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19 Managerial Accounting CHAPTER PREVIEW This chapter focuses on issues illustrated in the Feature Story below about Current Designs and its parent company Wenonah Canoe. To succeed, the company needs to determine and control the costs of material, labor, and overhead, and understand the relationship between costs and profits. Managers often make decisions that determine their company’s fate—and their own. Managers are evaluated on the results of their decisions. Managerial accounting provides tools to assist management in making decisions and to evaluate the effectiveness of those decisions. FEATURE STORY Just Add Water … and Paddle Mike Cichanowski grew up on the Mississippi River in Winona, Minnesota. At a young age, he learned to paddle a canoe so he could explore the river. Before long, Mike began crafting his own canoes from bent wood and fiberglass in his dad’s garage. Then, when his canoe-making shop outgrew the garage, he moved it into an old warehouse. When that was going to be torn down, Mike came to a critical juncture in his life. He took out a bank loan and built his own small shop, giving birth to the company Wenonah Canoe. Wenonah Canoe soon became known as a pioneer in developing techniques to get the most out of new materials such as plastics, composites, and carbon fibers—maximizing strength while minimizing weight. In the 1990s, as kayaking became popular, Mike made another critical decision when he acquired Current Designs, a premier Canadian kayak manufacturer. This venture allowed Wenonah to branch out with new product lines while providing Current Designs with much-needed capacity expansion and manufacturing expertise. Mike moved Current Designs’ headquarters to Minnesota and made a big (and potentially risky) investment in a new production facility. Today, the company’s 90 employees produce about 12,000 canoes and kayaks per year. These are sold across the country and around the world. Mike will tell you that business success is “a three-legged stool.” The first leg is the knowledge and commitment to make a great product. Wenonah’s canoes and Current Designs’ kayaks are widely regarded as among the very best. The second leg is the ability to sell your product. Mike’s company started off making great canoes, but it took a little longer to figure out how to sell them. The third leg is not something that most of you would immediately associate with entrepreneurial success. It is what goes on behind the scenes—accounting. Good accounting information is absolutely critical to the countless decisions, big and small, that ensure the survival and growth of the company. Bottom line: No matter how good your product is, and no matter how many units you sell, if you don’t have a firm grip on your numbers, you are up a creek without a paddle. Source: www.wenonah.com. 834 ▲ Watch the What Is Managerial Accounting? video in WileyPLUS for an introduction to managerial accounting and the topics presented in Chapters 19–26.
© iNoppadal/Shutterstock CHAPTER OUTLINE 1 Learning Objectives Identify the features of managerial accounting and the functions of management. • Comparing managerial and financial accounting • Management functions • Organizational structure DO IT! 1 Managerial Accounting Overview 2 Describe the classes of manufacturing costs and the differences between product and period costs. • Manufacturing costs • Product vs. period costs • Illustration of cost concepts DO IT! 2 Managerial Cost Concepts 3 Demonstrate how to compute cost of goods manufactured and prepare financial statements for a manufacturer. • Income statement • Cost of goods manufactured schedule • Balance sheet DO IT! 3 Cost of Goods Manufactured 4 Discuss trends in managerial accounting. • Service industries • Value chain • Balanced scorecard • Business ethics • Corporate social responsibility DO IT! 4 Trends in Managerial Accounting Go to the REVIEW AND PRACTICE section at the end of the chapter for a review of key concepts and practice applications with solutions. Visit WileyPLUS with ORION for additional tutorials and practice opportunities.
