Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. Compute the April 30 inventory and the April cost of goods sold...
Sleek Sneakers Co. is one of many firms in the market for shoes. a. Assume that Sleek is currently earning short run economic profits. On a correctly labeled diagram, show Sleeks profit-maximizing...
Wolf Creek Golf Inc. was organized on July 1, 2014. Quarterly financial statements are prepared. The trial balance and adjusted trial balance on September 30 are shown here. Instructions (a)...
Michael Green, CPA, is considering audit risk at the financial statement level in planning the audit of National Federal Bank (NFB) Companys financial statements for the year ended December 31, 20X1....
The bank portion of the bank reconciliation for Langer Company at November 30, 2014, was as follows. The adjusted cash balance per bank agreed with the cash balance per books at November 30. The...
Losses have been incurred at Millard Corporation for some time. In an effort to isolate the problem and improve the companys performance, management has requested that the monthly income statement be...
In early 2012, Sosa Enterprises purchased a new machine for $10,000 to make cork stoppers for wine bottles. The machine has a 3-year recovery period and is expected to have a salvage value of $2,000....
Suppose housing prices across the world double. a. Is society any richer for the change? b. Are homeowners wealthier? c. Can you reconcile your answers to ( a ) and ( b )? Is anyone worse off as a...
On January 1, 2011, Palmer Company leased equipment to Woods Corporation. The following information pertains to this lease. 1. The term of the non-cancelable lease is 6 years, with no renewal option....
Estimating a cost function, high-low method. Laurie Daley is examining customer-service costs in the southern region of Capitol Products. Capitol Products has more than 200 separate electrical...
Danish company Bang & Olufsen (B&O) is known globally for its high-end audio and video. CEO Kalle Hvidt Nielsen says, Our mission is to make complex technology very simple to use. B&O uses contract...
Account analysis method. Gower, Inc., a manufacturer of plastic products, reports the following manufacturing costs and account analysis classification for the year ended December 31, 2009. Gower,...
Gordon millers job shop has four work areas, A, B, C, and D. Distances in feet between centers of the work areas are: Workpieces moved, in hundreds of workpieces per week, between pairs of work...
Matthew Liotines Dream Store sells beds and assorted supplies. His best- selling bed has an annual demand of 400 units. Ordering cost is $ 40; holding cost is $ 5 per unit per year. a) To minimize...
A job cost sheet of Sandoval Company is given below. Instructions (a) Answer the following questions. (1) What are the source documents for direct materials, direct labor, and manufacturing overhead...
Paulson's Pet Store completed the work sheet on page 600 for the year ended December 31, 20--. Owner's equity as of January 1, 20--, was $21,900. The current portion of Mortgage Payable is $500....
Consider Table 6-3, Network Diagram Data for a Large Project. All duration estimates or estimated times are in weeks; and the network proceeds from Node 1 to Node 8. a. Draw an AOA network diagram...
Salza Technology Corporation increased its sales from $375,000 in 2009 to $450,000 in 2010 as shown in the firms income statements presented below. LeAnn Sands, chief executive officer and founder of...
Consuelo Chua, Inc., is a disk drive manufacturer in need of an aggregate plan for July through December. The company has gathered the following data: COSTS Holding cost.................$8/disk/month...
Recognition of Revenue on Long-Term Contract and Entries Hamilton Construction Company uses the percentage-of-completion method of accounting. In 2010, Hamilton began work under contract #E2-D2,...
1. Evaluate the conduct of Peter Lewiston against the EEOCs definition of sexual harassment. 2. Should the intent or motive behind Lewistons conduct be considered when deciding sexual harassment...
A company manufactures three products: A, B, and C. The company currently has an order for three units of product A, 7 units of product B, and 4 units of product C. There is no inventory for any of...
Sierra Company manufactures woven blankets and accounts for product costs using process costing. The following information is available regarding its May inventories. The following additional...
Matt Perry, Inc. had outstanding $6,000,000 of 11% bonds (interest payable July 31 and January 31) due in 10 years. On July 1, it issued $9,000,000 of 10%, 15-year bonds (interest payable July 1 and...
