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The Windshield People repair chips in car windshields in the company's home county. Rocky Chip, the owner, incurred the
Salaries and wages
Windshield repair materials
Depreciation on truck
Depreciation on building and equipment
Supplies expense
Gasoline and utilities
$9,000
4,900
250
800
600
2,130
The Windshield People earned $26,000 in revenues for the month of February by repairing 500 windshields. All costs show
Requirements:
1. Prepare an income statement for the month of February. Compute the ratio of total operating expense to total revenue
2. Compute the per unit cost of repairing one windshield.
3. The manager of The Windshield People must keep unit operating cost below $50 per windshield in order to get his bonu
4. What kind of system could The Windshield People use to integrate all its data?
y Chip, the owner, incurred the following operating costs for the month of February 2012:
500 windshields. All costs shown are considered to be directly related to repair service.
rating expense to total revenue and operating income to total revenue.
dshield in order to get his bonus. Did he meet the goal?
Natalia Wallace is the new controller for Smart Software, Inc., which develops and sells education software. Shortly before
president, asks Wallace how things look for the year-end numbers. He is not happy to learn that earnings growth may be b
Cauvet explains that financial analysts have predicted a 13% earnings growth for the company and that he does not intend
assistant controller, who can explain how the previous controller dealt with such situations. The assistant controller sugge
a. Persuade suppliers to postpone billing $13,000 in invoices until January 1.
b. Record as sales $115,000 in certain software awaiting sale that is held in a public warehouse.
c. Delay the year-end closing a few days into January of the next year so that some of next year's sales are included as this
d. Reduce the estimated bad debt expense from 5% of sales revenue to 3%, given the company's continued strong perform
e. Postpone routine monthly maintenance expenditures from December to January.
Requirements:
1. Which of these suggested strategies are inconsistent with IMA standards?
2. What should Wallace do if Cauvet insists that she follow all of these suggestions?
software. Shortly before the December 31 fiscal year-end, James Cauvet, the company
rnings growth may be below 13% for the first time in the company's five-year history.
that he does not intend to disappoint them. He suggests that Wallace talk to the
sistant controller suggests the following strategies:
ales are included as this year's sales.
ontinued strong performance.
In 400-500 words, discuss the differences between managerial and financial accounting.
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