Use the following information for Palmer Co. to compute inventory turnover for 2013 and 2012, and its days sales in inventory at December 31, 2013 and 2012. ( Round answers to one decimal.) Comment...
Appliance Possible Inc. (AP) is a manufacturer of toaster ovens. To improve control over operations, the president of AP wants to begin using a flexible budgeting system, rather than use only the...
Review and justify the placement of the seven types of conflicts into the nine cells of Table 4-1 . Categories of Comflict Parties-at-Interest Project team Authority Interpersonal Goals Schedules...
Sheryl Crow Equipment Company sold 500 Rollomatics during 2008 at $6,000 each. During 2008, Crow spent $20,000 servicing the 2-year warranties that accompany the Rollomatic. All applicable...
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2011 ($ in 000s): In addition, during the year the company completed the disposal of its plastics...
Stan Baiman owns a catering company that prepares food and beverages for banquets and parties. For a standard party the cost on a per-person basis is as follows: Food and beverages ........... $ 30...
Diane Bernick has opened Bernicks Consulting. Journalize the following transactions that occurred during January of the current year. Use the following journal pages: January 110, page 1, and January...
Big Sound Inc. manufactures two products: receivers and loudspeakers. The factory overhead incurred is as follows: Indirect labor .............$ 400,400 Subassembly Department ........ 198,800 Final...
Ramada Company produces one golf cart model. A partially complete table of company costs follows: Required: 1. Complete the table. 2. Ramada sells its carts for $1,200 each. Prepare a contribution...
Tony Masasi started his own consulting firm, Masasi Company, on June 1, 2010. The trial balance at June 30 is shown below. In addition to those accounts listed on the trial balance, the chart of...
The following is a list of activities that companies perform in relation to their receivables. 1. Selling receivables to a factor. 2. Reviewing company ratings in The Dun and Bradstreet Reference...
Closing down divisions. Belmont Corporation has four operating divisions. The budgeted revenues and expenses for each division for 2011 follows: Further analysis of costs reveals the following...
What categories of constraints to project plan implementation are noted in the chapter? Explain each of them.
Burke Corporation was organized on January 1, 2014. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of $2...
Wallys Widget Warehouse takes orders from 7 a. m. to 7 p. m. The manager wants to analyze the process and has provided the process flow diagram shown below. There are three steps required to ship a...
In early January 2015, NewTech purchases computer equipment for $154,000 to use in operating activities for the next four years. It estimates the equipments salvage value at $25,000. Prepare a table...
You are the audit manager for Ken- Ron Enterprises. Your firm has been the entitys auditor for 15 years. Your firm normally uses a range of 3% to 5% of income before taxes to calculate overall...
Cedar Grove Industries produces and sells a cell phone-operated home security control. Information regarding the costs and sales of security controls during May 2017 are provided below. Unit selling...
Garnett Printing Corp. uses a job order cost system.The following data summarize the operations related to the first quarter??s production.1. Materials purchased on account $192,000, and factory...
Latta Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term loan from its regular bank, Latta Corp. requests you as its independent CPA to convert...
Henri of Henris French Cuisine (HFC), a chain of twelve restaurants, is trying to decide if it makes sense to outsource the purchasing function. Currently, Henri employs two buyers at an annual fixed...
On January 1, 2014, the ledger of Hiatt Company contained these liability accounts. Accounts Payable.......... $42,500 Sales Taxes Payable........ 6,600 Unearned Service Revenue..... 19,000 During...
For a recent 2-year period, the balance sheet of Franklin Company showed the following stockholders' equity data at December 31 in millions. (a) Answer the following questions. (1) What is the par...
The adjusted trial balance for Martell Bowling Alley at December 31, 2014, contains the accounts shown on page 198. Instructions (a) Prepare a classified balance sheet; assume that $22,000 of the...
Participants in a training course are often asked to evaluate the course by means of a questionnaire. What are the pros and cons of this approach? Are there better ways of evaluating a course?
