Managerial Accounting: Tools for Business Decision Making
7th Edition
ISBN: 9781118334331
Author: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Publisher: WILEY
expand_more
expand_more
format_list_bulleted
Textbook Question
Chapter 1, Problem 1.8BE
In alphabetical order below are current asset items for Roland Company’s
Accounts receivable | $200,000 |
Cash | 62,000 |
Finished goods | 91,000 |
Prepaid expenses | 38,000 |
Raw materials | 83,000 |
Work in process | 87,000 |
Prepare current assets section.
(LO 3), AP
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
In alphabetical order below are current asset items for Roland Company's balance sheet at December 31, 2020.
Accounts receivable
$210,000
Cash
83,000
Finished goods
91,000
Prepaid expenses
44,000
Raw materials
89,000
Work in process
88,000
Prepare the current assets section. (List Current Assets in order of liquidity.)
ROLAND COMPANY
Balance Sheet
$
$
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019.
ZIGBY MANUFACTURINGEstimated Balance SheetMarch 31, 2019
Assets
Cash
$
54,000
Accounts receivable
354,375
Raw materials inventory
100,495
Finished goods inventory
333,000
Total current assets
841,870
Equipment
628,000
Accumulated depreciation
(164,000
)
Equipment, net
464,000
Total assets
$
1,305,870
Liabilities and Equity
Accounts payable
$
212,195
Short-term notes payable
26,000
Total current liabilities
238,195
Long-term note payable
514,000
Total liabilities
752,195
Common stock
349,000
Retained earnings
204,675
Total stockholders’ equity
553,675
Total liabilities and equity
$
1,305,870
To prepare a master budget for April, May, and June of 2019, management gathers the following information.
Sales for March total…
19. A listing of the estimated balances in the company's ledger accounts as of December
31, 2023 is given below (as well as in your Excel template):
Cash
Accounts receivable
Inventory-raw materials
Inventory-finished goods
Capital assets (net)
Assets
$
83,365
1,122,900
10,000
9,125
724,000
$1,949,390
Total assets
Liabilities and Shareholders' Equity
Accounts payable
$ 231,563
Capital stock
1,000,000
Retained Earnings
Total liabilities and shareholders' equity
717,828
$1,949,390
Required:
1. Prepare a monthly master budget for ToyWorks for the year ended December 31,
2024, including the following schedules (Use the Excel template provided!):
Sales Budget & Schedule of Cash Receipts
Production Budget & Manufacturing Overhead Budget
Direct Materials Budget & Schedule of Cash Disbursements
Direct Labour Budget
Selling and Administrative Expense Budget
Ending Finished Goods Inventory Budget
Cash Budget
2. Prepare budgeted financial statements at December 31, 2024, using absorption
costing.
Chapter 1 Solutions
Managerial Accounting: Tools for Business Decision Making
Ch. 1 - Prob. 1QCh. 1 - Distinguish between managerial and financial...Ch. 1 - How do the content of reports and the verification...Ch. 1 - Prob. 4QCh. 1 - Decision-making is managements most important...Ch. 1 - Explain the primary difference between line...Ch. 1 - Prob. 7QCh. 1 - Prob. 8QCh. 1 - How are manufacturing costs classified?Ch. 1 - Mel Finney claims that the distinction between...
