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intermediate accounting reporting

Questions and Answers of Intermediate Accounting Reporting

Recalling that the reactor centrifuge separates the slurry leaving the reactor into a wetcake that contains 90 wt% CPVC and a waste liquor stream of hydrochloric acid, calculate the mass flow rate of
Hydrogen chloride is highly soluble in water and essentially insoluble in CPVC. Estimate the pH of the aqueous phase (hydrochloric acid) leaving the reactor, taking the density of this phase to be
The length of the reactor is an important design parameter.What would be the drawbacks of making the reactor (i) too short, and (ii) too long?
List the reaction and mass transfer processes occurring in the chlorination reactor. (What reacts and what is formed? Which species diffuse into and out of the resin particles?)
Calculate the total mass of chlorine (kg) in the chlorine absorber tank, assuming ideal gas behavior in the head space. (Suggestion: Take as a basis of calculation a specified mass of slurry,
The slurry occupies 70% of the total tank volume and the head space occupies the remaining 30%. The mean residence time of the slurry in the tank (which equals the volume of the slurry in the tank
Starting with the mole fraction of dissolved chlorine in the aqueous phase calculated in Problem 12.9 (xa ), use Raoult’s law to estimate the partial pressure of chlorine in the gas phase. What
The flowchart for the absorber involves seven unknown variables (ṁ0 and ṁCl2 having been determined in Problem 12.5). Write the seven equations you would use to calculate those variables, noting
The flowchart for the absorber involves seven unknown variables (ṁ0 and ṁCl2 having been determined in Problem 12.5). Write the seven equations you would use to calculate those variables, noting
Use the given data to calculate the modified Henry's law coefficients, αp and αa, for chlorine in PVC and in water at 25°C. When determining αp, plot the solubility data to make sure that the
Speculate on why chlorine is stored as a liquid rather than being purchased and stored as a gas at the absorber temperature (25 °C), when storing it as a gas would eliminate the need for the
Vapor pressure data for chlorine are given below.a. Use these data and the Clausius–Clapeyron equation (Equation 6.1-3) to estimate the heat of vaporization of chlorine (kJ/mol) and to obtain an
Vapor pressure data for chlorine are given below.a. Use these data and the Clausius–Clapeyron equation (Equation 6.1-3) to estimate the heat of vaporization of chlorine (kJ/mol) and to obtain an
Vapor pressure data for chlorine are given below.a. Use these data and the Clausius–Clapeyron equation (Equation 6.1-3) to estimate the heat of vaporization of chlorine (kJ/mol) and to obtain an
The plant is to produce 3.5 × 106 kg/year of "67% Cl." Assuming that the plant operates 300 days per year, 24 hours per day, calculate the required hourly feed rates (kg/h) of the 10 wt% PVC slurry
Neglecting the end groups, calculate the mass fractions of carbon, hydrogen, and chlorine in PVC and in the “67% Cl” produced in this process. (The molecular structure of this product is shown in
In a page or less, summarize the overall process. In your summary, answer the following questions:(a) What is the reaction that this process is designed to carry out?(b)
On a second page (which you may find convenient to generate with a spreadsheet program), prepare a table to accompany the flowchart. The column headings should be the stream identifiers from the
On an oversized page, draw a flowchart for this process. Label each stream with an identifying symbol (e.g., Sl, S2, S3, ...) and known information about what the stream is and/or what it contains
Use a commercial flowchart simulation program such as HYSYS or ASPEN to simulate the ammonium nitrate manufacturing process described in Example 10.3-3.Example 10.3-3 FINES DISSOLVING TANK m2(kg
You are to write the code for a convergence module that can deal with one to three tear stream variables using theWegstein algorithm, as outlined in Appendix A.2. The object is to determine the
You are to simulate a single-phase adiabatic reactor in which a single gas-phase reaction takes place. The reaction has the general formIn this equation Ai is the ith reactant or product and vi is
