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1 Final Examination Principles of Accounting li ACCT 221 Summer 2013 Administrative Notes: You may use a calculator, your textbook, WileyPLUS resources, and anything posted in our WebTycho classroom. The exam must be completed and submitted within 4 hours of the time you open the private message that contains your exam. Type all answers on the Answer Sheet, which is also attached to the Private Message. Attach your completed Answer Sheet in your assignment folder in WebTycho. Late submissions will be penalized 10% per hour and any portion of an hour. ACCT 221 Final Exam Sum13 1
2 Multiple Choice: 2 points each 1. On January 1, 2013, Daniels Corporation issued $5,000,000, 10-year, 8% bonds at 103. Interest is payable semiannually on January 1 and July 1. The journal entry to record this transaction on January 1, 2013 is a. Cash... 5,000,000 Bonds Payable... 5,000,000 b. Cash... 5,150,000 Bonds Payable... 5,150,000 c. Premium on Bonds Payable ,000 Cash... 5,000,000 Bonds Payable... 5,150,000 d. Cash... 5,150,000 Bonds Payable... 5,000,000 Premium on Bonds Payable , Levin Company issued 500 shares of no-par common stock for $5,500. Which of the following journal entries would be made if the stock has a stated value of $2 per share? a. Cash 5,500 Common Stock 5,500 b. Cash 5,500 Common Stock 1,000 Paid-in Capital in Excess of Par 4,500 c. Cash 5,500 Common Stock 1,000 Paid-in Capital in Excess of Stated Value 4,500 d. Common Stock 5,500 Cash 5,500 ACCT 221 Final Exam Sum13 2
3 3. Motes industries owns 45% of Newton Company. For the current year, Newton reports net income of $250,000 and declares and pays a $60,000 cash dividend. Which of the following correctly presents the journal entries to record Motes equity in Newton s net income and the receipt of dividends from Newton? a. Dec. 31 Stock Investments ,500 Revenue from Stock Investments 112,500 Dec. 31 Cash... 27,000 Stock Investments... 27,000 b. Dec. 31 Stock Investments ,500 Revenue from Stock Investments 112,500 Dec. 31 Cash... 60,000 Stock Investments... 60,000 c. Dec. 31 Stock Investments... 85,500 Revenue from Stock Investments 85,500 Dec. 31 Cash... 27,000 Stock Investments... 27,000 d. Dec. 31 Revenue from Stock Investments 112,500 Stock Investments ,500 Dec. 31 Stock Investments... 27,000 Cash... 27, Talbot, Inc. has the following income statement (in millions): Wilkinson, INC. Income Statement For the Year Ended December 31, 3 Net Sales $300 Cost of Goods Sold 120 Gross Profit 180 Operating Expenses 44 Net Income $136 Using vertical analysis, what percentage is assigned to Cost of Goods Sold? a. 30% b. 40% c. 100% d. None of the above ACCT 221 Final Exam Sum13 3
4 5. Mah, Inc. completed Job No. B14 during The job cost sheet listed the following: Direct materials $55,000 Direct labor $30,000 Manufacturing overhead applied $20,000 Units produced 3,000 units Units sold 1,800 units How much is the cost of the finished goods on hand from this job? a. $105,000 b. $63,000 c. $42,000 d. $51, In the month of June, a department had 20,000 units in beginning work in process that were 70% complete. During June, 80,000 units were transferred into production from another department. At the end of June there were 10,000 units in ending work in process that were 40% complete. Materials are added at the beginning of the process, while conversion costs are incurred uniformly throughout the process. The equivalent units of production for materials for June were a. 90,000 equivalent units. b. 100,000 equivalent units. c. 104,000 equivalent units. d. 80,000 equivalent units. 7. A company budgeted unit sales of 204,000 units for January, 2013 and 240,000 units for February, The company has a policy of having an inventory of units on hand at the end of each month equal to 30% of next month's budgeted unit sales. If there were 61,200 units of inventory on hand on December 31, 2013, how many units should be produced in January, 2013 in order for the company to meet its goals? a. 214,800 units b. 204,000 units c. 193,200 units d. 276,000 units ACCT 221 Final Exam Sum13 4
5 8. A company's planned activity level for next year is expected to be 200,000 machine hours. At this level of activity, the company budgeted the following manufacturing overhead costs: Variable Fixed Indirect materials $280,000 Depreciation $120,000 Indirect labor 400,000 Taxes 20,000 Factory supplies 40,000 Supervision 100,000 A flexible budget prepared at the 160,000 machine hours level of activity would show total manufacturing overhead costs of a. $576,000. b. $720,000. c. $768,000. d. $816, A company developed the following per-unit standards for its product: 2 pounds of direct materials at $4 per pound. Last month, 1,500 pounds of direct materials were purchased for $5,700. The direct materials price variance for last month was a. $5,700 favorable. b. $300 favorable. c. $150 favorable. d. $300 unfavorable. 10. In incremental analysis, a. costs are not relevant if they change between alternatives. b. all costs are relevant if they change between alternatives. c. only fixed costs are relevant. d. only variable costs are relevant. ACCT 221 Final Exam Sum13 5
6 Problem 1: 15 points Here are comparative balance sheets for Doherty Company. Doherty Company Comparative Balance Sheets December 31, 2013 Assets Cash $ 33,000 $ 10,000 Accounts receivable 18,000 14,000 Inventories 25,000 18,000 Prepaid expenses 6,000 9,000 Long-term investments 0 18,000 Equipment 60,000 32,000 Accumulated depreciation Equipment (20,000) (14,000) Total assets $ 122,000 $ 87,000 Liabilities and Stockholder s Equity Accounts payable $ 17,000 $ 7,000 Bonds payable 37,000 47,000 Common stock ($1 par) 40,000 23,000 Retained earnings 28,000 10,000 Total liabilities and stockholder s equity $ 122,000 $ 87,000 Additional information: 1. The 2013 Income Statement reported $6,000 in depreciation expense, a $4,000 loss on sale of investments and Net income of $33, Cash dividends of $15,000 were declared and paid. 3. Long-term investments that has a cost of $18,000 were sold for $14, Sales for 2013 were $120,000. Instructions: Prepare a statement of cash flows for 2013 using the indirect method. ACCT 221 Final Exam Sum13 6