At week 24 of a project to shoot a television commercial, what should the expenditures be? If the earned value is right on schedule but the actual expenses are $9,000, what are the cost and schedule...
Bauman Companys total current assets, total current liabilities, and inventory for each of the past 4 years follow: a. Calculate the firms current and quick ratios for each year. Compare the...
Rockland Corporation earned net income of $300,000 in 2010 and had 100,000 shares of common stock outstanding throughout the year. Also outstanding all year was $800,000 of 10% bonds, which are...
The number of internal disk drives (in millions) made at a plant in Taiwan during the past 5 years follows: a) Forecast the number of disk drives to be made next year, using linear regression. b)...
The petty cash fund of Fonzarellis Auto Repair Service, a sole proprietorship, contains the following. The general ledger account Petty Cash has a balance of $300. Instructions Prepare the journal...
The following selected information is taken from the work sheet for Warton Company as of December 31, 2013. Using this information, determine the amount for B. Warton, Capital, that should be...
Melissa's Photo Studio offers both individual and group portrait options. The process flow diagram in Figure shows that all customers must first register and then pay at one of two cashiers. Then...
Figure 18P-2 shows the marginal private benefit to a U.S. farmer for irrigating his land. It costs $100 per acre to irrigate the land. Each acre of land irrigation generates a gallon of salty runoff...
During 2012, Nilsen Company started a construction job with a contract price of $1,600,000. The job was completed in 2014. The following information is available. Instructions(a) Compute the amount...
Discuss the role that AIGs corporate culture played, if any, in its downfall. When American International Group (AIG) collapsed in September 2008 and was subsequently saved by a government bailout,...
Beginning and Ending Fund Balances. The following information is provided about the Village of Wymettes General Fund operating statement and budgetary accounts for the fiscal year ended June 30,...
Alomar Co., a consolidated enterprise, conducted an impairment review for each of its reporting units. In its qualitative assessment, one particular reporting unit, Sellers, emerged as a candidate...
Sales mix, two products. The Stackpole Company retails two products: a standard and a deluxe version of a luggage carrier. The budgeted income statement for next period is as follows: Required1....
On March 20, 2012, Norton Systems acquired two new assets. Asset A was research equipment costing $17,000 and having a 3-year recovery period. Asset B was duplicating equipment having an installed...
The following chart shows how costs flow through a business as a product is manufactured. Some boxes in the flowchart show cost amounts. Compute the cost amounts for the boxes that contain...
Do certain kinds of firms need to stress particular areas of operations management? Explain.
Keeper Corporations income statement for the year ended June 30, 2014, and its comparative balance sheets for June 30, 2014 and 2013 follow. Keeper Corporation Income Statement For the Year Ended...
Edward Waltz is the bookkeeper for Edminson Company. Edward has been trying to get the balance sheet of Edminson Company to balance. It finally balanced, but now hes not sure it is correct....
Roger Ginde is developing a program in supply chain management certification for managers. Ginde has listed a number of activities that must be completed before a training program of this nature...
Milden Company has an exclusive franchise to purchase a product from the manufacturer and distribute it on the retail level. As an aid in planning, the company has decided to start using a...
Gronseth Drywall Systems, Inc., is in discussions with its investment bankers regarding the issuance of new bonds. The investment banker has informed the firm that different maturities will carry...
Issues raised about Investment Securities you have just started work for Warren Co. as part of the controllers group involved in current financial reporting problems. Jane Hens haw, controller for...
1. What role, if any, should Marys past work record play in this case? Explain. 2. Does management have a right to know why employees refuse to work overtime? Explain. 3. Evaluate the arguments of...
Len Kumar started his own consulting firm. Kumar Consulting on June 1, 2017 the trial balance at June 30 is as follows. In addition to those accounts listed on the trial balance, the chart of...
(Deferred Taxes, Income Effects) Stephanie Delaney, CPA, is the newly hired director of corporate taxation for Acme Incorporated, which is a publicly traded corporation. Ms. Delaneys first job with...
