Managerial Accounting: Tools for Business Decision Making 7e Binder Ready Version + WileyPLUS Registration Card
7th Edition
ISBN: 9781119036449
Author: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Publisher: Wiley (WileyPLUS Products)
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Chapter 1, Problem 1.8BE
In alphabetical order below are current asset items for Roland Company’s
| $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
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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
$
42,000
Accounts receivable
364,000
Raw materials inventory
107,200
Finished goods inventory
349,440
Total current assets
862,640
Equipment
604,000
Accumulated depreciation
(152,000
)
Equipment, net
452,000
Total assets
$
1,314,640
Liabilities and Equity
Accounts payable
$
211,300
Short-term notes payable
14,000
Total current liabilities
225,300
Long-term note payable
510,000
Total liabilities
735,300
Common stock
337,000
Retained earnings
242,340
Total stockholders’ equity
579,340
Total liabilities and equity
$
1,314,640
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 7e Binder Ready Version + WileyPLUS Registration Card
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...
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