MANAGERIAL ACCOUNTING FUND. W/CONNECT
5th Edition
ISBN: 9781259688713
Author: Wild
Publisher: MCG
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Textbook Question
Chapter 1, Problem 3MCQ
What is Ella Company’s acid-test ratio?
a.2.39
b.0.69
c.131
d.6.69
e.3.88
Use the following information for question 2 through 5.
| Ella Company Balance sheet December 31,2017 |
| Assets |
| Cash…………………….............. $ 86,000 |
| Merchandise inventory…………………….. 122,000 |
| Prepaid insurance…………………………….. 12,000 |
| Long-term investments……………………….. 98,000 |
| Plant assets, net……………………………. 436,000 |
| Total assets……………………. $830,000 |
| Liabilities and Equity………………… |
| Current liabilities……………… $124,000 |
| Long-term liabilities………………… 90,000 |
| Common stock……………………………. 300,000 |
| Total liabilities and equity………………. $830,000 |
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Q2: Comparative financial statement data for Cargill company follow:
December 31
---------------------
20x7 20x6
Cash …………………………… $ 3 $ 6
Account receivable, net……………. 22 24
Inventory…………………………… 50 40
Plant and equipment ……………… 240 200
Accumulated depreciation ……….. (65) (50)
--------- ---------
Total assets 250 220
===== =====
Accounts payable ………………….. $ 40 $ 36
Common stock …………………... 150 145
Retained earnings …………………. 60…
The comparative balance sheet for Proctor Precision appears below:
PROCTOR PRECISION
Comparative Balance Sheet
Dec. 31, 2017Dec. 31, 2016
Assets
Cash................................................$30,500$6,000
Accounts receivable...................................2,5004,000
Inventory............................................5,5003,500
Prepaid expenses.....................................1,0001,500
Building.............................................10,00010,000
Accumulated depreciation—building....................... (1,500) (1,000)
Total assets..........................................$48,000$24,000
Liabilities and Stockholders' Equity
Accounts payable.....................................$ 1,000$ 2,000
Long-term note payable................................6,5007,000
Common stock........................................19,0009,000
Retained earnings..................................... 21,500 6,000
Total liabilities and stockholders'…
Question Description
The following income statement and selected balance sheet account data are available for Treece, Inc., at December 31, 2013
Revenue:
Net sales………………………………………..$3,200,000
Interest income………………………………….. . 45,000
Gain on sale of marketable securities…….………...34,000
Total revenue…………………………………..$3,279,000
Costs and expenses:
Cost of goods sold…………………………………………... $1,620,000
Operating expenses (including depreciation of $150,000)….1, 240,000
Interest expense…………………………………………….…...42,000
Income taxes…………………………………………….……....100,000
Loss on sale of plant Assets.....................................................…...12,000
Total Costs and expenses…………………………..………. $3,014,000
Net income………………………………………….…………. $260,000
Changes in the Company’s balance sheet accounts over the year are summarized as follows:
Accounts receivable increased by $60,000
Accrued interest receivable decreased by $2,000
Inventory decreased by $60,000, and Account payable decreased by $16,000
Short term…
Chapter 1 Solutions
MANAGERIAL ACCOUNTING FUND. W/CONNECT
Ch. 1 - Prob. 1MCQCh. 1 - What is Ella Company’s current ratio? a.0.69...Ch. 1 - What is Ella Company’s acid-test ratio? a.2.39...Ch. 1 - What is Ella Company’s debt ratio? a. 25.78% b....Ch. 1 - What is Ella Company’s equity ratio? a.25.78%...Ch. 1 - Describe the managerial accountant’s role in...Ch. 1 - Distinguish between managerial and financial...Ch. 1 - Prob. 3DQCh. 1 - Prob. 4DQCh. 1 - Distinguish between (a) factory overhead and (b)...
Ch. 1 - Prob. 6DQCh. 1 - What product cost is both a prime cost and a...Ch. 1 - Assume that we tour Samsungs factory where it...Ch. 1 - Prob. 9DQCh. 1 - Prob. 10DQCh. 1 - Prob. 11DQCh. 1 - Prob. 12DQCh. 1 - Prob. 13DQCh. 1 - Prob. 14DQCh. 1 - Prob. 15DQCh. 1 - Prob. 16DQCh. 1 - Prob. 17DQCh. 1 - What are the three categories of manufacturing...Ch. 1 - List several examples of factory overhead.Ch. 1 - Prob. 20DQCh. 1 - GOOGLE Prepare a proper title for the annual...Ch. 1 - Prob. 22DQCh. 1 - Prob. 23DQCh. 1 - Prob. 24DQCh. 1 - Prob. 25DQCh. 1 - Prob. 1QSCh. 1 - Prob. 2QSCh. 1 - QS 14-4 Direct and indirect costs C2
Diez Company...Ch. 1 - Classifying product costs C2 Identify each of the...Ch. 1 - QS 14-6 Product and period costs C3
Identify each...Ch. 1 - Prob. 6QSCh. 1 - Prob. 7QSCh. 1 - Prob. 8QSCh. 1 - Prob. 9QSCh. 1 - Prob. 10QSCh. 1 - Prob. 11QSCh. 1 - Prob. 12QSCh. 1 - Prob. 13QSCh. 1 - Prob. 14QSCh. 1 - Both managerial accounting and financial...Ch. 1 - Prob. 2ECh. 1 - Exercise 14-3 Cost classifications for a service...Ch. 1 - Prob. 4ECh. 1 - Prob. 5ECh. 1 - Prob. 6ECh. 1 - Prob. 7ECh. 1 - Using the following data, compute (1) the cost of...Ch. 1 - Exercise 14-9 Preparing financial statements for a...Ch. 1 - Prob. 10ECh. 1 - Prob. 11ECh. 1 - Prob. 12ECh. 1 - Prob. 13ECh. 1 - Prob. 14ECh. 1 - Prob. 15ECh. 1 - Prob. 16ECh. 1 - Exercise 14-17 Lean business practice C6 Many...Ch. 1 - Prob. 1PSACh. 1 - The following calendar year-end information is...Ch. 1 - Using the data Problem 1-2A and the inventory for...Ch. 1 - Nazaros Boot Company makes specialty boots for the...Ch. 1 - Prob. 5PSACh. 1 - Prob. 1PSBCh. 1 - The following calendar year-end information is...Ch. 1 - Using the information from Problem 1-2B and the...Ch. 1 - Problem 14-4B Ending inventory computation and...Ch. 1 - Prob. 5PSBCh. 1 - (This serial problem begins in this chapter and...Ch. 1 - Managerial accounting is more than recording,...Ch. 1 - Prob. 2BTNCh. 1 - Prob. 3BTNCh. 1 - Prob. 4BTNCh. 1 - Prob. 5BTNCh. 1 - The following calendar-year information is taken...Ch. 1 - Eden Full SunSaluter must understand manufacturing...Ch. 1 - Prob. 8BTNCh. 1 - Prob. 9BTN
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