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Excel at Cost Management Accounting Assignments
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1. (Treasury Stock—Cost Method—Equity Section Preparation) Washington Company has the following...(Treasury Stock—Cost Method—Equity Section Preparation) Washington Company has the following stockholders’ equity accounts at December 31, 2014.
Common Stock—$100 par value, authorized 8,000 shares $480,000.
Retained Earnings 294,000
(a) Prepare entries in journal form to record the following transactions, which took place during 2011.
(1) 280 shares of outstanding stock were purchased at $97 per share. (These are to be accounted for using the cost method.)
(2) A $20 per share cash dividend was declared.
(3) The dividend declared in No. 2 above was paid.
(4) The treasury shares purchased in No. 1 above were resold at $102 per share.
(5) 500 shares of outstanding stock were purchased at $105 per share.
(6) 350 of the shares purchased in No. 5 above were resold at $96 per share.
(b) Prepare the stockholders’ equity section of Washington Company’s balance sheet after giving effect to these transactions, assuming that the net income for 2015 was $94,000. State law requires restriction of retained earnings for the amount of treasury stock.
2. Why is human behavior considered one of the biggest potential threats to operating system integrity
Why is human behavior considered one of the biggest potential threats to operating system integrity
3. 1 __________ is the activity of creating or modifying existing business systems. It refers to all...
1 __________ is the activity of creating or modifying existing business systems. It refers to all aspects of the process – from identifying problems to be solved or opportunities to be exploited, to the implementation and refinement of the chosen solution.
2 Which of the following people ultimately benefit from a systems development project?
a. computer programmers
b. systems analysts
c. stakeholders
d. senior-level manager
4. Chandler Corporation is currently producing several products, including both custom and standard...
Quantitative Analysis:
Chandler Corporation is currently producing several products, including both custom and standard designs. It has received requests for two new products: swimming pool shades and landscape trellises. It is considering whether to produce either or both of these products. Based on the projections in Exhibits 1 to 3 describing the current capacity and required capacity needs for the new products, complete the following requirements:
1. Using ABC, compute the Predetermined Overhead Rate for each activity.
2. Compute the cost of unused capacity for each activity and in total.
3. Compute the TOTAL and UNIT cost of making the full demand of pool shades assuming that Chandler bases its rates on the predetermined overhead rate.
4. Compute the TOTAL and UNIT cost of making the full demand of trelli, assuming that Chandler bases its rates on the predetermined overhead rate.
5. Compute the TOTAL and UNIT cost of making the full demand of pool shades assuming that Chandler bases its rates on EXPECTED capacity (used capacity plus required capacity for the full demand of pool shades).
6. Compute the total and unit cost of making the full demand of trellises assuming that Chandler bases its rates on EXPECTED capacity (used capacity plus required capacity for the full demand of trellises).
Qualitative Analysis:
In a 2 page report, based on your quantitative analysis, discuss the results of what your quantitative analysis means for Chandler. When considering a decision to make the new products, would costs computed using practical capacity (c and d) or expected capacity (e and f) as the denominator provide better information to Chandler’s management? Explain your answer. Support your recommendation with a minimum of 3 academic resources.
Deliverables
• Quantitative Analysis (Excel Required): You are required to use the provided Excel workbook to complete the quantitative analysis for this assignment.
• Qualitative Analysis (Word Required): Prepare a 2 page summary addressing the required qualitative analysis, as noted in the Student Workbook. Your paper is required to be formatted according to APA requirements. Be sure to incorporate key concepts from this unit's readings and properly cite your references according to APA requirements. Do NOT embed the results of your quantitative analysis in your Word document. You should only reference parts of your quantitative analysis in your written analysis. Your written responses to the qualitative prompts should not be presented in a question and answer format.
5. The T accounts below summarize the ledger of Simon Landscaping
The T accounts below summarize the ledger of Simon Landscaping Company at the end of the first month of operations.
Instructions
(a) Prepare the complete general journal (including explanations) from which the postings to Cash were made.
(b) Prepare a trial balance at April 30,2010.
6. How many common shares are outstanding on each cash dividend date? What is the total dollar a...
How many common shares are outstanding on each cash dividend date?
What is the total dollar amount for each of the four cash dividends?
What is the amount of the capitalization of retained earnings for the stock dividend?
What is the per share cost of the treasury stock purchased?
How much net income did the company earn during year 2014?
Stockholders' Equity (December 31, 2013) Common stock-$5 par value, 50,000 shares authorized, 35,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $175,000 135,000 340,000 Total stockholders' equity $650,000 Stockholders' Equity (December 31, 2014) Common stock-$5 par value, 50,000 shares authorized, 41,000 shares issued, 5,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($40,000 restricted by treasury stock) $205,000 189,000 400,000 794,000 (40,000) Less cost of treasury stock Total stockholders' equity $754,000 The following transactions and events affected its equity during year 2014 Jan. 5 Declared a $0.40 per share cash dividend, date of record January 10. Mar. 20 Purchased treasury stock for cash. Apr. 5 Declared a $0.40 per share cash dividend, date of record April 10 July 5 Declared a $0.40 per share cash dividend, date of record July 10. July 31 Declared a 20% stock dividend when the stock's market value is $14 per share Aug. 14 Issued the stock dividend that was declared on July 31 Oct. 5 Declared a $0.40 per share cash dividend, date of record October 10.