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ACCOUNTING PRINCIPLES TWELFTH EDITI
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Account Title Classification Financ
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ACCOUNTING PRINCIPLES TWELFTH EDITI
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Brief Contents 1 Accounting in Acti
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Author Commitment Jerry Weygandt Je
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Streamlined Learning Objectives New
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Table of Contents 1 Accounting in A
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LO *6: APPENDIX 6B: Describe the tw
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LO 3: Prepare and analyze a compreh
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LO 2: Compute present values. G-7 P
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Jeanette Milius Iowa Western Commun
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CHAPTER OUTLINE Learning Objectives
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Accounting Activities and Users 5 C
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Building Blocks of Accounting 7 DO
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Building Blocks of Accounting 9 The
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Building Blocks of Accounting 11 in
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The Accounting Equation 13 Owner’
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Analyzing Business Transactions 15
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The Four Financial Statements 21 LE
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The Review and Practice section pro
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Practice Multiple-Choice Questions
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Practice Problem 31 5. Increase in
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Questions 33 QUESTIONS Brief Exerci
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Exercises 37 says, “Showing the l
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Exercises 39 End of year: Total ass
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Problems: Set A 41 6. Withdrew $700
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Broadening Your Perspective 43 BROA
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Broadening Your Perspective 45 subm
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A Look at IFRS 47 Looking to the Fu
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Accounts, Debits, and Credits 51 Ev
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Accounts, Debits, and Credits 53 In
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The Journal 55 The steps in the rec
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The Ledger and Posting 57 DO IT! 2
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The Ledger and Posting 59 Posting T
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The Ledger and Posting 61 perform t
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The Ledger and Posting 63 Transacti
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The Ledger and Posting 65 Transacti
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The Ledger and Posting 67 Illustrat
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The Trial Balance 69 4. Incorrect a
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Practice Exercises 73 12. (c) The b
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Practice Problem 75 PRACTICE PROBLE
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Brief Exercises 77 4. Erica Mendez,
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Exercises 79 DO IT! Exercises DO IT
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Exercises 81 E2-8 Teresa Alvarez ha
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Problems: Set A 83 5. A cash purcha
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Problems: Set B and Set C 85 Each o
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Broadening Your Perspective 87 (b)
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Broadening Your Perspective 89 A r
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Recognizing Revenues and Expenses I
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Adjusting Entries for Deferrals 97
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Adjusting Entries for Accruals 105
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Adjusted Trial Balance and Financia
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Adjusted Trial Balance and Financia
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Appendix 3A: Adjusting Entries for
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Appendix 3A: Adjusting Entries for
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Appendix 3B: Financial Reporting Co
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Review and Practice 121 REVENUE REC
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Practice Exercises 125 12. (b) Adju
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Questions 127 Solution GENERAL JOUR
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Exercises 135 (b) If the amount in
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Exercises 137 *E3-18 Presented belo
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Problems: Set A 139 In addition to
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Problems: Set A 141 3. Notes Payabl
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Broadening Your Perspective 143 5.
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Communication Activity BYP3-6 In re
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A Look at IFRS 147 Looking to the F
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The Worksheet 151 STEP 1: PREPARE A
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The Worksheet 153 Illustration 4-3A
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STEP 4: EXTEND ADJUSTED TRIAL BALAN
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The Worksheet 157 Preparing Financi
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Closing the Books 159 In contrast,
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Closing the Books 161 GENERAL JOURN
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Closing the Books 163 Preparing a P
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Closing the Books 165 (Temporary Ac
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Accounting Cycle and Correcting Ent
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Classified Balance Sheet 169 LEARNI
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Classified Balance Sheet 171 As we
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Classified Balance Sheet 173 Illust
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Appendix 4A: Reversing Entries 175
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Review and Practice 177 2 3 Prepare
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Practice Exercises 181 (c) HERCULES
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Practice Problem 183 Instructions (
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Brief Exercises 185 QUESTIONS Brief
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Exercises 187 * BE4-12 At October 3
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Exercises 189 Instructions Prepare
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Exercises 191 E4-10 Renee Davis has
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Problems: Set A 193 * E4-18 Lovrek
