs for each account (client) on the basis of both
direct
costs and allocated indirect costs. The direct costs include the charged
time of profes-
,io.rul p”.ronnel and media purchases (air time and ad space). Overhead
is allocated to
each project as a percentug. of media purchases. The predetermined overhead
rate is
60% of media purchases’
On March i, the four advertising projects had the following accurnulated costs:
March 1 Balances
During March, The Pedersen Company incurred the following direct labor
and media
prrrlh^r.”.osts related to preparing adver-tising for each of the four accounts:
Hedge Bank
Sullivan Airlines
Tesley Hotels
Wakelin Beverages
5120,000
36,000
84,000
51,000
s291,000
Direct Labor Media Purchases
Hedge Bank
Sullivan Airlines
Tesley Hotels
Wakelin Beverages
Total
5 84,000
37,s00
‘r65,000
187,500
5474,000
s31 s,000
277,500
202,s00
1 51 ,s00
s946,500
OBJ.2
r,gE
\:’ ‘ l:
At the end of March, both the Hedge Bank and Sullivan Airlines campaigns
were
completed. The costs of completed campaigns are debited to the cost
of services account’
Journalizethesummaryentryto.”.o.deachofthefollowingforthemonth:
a. Direct labor costs
b. Media purchases
c. Overhead aPPlied
d. Completion of Hedge Bank and Sullivan Airlines campaigns
PR 19-1A Entries for costs in a job order cost system
GIA Co. uses a job order cost system. The following data summarize
the operations re-
lated to Production for August:
a. Materials purchased on account, $660,000′
b. Materials requisitioned, $577,5OO, of which fil3,5OO was for general factory use’
c. Factory labor used, $681,500, of which $95,500 was indirect’
d. Other costs incurred on account were for factory overhead, fi754,320; selling expenses,
#244,440; and administrative expenses, fit52,25o’
e. prepaid expenses expired for factory overhead werc $30,450; for selling expenses’
$Zi,A3O;
“.td
fo. administrative expenses, $18,690′
f. Depreciation of office building was $88,200; of office equipment, $45,150; and of fac-
tory equipment, fi3O,450.
g. Factory overhead costs applied to jobs, $375’5oO’
h. Jobs completed, $871,800.
i. Cost of goods sold, $860,000.
lnstructions
Journalize the entries to record the summarized
operations’
Week3
Chapter 17:
PE 17-6A
,
PE 17-11A
,
APPENDIX EX 17-25
PE 17-6A
a.
b.
PE 17-11A
a.
b.
APPENDIX EX 17-25
a.
ERIS, in
c.
Partial Income Statement
For the Year Ended December 31, 2012
Income from continuing operations before income tax $ Income tax expense
Income from continuing operations $
Loss from discontinued operations
Income before extraordinary item $
Extraordinary item:
Loss due to hurricane
Net income $
b.
ERIS, inc.
Partial Income Statement
For the Year Ended December 31, 2012
Earnings per common share:
Income from continuing operations $
Loss from discontinued operations
Income before extraordinary item $
Extraordinary item:
Loss due to hurricane
Net income $
End, week 3, Chapter 17, quiz next week.
Week 4
Chapter 18:
PE 18-1A
,
PE 18-2A
Chapter 19:
PE 19-1A
,
PE 19-2A
,
PE 19-3A
,
EX 19-18
PE 18-1A
a.
b.
c.
PE 18-2A
a.
b.
c.
d.
PE 19-1A
|
Date |
Description |
|
Debit |
Credit |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PE 19-2A
PE 19-3A
EX 19-18
End, Take Quiz 2
1: For PE 17-6A, part a, the Ratio of Fixed Assets to Long-Term Liabilities is:
a.2.7
b.2.5
c.2.2
d.2.0
2: For PE 17-6A, part b, the Ratio of Liabilities to Stockholders’ Equity is:
a.1.1
b.1.3
c.1.6
d.1.9
3: For PE 17-11A, part a, the earnings per share on common stock is:
a. $8.25
b. $8.00
c. $8.37
d. $8.50
4: For PE 17-11A, part b, the price- earnings ratio is:
a. 12
b. 12.5
c. 13
d. 13.5
5: For APPENDIX EX 17-25, part a, the net income is:
a. $370,000
b. $360,000
c. $260,000
d. $320,000
6: For APPENDIX EX 17-25, part b, the net income (for earnings per share) is:
a. $9.60
b. $2.40
c. $5.00
d. $5.20
7: For PE 18-1A, planning is:
a. Long-range courses of action
b. Inherent in planning, directing, controlling, and improving.
