Vulture Sporting Goods reported the following data at March 31, 2010, with amounts adapted in thousands: Vulture Sporting Goods Company Income Statement For the Year Ended March 31, 2010 (Amounts in...

Multiple Choice 1. What is a basic premise of the acquisition method regarding accounting for a noncontrolling interest? a. Consolidated financial statements should be primarily for the benefit of...

The H & L Bark Company is considering the purchase of a debarking machine that is expected to provide cash flows as follows: If the appropriate annual discount rate is 14 percent, what is the present...

Buttercup Corporation issued 300 shares of $10 par value common stock for $4,500. Prepare Buttercups journal entry.

How might the cultural differences in the GLOBE dimensions affect how managers (a) Use work groups, (b) Develop goals/plans, (c) Reward outstanding employee performance, and (d) Deal with employee...

A production manager at Ultra Clean Dishwashing Company is monitoring the quality of the companys production process. There has been concern relative to the quality of the operation in accurately...

1. Visit H&Ms Web site at www.hm.com . What are the characteristics of H&Ms global market segment(s)? How does H&M position itself in the minds of target customers around the world? 2. How does...

Claudine Soosay recorded the following times assem-bling a watch. Determine (a) The average time, (b) The normal time, and (c) The standard time taken by her, using a performance rating of 95% and a...

Alou Company has 20,000 beginning finished goods units. Budgeted sales units are 160,000. If management desires 15,000 ending finished goods units, what are the required units of production?

1. The short-run supply curve is steeper than the long run supply curve because of the principle of _________ 2. Arrows up or down: Suppose the demand for shirts increases. In the short run, the...

A renovation of the gift shop at Orlando Amway Center has six activities ( in hours). For the following estimates of a, m, and b, calculate the expected time and the standard deviation for...

The Everly Equipment Company purchased a machine 5 years ago at a cost of $90,000. The machine had an expected life of 10 years at the time of purchase, and it is being depreciated by the...

Use the CAFR information for the City of Salem (Illustrations 22 through 216) to find the following items. In your answer, both indicate which financial statement contained the information and the...

Braggs Bakery is building a new automated bakery in downtown Sandusky. Here are the activities that need to be completed to get the new bakery built and the equipment installed. a. Draw the project...

Aivars Company reports the following variable costing income statement for its single product. This companys sales totaled 50,000 units, but its production was 80,000 units. It had no beginning...

Consider the following actual and forecast demand levels for Big Mac hamburgers at a local McDonalds restaurant: The forecast for Monday was derived by observing Mondays demand level and setting...

Sales of quilt covers at Bud Banis's department store in Carbondale over the past year are shown below. Management prepared a forecast using a combination of exponential smoothing and its collective...

The T accounts below summarize the ledger of Simon Landscaping Company at the end of the first month of operations. Instructions(a) Prepare the complete general journal (including explanations) from...

Taveras Corporation is currently operating at 50% of its available manufacturing capacity. It uses a job-order costing system with a plant wide predetermined overhead rate based on machine-hours. At...

Chuck Wagon Grills, Inc., makes a single producta handmade specialty barbecue grill that it sells for $210. Data for last years operations follow: Required: 1. Assume that the company uses variable...

The activities needed to build a prototype laser scanning machine at Dave Fletcher Corp. are listed in the following table. Construct an AON network for theseactivities. Immediate Immediate Activity...

Dwayne Whitten, president of Whitten Industries, is considering whether to build a manufacturing plant in north Texas. His decision is summarized in the following table: a) Construct a decision tree....

Financial Statement Effects of FIFO and LIFO the management of Tritt Company has asked its accounting department to describe the effect upon the company?s financial position and its income statements...

Use the following income statements and balance sheets to calculate Garnet Inc.'s free cash flow for 2011. GarnetInc. Income State ment 2011 2010 $500,0 Net sales $530.0 Costs (except depreciation)...

Keith Whittingham, as manager of Designs by Whittingham, is upgrading his CAD software. The high-performance (HP) software rents for $3,000 per month per workstation. The standard-performance (SP)...

