On January 1, 2014, Peregrine Corporation acquired 100 percent of the voting stock of Osprey Corporation in exchange for $2,017,000 in cash and securities. On the acquisition date, Osprey had the...
The budget committee of Suppar Company collects the following data for its San Miguel Store in preparing budgeted income statements for May and June 2017. 1. Sales for May are expected to be...
(Corrected Trial Balance) The trial balance of Antoine Watteau Co. shown below does not balance. Each of the listed accounts has a normal balance per the general ledger. An examination of the ledger...
Chef Whiz manufactures premium food processors. The following are some manufacturing overhead data for Chef Whiz for the year ended December 31, 2014: Budgeted number of output units: 588 Planned...
The completed worksheet for Vasquez Corporation as of December 31, 2016, after the company had completed the first month of operation, appears across the tops of pages 146147. INSTRUCTIONS 1. Prepare...
The Executive board of a relatively small university located in Europe wants to determine the attitude of their students toward various aspects of the University. The university, founded in 1928, is...
On January 1, 2017, MM Co. borrows $340,000 cash from a bank and in return signs an 8% installment note for five annual payments of $85,155 each, with the first payment due one year after the note is...
Error Corrections and Accounting Changes Penn Company is in the process of adjusting and correcting its books at the end of 2010. In reviewing its records, the following information is compiled. 1....
Sunspot Beverages, Ltd., of Fiji makes blended tropical fruit drinks in two stages. Fruit juices arc extracted from fresh fruits and then blended in the Blending Department. The blended juices are...
Bridgette Keyes is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred. April 1 Invested $20,000 cash in her business. 1 Hired...
Hayward Company, a manufacturing firm, has supplied the following information from its accounting records for the month of May: Direct labor cost ................$10,500 Purchases of raw materials...
Cost-plus, target return on investment pricing, Vend-o-licious makes candy bars for vending machines and sells them to vendors in cases of 30 bars. Although Vend-o-licious makes a variety of candy,...
Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company?s balance sheet accounts as of January 1, the beginning of its fiscal year, are given on the following...
How does the project act as a stepping-stone for the project managers career?
The three-station work cell illustrated in figure S7.7, has a product that must go through one of the two machines at station 1 (they are parallel) before proceeding to station 2. (a) What is the...
A cell phone company offers two different plans. Plan A costs $80 per month for unlimited talk and text. Plan B costs $0.20 per minute plus $0.10 per text message sent. You need to purchase a plan...
(Amortization SchedulesStraight-Line) Spencer Company sells 10% bonds having a maturity value of $3,000,000 for $2,783,724. The bonds are dated January 1, 2010, and mature January 1, 2015. Interest...
Use the following ratio information for Johnson International and the industry averages for Johnson's line of business to: a. Construct the DuPont system of analysis for both Johnson and the...
Skulas, Inc., manufactures and sells snowboards. Skulas manufactures a single model, the Pipex. In the summer of 2014, Skulas management accountant gathered the following data to prepare budgets for...
Multiple-choice questions: a. Audit opinions cannot be classified as which of the following? 1. All-purpose 2. Disclaimer of opinion 3. Adverse opinion 4. Qualified opinion 5. Unqualified opinion b....
The following are the job cost related accounts for the law firm of Colaw Associates and their manufacturing equivalents: Law Firm Accounts Manufacturing Firm Accounts Supplies ............... Raw...
Rays Satellite Emporium wishes to determine the best order size for its best-selling satellite dish (model TS111). Ray has estimated the annual demand for this model is 1,000 units. His cost to carry...
You are auditing payroll for the Morehead Technologies Company for the year ended October 31, 2011. Included next are amounts from the client's trial balance, along with comparative audited...
You are the in-charge on the audit of Vandervoort Company and are to review the audit schedule shown above. Required a. List the deficiencies in the audit schedule. b. For each deficiency, state how...
Do you believe the field of organizational behavior has the potential to become prescriptive as opposed to descriptive? Why or why not?
The qualitative characteristics that make accounting information useful for decision-making purposes are as follows. Relevance Neutrality Verifiability Faithful representation Completeness...