The Farmers American Bank of Leesburg is planning to install a new computerized accounts system. Bank management has determined the activities required to complete the project, the precedence...
Naylor Company had $210,000 of net income in 2013 when the selling price per unit was $150, the variable costs per unit were $90, and the fixed costs were $570,000. Management expects per unit data...
Why are pipelines unknown to many individuals? Do you think the pipelines should advertise to change this?
Howie Stars produces stars for elementary teachers to reward their students. Howie Stars trial balance on June 1 follows: June 1 balances in the subsidiary ledgers were as follows: ¢ Materials...
a. 1. The statement is entitled Consolidated Balance Sheets.'' What does it mean to have a consolidate balance sheet? 2. For subsidiaries where control is present, does Kellogg have 100% ownership?...
Katie Pairy Fruits Inc. has a $1,000, 20-year bond outstanding with a nominal yield of 15 percent (coupon equals 15% $1,000 = $150 per year). Assume that the current market-required interest rate on...
a. Based on this information alone, can you determine whether White can pay a $2,000 cash dividend? Why or why not? b. Reconstruct the accounting equation for each company using percentages on the...
Theres no reason for me to get excited about the choice between the weighted-average and FIFO methods in my process-costing system. I have long term contracts with my materials suppliers at fixed...
Maher Inc. reported income from continuing operations before taxes during 2012 of $790,000. Additional transactions occurring in 2012 but not considered in the $790,000 are as follows. 1. The...
The comparative financial statements prepared at December 31, 2012, for Prince Company showed the following summarized data: *One-third was credit sales. During 2012, cash dividends amounting to...
1. What issues should systems analysts and programmers discuss before they proceed with the project? 2. As a systems analyst on this project, how would you describe your primary responsibilities, and...
After an extensive product analysis using group technology, Bob Buerlein has identified a product he believes should be pulled out of his process facility and handled in a work cell. Bob has...
Kolton Company closes its books on its July 31 year-end. The company does not make entries to accrue for interest except at its year-end. On June 30, the Notes Receivable account balance is $23,800....
Jayzee Company manufactures a variety of products in a variety of departments and evaluates departments and departmental managers by comparing actual cost and output relative to the budget....
Marty and Jean are married and have 4-year-old twins. Jean is going to school full-time for 9 months of the year, and Marty earns $45,000. The twins are in day care so Jean can go to school while...
Vincent Yarwood practices medicine under the business title Vincent Yarwood, M.D. During July, the medical practice completed the following transactions: Jul. 1 Yarwood contributed $68,000 cash to...
Scheduled payments of $800 due two months ago and $1200 due in one month are to be repaid by a payment of $1000 today and the balance in three months. What is the amount of the final payment if...
Pamcar Industries sells IT equipment, specialising in printers and faxes. The following statement reflects the contribution margin of each activity, and overall profit levels. Required: a. Calculate...
Abernathy Corporation was organized on January 1, 2010. It is authorized to issue 10,000 shares of 8%, $50 par value preferred stock, and 500,000 shares of no par common stock with a stated value of...
Record Sales Gross and Net On June 3, Bolton Company sold to Arquette Company merchandise having a sale price of $2,000 with terms of 2/10, n/60 f.o.b. shipping point. An invoice totaling $90, terms...
The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following data to use in preparing its budgeted balance sheet for next year: The beginning balance...
Ebersoll Mining has $6 million in sales, its ROE is 12%, and its total assets turnover is 3.2. The company is 50% equity financed. What is its net income?
Describe the governmental activities of a state or local government and identify the measurement focus and basis of accounting used in accounting and financial reporting for these activities.
Assume a year has passed and XYZ has improved security by applying a number of controls. Using the information from Exercise 3 and the following table, calculate the post-control ARO and ALE for each...
Presented below is a partially completed Statement of Activities for a homeless shelter. Complete the Statement of Activities by filling in the amounts that would appear in each of the shaded areas....
Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2013 are: All sales are on account. Collections are expected to be 50% in the month of sale, 30% in the first...
