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financial accounting

Questions and Answers of Financial Accounting

Kline Corporation incurred major losses in 2014 and entered into voluntary bankruptcy in the early part of 2015. By July 1, all assets were converted into cash, the secured creditors were paid, and
Explain the GE Model in full detail, using the Panera Company, run this organization through this model, citing an example for each component of the GE Model.
How does the slope of a budget line illustrate opportunity costs and tradeoffs? How does a budget line illustrate scarcity and the effect of limited incomes?
In this hypothetical situation, you are responsible for shipping material that is measured as volumetric cargo - CBM, which stands for Cubic Meter, to be calculated as length X width X height. Also
If you were advising Ford and Bridgestone, what should each include in their risk management program?
1. Discuss why knowledge management is crucial to the success of an organization. How does a company implement knowledge management and what are the processes for implementing it? Discuss the
1. How does the chi-square test for the differences in three or more proportions differ from the chi-square test for independence? 2. In a chi-square test for the difference in three proportions, why
The accompanying table describes the random variable x, the numbers of adults in groups of five who reported sleepwalking. Complete parts (a) through (d) below. a. Find the probability of
Information taken from Giles Corporation's May accounting records follows. Required: Direct materials used.......................................$150,000 Direct
International Auto (IA) acquires all of the stock of Genuine Parts (GP) and reports the acquisition as a stock investment on its own books. The acquisition involves the following payments. All
As the manager of a Starbucks retail store, you are responsible for preparing a monthly flexible budget. You have developed standard costs for every item on the menu, including estimates of the labor
The company has recently designed two different types of feed. Both are ideally balanced for different animals, and have received a lot of attention at recent trade shows and state fairs. They have
An economy has the following characteristics: Y = National income Taxes = T = 0.23Y C = Consumption = 538 + 0.77(Y - T) I = 426 G = 334 X = 646 M = 0.14(Y - T) Instructions: Enter all values to two
Explain why a common stock should be evaluated in a portfolio context as opposed to being evaluated in isolation
An asset was purchased for $58,000 and originally estimated to have a useful life of 10 years with a residual value of $3,000. After two years of straight line depreciation, it was determined that
Jackson Company had the following income statement amounts for the year ended December 31, 2007: Sales.........................................................$4,624,274 Cash dividends
In this hypothetical situation, you are responsible for shipping material that is measured as volumetric cargo - CBM, which stands for Cubic Meter, to be calculated as length X width X height. Also
Jenks Company developed the following information about its inventories in applying the lower of cost or market (LCM) basis in valuing
McLaughlin, Inc. acquires 70 percent of Ellis Corporation on September 1, 2014, and an additional 10 percent on November 1, 2015.Annual amortization of $8,400 attributed to the controlling interest
The exponential function of best fit is of the form y = Cerx, where y is the suggested retail value of the car and x is the age of the car (in years). What does the value of C represent? What does
Should Exxon abide by The Valdez Principles?
On June 30, the end of the first month of operations, Bastille Company prepared the following income statement, based on the absorption costing concept:If the fixed manufacturing costs were $192,000
On March 30, Rodger (age 56) was laid off from his employer of 30 years due to rough economic times. During his 30 years of employment, Rodger contributed $300,000 to his traditional 401(k) account.
Taylor enterprises had the following transactions during October. There were no beginning inventory balances a. purchased $37,300 of direct materials on account b. incurred direct labor costs,
The Spencer Shoe Company manufactures a line of inexpensive shoes in one plant in Pontiac and distributes to five main distribution centers (Milwaukee, Dayton, Cincinnati, Buffalo, and Atlanta) from
Pranks, Inc. is a manufacturer of joke and novelty products for perpetrators of practical jokes. The corporation has paid several cash dividends throughout 2016, and is also declaring a stock
Preparing journal entries for merchandising activities-perpetual system July 1 Purchased merchandise from Borden Company for $6,700 under credit terms of 2/15, n/30, FOB shipping point, invoice
A brass (non-magnet k) block A and a steel magnet B are in equilibrium in a brass tube under the magnetic repelling force of another steel magnet C located at a distance x = 0.004 m from B. The force
LinkedIn profiles play an important role in a person's online professional presence. Find an example of an exemplary profile. Post a link to the profile in your response. What does this individual
GDP rises from $4 trillion in 1986, the base year, to $5 trillion in 1989. The GDP deflator in 1989 is 120. Find real GDP in 1989. Find the percentage increase in real GDP between 1986 and 1989.
The Office of Civil Rights, an agency within the U.S. Department of Health and Human Services, is involved in investigating health care providers, amongst others, to ensure they are compliant with
Redoubt LLC traded machinery used in its business to a machinery dealer for some new machinery. Redoubt originally purchased the machinery for $80,060 and it had an adjusted basis of $52,940 at the
On February 21, 2018 Osa Steel Works incorporated in the State of California and is authorized to issue 50,000 $3 par value common shares. 1. The following stock transactions were made by Osa Steel
Snap, Inc., provides the following data for the next four months:Calculate the amount of purchases of raw materials in pounds for April and May. Required:Pounds of raw material required for each
American Vending Inc. (AVI) supplies vended food to a large university. Because students often kick the machines out of anger and frustration, management has a constant repair problem. The machines
Sort the following reactions as either endothermic or exothermic.