Ch. 1 - Tina Burke is confused about the differences...Ch. 1 - Identify the differences in the cost of goods sold...Ch. 1 - The determination of the cost of goods...Ch. 1 - Sealy Company has beginning raw materials...Ch. 1 - Tate Inc. has beginning work in process 26,000,...Ch. 1 - Using the data in Question 15, what are (a) the...Ch. 1 - In what order should manufacturing inventories be...Ch. 1 - How does the output of manufacturing operations...Ch. 1 - Discuss whether the product costing techniques...Ch. 1 - What is the value chain? Describe, in sequence,...Ch. 1 - What is an enterprise resource planning (HRP)...Ch. 1 - Why is product quality important for companies...Ch. 1 - Explain what is meant by balanced in the balanced...Ch. 1 - In what ways can the budgeting process create...Ch. 1 - What new rules were enacted under the...Ch. 1 - What is activity-based costing, and what are its...Ch. 1 - Distinguish between managerial and financial...Ch. 1 - Prob. 1.2BECh. 1 - Determine whether each of the following costs...Ch. 1 - Prob. 1.4BECh. 1 - Identify whether each of the following costs...Ch. 1 - Presented below are Rook Companys monthly...Ch. 1 - Francum Company has the following data: direct...Ch. 1 - In alphabetical order below are current asset...Ch. 1 - Presented below are incomplete manufacturing cost...Ch. 1 - Use the same data from BE1-9 above and the data...Ch. 1 - Prob. 1.11BECh. 1 - Prob. 1.1DICh. 1 - Identify managerial cost classifications. (LO 2),...Ch. 1 - The following information is available for Tomlin...Ch. 1 - Match the descriptions that follow with the...Ch. 1 - Justin Bleeber has prepared the following list of...Ch. 1 - Presented below is a list of costs and expenses...Ch. 1 - Trak Corporation incurred the following costs...Ch. 1 - Determine the total amount of various types of...Ch. 1 - Gala Company is a manufacturer of laptop...Ch. 1 - Prob. 1.6ECh. 1 - National Express reports the following costs and...Ch. 1 - Lopez Corporation incurred the following costs...Ch. 1 - An incomplete cost of goods manufactured schedule...Ch. 1 - Manufacturing cost data for Copa Company are...Ch. 1 - Incomplete manufacturing cost data for Horizon...Ch. 1 - Cepeda Corporation has the following cost records...Ch. 1 - Keisha Tombert, the bookkeeper for Washington...Ch. 1 - The following information is available for Aikman...Ch. 1 - University Company produces collegiate apparel....Ch. 1 - An analysis of the accounts of Roberts Company...Ch. 1 - McQueen Motor Company manufactures automobiles....Ch. 1 - The following is a list of terms related to...Ch. 1 - Prob. 1.1APCh. 1 - Bell Company, a manufacturer of audio systems,...Ch. 1 - Incomplete manufacturing costs, expenses, and...Ch. 1 - Prepare a cost of goods manufactured schedule, a...Ch. 1 - Empire Company is a manufacturer of smart phones....Ch. 1 - Prob. 1.1WPCh. 1 - Prob. 1.1BYPCh. 1 - Tenrack is a fairly large manufacturing company...Ch. 1 - Prob. 1.4BYPCh. 1 - The primary purpose of managerial accounting is to...Ch. 1 - As noted in this chapter, because of global...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- KMy I Print Item Use the following excerpts from Zowleski Company's financial information. Dec. 31, Dec. 31, 2018 2017 Cash $93,200 $85,000 Accounts Receivable 21,800 22,700 Merchandise Inventory 139,000 131,000 Plant Assets 185,000 155,000 Accumulated Depreciation (25,000) (21,000) Total Assets $414,000 $372,700 Accounts Payable $18,000 $21,000 Notes Payable 135,500 120,000 Common Stock 20,000 20,000 Retained Earnings 240,500 211,700 Total Liabilities and Equity $414,000 $372,700 Additional Information: Net Income for 2018 $28,800 Depreciation Expense for 2018 (Accumulated Depreciation Increase) 4,000 Plant Assets Purchased (Plant Assets Increase), Finance by Note 30,000 Notes Payable Increased by Amount of Plant Assets Purchase 30,000 Notes Payable Decreased by Amount of Principal Note Payments 14,500 Prepare a statement of cash flows (indirect method) for the year 2018. Use the mius sign to indicate cash outflows, a decrease in cash or cash payments. Zowleski Company Statement of…arrow_forwardUse the following excerpts from Victrolia Company’s financial information. 