财务管理课后习题7-1.doc

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Chapter 7
7-15. Johnson Electronics is considering extending trade credit to some customers previously considered poor risks. Sales would increase by $100,000 if credit is extended to these new customers. Of the new accounts receivable generated, 10 percent will prove to be uncollectible. Additional collection costs will be 3 percent of sales, and production and selling costs will be 79 percent of sales. The firm is in the 40 percent tax bracket.

a. Compute the incremental income after taxes.
b. What will Johnson's incremental return on sales be if these new credit customers are accepted?
c. If the receivable turnover ratio is 6 to 1, and no other asset buildup is needed to serve the new customers, what will Johnson's incremental return on new average investment be?
Solution:
Johnson Electronics
a. Additional sales $100,000
Accounts uncollectible (10% of new sales) – 10,000
Annual incremental revenue $ 90,000
Collection costs (3% of new sales) – 3,000
Production and selling costs
(79% of new sales) – 79,000
Annual income before taxes $ 8,000
Taxes (40%) – 3,200
Incremental income after taxes $ 4,800

c. Receivable turnover = Sales/Receivable turnover = 6x
Receivables = Sales/Receivable turnover
= $100,000/6
= $16,666.67
Incremental return on new average investment = $4,800/$16,666.67 = 28.80%

7-17. Comiskey Fence Co. is evaluating the extension of credit to a new group of customers. Although these customers will provide $180,000 in additional credit sales, 12 percent are likely to be uncollectible. The company will also incur $15,700 in additional collection expense. Production and marketing costs represent 70 percent of sales. The firm is in a 34 percent tax bracket and has a receivables turnover of 5 times. No other asset buildup will be required to service the new customers. The firm has a 10 percent desired return.

a. Should Comiskey Fence Co. extend credit to these customers?
b. Should credit be extended if 15 percent of the new sales prove uncollectible?
c. Should credit be extended if the receivables turnover drops to 1.5, and 12 percent of the accounts are uncollectible (as in part a)?
Solution:
Comiskey Fence Co.
a. Added sales $180,000
Accounts uncollectible (12% of new sales) 21,600
Annual incremental revenue 158,400
Collection costs 15,700
Production and selling costs
(70% of new sales) 126,000
Annual income before taxes 16,700
Taxes (34%) 5,678
Incremental income after taxes $ 11,022
Receivable turnover = 5.0x =
$36,000 in
new receivables

Return on incremental investment =
Yes, extend credit to these customers since the incremental return of 30.62% is greater than 10%.
b. Same as above except accounts uncollectible are $15% of $180,000 or $27,000. This is $5,400 more than the value in part a. This means a reduction in incremental income after taxes of $3,564 to $7,458. The value can also be computed as:
Added sales $180,000
Accounts uncollectible (15% of new sales) 27,000
Annual incremental revenue $153,000
Collection costs 15,700
Production and selling costs
(70% of new sales) 126,000
Annual income before taxes 11,300
Taxes (34%) 3,842
Incremental income after taxes $ 7,458
Return on incremental investment =
Yes, extend credit.
c. If receivable turnover drops to 1.5x, the investment in accounts receivable would equal $180,000/1.5 = $120,000. The return on incremental investment, assuming a 12% uncollectible rate, is 9.19%.
Return on incremental investment =
The credit should not be extended. 9.19% is less than the desired 10%.

7-18. Reconsider problem 17. Assume the average collection period is 120 days. All other factors are the same (including 12 percent uncollectibles). Should credit be extended?
Solution:
Comiskey Fence Company (Continued)
Fist compute the new accounts receivable balance.
Accounts receivable = average collection * average daily
period sales
120 days *
or
Accounts receivable = sales/accounts receivable turnover
Accounts receivable turnover =
$180,000/3 = $60,000
Then compute return on incremental investment.

Yes, extend credit. 18.37% is greater than 10%.
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B比率分析法和比较分析法不能测算出各因素的影响程度。√
C采用约当产量比例法，分配原材料费用与分配加工费用所用的完工率都是一致的。Ｘ
C采用直接分配法分配辅助生产费用时，应考虑各辅助生产车间之间相互提供产品或劳务的情况。错
C产品的实际生产成本包括废品损失和停工损失。√
C成本报表是对外报告的会计报表。×
C成本分析的首要程序是发现问题、分析原因。×
C成本会计的对象是指成本核算。×
C成本计算的辅助方法一般应与基本方法结合使用而不单独使用。√
C成本计算方法中的最基本的方法是分步法。X
D当车间生产多种产品时，“废品损失”、“停工损失”的借方余额，月末均直接记入该产品的产品成本
中。×
D定额法是为了简化成本计算而采用的一种成本计算方法。×
F“废品损失”账户月末没有余额。√
F废品损失是指在生产过程中发现和入库后发现的不可修复废品的生产成本和可修复废品的修复费用。Ｘ
F分步法的一个重要特点是各步骤之间要进行成本结转。(√)
G各月末在产品数量变化不大的产品，可不计算月末在产品成本。错
G工资费用就是成本项目。(×)
G归集在基本生产车间的制造费用最后均应分配计入产品成本中。对
J计算计时工资费用，应以考勤记录中的工作时间记录为依据。(√)
J简化的分批法就是不计算在产品成本的分批法。(×)
J简化分批法是不分批计算在产品成本的方法。对
J加班加点工资既可能是直接计人费用，又可能是间接计人费用。√
J接生产工艺过程的特点，工业企业的生产可分为大量生产、成批生产和单件生产三种，X
K可修复废品是指技术上可以修复使用的废品。错
K可修复废品是指经过修理可以使用，而不管修复费用在经济上是否合算的废品。Ｘ
P品种法只适用于大量大批的单步骤生产的企业。×
Q企业的制造费用一定要通过“制造费用”科目核算。Ｘ
Q企业职工的医药费、医务部门、职工浴室等部门职工的工资，均应通过“应付工资”科目核算。Ｘ
S生产车间耗用的材料，全部计入“直接材料”成本项目。Ｘ
S适应生产特点和管理要求，采用适当的成本计算方法，是成本核算的基础工作。(×)
W完工产品费用等于月初在产品费用加本月生产费用减月末在产品费用。对
Y“预提费用”可能出现借方余额，其性质属于资产，实际上是待摊费用。对
Y引起资产和负债同时减少的支出是费用性支出。X
Y以应付票据去偿付购买材料的费用，是成本性支出。X
Y原材料分工序一次投入与原材料在每道工序陆续投入，其完工率的计算方法是完全一致的。Ｘ
Y运用连环替代法进行分析，即使随意改变各构成因素的替换顺序，各因素的影响结果加总后仍等于指标的总差异，因此更换各因索替换顺序，不会影响分析的结果。(×)
Z在产品品种规格繁多的情况下，应该采用分类法计算产品成本。对
Z直接生产费用就是直接计人费用。X
Z逐步结转分步法也称为计列半成品分步法。√

A按年度计划分配率分配制造费用，“制造费用”账户月末(可能有月末余额/可能有借方余额/可能有贷方余额/可能无月末余额)。
A按年度计划分配率分配制造费用的方法适用于(季节性生产企业)

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