Navajo Companys financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Inventory on December 31, 2012,...

Zarsons Netballs is a manufacturer of high-quality basketballs and volleyballs. Setup costs are driven by the number of batches. Equipment and maintenance costs increase with the number of...

Slugger Corporation produces baseball bats for kids that it sells for $ 36 each. At capacity, the company can produce 50,000 bats a year. The costs of producing and selling 50,000 bats are as...

Rogen Corporation manufactures a single product. The standard cost per unit of product is shown below. Direct materials1 pound plastic at $7.00 per pound .... $ 7.00 Direct labor1.6 hours at $12.00...

On January 1, the total market value of the Tysseland Company was $60 million. During the year, the company plans to raise and invest $30 million in new projects. The firms present market value...

A quant jock from your firm used a linear demand specification to estimate the demand for its product and sent you a hard copy of the results. Unfortunately, some entries are missing because the...

On January 1, 2014, the Hardin Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2014. Sales units: First quarter 5,000; second quarter 6,000;...

Justin Bleeber has prepared the following list of statements about managerial accounting, financial accounting, and the functions of management. 1. Financial accounting focuses on providing...

a. Tao Co. receives $10,000 cash in advance for 4 months of legal services on October 1, 2013, and records it by debiting Cash and crediting Unearned Revenue both for $10,000. It is now December 31,...

Examine and compare one of the following product sets. Base your comparison on such factors as features, costs, convenience, ease of use, and value. a. GPS versus maps. b. Cell phones versus...

Nonmonetary Exchanges During the current year, Marshall Construction trades an old crane that has a book value of $90,000 (original cost $140,000 less accumulated depreciation $50,000) for a new...

Multiple Choice. Choose the best answer. 1. Which of the following correctly states the role of budgeting in proprietary funds? a. Proprietary fund managers should ensure that a valid appropriation...

The trim line at PW is a small subassembly line that, along with other such lines, feeds into the final chassis line. The entire assembly line, which consists of more than 900 workstations, is to...

Green Paper Delivery has decided to analyze the profitability of five new customers. It buys recycled paper at $ 20 per case and sells to retail customers at a list price of $ 26 per case. Data...

On December 31, Fighting Okra Cooking Services reports the following revenues and expenses In addition, the balance of common stock at the beginning of the year was $300,000, and the balance of...

Support-department cost allocation: direct and step-down methods. Phoenix Partners provides management consulting services to government and corporate clients. Phoenix has two support...

1. How would you describe the organizational culture at GM? Why was decision making so slowplodding as one analyst described it? 2. Why do you think the previous CEOs (Mr. Henderson) attempts to...

The Derby Shoe Company produces its famous shoe, the Divine Loafer that sells for $ 70 per pair. Operating income for 2013 is as follows: Sales revenue ($ 70 per pair) ......$ 350,000 Variable cost...

Alyeski Tours operates day tours of coastal glaciers in Alaska on its tour boat the Blue Glacier. Management has identified two cost driversthe number of cruises and the number of passengersthat it...

Depreciation ComputationsFive Methods Wenner Furnace Corp. purchased machinery for $279,000 on May 1, 2010. It is estimated that it will have a useful life of 10 years, salvage value of $15,000,...

Multiple Choice Questions 1. Mittelstaedt Inc., buys 60 percent of the outstanding stock of Sherry, Inc. Sherry owns a piece of land that cost $212,000 but had a fair value of $549,000 at the...

Sekhon Company had a beginning inventory on January 1 of 160 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made. 1,000 units were sold. Sekhon...

Linden Company manufactures and sells a single product. Cost data for the product follow: Variable costs per unit: Direct materials. . . . . . . . . . . . . . . . . . . . . . . . . $ 6 Direct labor ....

On January 1, 2013, Pierce, Inc., purchased 15,000 shares of Marion Company for $435,000, giving Pierce 10 percent ownership of Marion. On January 1, 2014, Pierce purchased an additional 30,000...

