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Assignment 04
Accounting for Managers
Directions: Unless otherwise stated, answer in complete sentences, and be sure to use correct English spelling and grammar. Sources must be cited in APA format. Your response should be a minimum of one (1
)
single-spaced page to a ma
x
imum of two (2) pages in length; refer to the “Assignment Format” page for specific format requirements.
Return on Investment and Residual Income
Portia Carter is the president of a company that owns six multiplex movie theaters. Carter has delegated decision-making authority to the theater managers for all decisions except those relating to capital expenditures and film selection. The theater managers’ compensation depends on the profitability of their theaters. Max Burgman, the manager of the Park Theater, had the following master budget and actual results for the month.
|
Master |
Actual |
||||||
|
Budget |
Results |
||||||
|
Tickets sold |
120,000 |
480,000 |
|||||
|
Revenue–tickets |
$ 840,000 |
$ 880,000 |
|||||
|
Revenue–concessions |
330,000 |
||||||
|
Total revenue |
$1,320,000 |
$1,210,000 |
|||||
|
Controllable variable costs |
|||||||
|
Concessions |
99,000 |
||||||
|
Direct labor |
420,000 |
||||||
|
Variable overhead |
540,000 |
550,000 |
|||||
|
Contribution margin |
$ 240,000 |
$ 231,000 |
|||||
|
Controllable fixed costs |
|||||||
|
Rent |
55,000 |
||||||
|
Other administrative expenses |
45,000 |
50,000 |
|||||
|
Theater operating income |
$ 140,000 |
$ 126,000 |
1.
Assuming that the theaters are profit centers, prepare a performance report for the Park Theater using the chart below. Include a flexible budget. Determine the variances between actual results, the flexible budget, and the master budget. (25 points)
|
Flexible |
||||||||||||||||||
|
Variance |
||||||||||||||||||
|
110,000 |
( ) |
120,000 | ||||||||||||||||
| 330,000 | ||||||||||||||||||
2.
Evaluate Burgman’s performance as a manager. (25 points)
3.
Assume that the managers are assigned responsibility for capital expenditures and that the theaters are thus investment centers. Park Theater is expected to generate a desired
ROI
of at least 6 percent on average invested assets of $2,000,000.
a.
Compute the theater’s return on investment and residual income using the chart below. (25 points)
| ROI |
÷ |
|||||||||||
|
= |
0.0 0% |
|||||||||||
|
Residual income |
– ( |
0% | x | ) | ||||||||
b.
Using the ROI and residual income, evaluate Burgman’s performance as a manager. (25 points)
This is the end of Assignment 04.
Assignment 08
Accounting for Managers
Directions Unless otherwise stated, answer in complete sentences, and be sure to use
correct English spelling and grammar. Sources must be cited in APA format. Your response should be a minimum of one (1) single-spaced page to a maximum of two (2) pages in length; refer to the “Assignment Format” page for specific format requirements.
Horizontal and Vertical Analysis
Sanborn Corporation’s condensed comparative income statements for
20×8
and
20×7
appear below. The corporation’s condensed comparative balance sheets for 20×8 and 20×7 appear on the next page.
|
Sanborn Corporation |
|||||||||||
|
Comparative Income Statements |
|||||||||||
|
For the Years Ended December 31, 20×8 and 20×7 |
|||||||||||
|
(in thousands of dollars) |
|||||||||||
|
20×8 |
20×7 |
||||||||||
|
Net sales |
$3,276,800 |
$3,146,400 |
|||||||||
|
Cost of goods sold |
2,088,800 |
2,008,400 |
|||||||||
|
Gross margin |
$1,188,000 |
$1,138,000 |
|||||||||
|
Operating expenses |
|||||||||||
|
Selling expenses |
$ 476,800 |
$ 518,000 |
|||||||||
|
Administrative expenses |
447,200 |
423,200 |
|||||||||
|
Total operating expenses |
$ 924,000 |
$ 941,200 |
|||||||||
|
Income from operations |
$ 264,000 |
$ 196,800 |
|||||||||
|
Interest expense |
65,600 |
39,200 |
|||||||||
|
Income before income taxes |
$ 198,400 |
$ 157,600 |
|||||||||
|
Income taxes expense |
62,400 |
56,800 |
|||||||||
|
Net income |
$ 136,000 |
$ 100,800 |
|||||||||
|
Earnings per share |
$3.40 |
$2.52 |
|
Comparative Balance Sheets |
||||||||||||
|
December 31, 20×8 and 20×7 |
||||||||||||
|
Assets |
||||||||||||
|
Cash |
$ 81,200 |
$ 40,800 |
||||||||||
|
Accounts receivable (net) |
235,600 |
229,200 |
||||||||||
|
Inventory |
574,800 |
594,800 |
||||||||||
|
Property, plant, and |
||||||||||||
|
equipment (net) |
750,000 |
720,000 |
||||||||||
|
Total assets |
$1,641,600 |
$1,584,800 |
||||||||||
|
Liabilities and Stockholders’ Equity |
||||||||||||
|
Accounts payable |
$ 267,600 |
$ 477,200 |
||||||||||
|
Notes payable (short-term) |
200,000 |
400,000 |
||||||||||
|
Bonds payable |
— |
|||||||||||
|
Common stock, $10 par value |
||||||||||||
|
Retained earnings |
374,000 |
307,600 |
||||||||||
|
Total liabilities and |
||||||||||||
|
stockholders’ equity |
1.
Prepare schedules showing the amount and percentage changes from 20×7 to 20×8 for the comparative income statements and the balance sheets. You may use the forms below. (40 points)
|
Increase or Decrease |
|||
|
Amount |
Percentage |
||
|
$3,276,800 |
$3,146,400 |
||
|
2,088,800 |
2,008,400 |
||
|
$1,188,000 |
$1,138,000 |
||
|
$ 476,800 |
$ 518,000 |
||
|
447,200 |
423,200 |
||
|
$ 924,000 |
$ 941,200 |
||
|
$ 264,000 |
$ 196,800 |
||
|
65,600 |
39,200 |
||
|
$ 198,400 |
$ 157,600 |
||
|
62,400 |
56,800 |
||
|
$ 136,000 |
$ 100,800 |
||
|
$3.40 |
$2.52 |
2.
Using the forms below, prepare common-size income statements and balance sheets for 20×7 and 20×8 (40 points)
|
Common-Size Income Statements |
|
|
Common-Size Balance Sheets |
|
|
Inventory |
|
|
Property, plant, and equipment (net) |
|
|
Total liabilities and stockholders’ equity |
3.
Comment on the results in requirements 1 and 2 by indentifying favorable and unfavorable changes in the components and composition of the statements. (30 points)