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Problems: Set A 195 BRAY COMPANY Wo
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Broadening Your Perspective 199 Ins
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Communication Activity BYP4-6 The a
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A Look at IFRS 203 FRANKLIN COMPANY
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A Look at IFRS 205 International Co
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Merchandising Operations and Invent
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Recording Purchases under a Perpetu
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Recording Sales under a Perpetual S
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Practice Problem 241 Solution 2. (a
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Brief Exercises 243 12. Explain why
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DO IT! Exercises 245 Example Cash:
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Exercises 249 Adjusted Income Accou
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Problems: Set A 251 EXERCISES: SET
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Problems: Set A 253 The chart of ac
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Comprehensive Problem 255 Instructi
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A Look at IFRS 259 At what point sh
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A Look at IFRS 261 International Fi
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Classifying and Determining Invento
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Classifying and Determining Invento
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Specific Identification If Crivitz
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Inventory Methods and Financial Eff
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Effects of Inventory Errors 277 LEA
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Inventory Statement Presentation an
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Appendix 6A: Inventory Cost Flow Me
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Appendix 6B: Estimating Inventories
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Review and Practice 287 3 4 (LIFO)
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Questions 293 (b) LIFO Method Date
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DO IT! Exercises 295 BE6-7 Cruz Vid
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Exercises 297 3. Included in the in
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Exercises 299 Smart uses a periodic
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Problems: Set A 301 * E6-20 Kicks S
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Problems: Set A 303 Instructions (a
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Comprehensive Problem 305 Hardcover
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Broadening Your Perspective 307 ann
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A Look at IFRS 309 Similarities •
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Basic Concepts of Accounting Inform
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Subsidiary Ledgers 315 LEARNING OBJ
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Using Special Journals 317 2. They
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Using Special Journals 319 General
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Using Special Journals 321 Postings
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Using Special Journals 323 Credit C
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Using Special Journals 329 Effects
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Review and Practice 331 Companies n
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Practice Problem 335 2. Below are s
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Exercises 339 DO IT! 7-3 Hinske Com
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Exercises 341 Instructions (a) Prep
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Problems: Set A 343 Instructions Fr
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A Look at IFRS 353 A Look at IFRS L
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Fraud and Internal Control 365 Limi
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Cash Controls 367 tape is locked in
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Cash Controls 369 Cash Disbursement
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Cash Controls 371 expenditures that
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Reporting Cash 381 Solution Sally s
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Review and Practice 383 2 safeguard
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Practice Problem 387 PRACTICE PROBL
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Exercises 391 EXERCISES E8-1 Eve He
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Exercises 393 Receipt Date No. For
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Problems: Set A 397 The cash record
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A Look at IFRS 403 Differences •
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Recognition of Accounts Receivable
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Valuation and Disposition of Accoun
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Recognition of Notes Receivable 417
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Valuation and Disposition of Notes
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Review and Practice 423 The result
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Problems: Set A 435 (c) Assume that
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Comprehensive Problem 437 Jan. 5 So
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Plant Asset Expenditures 445 Land a
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Depreciation Methods 449 Revenue-pr
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Depreciation Methods 451 Note that
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Depreciation Methods 453 A common d
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Plant Asset Disposals 455 Book valu
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Plant Asset Disposals 457 GAIN ON S
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Natural Resources and Intangible As
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Statement Presentation and Analysis
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Review and Practice 467 In recordin
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Practice Problems 471 Solution 1. (
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Questions 473 (b) 7/1/20 Depreciati
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Accounting for Current Liabilities
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Reporting and Analyzing Current Lia
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Accounting for Payroll 499 Solution
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Accounting for Payroll 501 FICA TAX
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Accounting for Payroll 503 Recordin
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Review and Practice 513 To the exte
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Page 889 and 890: Exercises 865 The administrators wa
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Page 893 and 894: Problems: Set A 869 Instructions (a
Page 895 and 896: Continuing Problems 871 Instruction
Page 897 and 898: Broadening Your Perspective 873 The
Page 899 and 900: Broadening Your Perspective 875 1.