Presented below is the trial balance of Vivaldi Corporation at December 31, 2012. InstructionsPrepare a balance sheet at December 31, 2012, for Vivaldi Corporation. Ignore incometaxes. Credits Debits...
Zero Calories Company has 16,000 shares of cumulative preferred 1% stock, $40 par and 80,000 shares of $150 par common stock . The following amounts were distributed as dividends: Year 1....$ 21,600...
Jill has decided that the BackPack Company must have very good customer service. She has asked you to develop a level aggregate plan using inventories but not back orders. All demand must be met each...
Instead of worrying about job satisfaction, companies should be trying to create environments where performance is enabled. What do you think this statement means? Explain. Whats your reaction to...
On June 30, Petrov Co. has $ 128,700 of accounts receivable. Prepare journal entries to record the following selected July transactions. Also prepare any footnotes to the July 31 financial statements...
Animal Gear Company makes two pet carriers, the Cat-allac and the Dog-eriffic. They are both made of plastic with metal doors, but the Cat-allac is smaller. Information for the two products for the...
Revenue management was once the exclusive domain of the airline industry. But it has since spread its wings into the hotel business, auto rentals, and now even professional sports, with the San...
Cawley Company makes three models of tasers. Information on the three products is given below. Fixed expenses consist of $300,000 of common costs allocated to the three products based on relative...
Each of the following internal controls has been taken from a standard internal control questionnaire used by a CPA firm for assessing control risk in the payroll and personnel cycle. 1. Approval of...
Using the data in problem 7.5, determine the economical volume for each process. In problem 7.5, Meile Machine Shop, Inc., has a 1-year contract for the production of 200,000 gear housings for a new...
The following data are monthly sales of jeans at a local department store. The buyer would like to forecast sales of jeans for the next month, July. (a) Forecast sales of jeans for March through June...
The citizens of Spencer County approved the issuance of $2,000,000 in 6 percent general obligation bonds to finance the construction of a courthouse annex. A capital projects fund was established for...
Polk and Stoneman is a public accounting firm that offers two primary services, auditing and tax return preparation. A controversy has developed between the partners of the two service lines as to...
Janice Sanders, CEO of Pine Crest Medical Clinic, is concerned over the number of times patients must wait more than 30 minutes beyond their scheduled appointments. She asked her assistant to take...
Cooper River Glass Works (CRGW) produces four different models of desk lamps as shown in Figure. The operations manager knows that total monthly demand exceeds the capacity available for production....
Shannon Company segments its income statement into its North and South Divisions. The companys overall sales, contribution margin ratio, and net operating income are $ 500,000, 46%, and $ 10,000,...
1. How effective has Tran been as a project manager? Explain. 2. What problem(s) does Tran face? 3. How would you go about solving them? Why? Tran was taking his dog Callie on her evening walk as the...
Scott loves to go to baseball games, especially home games of the Cincinnati Reds. All else equal, he likes to sit close to the field. He also likes to get to the stadium early to watch batting...
A job order cost sheet for Lowry Company is shown below. Instructions (a) On the basis of the foregoing data, answer the following questions. (1) What was the balance in Work in Process Inventory on...
Kristi Williams offers family counseling services specializing in financial and marital problems. A chart of accounts and a trial balance taken on December 31, 20--, follow. Information for year-end...
The adjusted trial balance of Karise Repairs on December 31, 2013, follows. Required 1. Prepare an income statement and a statement of owners equity for the year 2013, and a classified balance sheet...
Pottery Ranch Inc. has been manufacturing its own finials for its curtain rods. The company is currently operating at 100% of capacity, and variable manufacturing overhead is charged to production at...
What cultures are relevant to this project? Describe the project environment. MINI CASE Mr. Robert Rutland, founder of the National Jazz Hall of Fame, poured himself another drink as he listened to...
Maintenance at a major theme park in central Florida is an ongoing process that occurs 24 hours a day. Because it is a long drive from most residential areas to the park, employees do not like to...
The following three separate situations require adjusting journal entries to prepare financial statements as of April 30. For each situation, present both the April 30 adjusting entry and the...
