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financial accounting

Questions and Answers of Financial Accounting

Why didn't Ford and Firestone learn from their past recall debacles?
Raynor Company has the following data: Direct labor..............................................76,000 Direct materials used...............................84,000 Total manufacturing
Consider the following two mutually exclusive projects: • Project A with an initial cost of $1000 and a return of $505 per year for 3 years with no salvage value. • Project B with an initial cost
In planning the construction of a new manufacturing facility, the purchasing department has narrowed its choice of paints to that of two brands. Brand A is less expensive than Brand B, but the
Read through the allegation and the disposition of this case. From the point of view of the state of Colorado, create a list of pros and cons for paying for the services this woman needs to stay in
Use basic fluid dynamics equations to comprehensively discuss the compressible flow characteristics when passing through a one-dimensional convergent-divergent channel.
Ruth Company has provided the following selected account balances at the beginning and end of the year:Additional Info: Sales Revenue for the year was $720,000 Net income for the year was
Candy Fragrances Inc. Makes three products at their factory. The factory produces these products using two shifts of laborers. The first shift has a labor cost of SI5 per hour and is limited to
A manufacturer estimates marginal revenue to be 200q^(−1/2) dollars per unit when the level of production is q units each hour. The corresponding marginal cost has been found to be 0.6q dollars per
Suppose that the distance of fly balls hit to the outfield (in baseball) is normally distributed with a mean of 250 feet and A standard deviation of 50 feet. a. If X = distance in feet for a fly
As a merchandising company, Dolphin Corporation uses the perpetual inventory system. To prepare for this assignment, you have been asked to review your knowledge of sales and purchase transactions by
The following data is provided for XYZ Company: Beginning Inventory 200 units @ 10...................$ 2,000 Purchase 350 units @ 15.........................................5,250 Purchase 450 units @
Brightcove, Inc. acquires Ciber, Inc. for $50 million in cash and accounts for the acquisition as a merger. Ciber's balance sheet at the date of acquisition is as follows (in thousands):Brightcove
Chandler, Inc. is owned by Roscoe Chandler and provides appraisal services to individuals and companies wishing to purchase and sell fine art. Chandler, Inc. began business on January 1, 2016, and is
Columbus Industries makes a product that sells for $25 a unit. The product has a $5 per unit variable cost and total fixed costs of $9,000. At budgeted sales of 2,000 units, the margin of safety
Describe the concept of RJP and discuss why it is critical to recruiting/ selection?
Discuss Citizens United and Speech now and their likely effect on future elections. What, if any, reforms would you recommend?
Discuss how pilot programs and quasi-experimental techniques relate to the Kirkpatrick model. This question is not based on a certain case; rather just compare the similar techniques that these 3
Ecologists often use the number of reported sightings of a rare species of animal to estimate the remaining population size. Suppose the number, X, of reported sightings per week of blue whales
Selling Price and amount spent advertising were entered into a multiple regression to determine what affects flat panel LCD TV sales. The regression coefficient for Advertising was found to be
According to ASA500 'Audit Evidence' - the auditor should obtain sufficient appropriate audit evidence on which to base their audit opinion. Required: For each audit procedure listed below,
A) A 75.0mL- volume of 0.200M NH3 (Kb= 1.8*10^-50 is titrated with 0.500HNO3. Calculate the pH after the addition of 17.0mL of HNO3. B) A 52.0mL- volume of 0.35M CH3COOH (Ka-1.8 * 10^-5) is titrated
From April 3 to April 24, 2001, nine cases of pneumonia occurred in elderly residents (median age of 86 years) living at a long-term care facility in New Jersey. Seven of the nine patients had
How much would you pay for a security that pays $150 at the end of each of the next three years plus another $500 at the end of the third year if the relevant interest rate is 9%?
If a two-column (all-purpose) general journal, a revenue journal, and a cash receipts journal are used, indicate the journal in which each of the following transactions should be recorded: (a)
Information taken from Giles Corporation's May accounting records follows. Direct materials used..................................$150,000 Direct
Let n = k be an even positive integer. How many (strong) compositions of n are there into even parts?
The following transactions took place during November, 20XX1 Molly invested cash in business, $20,000.1 Purchased (2) new ovens on account for $6,300. The ovens have estimated useful lives of 7
A seaplane of total mass m lands on a lake with initial speed vii. The only horizontal force on it is a resistive force on its pontoons from the water. The resistive force is proportional to the
Newberry, Inc., who's reporting currency is the U.S. dollar (S), has a subsidiary in Argentina, whose functional currency also is the S. The subsidiary acquires inventory on credit on November 1.