Telephone Sellers Inc. sells prepaid telephone cards to customers. Telephone Sellers then pays the telecommunications company, TeleExpress, for the actual use of its telephone lines. Assume that...
The Village of Harris issued $5,000,000 in 6 percent general obligation, taxsupported bonds on July 1, 2011, at 101. A fiscal agent is not used. Resources for principal and interest payments are to...
Riot Company issued $500,000, 15-year, 7% bonds at 96. Instructions (a) Prepare the journal entry to record the sale of these bonds on January 1, 2014. (b) Suppose the remaining Discount on Bonds...
Inventoriable CostsError Adjustments Werth Company asks you to review its December 31, 2010, inventory values and prepare the necessary adjustments to the books. The following information is given to...
Is Ciscos plan to reach out to consumers a viable one? Why or why not?
The Caraway Seed Company grows heirloom tomatoes and sells their seeds. The heirloom tomato plants are preferred by many growers for their superior flavor. At the end of the most recent year the firm...
1. Activity R on a CPM network has predecessors M and N, and has successor S. R has duration 5. N's late finish is 18, while M's is 20. S's late start is 14. Which of the following is definitely...
The comparative balance sheet of Middaugh Restaurant Supplies Inc. for December 31, 2013 and 2012, is as follows: The income statement for the year ended December 31, 2012, is as follows: The...
National Scan, Inc., sells radio frequency inventory tags. Monthly sales for a seven- month period were as follows: Month Sales (000 units) Feb. . 19 Mar. . 18 Apr. . 15 May . 20 Jun. . 18 Jul. . 22...
On January 1, 2008, Crocker Company issued 10-year, $2,000,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 15 shares of Crocker common stock . Crockers net income in 2008 was...
1. Fiduciary funds include four different types of funds. Which of the following is not one of these types? a. Agency funds b. Tax collection funds c. Private-purpose trust funds d. Pension trust...
The PlayBetter Golf Company has experienced a steady decline in sales of golf bags over the past five years. The basic golf bag design has not changed over that period, and PlayBetters CEO, Jack...
Outdoor Expo provides guided fishing tours. The company charges $300 per person but offers a 20% discount to parties of four or more. Consider the following transactions during the month of May. May...
A scrambled list of accounts from the income statement and balance sheet of Belmond, Inc. is as follows: Inventory ................$ 6,500 Common stock .............. 45,000 Cash .....................
Warranty and Coupon Computation Schmitt Company must make computations and adjusting entries for the following independent situations at December 31, 2011. 1. Its line of amplifiers carries a 3-year...
Hobart, Evans, and Nix is a small law firm that employs 10 partners and 12 support persons. The firm uses a job-order costing system to accumulate costs chargeable to each client, and it is organized...
Selzik Company makes super-premium cake mixes that go through two processing departments, Blending and Packaging. The following activity was recorded in the Blending Department during July: All...
Jessica Boland works for Sea Biscuit Co. She and Farah Smith, her manager, are preparing adjusting entries for annual financial statements. Boland computes depreciation and records it as Depreciation...
1. Macys, Inc., through its subsidiaries, operates approximately 800 department stores in the United States. Its retail stores sell a range of merchandise, including apparel, home furnishings, and...
1. What are the inputs, processes, outputs, and feedback/control for a grocery store such as Sobeys or IGA? 2. What are the operations decisions for running a grocery' store such as Sobeys or IGA?...
Direct materials and direct manufacturing labor variances. GloriaDee, Inc., designs and manufactures T-shirts. It sells its T-shirts to brand-name clothes retailers in lots of one dozen. GloriaDees...
On March 3, Beachy Appliances sells $710,000 of its receivables to National Factors Inc. National Factors Inc. assesses a service charge of 4% of the amount of receivables sold. Instructions Prepare...
The comparative financial statements of Stargel Inc. are as follows. The market price of Stargel Inc. common stock was $119.70 on December 31, 2014. Liabilities Instructions Determine the following...
Skinny Dippers, Inc., produces nonfat frozen yogurt which it sells to restaurants and ice cream shops. The product is sold in 10-gallon containers, which have the following price and variable costs....