Peoria Corp. just completed another successful year, as indicated by the following income statement: Presented here are comparative balance sheets: Other information is as follows: a. Dividends of...
Fogerty Company makes two products, titanium Hubs and Sprockets. Data regarding the two products follow: Additional information about the company follows: a. Hubs require $32 in direct materials per...
Price, Inc., bottles and distributes mineral water from the companys natural springs in northern Oregon. Price markets two products: 12-ounce disposable plastic bottles and 1-gallon reusable plastic...
A producer of inkjet printers is planning to add a new line of printers, and you have been asked to balance the process, given the following task times and precedence relationships. Assume that cycle...
1. Four social inventions that support markets are (1) ______, which specify the terms of exchange; (2) ______, which reduce the risk of entrepreneurs; (3) ______, which increases the profitability...
Great Eastern Inns has a total of 2,000 rooms in its chain of motels located in eastern Canada. On average, 70% of the rooms are occupied each day. The companys operating costs are $42 per occupied...
During the second half of December 20-1, TJ's Specialty Shop engaged in the following transactions: Dec. 16 Received payment from Lucy Greene on account, $1,960. 16 Sold merchandise on account to Kim...
Given the industries in which Cisco competes, what are the implications for the major types of buying situations? Perhaps youve heard of Cisco Systems. Its the company that runs those catchy Human...
Austin, Inc., acquired 10 percent of McKenzie Corporation on January 1, 2014, for $210,000 although McKenzies book value on that date was $1,700,000. McKenzie held land that was undervalued by...
Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2012. InstructionsPrepare a classified balance sheet in good form. Common stock authorized was 400,000...
Elaborate on Intuits use of customer research. Why did it work so well for the company?
1. Develop a monthly cash budget for James Confectioners for the upcoming year. 2. What recommendations can you offer Telford and Ivey James to improve their companys cash flow? 3. If you were...
Organic Grains LLC uses statistical process control to ensure that its health- conscious, low- fat, multigrain sandwich loaves have the proper weight. Based on a previously stable and in- control...
You plan to invest in the Kish Hedge Fund, which has total capital of $500 million invested in five stocks: Kishs beta coefficient can be found as a weighted average of its stocks betas. The...
Jacobs Manufacturing produces a popular custom accessory for pickup trucks at plants in Huntington, West Virginia and Bakersfield, California, and ships them to distributors in Dallas, Texas;...
I think we goofed when we hired that new assistant controller,? said Ruth Scarpino, president of Provost Industries. ?Just look at this report that he prepared for last month for the Finishing...
The comparative balance sheet of Flack Inc. for December 31, 2013 and 2012, is as follows: The income statement for the year ended December 31, 2013, is as follows: The following additional...
Merrifield Post Office is evaluating the productivity of its mail processing centers. The centers differ in the degree of automation, the type of work that can be performed, and the skill of the...
Elizabeth (Liz) Lake lives in a million-dollar mansion in Don Mills. She spends time with her three children at an 1134-square-metre waterfront cottage in central Ontario. The attractive widow also...
Bill's Barbershop has two barbers available to cut customers' hair. Both barbers provide roughly the same experience and skill, but one is just a little bit slower than the other. The process flow in...
Spencer Kars provides shuttle service between four hotels near a medical center and an international airport. Spencer Kars uses two 10-passenger vans to offer 12 round trips per day. A recent month's...
Red Queen Restaurants wishes to prepare financial plans. Use the financial statements and the other information provided below to prepare the financial plans. The following financial data are also...
Laker Company reported the following January purchases and sales data for its only product. Required The Company uses a perpetual inventory system. Determine the cost assigned to ending inventory and...
Irresistible Art produces collectible pieces of art. The company's Raw Material Inventory account includes the costs of both direct and indirect materials. Account balances for the company at the...
Angela Moss and Autumn Barber organize a partnership on January 1. Mosss initial net investment is $75,000, consisting of cash ($17,500), equipment ($82,500), and a note payable reflecting a bank...
Hemming Co. reported the following current-year purchases and sales for its only product. Required Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to...