On January 1, 2016, Bottle Rockets Corp. purchased a general liability insurance policy for $9,000 to provide coverage for the calendar year. 1. If the company recorded the policy as an asset when
One of the major components of your strategic plan involves a $15 million dollar marketing campaign, from what source you would get the money to pay for the campaign and where you might place the
Chandler, Inc. is owned by Roscoe Chandler and provides appraisal services to individuals and companies wishing to purchase and sell fine art. Chandler, Inc. began business on January 1, 2016, and is
1. Select the correct statement regarding relevant costs and revenues. a. Sunk costs are relevant for decision-making purposes. b. Relevant costs are frequently called unavoidable costs. c. Direct
Selected accounts from the ledger of Garrison Company appear below. For each account, indicate the following: (a) In the first column at the right, indicate the nature of each account, using the
As count engineer, it is your responsibility to design a master plan for refuse disposal for a 4-city area. All waste is delivered to one of two transfer stations where it is compacted and placed
Should Exxon abide by the Valdez principles?
Since this is your first day, you're relieved to find that the company has only three employees in the main office that have not yet been reviewed. The partial payroll register for these employees is
The adjusted trial balance of Ryan Financial Planners appears below.RYAN FINANCIAL PLANNERSAdjusted Trial BalanceDecember 31, 2014Using the information from the adjusted trial balance, you are to
The Consumer Electronics Show (CES) reports that the HP Specter laptop computer starts at $999.99 for a base configuration. The model displayed at its recent show costs $1,399, $100 more than the
Although US are the largest economy in the world, some says it is one of the worst income unequal countries among the industrialized countries and Income inequality in US is not improving. 1) Does
Use the following information to design and complete a chart of accounts using three digit account codes as per sample in the table below.Cash in the bank includes a chequing account, savings
Use the given population data of employee weights to calculate the statistics that follow. 144 192 145 153 185 154 163 198 162 194 172 168 174 164 146 156 263 169 150 168 156 152 171 168 146 157
Using data from the U.S. Census Bureau and other sources, www.nerdwallet.com estimated that considering only the households with credit card debts, the average credit card debt for U.S. households
What are the limits of corporate political strategy? Are there lines that companies should not cross?
Which method of making capital budgeting decisions do you believe would work best for Kay in purchasing new equipment for SWAN?
An engine bolt is torque to 30.0 N m. If the length of the wrench is 29.0 cm, what force is applied to the wrench?
Window Rock Manufacturing, Inc., a U.S. multinational company, has the following debt components in its consolidated capital section: U.S. dollar-denominated 25-year bonds at
You work for a CPA firm that has been hired by Widget Tek Inc., a merchandising company that is getting ready to expand. The president of Widget Tek Inc. is concerned with obtaining a loan for the
An oil spill has fouled 200 miles of Pacific shoreline. The oil company responsible has been given 14 days to clean up the shoreline, after which a fine will be levied in the amount of $10,000/day.
Sun City Limited commences construction of a multi-purpose water park on 1 July 2014 for Pretoria Limited. Sun City Limited signs a fixed-price contract for total revenues of $40 million. The project
The controller for Washington Co. established the following overhead cost pools and cost drivers:a. What is the overhead rate per machine hour if the number of machine hours (MHs) is used as a single
The following data pertains to activity and utility costs for the two recent years: ____________________________Year 2 Year 1 Activity level in
Albert Gaytor and his wife Allison are married and file a joint return for 2016. The Gaytors live at 12340 Cocoshell Road, Coral Gables, FL 33134. Mr. Gaytor is a charter fishing boat captain but
Brad Edwards is earning $29,000 a year in a city located in the Midwest. He is interviewing for a position in a city with a cost of living 6 percent higher than where he currently lives. What is the
Calculate the maximum wavelength of light capable of removing an electron for a hydrogen atom from the energy state characterized by n = 1, by n = 2
Use probability analysis in estimating returns and determining the standard deviation. You may use a hypothetical situation and do the calculations or just describe the steps in the process.
Your company intends to launch a product line of children's bedding and clothing. Folks in the Graphic Design Department submitted a design for a cartoon-like character called "Honey Bear" that would
Do the new consumer financial products regulations make sense? In a free market, why shouldn't consumers is left to fend for themselves with respect to consumer financial products?
Why didn't Ford, Firestone, and the NHTSA discover the nature and seriousness of the tread-separation, product-liability problem earlier?
Carol wants to invest money in a 6% CD account that compounds semiannually. Carol would like the account to have a balance of $140,000 2 years from now. How much must Carol deposit to accomplish her
A debate recently erupted about the optimal strategy for playing a game on the TV show called "Let's Make a Deal: In one of the games on this show, the contestant would be given the choice of prizes
Elmdale Company has a machine that affixes labels to bottles. The machine has a book value of $80,000 and a remaining useful life of 3 years and no salvage value. A new, more efficient machine is
In the U.S. legal system, a defendant is presumed innocent until proven guilty. Consider a null hypothesis, H0, that the defendant is innocent, and an alternative hypothesis, H1, that the defendant
The differences between employee development and employee training can often be blurred because of the multiple activities associated with each process. Both are similar in that they help employees
Keith Inc. has 4 product lines: sour cream, ice cream, yogurt, and butter. Demand of individual products is not affected by changes in other product lines. 40% of the fixed costs are avoidable, and
Knight Co. owned 80% of the common stock of Stoop Co. Stoop had 50,000 shares of $5 par value common stock and 2,000 shares of preferred stock outstanding. Each preferred share received an annual
Lander Inc. had the following balance sheet at December 31, 2014: LANDER, INC. Balance Sheet December 31, 2014 Cash......................................................$45,300 Accounts
One of the major components of your strategic plan involves a $15 million dollar marketing campaign, from what source you would get the money to pay for the campaign and where you might place the
Pederson Enterprises produces giant stuffed bears. Each bear consists of $12 of variable costs and $9 of fixed costs and sells for $45. A wholesaler offers to buy 8,000 units at $14 each, of which
Pretax accounting income for the year ended December 31, 2016, was $50 million for Truffles Company. Truffles' taxable income was $60 million. This was a result of differences between straight-line
Provide an example of an experiment or data that has two factors. Provide details (what is being measured and the number of levels) of the levels for factor A and factor B.
