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Cost Accounting
Meredith and James Kennedy own a business, Office Products, Inc. (OPI), which is a wholesale distributor of office equipment. Sales have grown about 5% per year over the past 5 years and are expected
Mews Corporation has the following information reported on the balance sheet as of December 31, 2014:Common Stock, $10 par value (authorized 20,000 shares) $80,000Treasury Stock (1000 shares)
Binegar Manufacturing Corporation has a traditional costing system in which it applies manufacturing overhead to its products using a predetermined overhead rate based on direct labor-hours (DLHs).
If a shareholder of a controlled or solely owned corporation receives no additional shares for a contribution of property to the corporation, the basis of the property received by the corporation is
Micron Inc. can invest $5,000,000 in a new technology. Micron's CFO is concerned about uncertainty of the future interest rates. She believes that future interest rates may be either 12% or 7% into
1. Mitchell seems apprehensive about the bonus system operated by Lakeside. In gathering evidence as to the fair presentation of financial statements, why would an auditor be concerned by such a
Montana Mining Co. (MMC) paid 200 million for the right to explore and extract rare metals from land owned by the state of Montana. To obtain the rights, MMC agreed to restore the land to a suitable
Most Likely to Have Life. Suppose you were asked to vote in a contest to name the world in our solar system (besides Earth) "most likely to have life." Which world would you cast your vote for?
Most tactics available to labor unions to raise the wage involve reducing or restricting ______________(you write me the correct words) (9) Unfortunately using the tactics in (8), raises the wage but
Mr. Earl Pearl, accountant for Margie Knall Co., Inc., has prepared the following product-line income data:The following additional information is available: * The factory rent of $1,500 assigned to
Ms. Mona Hull is in charge of a project to build a 50-foot yacht for a wealthy industrialist from Jasper, Indiana. The yacht is scheduled to compete in the famous Lake Lemon Cup Race. Eight weeks
In 2009, David Tucker quit his job at a large beer company to start his own brewery, Arizona Microbrewery, Inc. (AMI). His family supported his decision and invested in the business along with David.
In a concise paragraph, paraphrase what you have learned about strike replacements to explain to your parents or spouse why this is such a controversial issue in labor relations. Should the NLRA be
The cost of accountant for Carlos Candies, Inc. prepared the following static budget based on expected activity of 2,000 units. RE venues 64,000 Variable (34,000) Costs Contribution 30,000 Margin
Nerf Mania reports net income of $500,000, net sales of $4,000,000, and average assets of $2,000,000. The return on assets is: A. 200%. B. 25%. C. 50%. D. 12.5%
The Apex Company provided the following information from its financial records:What is the amount of the company's earnings per share?a. $1.02b. $1.08c. $0.96d. $17.61
Byrnes Company currently produces and sells 4,000 units of a product that has a contribution margin of $6 per unit. The company sells the product for a sales price of $20 per unit. Fixed costs are
On December 1, 2013 Nilo Corp declared a property dividend to be distributed on December 31, 2013. On December 1, 2013, the property to be transferred had a carrying amount of $60,000 and a fair
On December 1, 2016, Ford Motors USA sold some cars to a French customer with the total selling price of € 1 Billion (Euros), payable on April 1, 2017. Assuming the following US Dollar to Euro
On December 1, 2014, Old Car Co. borrowed money at the bank by signing a 90-day non-interest-bearing note for $24,000 that was discounted at 8%. Which of the following entries is correct? A. March
On December 1, 2013, Keenan Company, a U.S. firm, sold merchandise to Velez Company of Canada for 150,000 Canadian dollars (CAD). Collection of the receivable is due on February 1, 2014. Keenan
On January 1, 2015, Nathan, Inc. purchased a machine for $56,000. Eight-year, straight-line depreciation with no salvage value was used through December 31, 2016. On January 1, 2017, it was estimated
On January 1, 2016, Stiller Company paid $312,000 to obtain a patent Stiller expected to use the patent for 5 years before it became technologically obsolete. The remaining legal life of the patent
On January 28, 2008, American LaFrance, an American emergency and vocational vehicle manufacturer, filed for Chapter 11 bankruptcy, blaming an ERP implementation project failure as a main factor
On January 6, 2013, the Mount Jackson Corporation purchased a tract of land for a factory site for $750,000. An existing building on the site was demolished and the new factory was completed on