Backwoods American, Inc., produces expensive water repellent, down-lined parkas. The company implemented a total quality-management program in 2005. Following are quality-related accounting data that...
A Juliet Burke, a former professional tennis star, operates Juliets Tennis Shop at the Mitchell Lake Resort. At the beginning of the current season, the ledger of Juliets Tennis Shop showed Cash...
Could managers use any of the motivation theories or approaches to encourage and support workforce diversity efforts? Explain.
Identify the basic questions with which modern trade theory is concerned.
Refer to Problems 1.13 and 1.14. lf Charles Lackeys utility costs remain constant at $500 per month, labor at $8 per hour, and cost of ingredients at $0.35 per loaf, but Charles does not purchase the...
What makes social media social isits give and take, says Jeff Gerst ofBolin Marketing, who manages theCarmex social media properties. Bygive Gerst is referring to the feedbackconsumers send on social...
Refer to the data for the Ferre Publishing Company in Exercise 4B3. In Exercise 4B3, The Ferre Publishing Company has three service departments and two operating departments. Selected data from a...
Below are the financial statements for two firms, Time Warner and Walt Disney, for 2012 and 2013. a. How did Time Warner's profit margins change from 2012 to 2013? To what would you attribute the...
Consider an 8% coupon bond selling for $953.10 with 3 years until maturity making annual coupon payments. The interest rates in the next 3 years will be, with certainty, r1 = 8%, r2 = 10%, and r3 =...
Consider the following information for a project to add a drive-thru window at Crestview Bank. a. Draw the network diagram for this project. b. Specify the critical path. c. Calculate the slack for...
Elston Corporation had the following stockholders' equity accounts on January 1, 2014: Common Stock ($5 par) $400,000, Paid-in Capital in Excess of Par- Common Stock $200,000, and Retained Earnings...
James Mayaguez engaged in the following activities in establishing his photography studio, Picture This!: 1. Opened a bank account in the name of Picture This! and deposited $8,000 of his own money...
Piscataway Plastics Company manufactures a highly specialized plastic that is used extensively in the automobile industry. The following data have been compiled for the month of June. Conversion...
Irrigate Smart Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On February 17 of the current year, Irrigate Smart Inc. reacquired 50,000 shares of its common...
Sticky Polymers Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 10,750 units of...
Menlo Company distributes a single product. The companys sales and expenses for last month follow: Required: 1. What is the monthly break-even point in units sold and in sales dollars? 2. Without...
This information relates to McCall Real Estate Agency. Journalize the transactions. Do not provide explanations. Oct. 1 Stockholders invest $30,000 in exchange for common stock of the corporation. 2...
Manno Corporation has the following information available concerning its postretirement benefit plan for 2010. Service cost $40,000 Interest cost 47,400 Actual and expected return on plan assets...
Identify the principal reasons why we have a product liability crisis. Have any reasons been omitted? Discuss.
The management of Zigby manufacturing prepared the following estimated balance sheet for March, 2013: To prepare a master budget for April, May, and June of 2013, management gathers the following...
Multiple-Choice Questions 1. When economists speak of "marginal," they mean a. Opportunity. b. Scarcity. c. Incremental. d. Unimportant. 2. Managers undertake an investment only if a. Marginal...
Metal Accessories manufactures auto roof racks in a two- stage process that includes shaping and plating. Steel alloy is the basic raw material of the shaping process. The steel is molded according...
The Shannon Corporation has credit sales of $750,000. Given the following ratios, fill in the balance sheet at the bottom. Total assets turnover .................................... 2.5 times Cash to...
Sally Stanford is buying an automobile that costs $12,000. She will pay $2000 immediately and the remaining $10,000 in four annual end-of-year principal payments of $2500 each. In addition to the...
Big Thumbs Company manufactures portable flash drives for computers. Big Thumbs incurs monthly depreciation costs of $15,000 on its plant equipment and monthly advertising costs of $3,000 to place...