Hampton Company reports the following information for its recent calendar year. Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 160,000 Expenses Cost of goods sold . . . . . . . ....
Heartland Companys budgeted sales and budgeted cost of goods sold for the coming year are $144,000,000 and $99,000,000 respectively. Short-term interest rates are expected to average 10%. If...
Island Novelties, Inc., of Palau makes two products, Hawaiian Fantasy and Tahitian Joy. Present revenue, cost, and sales data for the two products follow: Fixed expenses total $475,800 per year. The...
Kathy Myers frequently purchases stocks and bonds, but she is uncertain how to determine the rate of return that she is earning. For example, three years ago she paid $13,000 for 200 shares of Malti...
(a) On January 1, 2012, Fishbone Corporation sold a building that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale. Fishbone received as consideration a $240,000...
Multiple Choice. Choose the best answer. 1. The FASBs objectives of financial reporting for not-for-profit organizations include all of the following except: a. Making resource allocation decisions....
The condensed product- line income statement for Dish N Dat Company for the month of March is as follows: Fixed costs are 15% of the cost of goods sold and 40% of the selling and administrative...
Youngman Corporation has temporary differences at December 31, 2010, that result in the following deferred taxes. Deferred tax liabilitycurrent...........................$38,000 Deferred tax...
A firm raises capital by selling $20,000 worth of debt with flotation costs equal to 2% of its par value. If the debt matures in 10 years and has a coupon interest rate of 8%, what is the bonds YTM?
Boulanger Savings and Loan is proud of its long tra-dition in Winter Park, Florida. Begun by Michelle Boulanger 22 years after World War II, the S& L has bucked the trend of financial and liquidity...
Noah Bahr Company discovered the following errors made in January 2017. 1. A payment of Salaries and Wages Expense of $700 was debited to Equipment and credited to Cash, both for $700. 2. A...
At the beginning of 2015, Brads Heating & Air (BHA) has a balance of $26,000 in accounts receivable. Because BHA is a privately owned company, the company has used only the direct write-off method to...
The bank portion of the bank reconciliation for Horsman Company at October 31, 2012, is shown here and on the next page. The adjusted cash balance per bank agreed with the cash balance per books at...
On March 1, 2014, Zobrist Company acquired real estate, on which it planned to construct a small office building, by paying $80,000 in cash. An old warehouse on the property was demolished at a cost...
The July 28, 2007, issue of the Wall Street Journal includes an article by Kathryn Kranhold entitled GEs Accounting Draws Fresh Focus on News of Improper Sales Bookings. Instructions Read the article...
What credibility does Mr. Rutland have? Is he a leader? MINI CASE Mr. Robert Rutland, founder of the National Jazz Hall of Fame, poured himself another drink as he listened to some old jazz...
Presented below are various account balances of K.D. Lang Inc. (a) Unamortized premium on bonds payable, of which $3,000 will be amortized during the next year. (b) Bank loans payable of a winery,...
After being observed many times, Beverly Demarr, a hospital lab analyst, had an average observed time for blood tests of 12 minutes. Beverlys performance rating is 105%. The hospital has a personal,...
Joel Blocker 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 into...
Muggsy Bogues Company purchased equipment for $212,000 on October 1, 2014. It is estimated that the equipment will have a useful life of 8 years and a salvage value of $12,000. Estimated production...
A shop works a 400- minute day. The manager of the shop wants an output of 200 units per day for the assembly line that has the elemental tasks shown in the table. Do the following: a. Construct the...
Dave Krug contributed $1,000 cash along with inventory and land to a new partnership. The inventory had a book value of $800 and a market value of $2,000. The land had a book value of $1,400 and a...
Your firm uses a continuous review system and operates 52 weeks per year. One of the SKUs has the following characteristics. Demand (D) = 20,000 units/year Ordering cost (S) $40/order Holding cost...
The adjusted trial balance columns of the worksheet for Porter Company are as follows. Instructions (a) Complete the worksheet by extending the balances to the financial statement columns. (b)...
a. Given the following graphs, calculate the total fixed costs, variable costs per unit, and sales price for Firm A. Firm Bs fixed costs are $120,000, its variable costs per unit are $4, and its...