Consider four advertising campaigns where for each one it is canceled before launch with probability 0.10, it is launched but canceled early with probability 0.18, it is launched and runs its
Revise the following wordy, dense paragraphs into a set of concise Instructions. Include a short introductory statement. Obtaining credit and keeping good credit can be difficult, especially for
The annual coupon rate of a bond equals: a) Its yield to maturity. b) A percentage of its price. c) The maturity value. d) The ratio of the annual coupon payment to the par value. e) None of the above
Suppose that the number of worker-hours required to distribute new telephone books to x% of the households in a certain rural community is given by the function W(x)=250x/(400−x). (a) What is the
Use the word labels to fill the blanks and complete the sentences below. Not all of the words will be used, but all the blanks should be filled. Assume the world has only the U.S. and Germany, and
The following message responds to the inquiry in Radical Rewrite 6.1. Dr. Chen asks for information about dealing with a data breach at his medical firm. Mr. Vance, from Security Specialists, wants
What mistake did Mc King make in approaching the introduction of Pizza?
Brandon Computer Timeshare Company entered into the following transactions during May 2008 1. Purchased computer terminals for $20,000 from Digital Equipment on account. 2. Paid $4,000 cash for May
Bus service had a stodgy, old-fashioned image when Bonus began developing a new marketing plan in 2007. Co-owned by Greyhound Lines and Peter Pan Bus Lines, Bolt Bus noticed that traditional
A person is declared to be dead upon the irreversible cessation of spontaneous body functions: brain activity, or blood circulation and respiration. However, only about 1% of a person's cells have to
What brands and products do you feel successfully "speak to you" and effectively target your age group? Why? Which ones do not? What can they do better? Use real life examples.
The scene is a conference room on the 10th floor of an office building on Wall Street, occupied by Anthes Enterprises, a small, rapidly growing manufacturer of electronic trading systems for
A parent company acquires all of a subsidiary's voting stock at the beginning of 2015. At the date of acquisition, the subsidiary's equipment had a book value of $40 million and a fair value of $25
1. Which court(s) have jurisdiction over each of these lawsuits- state or federal? Explain your reasoning for each answer. a. Pat wants to sue his next- door neighbor, Dorothy, claiming that Dorothy
You are the internal accountant at a company that is preparing for an upcoming government contract bid. The management in your company is deciding if it is necessary for the company to perform a full
North/ South Airlines generated the following information from its financial statements: (1) P/ E ratio equals 18.0, (2) Common stock market price per share is $36, (3) Fixed assets turnover
Paul Springer plans to save for a down payment for a house in 10 years. He will be able to invest $12,000 today in a money market account that will pay him an interest of 5.50 percent pa. How much
The Secretary of Labor brought suit against Tama Packing for alleged violations of FLSA's overtime regulations because of its failure to pay overtime pay to employees working as "live-weight scalars"
A cosmetics manufacturer was interested in comparing male college students and male non-students in terms of their usage of hair gel. Random samples of 100 male students and 100 male non-students
At the end of the year, Wrinkle Free Laundry (WFL) had $150,000 in total assets. (a) If WFL's total assets turnover was 2.0, what were its sales revenues? (b) If WFL's return on asset was 6
Discuss the accounting for uncollectible accounts - assume the allowance method.
Discuss why the Statement of Cash Flows is the most informative of the primary financial statements.
Ethanol futures contracts are based on 29,000 gallons and are priced in dollars per gallon. Assume the end-of-day prices on a contract are: Open 2.220, High 2.231, Low 2.181, and Settle 2.186. What
Detroit Corporation sued Chicago Corporation for intentional damage to Detroit's goodwill. Detroit had created its goodwill through providing high-quality services to its customers. Thus no basis for
For the year ended December 31, 2007, Jordan Company had expenses of $3,374,000,000 and revenues of $3,486,100,000. The retained earnings balance at the beginning and end of the year were
Ethanol futures contracts are based on 29,000 gallons and are priced in dollars per gallon. Assume the end-of-day prices on a contract are:
Every student who wishes to enter the public library at Hotel de Ville (HdV) in the center of Paris, needs to go through the following steps: Show your ID to one of the two guards at the entrance of
In the blank space provided below (beside each account), indicate the appropriate letter of the correct financial statement. A. Debit column for the Income Statement B. Credit column for the Income

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