Managerial Accounting
15th Edition
ISBN: 9781337912020
Author: Carl Warren, Ph.d. Cma William B. Tayler
Publisher: South-Western College Pub
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Textbook Question
Chapter 1, Problem 5PA
Statement of cost of goods manufactured and income statement for a manufacturing company
The following information is available for Robstown Corporation for 20Y8:
Instructions
- 1. Prepare the 20Y8 statement of cost of goods manufactured.
- 2. Prepare the 20Y8 income statement.
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Statement of Financial position as at September 30 for 2023 and 2024
Assets 2023 2024
Cash and equivalents………………………………………. $56,100 $37,694
Receivables, Trade, less allowances of $1,104 and $991 respectively 47,753 37,645
Other Receivables…………………………………………………… 233 516
Inventories…………………………………………………………… 29,587 23,202
Prepaid expenses and other………………………………………….. 4,739 4,143
Total current assets…………………………………………………... 138,412 103,200
Property, plant and equipment, at cost………………………………. 314,880 298,609
Less accumulated depreciation………………………………………. (225,406) (211,494)
Property, plant and equipment net…………………………………… 89,474 87,115
Other assets
Goodwill……………………………………………………………...…
Swifty Corporation had 2025 net income of $1,169,000. During 2025, Swifty paid a dividend of $2 per share on 87,850 shares of
preferred stock. During 2025, Swifty had outstanding 301,000 shares of common stock.
Compute Swifty's 2025 earnings per share. (Round answer to 2 decimal places, e.g. 3.56.)
Earnings per share
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$
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GFH Decorators, a partnership, had the income and expenses shown in the spreadsheet below for the current tax year. Identify whether each item is an "Ordinary Business Income" item (reported on Page 1, Form 1065), a "Separately Stated Item" (reported on Schedule K, Form 1065), or both. Enter the value of ordinary income items in column C and the value of separately stated items in column D. Note that not all the cells in either column C or D will have values. If a response is zero, leave the cell blank.Use a minus sign to enter negative values.
A
B
C
D
1
Ordinary Business Income
Separately Stated Items
2
Fee revenue
$600,000
3
Dividend income
$2,000
4
Capital gain distributions
$10,000
5
Charitable contributions (cash)
($500)
6
Salaries to employees
($150,000)
7
Partner guaranteed payments
($75,000)
8
MACRS depreciation on office furniture
($3,000)
9
Total ordinary business income
$0
Chapter 1 Solutions
Managerial Accounting
Ch. 1 - Prob. 1DQCh. 1 - Prob. 2DQCh. 1 - What manufacturing cost term is used to describe...Ch. 1 - Distinguish between prime costs and conversion...Ch. 1 - What is the difference between a product cost and...Ch. 1 - Name the three inventory accounts for a...Ch. 1 - In what order should the three inventories of a...Ch. 1 - What are the three categories of manufacturing...Ch. 1 - How do the manufacturing costs incurred during a...Ch. 1 - How does the Cost of goods sold section of the...
Ch. 1 - Management process Three phases of the management...Ch. 1 - Prob. 2BECh. 1 - Prime and conversion costs Identify the following...Ch. 1 - Product and period costs Identify the following...Ch. 1 - Cost of goods sold, cost of goods manufactured...Ch. 1 - Jakes Cabins is a small motel chain with locations...Ch. 1 - Indicate whether each of the following costs of an...Ch. 1 - Indicate whether the following costs of Procter ...Ch. 1 - Prob. 3ECh. 1 - For apparel manufacturer Abercrombie Fitch, Inc....Ch. 1 - From the choices presented in parentheses, choose...Ch. 1 - Prob. 6ECh. 1 - Classifying costs In a service company A partial...Ch. 1 - Classifying costs The following is a manufacturing...Ch. 1 - Financial statements of a manufacturing firm The...Ch. 1 - Manufacturing company balance sheet Partial...Ch. 1 - Cost of direct materials used in production for a...Ch. 1 - Prob. 12ECh. 1 - Cost of goods manufactured for a manufacturing...Ch. 1 - Income statement for a manufacturing company Two...Ch. 1 - Statement of cost of goods manufactured for a...Ch. 1 - Cost of goods sold, profit margin, and net income...Ch. 1 - Cost flow relationships The following information...Ch. 1 - The following is a list of costs that were...Ch. 1 - The following is a list of costs incurred by...Ch. 1 - A partial list of Foothills Medical Centers costs...Ch. 1 - Manufacturing income statement, statement of cost...Ch. 1 - Statement of cost of goods manufactured and income...Ch. 1 - Prob. 1PBCh. 1 - The following is a list of costs incurred by...Ch. 1 - A partial list of The Grand Hotels costs follows:...Ch. 1 - Several items are omitted from the income...Ch. 1 - Statement of cost of goods manufactured and income...Ch. 1 - Comfort Plus, Inc., has a hotel with 300 rooms in...Ch. 1 - Prob. 2MADCh. 1 - Comparing occupancy for two hotels Sunrise Suites...Ch. 1 - Prob. 4MADCh. 1 - Prob. 5MADCh. 1 - Prob. 1TIFCh. 1 - Communication Todd Johnson is the Vice President...Ch. 1 - For each of the following managers, describe how...Ch. 1 - The following situations describe scenarios that...Ch. 1 - Geek Chic Company provides computer repair...Ch. 1 - Which of the following items would not be...Ch. 1 - Prob. 2CMACh. 1 - A firm has 100,000 in direct materials costs,...Ch. 1 - In practice, items such as wood screws and glue...
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