Davis Kitchen Supply produces stoves for commercial kitchens. The costs to manufacture and market the stoves at the companys normal volume of 6,000 units per month are shown in the following table....

Eleanor Burns is attempting to find the nominal rate of interest for each of two securities'A and B'issued by different firms at the same point in time. She has gathered the following data: a. If the...

Categorize each of the following characteristics as being either more representative of a traditional organization or a lean organization. 1. Manufacturing plants tend to be organized with self-...

Gig Harbor boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process Required: Prepare...

Do average citizens benefit from the activities of the SBA, or is the SBA just another way to spend our tax money?

Yellow Press, Inc. buys paper in 1,500-pound rolls for printing. Annual demand is 2,500 rolls. The cost per roll is $800 and the annual holding cost is 15 percent of the cost. Each order costs $50....

Use the longest work element rule to balance the assembly line described in the following table and Figure so that it will produce 40 units per hour. a. What is the cycle time? b. What is the...

1. Thinking back to our discussion in the chapter section, Caveat EmptorBe An Informed Consumer, evaluate whether the replacement of highly paid workers with lower-paid workers did or did not cause...

Accounting for Goodwill Fred Graf, owner of Graf Interiors, is negotiating for the purchase of Terrell Galleries. The balance sheet of Terrell is given in an abbreviated form below. Graf and Terrell...

Inventory ErrorsPeriodic Thomason Company makes the following errors during the current year. (In all cases, assume ending inventory in the following year is correctly stated.) 1. Both ending...

Describe four methods managers can use to acquire information about actual work performance.

1: How would you describe the managerial philosophy of Wal-Mart? What principles are involved? What are the overriding aims, values, and goals of Wal-Mart? 2: Evaluate the management philosophy of...

1. Partners Allen, Baker, and Coe share profits and losses 50:30:20, respectively. The balance sheet at April 30, 2011, follows: The assets and liabilities are recorded and presented at their...

The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2012: Cash and cash equivalents, governmental...

Answer the following multiple-choice questions: Required a. Which of the following is not considered to be a nonrecurring item? 1. Discontinued operations 2. Extraordinary items 3. Cumulative effect...

The Burger Doodle restaurant chain uses a distribution center to prepare the food ingredients it provides its individual restaurants. The company is attempting to determine the location for a new...

Jay Rexford, president of Photo Artistry Company, was just concluding a budget meeting with his senior staff. It was November of 20x4, and the group was discussing preparation of the firms master...

The following events and transactions relate to a single contribution. 1. A high-tech rm pledged to contribute $1 million in the company's common stock to a university's business school if the school...

Accounting Change Ramirez Co. decides at the beginning of 2010 to adopt the FIFO method of inventory valuation. Ramirez had used the LIFO method for financial reporting since its inception on January...

Comparative financial statements for Heritage Antiquing Services for the fiscal year ending December 31 appear below. The company did not issue any new common or preferred stock during the year. A...

Home Entertainment is a small, family-owned business that purchases LCD televisions from a reputable manufacturer and sells them at the retail level. The televisions sell, on average, for $1,500...

(Pension Expense, Journal Entries) Latoya Company provides the following selected information related to its defined-benefit pension plan for 2010. (a) Compute pension expense and prepare the journal...

Loss Contingencies: Entries and Essays Polska Corporation, in preparation of its December 31, 2010, financial statements, is attempting to determine the proper accounting treatment for each of the...

Static versus flexible budget variances Dan Ludwig is the manufacturing production supervisor for Atlantic Lighting Systems. Trying to explain why he did not get the year-end bonus that he had...

Leon Manternach, president of Manternach Company, has instructed Carla Ruden, the head of the accounting department for Manternach Company, to report the company's land in the company's accounting...

Wiengot Antennas, Inc., produces and sells a unique type of TV antenna. The company has just opened a new plant to manufacture the antenna, and the following cost and revenue data have been provided...

Howies Carpet World has just received an order for carpets for a new office building. The order is for 4,000 yards of carpet 4 feet wide, 20,000 yards of carpet 9 feet wide, and 9,000 yards of carpet...