7. 1. Kegler Bowling installs automatic scorekeeping equipment with an invoice cost of $190,000. The el
1. Kegler Bowling installs automatic scorekeeping equipment with an invoice cost of $190,000. The electrical work required for the installation costs $20,000. Additional costs are $4,000 for delivery and $13,700 for sales tax. During the installation, a component of the equipment is carelessly left on a lane and hit by the automatic lane-cleaning machine. The cost of repairing the component is $1,850.
What is the total recorded cost of the automatic scorekeeping equipment?
2. Known liabilities:
-a. Include accounts payable, notes payable, and payroll
-b. Are obligations set by agreements, contracts, or laws
-c. Are measurable
-d. Are definitely determinable
-e. All of the choices are correct
8. Wimpy Inc. produces and sells a single product. The selling price of the product is $150.00 per unit...
Wimpy Inc. produces and sells a single product. The selling price of the product is $150.00 per unit and its variable cost is $58.50 per unit. The fixed expense is $366,915 per month.
The break-even in monthly dollar sales is closest to:
A) $601,500
B) $366,915
C) $636,408
D) $940,808
9. Target Costing
Target Costing
Basic Motor Corporation uses target costing. Assume that Basic marketing personnel estimate that the competitive selling price for the QuikCar in the upcoming model year will need to be $23,700. Assume further that the QuikCar's total unit cost for the upcoming model year is estimated to be $19,200 and that Basic requires a 20% profit margin on selling price (which is equivalent to a 25%markup on total cost).
a. What price will Basic establish for the QuikCar for the upcoming model year?
$
b. What impact will target costing have on Basic, given the assumed information?
The input in the box below will not be graded, but may be reviewed and considered by your instructor.
Hide Feedback Partially Correct Check My Work Feedback a. What dictates the price?
b. Subtract the 20% desired profit from the estimated price of $24,000.
10. DIRECT LABOR VARIANCE
Harper Company uses a standard cost system. Data relating to direct labor for the month of August follows:
Direct labor efficiency variance-favorable = $5,250
Standard direct labor rate = $7.00
Actual direct labor rate = $7.50
Standard hours allowed for actual production = 9,000
What are the actual hours...
11. Explain the five conditions necessary for an act to be considered fraudulent?
Explain the five conditions necessary for an act to be considered fraudulent?
12. Cost-plus, target return on investment pricing. Sweet Tastings makes candy bars for vending...
Cost-plus, target return on investment pricing. Sweet Tastings makes candy bars for vending machines and sells them to vendors in cases of 30 bars. Although Sweet Tastings makes a variety of candy, the cost differences are insignificant, and the cases all sell for the same price. Sweet Tastings has a total capital investment of $10,000,000. It expects to produce and sell 400,000 cases of candy next year. Sweet Tastings requires a 12% target return on investment. Expected costs for next year are:
Sweet Tastings prices the cases of candy at full cost plus markup to generate profits equal to the target return on capital.
1. What is the target operating income?
2. What is the selling price Sweet Tastings needs to charge to earn the target operating income? Calculate the markup percentage on full cost.
3. Sweet Tastings is considering increasing its selling price to $13 per case. Assuming production and sales decrease by 10%, calculate Sweet Tastings’ return on investment. Is increasing the selling price a good idea?
13. 11 Calcutta Investments hold 400 (12%) debentures of Rs. 100 each in Acma Ltd. as on 1st April, 2004
11
Calcutta Investments hold 400 (12%) debentures of Rs. 100 each in Acma Ltd. as
on 1st April, 2004 at a cost of Rs. 50,000. Interest is payable on 30th June and 31st
December each year. On 1st June, 2004, 200 debentures are purchased cum-interest
at Rs. 21,400.
On 1st November, 2004 300 debentures are sold ex-interest at Rs. 28,650.
On 30th November, 2004, 200 Debentures are purchased ex-interest at Rs. 19,200.
On 31st December, 2004, 300 Debentures are sold cum-interest for Rs. 32,250.
Prepare Investment Account valuing closing stock as on 31st March, 2005 (applying
FIFO method) or market price whichever is lower. The debentures were quoted
at par on 31st March, 2005.
14. (a)How can service automation benefit the warranty of a service? Select One: A. It can monitor...
(a)How can service automation benefit the warranty of a service?
Select One:
A. It can monitor service performance and allocate resources based on demand
B. It can increase complexity of the tasks
C. It increases security
D. Automated resources can handle capacity with fewer restrictions on time of access
(b)Which of the following statement is true about automation?
Select One:
A. Automation increases security
B. Applying automation indiscriminately can create more problems or exacerbate existing ones
C. Higher Rate of Defect Detection through automated checks
D. Quick return on investment Question
(c)Which is a CORRECT principle for automating services?