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Page 903 and 904: Cost Accounting Systems 879 associa
Page 905 and 906: Cost Accounting Systems 881 At this
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Assigning Manufacturing Costs 885 s
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Predetermined Overhead Rate 887 and
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Predetermined Overhead Rate 889 Thi
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Jobs Completed and Sold 891 When a
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Jobs Completed and Sold 893 Job Ord
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Applied Manufacturing Overhead 895
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Review and Practice 897 After Walla
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Practice Problem 901 (b) Jan. 31 Wo
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Brief Exercises 903 Brief Exercises
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Exercises 905 EXERCISES E20-1 The g
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Exercises 907 3. Factory labor cost
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Problems: Set A 911 (b) Post the en
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Broadening Your Perspective 913 BRO
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Broadening Your Perspective 915 Ali
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Elaine Thompson/AP Photo CHAPTER OU
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Overview of Process Cost System 919
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Process Cost Flow 921 LEARNING OBJE
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Process Cost Flow 923 TRANSFER TO N
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Equivalent Units 925 This method of
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Production Cost Report 927 LEARNING
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Production Cost Report 929 Equivale
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Production Cost Report 931 1 2 3 4
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Just-in-Time Processing and Activit
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Just-in-Time Processing and Activit
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Appendix 21A: Applying Activity-Bas
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Appendix 21A: Applying Activity-Bas
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Practice Exercises 943 4. (b) The d
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Brief Exercises 947 and (b) the Fin
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Exercises 949 EXERCISES E21-1 Rober
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Exercises 953 1. Applications in pr
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Problems: Set A 955 Cutting Departm
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Continuing Problems 957 *P21-7A Sch
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CHAPTER OUTLINE Eric Gerrard/iStock
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Cost Behavior Analysis 963 shows, t
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Cost Behavior Analysis 965 (a) Tota
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Mixed Costs Analysis 967 collect da
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Mixed Costs Analysis 969 Importance
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CVP Analysis 971 VARGO VIDEO COMPAN
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CVP Analysis 973 We can also see th
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Break-Even Analysis 975 Contributio
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Target Net Income and Margin of Saf
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Target Net Income and Margin of Saf
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CVP Analysis and the Business Envir
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Appendix 22A: Absorption Costing vs
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Appendix 22A: Absorption Costing vs
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Practice Exercises 989 2. (c) The r
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Questions 991 (c) Margin of safety
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DO IT! Exercises 993 BE22-6 Rice Co
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Exercises 995 Instructions (a) Defi
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Exercises 997 E22-11 Naylor Company
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Problems: Set A 999 Total Variable
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BROADENING YOUR MANAGEMENT DECISION
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Broadening Your Perspective 1003 In
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CHAPTER OUTLINE Deidre Schoo/The Ne
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Effective Budgeting and the Master
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Effective Budgeting and the Master
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Sales, Production, and Direct Mater
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Direct Labor, Manufacturing Overhea
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Direct Labor, Manufacturing Overhea
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Cash Budget and Budgeted Balance Sh
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Cash Budget and Budgeted Balance Sh
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Budgeting in Nonmanufacturing Compa
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Budgeting in Nonmanufacturing Compa
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Practice Exercises 1031 10. (a) The
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Practice Problems 1033 PRACTICE PRO
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Questions 1035 (c) BARRETT COMPANY
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DO IT! Exercises 1037 BE23-5 For Gu
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Exercises 1039 Department Quarter 1
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Exercises 1041 Variable overhead co
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Problems: Set A 1043 Beginning cash
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Problems: Set A 1045 P23-4A Colter
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Comprehensive Case 1047 PROBLEMS: S
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Broadening Your Perspective 1049 Th
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All About You BYP23-6 In order to g
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Eviled/Shutterstock CHAPTER OUTLINE
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Budgetary Control and Static Budget
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Flexible Budget Reports 1057 Soluti
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Flexible Budget Reports 1059 When y
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Flexible Budget Reports 1061 The fo
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Flexible Budget Reports 1063 1 2 3