You are to simulate a single-phase reactor in which a single reaction takes place. The reaction has the general form.In this equation Ai is the ith reactant or product and vi is the stoichiometric
You are to simulate a partial condenser module that converts a vapor feed stream (SF) containing a single condensable species at temperature TF(K) to liquid and vapor product streams (SL, SV) in
A liquid mixture of benzene and toluene is to be separated in a continuous single-stage equilibrium flash tank.The pressure in the unit may be adjusted to any desired value, and the heat input may
Methanol is synthesized from carbon monoxide and hydrogen in the reactionA process flowchart is shown below.The fresh feed to the system, which contains only CO and H2, is blended with a recycle
The product gas from a solid fuel combustion reaction has the following dry-basis molar composition: 72.0%CO2, 2.57%CO, 0.0592% SO2, and 25.4%O2. Pure oxygen is fed to the furnace in 20% excess of
The wastewater treatment plant at the Ossabaw Paper Company paper mill generates about 24 tonnes of sludge per day. The consistency of the sludge is 35%, meaning that the sludge contains 35 wt%
The equilibrium constant for the ethane dehydrogenation reaction,is defined aswhere P(atm) is the total pressure and yi is the mole fraction of the ith substance in an equilibrium mixture. The
A pair of gas-phase reactions with the following stoichiometric equations take place in a continuous reactor:The reactions of ethylene and water to form ethanol and of ethanol to form diethyl ether
A continuous adiabatic flash tank is to be used to separate a liquid mixture of two substances (A and B). The feed enters at temperature T and a high pressure and flashes to a low pressure, P,
Seawater containing 3.5 wt% dissolved salts is to be desalinated in an adiabatic six-effect evaporator. Backward feed is to be used: the seawater is fed to the last evaporator, and successively
Fuel oils contain primarily organic compounds and sulfur. The molar composition of the organic fraction of a fuel oil may be represented by the formula CpHqOr ; the mass fraction of sulfur in the
The composition of a coal is determined by a proximate analysis. The coal is first finely ground and air-dried. Samples of the dried coal are then subjected to several operations, with the sample
A mixture of propane and butane is burned with pure oxygen. The combustion products contain 47.4 mole% H2O. After all the water is removed from the products, the residual gas contains 69.4 mole % CO2
Ethyl acetate (A) undergoes a reaction with sodium hydroxide (B) to form sodium acetate and ethyl alcohol: The reaction is carried out at steady state in a series of stirred-tank reactors. The
At the end of 2008, Richards Company is conducting an impairment test and needs to develop a fair value estimate for machinery used in its manufacturing operations. Given the nature of Richard’s
Larry’s Lawn Equipment sells high-quality lawn mowers and offers a 3-year warranty on all new lawn mowers sold. In 2008, Larry sold $300,000 of new specialty mowers for golf greens for which
Mount Co. has the following defined-benefit pension plan balances on January 1, 2008.Projected benefit obligation.............................$4,500,000Fair value of plan
On January 1, 2008, Diana Peter Company has the following defined benefit pension plan balances.Projected benefit obligation.................................$4,200,000Fair value of plan
The following defined-benefit pension data of Doreen Corp. apply to the year 2008.Projected benefit obligation, January 1, 2008 (before amendment)..............$560,000Plan assets, January 1,
The following facts apply to the pension plan of Trudy Borke Inc. for the year 2008.Plan assets, January 1, 2008....................................................$490,000Projected benefit
Using the information in E16-9, prepare a pension worksheet inserting January 1, 2008, balances, showing December 31, 2008, balances and the journal entry recording pension expense.Service
Briefly explain the accounting requirements for stock compensation plans under Statement of Financial Accounting Standards No. 123(R).