Deleon Inc. is preparing its annual budgets for the year ending December 31, 2013. Accounting assistants furnish the data shown below. An accounting assistant has prepared the detailed manufacturing...
Floras Fabulous Fountains (FFF) top product is its Model A. Using the information given, draw the product structure tree for the ModelA. Usage Lead Immediate per Time Beginning Parent Parent (weeks)...
The yearly demand for a seasonal, profitable item follows the distribution below: Demand (units) Probability 1,000 ........ .20 2,000 ........ .30 3,000 ........ .40 4,000 ........ .10 A manufacturer...
Excel Memory Company can sell all units of computer memory X and Y that it can produce, but it has limited production capacity. It can produce two units of X per hour or three units of Y per hour,...
On June 1, 20--, a depreciable asset was acquired for $6,840. The asset has an estimated useful life of six years (72 months) and no salvage value . Using the straight-line depreciation method,...
Lloyd Corporations 14 percent coupon rate, semiannual payment, $1,000 par value bonds, that mature in 30 years, are callable 5 years from now at a price of $1,050. The bonds sell at a price of...
Anderson Nuclear Power Plant will be mothballed at the end of its useful life (approximately 20 years) at great expense. The expense recognition principle requires that expenses be matched to...
1. What were the major flaws in HealthSouths corporate governance? 2 & 5. What should HealthSouths auditors, Ernst & Young, have done if they had perceived these flaws? What is the auditors...
Rosie Dry Cleaning was started on January 1, 2016. It experienced the following events during its first two years of operation: Events Affecting 2016 1. Provided $45,000 of cleaning services on...
Identify which qualitative characteristic of accounting information is best described in each item below. (Do not use relevance and reliability.) (a) The annual reports of Best Buy Co. are audited by...
You have been given the expected return data shown in the first table on three assets'F, G, and H'over the period 20132016. Using these assets, you have isolated the three investment alternatives...
Nadal Inc. has two temporary differences at the end of 2008. The first difference stems from installment sales, and the second one results from the accrual of a loss contingency. Nadals accounting...
The ledger of Custer Company has the following work in process account. Production records show that there were 410 units in the beginning inventory, 30% complete, 1,280 units started, and 1,500...
Consider trade relations between the United States and Mexico. Assume that the leaders of the two countries believe the payoffs to alternative trade policies are as follows: a. What is the dominant...
Leppard Enterprises had the following selected transactions. 1. Kim Leppard invested $5,000 cash in the business in exchange for common stock. 2. Paid office rent of $950. 3. Performed consulting...
Spartan Corporation projects the dollar value of the companys cost of goods sold to be $160,000 in June, $169,000 in July, and $154,000 in August. The dollar value of its desired ending inventory is...
Liao Manufacturing produces two keyboards, one for laptop computers and the other for desktop computers. The production process is automated, and the company has found activity-based costing useful...
1. What are some possible advantages of Net-Work Docs serving a global market? 2. How are the founders balancing pressures for global integration and local responsiveness? Istheir global strategy...
Rios Raft Incorporated had the following liabilities. a. Accounts Payable b. Note Payable due in 3 years c. Salaries Payable d. Note Payable due in 6 months e. Sales Tax Payable f. Unearned Revenue...
a. Prepare a table of entities and activities for the Cornick, Inc. process described below. Cornick, Inc. Cornick, Inc. sells office products to businesses in the eastern region of the United...
Beacon Company is considering automating its production facility. The initial investment in automation would be $15 million, and the equipment has a useful life of 10 years with a residual value of...
Portias Parts Shop recorded the following purchases and sales during the past year: Assume that the company sold all of the June 15 purchase and 100 cases each from the January 1 beginning inventory,...
Cromwell Furniture Company manufactures sofas for distribution to several major retail chains. The following costs are incurred in the production and sale of sofas: a. Fabric for sofa coverings b....
The following are the financial statements of Nosker Company. Additional data: 1. Dividends declared and paid were $20,000. 2. During the year equipment was sold for $8,500 cash. This equipment cost...