c. Monitoring the operating results of implemented plans and comparing the actual results with expected results
8: For PE 18-1A, Controlling is:
a. Long-range courses of action
b. Inherent in planning, directing, controlling, and improving.
c. Monitoring the operating results of implemented plans and comparing the actual results with expected results
9: For PE 18-1A, Decision Making is:
a. Long-range courses of action
b. Inherent in planning, directing, controlling, and improving.
c. Monitoring the operating results of implemented plans and comparing the actual results with expected results
10: For PE 18-2A, part c, the cost for oil used for assembly line machinery is classified as:
a. Direct Material (DM)
b. Direct Labor (DL)
c. Factory Overhead (FO)
11: For PE 18-2A, part d, the cost for wages of the plant manager are classified as:
a. Direct Material (DM)
b. Direct Labor (DL)
c. Factory Overhead (FO)
12: For PE 18-2A, part b, the cost for wages of employees that operate painting equipment are classified as:
a. Direct Material (DM)
b. Direct Labor (DL)
c. Factory Overhead (FO)
13: For PE 18-2A, part a, the cost for steel is classified as:
a. Direct Material (DM)
b. Direct Labor (DL)
c. Factory Overhead (FO)
14: For PE 19-1A, the correct journal entry for April 20 is:
a. (Debit) Cash $455,000; (Credit) Materials $455,000
b. (Debit) Work in Process $366,000; (Credit) Materials $366,000
c. (Debit) Materials $254,000; (Credit) Cash $254,000
d. (Debit) Materials $455,000; (Credit) Work in process $455,000
15: For PE 19-2A, the correct journal entry for the flow of labor cost into production during May is:
a. (Debit) Cash $618,000; (Credit) Wages Payable $618,000
b. (Debit) Materials $618,000; (Credit) Wages Payable $618,000
c. (Debit) Wages Payable $618,000; (Credit) Cash $618,000
d. (Debit) Work in Process $618,000; (Credit) Wages Payable $618,000
16: For PE 19-3A, the correct journal entry to record the factory overhead is (Debit) Factory Overhead $170,000; (Debit) Materials $30,000; (Credit) Wages Payable $68,000; (Credit) Utilities Payable $7,500; (Credit) Accumulated Depreciation $55,000.
a. True
b. False
17: For EX 19-18, part a, the correct journal entry for direct labor costs is:
a. (Debit) Work in Process $474,000; (Credit) Salaries Payable $474,000
b. (Debit) Salaries Payable $474,000; (Credit) Salaries Payable $474,000
c. (Debit) Cash $474,000; (Credit) Salaries Payable $474,000
18: For EX 19-18, part b, the correct journal entry for media purchases is:
a. (Debit) Work in Process $946,5000; (Credit) Cash $946,500
b. (Debit) Accounts Payable $946,000; (Credit) Work in Process $946,000
c. (Debit) Work in Process $946,500; (Credit) Accounts Payable $946,500
19: For EX 19-18, part c, the correct journal entry for overhead applied is:
a. (Debit) Work in Process $567,900; (Credit) Agency Overhead $567,900
b. (Debit) Agency Overhead $567,900; (Credit) Agency Overhead $567,900
c. (Debit) Work in Process $567,900; (Credit) Cash $567,900
20: For EX 19-18, part d, the correct journal entry for the completion of Clinton Bank and Pryor Airlines Campaigns is:
a. (Debit) Cash $1,225,500; (Credit) Work in Process $1,225,500
b. (Debit) Cost of Services $1,225,500; (Credit) Work in Process $1,225,500
c. (Debit) Cost of Services $1,225,500; (Credit) Cash $1,225,500
21: A job order cost accounting system provides for a separate record of the cost of each particular quantity of product that passes through the factory.
a. True
b. False
22: The process cost system is appropriate where few products are manufactured and each product is made to customers’ specifications.
a. True
b. False
23: The relationship of each asset item as a percent of total assets is an example of vertical analysis.
a. True
b. False
24: On a common-sized income statement, all items are stated as a percent of total assets or equities at year-end.
a. True
b. False
25: On a common-sized income statement, all items are stated as a percent of total assets or equities at year-end.
a. True
b. False