Karlik Enterprises distributes a single product whose selling price is $24 and whose variable expense is $18 per unit. The companys monthly fixed expense is $24,000. Required: 1. Prepare a...
Timing Technology Inc. manufactures timing devices. During 20x1, 900,000 Units were completed and transferred to finished-goods inventory. On December 31, 20x1 there were 300,000 units in work in...
Sutton Pointers Corporation expects to begin operations on January 1, 2015; it will operate as a specialty sales company that sells laser pointers over the Internet. Sutton expects sales in January...
Brislin Company has four operating divisions. During the first quarter of 2017, the company reported aggregate income from operations of $213,000 and the following divisional results. Analysis...
Blythe Industries Inc. expects to maintain the same inventories at the end of 2012 as at the beginning of the year. The total of all production costs for the year is therefore as, summed to be equal...
Schultz Electronics manufactures two large-screen television models: the Royale which sells for $1,600, and a new model, the Majestic, which sells for $1,300. The production cost computed per unit...
The Munchkin Theater is a nonprofit organization devoted to staging theater productions of plays for children in Toronto, Canada. The theater has a very small full-time professional administrative...
Schellhammer Corporation reported the following amounts in 2013, 2014, and 2015. Instructions (a) Identify and describe the three tools of financial statement analysis. (b) Perform each of the three...
The adjusted trial balance of Tsai Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2014: Sales Revenue $820,000, Freight-Out $16,000, Sales Returns and...
Deanna Nardelli started her own consulting firm, Nardelli Consulting, on May 1, 2014. The trial balance at May 31 is as follows. In addition to those accounts listed on the trial balance, the chart...
Winston Industries and Ewing Inc. enter into an agreement that requires Ewing Inc. to build three diesel-electric engines to Winstons specifications. Upon completion of the engines, Winston has...
FIFO and LIFOPeriodic and Perpetual Inventory information for Part 311 of Seminole Corp. discloses the following information for the month of June. June 1 Balance 300 units @ $10 June 10 Sold 200...
Side Kicks has year-end account balances of Sales Revenue $808,900; Interest Revenue $13,500; Cost of Goods Sold $556,200; Administrative Expenses $189,000; Income Tax Expense $35,100; and Dividends...
A.J's Wildlife Emporium manufactures two unique bird feeders (Deluxe and Super Duper) that are manufacture and assembled in up to three different workstations (X, Y, Z) using a small batch process....
Harrisburg Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $5,000,000 on January 1, 2014. Harrisburg expected to complete...
Jeffrey Helm owns a health and fitness center called Bulk- Up in Harrisburg. He is considering adding more floor space to meet increasing demand. He will either add no floor space ( N), a moderate...
Garlington Technologies Inc.'s 2010 financial statements are shown below: Balance Sheet as of December 31, 2010 Suppose that in 2011 sales increase by 10% over 2010 sales and that 2011 dividends will...
Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2012. Expenses for 2012 were: cost of goods sold $1,450,000; administrative expenses $212,000; selling expenses...
Clonex Labs, Inc., uses a process costing system. The following data are available for one department for October: The department started 175,000 units into production during the month and...
Nike, Inc., with headquarters in Beaverton, Oregon, is one of the worlds leading manufacturers of athletic shoes and sports apparel. The following activities occurred during a recent year. The...
Buchanan Company recently was sued by a competitor for patent infringement. Attorneys have determined that it is probable that Buchanan will lose the case and that a reasonable estimate of damages to...
An analysis of the transactions made by Mark Kotsay & Co., a certified public accounting firm, for the month of August is shown below. The expenses were $650 for rent, $4,800 for salaries and wages,...
The word persuasion turns some people off. What negative connotations can it have?
Manual Company sells goods to Nolan Company during 2012. It offers Nolan the following rebates based on total sales to Nolan. If total sales to Nolan are 10,000 units, it will grant a rebate of 2%....
1. Think about the research evidence discussed in the book. Would you expect the Sullivan & Cromwell associates to feel their pay structure is fair? What comparisons would they likely make? What work...