On January 1, 2015, Bratios Company purchases equipment and signs a 6-year mortgage note ±or $80,000 at 15%. The note will be paid in equal annual installments o± $21,139, beginning January 1,
On July 1, 2015, Damlen Jurado Company pays $12,000 to its insurance company for a 2-year insurance policy. Instructions prepare the necessary journal entries for Damlen Jurado on July 1 and December
On March 1, 2016, Doll Co. issued 10-year convertible bonds at 106. During 2019, the bonds were converted into common stock when the market price of Doll's common stock was 500 percent above its
On March 1, Cream Corporation transfers all of its assets to Coffee Corporation in exchange for 10% of its common voting stock. At the time of the reorganization, Cream has assets valued at $4
On May 1, 2014, a $300,000, ten-year, 14% bond was sold to yield 12% plus accrued interest. The bond was dated January 1, 2014, and interest is paid each January 1 and July 1. Present value data
On September 1, 201X James Sousa invested $12,000 cash in the real estate agency along with $5,000 of office equipment. How will I enter this on a general journal?
Consider an incumbent that is a monopoly currently earning $1 million annually. Given the declining costs of raw materials, the incumbent believes a new firm may enter the market. If successful, a
Osbourne Company issued 50,000 shares of common stock in exchange for manufacturing equipment. The equipment was valued at $1,000,000. The stock has par value of $0.01 per share. The entry to
Prepare an unadjusted General Ledger Trial Balance.Chart of AccountsReview the Chart of Accounts for this project.Accounts PayableAccounts ReceivableAccumulated Depreciation - EquipmentAdvertising
Payne Company reported the following information for the current year: Sales $ 1,600,000 Average Operating Assets $ 500,000 Desired ROI 14 % Net Income $ 85,000 The company's residual income was:
A company's balance sheet showed the following amounts for liabilities and stockholders' equity ac-counts: Current Liabilities, $50,000; Bonds Payable, $600,000; Capital Lease Obligations, $120,000;
Points A and B are separated by a lake. To find the distance between them, a surveyor locates a point C on land such that CAB = 48.8? He also measures CA as 311 ft and CB as 527 ft. find the distance
Revco Drug Store filed for bankruptcy in July of 1988 and was one of the largest bankruptcies in US financial history as well as being one of the largest leveraged buyouts. As recently as 1984, Revco
Prepare a scatter plot for one of the industries in Problem 1 of industry sales per share and observations from the economic series you suggested for this industry. Do this for the most recent 10
Record the following transactions and information for a government's Pension Trust Fund (all amounts are in thousands of dollars). Transactions (all amounts are in thousands of dollars): 1. Employer
Present a thorough analysis of monetary policy. Detail the key factors that influence the quantity of money that people desire to hold, the policy actions taken by the Federal Reserve, and the
The firm is planning on receiving a regulatory permission to sell its product in different regulated markets. The details are presented in Table 1. The marketing department conducted research and
A market research survey asked the question "Do you enjoy shopping for clothing for yourself?" to 542 male adults and 238 of them said they did. When 543 female adults were asked the same question,
Dunnzabar Industries produces "Cardemonium", an all-in-one playing card set including two regular decks as well as a Pinochle one, casino-quality poker chips, and a Tripoly tray. Each set has a
Production and sales estimates for June are as follows: Estimated inventory (units), June 1 18,500 Desired inventory (units), June 30 19,000 Expected sales volume (units): Area X 3,000 Area Y 4,000
Northwind Traders, an international gourmet food distributor, is concerned about shipping delays over the last six months. Review the orders over the past six months and identify any order that was
Suppose the demand for DVD players (good X) is given by Qd = 1200-1/2Px+1/4Py-8Pz+1/10M Are goods Y and Z substitutes or complements of good x? Is good X an inferior or normal good? What is quantity
Explain in detail the principal-agent problem as it pertains to equity contracts. Your explanation shall include. (i). the general concept of the principal-agent problem then, (ii). Provide a detail
Radar Railway is determining whether to purchase a new rail setter, which has a base price of $432,000 and would cost another $52,000 to install. The setter falls into the MACRS 3-year class, and it
Rammazzontti Inc, had the following budgeted date:Unit sales for 2016.......................26,000Unit production for 2016...............26,000The total budgeted costs for 2016 were a. $ 11,440 b.