2018 Income Statment Balance Sheets Sales $475,000 Cost of Goods Sold (221,500) Operating Expenses, other thanDepreciation Expense (60,600) Depreciation Expense (21,000) Gain on Sale of Plant Assets 23,500 Net Income $195,400 Dec. 31,2018 Cash $347,450 Accounts Receivable 39,750 Inventory 33,000 Accounts Payable 17,550 Accured Liabilities 3,500 Dec. 31, 2017 Cash $133,500 Accounts Receivable 36,500 Inventory 35,000 Accounts Payable 19,550 Accured Liabilities 2,200 Additional Information: Plant assets were sold for $45,000; book value $16,500 Dividends of $22,000 were declared and paid Cash Flow from Financing Activities: $Dividends Paid I just need the answer on dividends answer box?arrow_forwardThe management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019: ZIGBY MANUFACTURINGEstimated Balance SheetMarch 31, 2019 Assets Cash $ 40,000 Accounts receivable 342,248 Raw materials inventory 98,500 Finished goods inventory 325,540 Total current assets 806,288 Equipment 600,000 Accumulated depreciation (150,000 ) Equipment, net 450,000 Total assets $ 1,256,288 Liabilities and Equity Accounts payable $ 200,500 Short-term notes payable 12,000 Total current liabilities 212,500 Long-term note payable 500,000 Total liabilities 712,500 Common stock 335,000 Retained earnings 208,788 Total stockholders’ equity 543,788 Total liabilities and equity $ 1,256,288 To prepare a master budget for April, May, and June of 2019, management gathers the following information. Sales for March total…arrow_forward
- Use the following excerpts from Victrolia Company’s financial information. 2018 Income Statment Balance Sheets Sales $475,000 Cost of Goods Sold (221,500) Operating Expenses, other thanDepreciation Expense (60,600) Depreciation Expense (21,000) Gain on Sale of Plant Assets 23,500 Net Income $195,400 Dec. 31,2018 Cash $347,450 Accounts Receivable 39,750 Inventory 33,000 Accounts Payable 17,550 Accured Liabilities 3,500 Dec. 31, 2017 Cash $133,500 Accounts Receivable 36,500 Inventory 35,000 Accounts Payable 19,550 Accured Liabilities 2,200 Additional Information: Plant assets were sold for $45,000; book value $16,500 Dividends of $22,000 were declared and paid Prepare a statement of cash flows (direct method) for the year 2018. Use the minus sign to indicate cash out flows, a decrease in cash or cash payments. Victrolia CompanyStatement of…arrow_forwardUse the following excerpts from Victrolia Company’s financial information. 2018 Income Statment Balance Sheets Sales $455,000 Cost of Goods Sold (221,500) Operating Expenses, other thanDepreciation Expense (58,600) Depreciation Expense (20,000) Gain on Sale of Plant Assets 23,500 Net Income $178,400 Dec. 31,2018 Cash $329,450 Accounts Receivable 39,750 Inventory 31,000 Accounts Payable 17,550 Accured Liabilities 3,500 Dec. 31, 2017 Cash $133,500 Accounts Receivable 36,500 Inventory 35,000 Accounts Payable 19,550 Accured Liabilities 2,200 Additional Information: Plant assets were sold for $45,000; book value $16,500 Dividends of $24,000 were declared and paid Prepare a statement of cash flows (direct method) for the year 2018. Use the minus sign to indicate cash out flows, a decrease in cash or cash payments. Victrolia CompanyStatement of…arrow_forwardUse the following excerpts from Victrolia Company’s financial information. 2018 Income Statment Balance Sheets Sales $455,000 Cost of Goods Sold (221,500) Operating Expenses, other thanDepreciation Expense (58,600) Depreciation Expense (20,000) Gain on Sale of Plant Assets 23,500 Net Income $178,400 Dec. 31,2018 Cash $329,450 Accounts Receivable 39,750 Inventory 31,000 Accounts Payable 17,550 Accured Liabilities 3,500 Dec. 31, 2017 Cash $133,500 Accounts Receivable 36,500 Inventory 35,000 Accounts Payable 19,550 Accured Liabilities 2,200 Additional Information: Plant assets were sold for $45,000; book value $16,500 Dividends of $24,000 were declared and paid Prepare a statement of cash flows (direct method) for the year 2018. Use the minus sign to indicate cash out flows, a decrease in cash or cash payments. Victrolia CompanyStatement of…arrow_forward