7 Doherty Company Statement of Cash Flows For the Year Ended December 31, 2013 Adjustments to reconcile net income to net cash provided by operating activities ACCT 221 Final Exam Sum13 7
8 Problem 2: 10 points Nemani Corporation is projecting a cash balance of $31,785 in its December 31, 2013, balance sheet. Nemani schedule of expected collections from customers for the first quarter of 2013 shows total collections of $180,885. The schedule of expected payments for direct materials for the first quarter of 2013 shows total payments of $40,200. Other information gathered for the first quarter of 2013 is: sale of equipment $3,392; direct labor $70,178, manufacturing overhead $34,583, and purchase of securities $12,372. Selling and administrative expenses are projected to be $45,117; this figure includes $1,117 in depreciation expense on the office equipment. All costs and expenses will be paid in cash. Nemani wants to maintain a balance of at least $25,000 cash at the end of each quarter. Instructions: Complete the cash budget for the first quarter. Nemani Corporation Cash Budget For the Quarter Ending March 31, 2013 ACCT 221 Final Exam Sum13 8
9 Problem 3: 10 points Elias Corporation has the following cost records for February Indirect factory labor $ 4,612 Factory utilities $ 401 Direct materials used 22,361 Depreciation, factory equipment 1,585 Work in process, 6/1/12 2,769 Direct labor 31,084 Work in process, 6/30/12 3,633 Maintenance, factory equipment 1,792 Finished goods, 6/1/12 4,609 Indirect materials 2,268 Finished goods, 6/30/12 7,429 Factory manager's salary 3,315 Instructions: Prepare a cost of goods manufactured schedule for February Elias Corporation Cost of Goods Manufactured Schedule For the Month Ended June 30, 2013 Manufacturing overhead: ACCT 221 Final Exam Sum13 9
10 Problem 4: 4 points Willis Corporation has 72,615 shares of common stock outstanding. It declares a $2.20 per share cash dividend on August 1 to stockholders of record on September 15. The dividend is paid on October 31. Instructions: Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. Date Account Description Debit Credit Problem 5: 10 points Caballero Manufacturing incurs unit costs of $7.90 ($6.10 variable and $1.80 fixed) in making a sub-assembly part for its finished product. A supplier offers to make 12,500 of the assembly part at $5.75 per unit. If the offer is accepted, Caballero will save all variable costs but no fixed costs. Instructions: Prepare an analysis showing the total cost savings, if any, Caballero will realize by buying the part. Make Buy Total annual cost Caballero Company should the part because total annual costs to make are less than total costs to buy. ACCT 221 Final Exam Sum13 10
11 Problem 6: 5 points On July 1, Browning Corporation purchases 550,000 shares of its $6 par value common stock for the treasury at a cash price of $10 per share. On September 1, it sells 275,000 shares of the treasury stock for cash at $13 per share. The balance in the retained earnings account is $6,345,000. Instructions: Journalize the two treasury stock transactions. Date Account Description Debit Credit Problem 7: 4 points Johnson Company has a unit-selling price of $450, variable costs per unit of $269, and fixed costs of $265,580. Instructions: Compute the break-even point in units using either (a) the mathematical equation or (b) contribution margin per unit. Round answer up to the next whole unit. (Show your work). ACCT 221 Final Exam Sum13 11
12 Problem 8: 10 points Holmes Company has a factory machine with a book value of $89,851 and a remaining useful life of 4 years. A new machine is available at a cost of $315,275. This machine will have a 4-year useful life with no salvage value. The new machine will lower annual variable manufacturing costs from $630,925 to $425,840. Instructions: Prepare an analysis showing whether the old machine should be retained or replaced. Retain Equipment Replace Equipment Total costs The equipment should be because total costs are lower than to retain the machine. Problem 9: 6 points For Perez Company, variable costs are 68% of sales, and fixed costs are $215,000. Management's net income goal is $68,610. Instructions: Compute the required sales needed to achieve management's target net income of $68,610. ACCT 221 Final Exam Sum13 12
13 Essay Question: 6 points Keller Company requires its marketing managers to submit estimated cost-volumeprofit data on all requests for new products, or expansions of a product line. Gina Lamb is a new manager. Her calculations show a fixed cost for a new project at $100,000 and a variable cost of $5. Since the selling price is only $15 for the proposed product, 10,000 would need to be sold to break even. That is approximately twice the volume estimate for the first year. She shares her dismay with Anne Smythe, another manager. Anne strongly advises her to revise her estimates. She points out that several of the costs that had been classified as fixed costs could be considered variable, since they are step costs and mixed costs. When the data has been revised classifying those costs as variable costs, the project appears viable. Required: 1. Who are the stakeholders in this decision? 2. Is it ethical for Gina to revise the costs as indicated? Briefly explain. ACCT 221 Final Exam Sum13 13
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