Google (NASDAQ: GOOG) is one of the best-known and most admired companies around the world, so much so that "googling" is the term many use to refer to searching information on the Web. What started
Recently, a random sample of 13-18 year olds was asked, 'How much do you currently have in savings?" The data in the table represent the responses to the survey. Approximate the mean and standard
Steel Enterprises entered into the following stock transactions: Apr. 5 Issued 31,200 shares of $3 par value common stock for $187,200. May 31 Purchased 1,080 shares of treasury stock for $51,000.
The current assets section of the balance sheets of Drucker Dynamics as of December 31, 2012 and 2011, is presented below.Drucker Dynamics, Inc.The current assets section of the balance sheets of
V. A real estate builder wishes to determine how house size (House) is influenced by family income (Income), family size (Family Size), and education of the head of household (School). House size is
Referring to Table 12-6, what is the 90% confidence interval for the expected change in average heating costs as a result of a 1 degree Fahrenheit change in the daily minimum outside temperature
Renato Company uses a perpetual inventory system.A partial chart of accounts is shown below, followed by a series of merchandising transactions.Indicate the accounts that should be debited and
Vega Company expects to pay a 4% bonus on net income of $130,000 after deducting the bonus. The journal entry to record the accrued bonus includes a. a debit to Employee Bonus Payable, $5,000. b. a
1. Research and summarize the ENRON and WorldCom scandals and Arthur Anderson's involvement. 2. How will this chapter help you in your career?
Historical accounts exist of supernovae in the years 1006, 1054, 1572, and 1604. Choose one of these supernovae and learn more about historical records of the event. Did the supernova influence human
Revco Drug Store filed for bankruptcy in July of 1988 and was one of the largest bankruptcies in US financial history as well as being one of the largest leveraged buyouts. As recently as 1984, Revco
Review a copy of Weinberg's book, and write a summary of the issues that should be considered in applying the MOI model.
You are given three ethical dilemma resolution models to try out on a dilemma provided there. Please review that interactive before posting to the threads this week, and let's bring your questions
Rita Sharp, Director of Operations at the Farnsworth Museum of Industrial Arts, has gathered weekly visitor data for the past year. Rita is interested in explaining why the number of visitors (NUMV)
Roger is willing to promote and sell two types of smart watches, X and Y, at his outlet. The demand for these two watches are as follows: DX = -0.45PX + 0.34PY + 242 DY = 0.2PX - 0.58PY+ 282 where,
Sales for October, November, and December are expected to be $200,000, $180,000, and $220,000, respectively, for the Gurumai Company. All sales are on account (terms 2/15, net 30 days) and are
Sales growth alone is not enough to insure an increase in the firm's value of operations. Why not?
Sea lions have been depleting the stock of steelhead trout One idea to scare sea lions off the Washington state coast was to launch fake killer whales, predators of sea lions The cost of making the
Seeside company produces picture frames, during the year 190,000 picture frames were produced. Materials and labor standards for producing the picture frames are as follows. Direct materials (2
Select a company that does business internationally and show how each of the seven international environmental forces influence the behavior of the company. Analyze how well the strategies worked and
Apple, Inc. Section 2, Analytical Procedures Based on TABLE 8-1, p. 220 Examples of Planning Analytical Procedures and the sections on Analytical Procedures in the text, select three ratios (e.g.
Several researchers in physics education claim that part of the cause of physical misconceptions amongst students comes from special effects they observe in cartoons and movies. Using the
Shoppers were asked where they do their regular grocery shopping. The table below shows the responses of the sampled shoppers. We are interested in determining if the proportions of females in the
A local bank claims that the waiting time for its customers to be served is the lowest in the area. A competitor bank checks the waiting times at both banks. The sample statistics are listed below.