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Responsibility Accounting and Respo
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Evaluating Investment Centers 1073
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Evaluating Investment Centers 1075
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Review and Practice 1077 Solution (
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Practice Problem 1081 (b) (1) Contr
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DO IT! Exercises 1083 BE24-4 Gundy
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Exercises 1085 Instructions (a) Pre
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Exercises 1087 As a result of this
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Exercises 1089 Instructions (a) Com
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Problems: Set A 1091 PROBLEMS: SET
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Problems: Set A 1093 P24-5A Optimus
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WATERWAYS (Note: This is a continua
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Real-World Focus BYP24-3 Computer A
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Broadening Your Perspective 1099 Be
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Standard Costs 1103 a way to place
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Standard Costs 1105 Quantity Item (
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Direct Materials Variances 1107 DO
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Direct Materials Variances 1109 to
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Direct Labor and Manufacturing Over
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Direct Labor and Manufacturing Over
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Variance Reports and Balanced Score
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Appendix 25A: Standard Cost Account
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Appendix 25B: Overhead Controllable
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Practice Problem 1129 Labor price v
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Brief Exercises 1131 15. What are t
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Exercises 1133 Hank estimates that
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Exercises 1135 Analysis reveals tha
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Exercises 1137 3. Contribution marg
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Problems: Set A 1139 The predetermi
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Continuing Problems 1141 5. Incurre
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Broadening Your Perspective 1143 ea
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Ethics Case BYP25-7 At Symond Compa
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Gabriela Hasbun/Redux CHAPTER OUTLI
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Decision-Making and Incremental Ana
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Decisions Involving Incremental Ana
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Annual Rate of Return and Cash Payb
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Net Present Value and Internal Rate
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Net Present Value and Internal Rate
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Practice Exercises 1171 Solutions 1
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Practice Problems 1173 3. MCA Corpo
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Brief Exercises 1175 Brief Exercise
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DO IT! Exercises 1177 Revenues Main
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Exercises 1179 A supplier offers to
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Problems: Set A 1181 Annual income
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Problems: Set A 1183 Division I II
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Continuing Problems 1185 (f) What t
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BROADENING YOUR MANAGEMENT DECISION
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Broadening Your Perspective 1189 CR
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A-2 Appendix A Specimen Financial S
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A-4 Appendix A Specimen Financial S
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Appendix B Specimen Financial State
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C-2 Appendix C Specimen Financial S
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C-4 Appendix C Specimen Financial S
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D-2 Appendix D Specimen Financial S
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D-4 Appendix D Specimen Financial S
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Appendix E Specimen Financial State
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Consolidated Statements of Sharehol
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Appendix F Specimen Financial State
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Appendix G Time Value of Money APPE
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Interest and Future Values G-3 unpa
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Interest and Future Values G-5 seri
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Present Values G-7 LEARNING OBJECTI
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Present Values G-9 The following tw
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Present Values G-11 Table 4 shows t
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Present Values G-13 Illustration G-
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Using Financial Calculators G-15 Pr
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Using Financial Calculators G-17 CO
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Brief Exercises G-19 4 inflows and
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Brief Exercises G-21 BEG-14 Assume
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Appendix H Standards of Ethical Con
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Company Index A Ace Hardware, 285 A
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Company Index I-3 Sharp, 1166 Shell
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I-6 Subject Index Available-for-sal
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I-8 Subject Index Cost flow assumpt
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I-10 Subject Index Financial statem
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I-12 Subject Index Inventory(-ies)
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I-14 Subject Index Net income, 21 c
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I-16 Subject Index Recordkeeping, s
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I-18 Subject Index Unearned revenue
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RAPID REVIEW Chapter Content RECEIV
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RAPID REVIEW Chapter Content BUDGET
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RAPID REVIEW Using the Information
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