The general ledger of Hensley Company contained the following Accounts Payable control account (in T-account form). Also shown is the related subsidiary ledger. Instructions (a) Indicate the missing...

The town of Dry Gulch needs an additional supply of water from Pine Creek. The town engineer has selected two plans for comparison: a gravity plan (divert water at a point 10 miles up Pine Creek and...

A weekly payroll summary made from labor time records shows the following data for Musketeer Manufacturing Company: Overtime is payable at one-and-a-half times the regular rate of pay for an employee...

Springfield Bank is evaluating Creek Enterprises, which has requested a $4,000,000 loan, to assess the firm's financial leverage and financial risk. On the basis of the debt ratios for Creek, along...

Use the following information for The Windshield Pro, a retail merchandiser of auto windshields, to compute the cost of goods sold: Web Site Maintenance.......$ 7,000 Delivery Expense......... 800...

Gomes Company uses special journals and a general journal. The following transactions occurred during September 2014. Sept. 2 Sold merchandise on account to H. Drew, invoice no. 101, $620, terms...

Do you think Apple is justified in drawing the observations and conclusions expressed in the case? Why or why not? Do you think it is good or harmful to the company that its executives have voiced...

Canine Gourmet Super Breath dog treats are sold in boxes labeled with a net weight of 12 ounces (340 grams) per box. Each box contains 8 individual 1.5-ounce packets. To reduce the chances of...

Robert Wilkins has prepared the following list of statements about process cost accounting. 1. Process cost systems are used to apply costs to similar products that are mass-produced in a continuous...

1. Evaluate Microsoft's product and marketing evolution over the years. What has the company done well, and where did it falter? 2. Evaluate Microsoft's recent expansions into areas such as search...

Calgon Products, a distributor of organic beverages, needs a cash budget for September. The following information is available: a. The cash balance at the beginning of September is $9,000. b. Actual...

Sunrise Swimwear manufactures ladies swimwear in January through June of each year that is sold through retail outlets in March through August. The following table summarizes the monthly production...

Multiply Choice 1. Sequential access means that a. Data are stored on magnetic tape. b. The address of the location of data is found through the use of either an algorithm or an index. c. To read any...

Horace Greeley Corporation was organized in 2013 and began operations at the beginning of 2014. The company is involved in interior design consulting services. The following costs were incurred prior...

Following are two income statements for Alexis Co. for the year ended December 31. The left column is prepared before any adjusting entries are recorded, and the right column includes the effects of...

Orbital Communications has operating plants in over 100 countries. It also keeps funds for transactions purposes in many foreign countries. Assume in 2010 it held 150,000 kronas in Norway worth...

Jacksonville Financial Services Co., which specializes in appliance repair services, is owned and operated by Cindy Latty. Jacksonville Financial Services Co.??s accounting clerk prepared the...

Valtec Electronics fills orders for its electronic components and parts by truck to customers through several distribution centers. A measure of its supply chain responsiveness is order fulfillment...

1. How can Wikipedia maintain and grow its ability to harness the crowd sourcing of its Wikipedians to maintain high-quality (and quickly updated) content? 2. As Wikipedia keeps growing, do you think...

Is it possible for HP to function like a smaller company? Why or why not? Imagine this scenario: You need a new digital camera. Youre not sure which one to buy or even what features you need. So you...

Doug's Custom Construction Company is considering three new projects, each requiring an equipment investment of $22,000. Each project will last for 3 years and produce the following net annual cash...

An inexperienced accountant prepared this condensed income statement for Sundberg Company, a retail firm that has been in business for a number of years. SUNDBERG COMPANY Income Statement For the...

1. Toronto- based Mercedes- Benz Canada, with a network of 55 dealers, did not know enough about its customers. Dealers provided customer data to the company on an ad hoc basis. Mercedes did not...

Account analysis Java Joe Coffees wants to find an equation to estimate monthly utility costs. Java Joes has been in business for one year and has collected the following cost data for utilities:...