Select One:
A. Simplify the service processes before automating them
B. Only automate activities that cause problems for the customer
C. Start by automating the most complex activities
D. Ensure all existing process activities are automated
(d) Which of the following are not within the scope of service asset and configuration management?
1. Choosing Vendor for procurement of assets and Cis
2. Recording and control of virtual Cis
3. Approving budget for the purchase of software to support service asset and configuration management
Select One:
A. 1 and 3
B. 2 and 3
C. 1, 2 and 3
D. 2 only
(e) What is the third step in release and deployment management?
Select One:
A. Release and deployment planning
B. Review and close
C. Release, build and test
D. Deployment
15. Identify three situations in which you use self-service delivery. For each situation, what is your..
Identify three situations in which you use self-service delivery. For each situation, what is your motivation for using self-service delivery, rather than having service personnel do it for you?
16. Josh and Krish are partners sharing profits and losses in the ratio of 3:1. Their capitals at the...
Josh and Krish are partners sharing profits and losses in the ratio of 3:1. Their capitals at the end of the financial year 2015-2016 were Rs. 1,50,000 and Rs. 75,000. During the year 2015-2016, Josh’s drawings were Rs. 20,000 and the drawings of Krish were Rs. 5,000, which had been duly debited to partner’s capital
accounts. Profit before charging interest on capital for the year was Rs. 16,000.
The same had also been debited in their profit sharing ratio. Krish had brought additional capital of Rs. 16,000 on October 1, 2015. Calculate interest on capital @ 12% p.a. for the year 2015-2016.
17. Which of the following would be considered a source document in an accounting system? (Check all tha
document in an accounting system? (Check all that apply.) Employee speeding ticket Sales receipt Payroll records Checks Purchase order Confidence Level Rate your confidence to submit your answer. High Medium Low Concept Resources E Read
18. The Madras Transport Company purchases a motor car from Bombay Motor Ltd. on a hire-purchase...
The Madras Transport Company purchases a motor car from Bombay Motor Ltd. on a hire-purchase agreement on January 1, 2012 paying cash ~ 10,000, and agreeing to pay three further instalments of ~ 10,000 each on December 31 each year. The cash price of the car is ~ 37,250 and Bombay Motor Ltd. charges interest at 5% p.a. The Madras Transport Company writes off 10% p.a. as depreciation on the Reducing Balance Method.
Prepare necessary Ledger Accounts in the books of Bombay Motors Ltd.
19. What are two types of departments found in a factory?
What are two types of departments found in a factory? What is the function or purpose of each?
20. Sid Patel bid for and won a concession to rent bicycles in the local park during the summer....
Sid Patel bid for and won a concession to rent bicycles in the local park during the summer. During the month of April, Patel completed the following transactions for his bicycle rental business:Apr. 2 Began business by placing $14,400 in a business checking account in the name of the company.3 Purchased supplies on account for $300.4 Purchased 10 bicycles for $5,000, paying $2,400 down and agreeing to pay the rest in 30 days.5 Paid $5,800 in cash for a small shed to store the bicycles and to use for other operations.8 Paid $800 in cash for shipping and installation costs (considered an addition to the cost of the shed) to place the shed at the park entrance.9 Hired a part-time assistant to help out on weekends at $14 per hour.10 Paid a maintenance person $150 to clean the grounds. 13 Received $1,940 in cash for rentals.17 Paid $300 for the supplies purchased on April 3.18 Paid a $110 repair bill on bicycles.23 Billed a company $220 for bicycle rentals for an employee outing.25 Paid the $200 fee for April to the Park District for the right to operate the bicycle concession.27 Received $1,920 in cash for rentals.29 Paid the assistant $480.30 Made a cash withdrawal of $1,000.Required 1. Prepare journal entries to record these transactions. 2. Set up the following T accounts and post all the journal entries: Cash; Accounts Receivable; Supplies; Shed; Bicycles; Accounts Payable; S. Patel, Capital; S. Patel, Withdrawals; Rental Revenue; Wages Expense; Maintenance Expense; Repair Expense; and Concession Fee Expense. 3. Prepare a trial balance for Patel Rentals as of April 30, 2014
21. Suppose 30% of business majors major in accounting. You take a random sample of 3 business majors...
Suppose 30% of business majors major in accounting. You take a random sample of 3 business majors.
22. What is the chance that they all major in accounting?
23. What is the chance that at least one majors in accounting?
24. What is the chance that exactly one majors in accounting?
25. What is the chance that none of them major in accounting?
22. (Prepare Financial Statements) Santo Design Agency was founded by Thomas Grant in January 2008....
(Prepare Financial Statements) Santo Design Agency was founded by Thomas Grant in January 2008. Presented below is the adjusted trial balance as of December 31, 2014.
Instructions
(a) Prepare an income statement and a statement of retained earnings for the year ending December 31, 2014, and an unclassified balance sheet at December 31.
(b) Answer the following questions.
(1) If the note has been outstanding 6 months, what is the annual interest rate on that note?
(2) If the company paid $17,500 in salaries in 2014, what was the balance in Salaries and Wages Payable on December 31, 2013?