The balance sheets at the end of each of the first two years of operations indicate the followingIf net income is $103,758 and interest expense is $32,370 for 2012, what is the rate earned on
Some soap manufacturers sell special antibacterial soaps. However, one might expect ordinary soap to also kill bacteria. To investigate this, a researcher prepared a solution from ordinary,
S. Starting in 1998, a series of credit card usage studies have been performed by Sallie Mae, a major provider of educational loans and savings programs. In a recent pilot study, a random pool of 122
Stocks A and B have the following data. Assuming the stock market is efficient and the stocks are in equilibrium, which of the following statements is CORRECT?These two stocks should have the same
Summarize and include links to two articles regarding recent (in the last year) Union win or loss.
Using Chapter 13 in the textbook, summarize the major types of colleges and universities. Identify the accounting standards that these educational institutions are required to follow. Imagine that
Suppose comm sz = 8 and n = 16. a. Draw a diagram that shows how MPI Scatter can be implemented using tree-structured communication with comm sz processes when process 0 needs to distribute an array
Suppose Patrick Goldsmith deposited $1000 in an account that earned simple interest at an annual rate of 7% and left it there for 6 years. At the end of the 6 years, Patrick deposited the entire
Suppose that in the loan described, the borrower paid off the loan after the time indicated. Calculate the amount needed to pay off the loan. Round answer to the nearest cent, $80,000; 7%
Referring to Problem 15, how large should n be so that the test of H0: μx = μy against the one-sided alternative HA: μx > μy has a power of .5 if μx - μy = 2 and α = .10?ReferenceSuppose
Suppose that on July 2, 2012, the cross rates for the Singapore and South African currencies were Singapore dollar (S$) 0.789085/US dollar (US$) and rand 0.122540/US$. What are the cross rates
Suppose that there are two types of cars, good and bad. The qualities of cars are not observable but are known to the sellers. Risk-neutral buyers and sellers have their own valuation of these two
Suppose that you are the managing director of MLK Auto Company, which is considering expanding its business to China. You wish to produce your auto parts within Chinese borders so that you can lower
Suppose three values x, y, and z are stored in a machine's memory. Describe the sequence of events (loading registers from memory, saving values in memory, and so on) that leads to the computation of
Susan Sound predicts that students will learn most effectively with a constant background sound, as opposed to an unpredictable sound or no sound at all. She randomly divides twenty-four students
T&P Fashion Shops is a new chain that operates 10 stores in major malls throughout the United States. Each store manager is responsible for preparing a flexible budget for the store. T&P
Gwyneth is a sculptor who operates a sole proprietorship. In the current year, Gwyneth's gross receipts from the sale of her art, after taking into account costs of production, were $200,000. Her
"Tennis elbow" is an orthopedic condition thought to be related to the force experienced when hitting the ball. A recent article in the International Journal of Sport Biomechanics presented the force
The Abrams, Bartle, and Creighton partnership began the process of liquidation with the following balance sheet: Cash $16,000 Liabilities $150,000 Non Cash items 434,000 Abrams, Capital 80,000
The Acura car company is debating whether to recall its latest sedan because of a malfunction in its airbags. Acura executives think that the defect rate is probably low, but if the airbags
The antiderivative F(x) of f(x) = sqrt(x4+1) satisfying the initial condition F(?4) = 0 is given by:Find a and b.
The attendance (denoted by the variable F, measured in thousands of fans) at a Blue Jays home game is approximated by F = 150W1/3 P-2/3 where W is the fraction of the games they have won so far (0
The Barnsdale Corporation has the following ratios: A0*/S0 = 1.6; L0*/S0 = 0.4; profitmargin = 0.10; and dividend payout ratio = 0.45, or 45%. Sales last year were $100 million.Assuming that these
A certain manufacturing process consists of a lean manufacturing cell for each customer. The following information relates to only one customer's lean cell for the month of May: labor and overhead,
Assume you are the partner in an accounting firm hired to perform the audit on a fortune 1000 company. Assume also that the initial public offering (IPO) of the company was approximately five (5)
The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $82.60 on December 31, 20Y2.Question not attempted. Determine the following
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