Suppose that the distance of fly balls hit to the outfield (in baseball) is normally distributed with a mean of 250 feet and a standard deviation of 50 feet. a. If X = distance in feet for a fly
Prepare the annual adjusting entries for the following transactions: a. On August 1, Johnson paid one year in advance for office space. The Prepaid Rent account and Cash accounts in the amount of
Huts sells hot dog $2/each. The variable cost is $1 and $0.35 is fixed overhead cost. A summer camp wishes to buy 100 hotdogs for $1.25/each. What is the profit for hut?
The corner convenience store (CCS) gets its cool drinks delivered by a wholesaler at CCS, light cola sells at a rate of 40 six-packs per day. The shop is open 250 days per year. a six pack of light
If the heat of combustion for a specific compound is -1180.0 kJ / mol and its molar mass is 94.65 g / mol how many grams of this compound must you burn to release 465.40 kJ of heat?
A company is concerned about its operating performance as summarized below: Sales (P 12.50 per unit) P....................300 000 Variable Cost.......................................180 000 Net
Melodic Musical Sales, Inc. is located at 5500 Fourth Avenue, City, and ST 98765. The corporation uses the calendar year and accrual basis for both book and tax purposes. It is engaged in the sale of
Waddell Industries has computed that the proper balance for the Allowance for Doubtful Accounts at August 31 is $142,815. Assume that the allowance for doubtful accounts for Waddell Industries has a
On December 31 of the current year, a company's unadjusted trial balance included the following: Accounts Receivable, debit balance of $103,886; Allowance for Doubtful Accounts, credit balance of
To begin your discussion, explain how transactions qualify as business expense deductions and provide examples. Based upon your knowledge of deductible business expenses and through research, address
At December 31 of the current year, a company reported the following: Total sales for the current year: $780,000 includes $160,000 in cash sales Accounts receivable balance at Dec. 31, end of current
Use the line drawing tool to draw the demand curve for coffee at your neighborhood coffee shop, and then label it as Demand 1.Suppose your neighborhood coffee shop implements a new program that gives
The Ira Company has sales of $330,000, and the break-even point in sales dollars is $264,000. Determine the company's margin of safety as a percent of current sales. Enter your answer rounded to one
ERP implementations are at risk to extensive cost overruns. Discuss three of the more commonly experienced problems area. a) Describe four advantages and four disadvantages of implementing an ERP
Aqua Fresh Water Testing Service was established on April 16, 2016. Aqua Fresh uses field equipment and field supplies (chemicals and other supplies) to analyze water for unsafe contaminants in
The order of priority of claims in liquidation is firmly established in legal precedent. Common shareholders are last in priority,Yet, in bankruptcy negotiations, creditors (who have a relatively
The Ostwald process is used commercially to produce nitric acid, which is, in turn, used in many modern chemical processes. In the first step of the Ostwald process, ammonia is reacted with oxygen
Technics Inc., a manufacturing company, utilizes job order costing. Each division establishes its own estimates regarding overhead which are as follows: ______________________________Division A ____
You are interviewing a candidate for a position at a call center. You need someone polite, courteous, patient, and dependable. The candidate you are talking to seems nice. But how do you know who is
A company is considering opening warehouses in four cities: New York, Los Angeles, Chicago, and Atlanta. Each warehouse can ship 100 units per week. The weekly fixed cost of keeping each warehouse
A local ice cream shop sells 10,000 cones of vanilla-flavored ice cream each year. The cones are ordered from an outside supplier and it takes 5 days for each shipment of cones to arrive. Ordering
Ziegler, Nolan, and Petersen are partners in a residential construction business that has operated for the last 32 years in the Los Angeles area. The partners have decided to leave the business and
This is your second interview with a prestigious brokerage firm for a job as an equity analyst. You survived the morning interviews with the department manager and the vice president of equity.
Lockheed Martin Corporation (NYSE: LMT; Bethesda, MD) describes itself as "a global security and aerospace company principally engaged in the research, design, development, manufacture, integration
Justice Solo finds for the state because she believes that it is the state legislatures right and duty to establish state law and policy. She does not believe that anything should supersede the acts
What are binary variables and when would it be necessary to use binary variables in an optimization problem? Give a specific example from a source other than the text.