- The current asset section of the Moorcroft Outboard Motor Company’s balance sheet reported the following amounts:12/31/2018 12/31/2017Accounts receivable, net $400,000 $300,000The average collection period for 2018 is 50 days.Required:Determine net sales for 2018.arrow_forwardthe pro forma income statement, and the balance sheet still have to be completed. The following information is available as 12/31/X8. Prior Year Balance Sheet Assets Cash $45,000 Accounts Receivable $55,000 Materials Inventory $40,000 Work-in-Process Inventory $30,000 Finished Goods Inventory $36,000 Prepaid Expenses $20,000 Plant and Equipment $500,000 Accumulated Depreciation ($140,000) Other Assets $22,000 Total Assets $608,000 Liabilities and Equity Accounts Payable $103,000 Other Current Liabilities $42,000 Income Taxes Payable $25,000 Long-Term Debt $300,000 Total Liabilities $470,000 Common Stock $100,000 Retained Earnings $38,000 Total Equity $138,000 Total Liabilities and Equity $608,000 Information From Recent Budgets for the Coming Year Projected sales are $2,080,000 (13,000 units). Projected direct materials purchases are $525,000. Projected direct materials usage is $510,000. Projected direct labor expense is…arrow_forwardThe following balances have been taken from the general ledger for Royal Fan Manufacturing Company: Raw Materials Inventory (1-12-2014)Rs. 40,000Raw Material Purchases190,000Raw Materials Returns9,000Carriage Inwards15,000Direct Labor255,000Indirect Labor60,000Depreciation (Machinery)30,000Hear, Light and Power25,000Factory Rent and Taxes31,000Factory Repairs Expense19,000Foreman ‘s Salary25,000Raw Material (31-12-2014)58,000Work in Process (1-12-201463,000 The foreman estimates that Rs. 32,000 of Raw Materials and Rs. 25,000 of Direct Labor are to be allocated to the unfinished goods in process on 31-12-2014. Calculate amount of Cost of Goods Manufactured.arrow_forward
- The following data are adapted from the financial statements of Betty's Shops, Inc. E (Click the icon to view the data.) Prepare Betty's condensed balance sheet as of December 31, 2018. (Round your answers to the nearest whole dollar.) Betty's Shops, Inc. Balance Sheet December 31, 2018 Assets Data Table Total Current Assets Plant Assets Less: Accumulated Depreciation Total Current Assets $4 978,750 Total Assets Accumulated Depreciation 2,100,000 Liabilities Total Liabilities 1.460,000 Total Current Liabilities Preferred Stock Long-term Liabilities Debt Ratio 73% Total Liabilities Current Ratio 1.45 Stockholders' Equity Stockholders' Equity Print Done Total Liabilities and Stockholders' Equityarrow_forwardUse the following information from Eiffel Company's financial statements. 2018 Income Balance Statement Sheets Sales $309,000 Cost of Goods Sold (145,000) Operating Expenses, other than Depreciation Expense (27,000) Depreciation expense (15,000) Gain on Sale of Plant Assets 18,000 Net Income $140,000 Dec. 31,2018 Accounts Receivable $47,300 Inventory 1,600 Accounts Payable 24,500 Accured Liabilities 900 Dec. 31, 20O17 Accounts Receivable $23,250 Inventory 1,800 Accounts Payable 23,250 Accured Liabilities 1,150 Prepare the operating activities section of the statement of cash flows (indirect method) for tlte year 2018. U cash or cash payments. Eiffel Companyarrow_forwardKrause Industries’ balance sheet at December 31, 2019, is presented below. KRAUSE INDUSTRIESBalance SheetDecember 31, 2019 Assets Current Assets Cash $7,500 Accounts receivable 73,500 Finished goods inventory (1,500 units) 26,320 Total current assets 107,320 Property, Plant, and Equipment Equipment $40,010 Less: Accumulated depreciation 10,200 29,810 Total assets $137,130 Liabilities and Stockholders' Equity Liabilities Notes payable $27,820 Accounts payable 45,040 Total liabilities 72,860 Stockholders' Equity Common stock $38,930 Retained earnings 25,340 Total stockholders' equity 64,270 Total liabilities and stockholders'…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
IAS 29 Financial Reporting in Hyperinflationary Economies: Summary 2021; Author: Silvia of CPDbox;https://www.youtube.com/watch?v=55luVuTYLY8;License: Standard Youtube License