1. What features of organizations are relevant for explaining the performance of information systems during the Iraq War? 2. What difficulties did U.S. military forces in Iraq encounter with
The world's first elliptical bike, called the ElliptiGo, was invented by mechanical engineer and Ironman athlete Brent Teal and his friend and fellow cyclist and triathlete Bryan Pate, who had so
Your company, Rasmussen Consulting, was hired by MovieFlix, a company that provides subscription service for on-demand Internet streaming media and DVD-by-mail within the U.S. You are the consultant
For each of the following sentences, circle (1) or (2), be prepared to justify your choice. a. Which is more emphatic? 1. They offer a lot of products. 2. Cyber Guys offers computer, travel, and
a) What is the phrase used to convey that by knowing participants X score in a relationship it helps us to more accurately predict their Y? b) How do we describe it when our predictions are closer
The Relax-and-Enjoy Lake Development Corporation is developing a lakeside community at a privately owned lake and is in the business of selling property for vacation and/or retreat cottages. The
A survey asked people in five countries "How important is having control over people and resources to you?" There were about 1500 respondents per country. The percent who responded that it was of
What is your college or university's self-concept? How would you state that in a mission statement?
What type of team did Nikki Brush participate in when she was a freelancer? What type of team does she participate in as a full-time employee at Holden?
Wegesin and Stem (2004) found greater consistency (less variability) in the memory performance scores for younger women than for older women. The following data represent memory scores obtained for
Why didn't Ford and Firestone learn from their past recall debacles? Discuss.
In early July 2013 Admirable Ltd is considering the acquisition of some machinery for $1200 000 plus GST to be used in the manufacture of a new product. The machinery has a useful life of 10 years,
When Andrew Schuman bought Hammond's Candies, he learned than an assembly-line worker had dreamed up the design of the company's candy. So Schuman decided to offer a $50 bonus to assembly-line
You are a tax preparer. Review the expenses submitted by the client and assist your staff with the completion of itemized deductions. For expenses that are not allowed, explain why these expenses are
You are taking a short 4-question pop quiz over material you forgot to study for. Each question is multiple choices with 4 possible answers. These questions are fill-in-the-blank. Be sure that you
You own a semipro baseball team (in the location of your choice) and you want to construct a new practice field. You own the land already (20 acres). The land is relatively flat and it has only a few
Well that glorious day has arrived and you have opened up your owned beautiful business consulting practice in that new tower located on the corner of 56th Street and Lexington, New York City!!! Who
Well you made it and you have hung up your shingle that you are a CPA and are prepared to take on new clients. You sit down at your desk, turn on your shiny new Dell Laptop with wireless connection,
Explain how outsourcing can lead to employee abuse and human rights violations that disregard our ethical beliefs and morale. Then locate another source that shows evidence of an organization that
Abercrombie & Fitch, once the favorite of loyal teens, is considering lowering prices on all items it sells in an effort to win them back after several years of sales declines. A&F's total sales were
This section deals with certain general background considerations and information related to the FASC and the answers can be found by clicking the "About the Codification" and "Notice to
Yukon Co. acquired 75% percent of the voting common stock of Ontario Corp. on January 1, 2013. During the year, Yukon made sales of inventory to Ontario. The inventory cost Yukon $260,000 and was
How did Western Digital Thailand use both prevention and the preparation stages of crisis planning? Chipotle recently executed a crisis plan after several cases of food poisoning from their
The D Division of the DEF Corporation has budgeted after-tax profits of $1 million for 2013. It has budgeted assets as of January 1, 2013, of $10 million, consisting of $4 million in current assets
Sam obtains a Patek Philippe watch from Greg by fraud. It has a retail price of $10,000. He sells it to Melissa for $9,000. She believes he owns the watch. Melissa a bona fide purchaser, Sam
Let n be a positive integer and let Bra be the 'triangular' chessboard with left-justified rows consisting of n - 1, n - 2 . . . 1 squares from top to bottom. The board B6 is shown below, with three
TM Sherman Act NBC Universal, Inc., and other owners of television channels sell their products only in multichannel packages. Comcast and other distributors of cable and satellite programming buy
Suppose you have a great new idea for a technology business. You have done an analysis (correctly) that shows that the NPV of the idea is $100M. It is, however, highly uncertain whether the new
You have been retained as a facilities management consultant for Magic Mountain Resort Lodge and Spa located in the town of Estes Park. Recently the property experienced a kitchen mishap during which
Mark Wellaby MD practices medicine. During the year he received the following items in payment for his services: cash of $48,000, farm produce worth $1000, common stock with a total par value of
What are some parallels and differences between regression models and time series models? Share some use cases to add to your discussion of the similarities and differences.
Ogilvie Corp. issued 12,000 shares of no-par stock for $40 per share. Ogilvie was authorized to issue 35,000 shares. What effect will this event have on the company's financial statements? A.
Explain why a common stock should be evaluated in a portfolio context as opposed to being evaluated in isolation Discuss.
Adams Company is manufacturing Company that has worked on several production jobs during the first quarter of the year. Below is a list of all the jobs for the
Prepare journal entries for the following transactions: a. Acquired computer supplies on account for $800. b. Paid cash for advertisements of $700 c. Collected commissions of $900 on the sale of a
Why was Enron such an admired company prior to 2000? What innovation do they bring to the table? Be specific and support your statement with concrete information.
The management of current assets and current liabilities in the short run can lead to several challenges for the financial manager. What are some of the more common challenges or problems encountered
Assume you are reviewing the internal controls over mail cash receipts of your company. Your review shows that the cashier or the accounts receivable clerk typically opens mails. The person opening

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