The amount of income taxes due to the government for a period of time is rarely the amount reported on the income statement for that period as income tax expense.Instructions(a) Explain the
For the following investments identify whether they are:1. Trading Securities2. Available-for-Sale Securities3. Held-to-Maturity SecuritiesEach case is independent of the other.(a) A bond that will
If the bonds in Question 8 are classified as available-for-sale and they have a fair value at December 31, 2008, of $1,802,000, prepare the journal entry (if any) at December 31, 2008, to record this
Presented below is a note disclosure for Ralph Ellison Corporation.Litigation and Environmental: The Company has been notified, or is a named or a potentially responsible party in a number of
On February 1, 2008, one of the huge storage tanks of Paunee Manufacturing Company exploded. Windows in houses and other buildings within a one-mile radius of the explosion were severely damaged, and
Animaniacs Company is a manufacturer of toys. During the year, the following situations arose.1. A safety hazard related to one of its toy products was discovered. It is considered probable that
D’Annunzio Corporation includes the following items in its liabilities at December 31, 2008.1. Notes payable, $25,000,000, due June 30, 2009.2. Deposits from customers on equipment ordered by them
As discussed in the chapter, an important consideration in evaluating current liabilities is a company’s operating cycle. The operating cycle is the average time required to go from cash-to-cash in
The following items are found in the financial statements.(a) Discount on bonds payable(b) Unamortized bond issue costs(c) Gain on repurchase of debt(d) Mortgage payable (payable in equal amounts
How would each of the following items be reported on the balance sheet?(a) Accrued vacation pay.(b) Estimated taxes payable.(c) Service warranties on appliance sales.(d) Bank overdraft.(e) Employee
When should liabilities for each of the following items be recorded on the books of an ordinary business corporation?(a) Acquisition of goods by purchase on credit.(b) Officers’ salaries.(c)
How should the costs of issuing bonds be accounted for and classified in the financial statements?
Kuga Co. has equipment with a carrying amount of $700,000. The expected future net cash flows from the equipment is $705,000, and its fair value is $590,000. The equipment is expected to be used in
Assume the same information as question 15, except that an indefinite-life intangible other than goodwill is being considered for write-off. How would this situation be recorded?In question 15Astaire
What is goodwill? What is negative goodwill?
Recently, Michelangelo Manufacturing Co. presented the account “Allowance for Repairs” in the long-term liabilities section. Evaluate this procedure.
Discuss the basic accounting problem that arises in handling each of the following situations.(a) Assets purchased by issuance of capital stock.(b) Acquisition of plant assets by gift or donation.(c)
The Buildings account of Denis Leary Inc. includes the following items that were used in determining the basis for depreciating the cost of a building.(a) Architect’s fees.(b) Interest and taxes
Indicate where the following items would be shown on a balance sheet.(a) A lien that was attached to the land when purchased.(b) Landscaping costs.(c) Attorney’s fees and recording fees related to
You have been asked by the financial vice president to develop a short presentation on the lower-of-cost-or-market method for inventory purposes. The financial VP needs to explain this method to the
As indicated in the chapter, the FIFO and LIFO inventory methods can result in significantly different income statement and balance sheet figures. However, it is possible to convert income for a
An article in the Wall Street Journal used the phrases “phantom (paper) profits” and “high LIFO profits” through involuntary liquidation. Explain these phrases.
On December 31, 2007, the inventory of Alando Company amounts to $800,000. During 2008, the company decides to use the dollar-value LIFO method of costing inventories. On December 31, 2008, the
As compared with the FIFO method of costing inventories, does the LIFO method result in a larger or smaller net income in a period of rising prices? What is the comparative effect on net income in a
Outkast Outfitters Company includes in its trial balance for December 31 an item for Accounts Receivable $769,000. This balance consists of the following items:Due from regular
Hale Hardware is planning to factor some of its receivables. The cash received will be used to pay for inventory purchases. The factor has indicated that it will require “recourse” on the sold
On January 1, 2008, John Singer Co. sells property for which it had paid $690,000 to Sargent Company, receiving in return Sargent’s zero-interest-bearing note for $1,000,000 payable in 5 years.
The following note appears in the “Summary of Significant Accounting Policies” section of the annual report of Westinghouse Electric Corporation.Westinghouse Electric CorporationSummary of
The major classifications of activities reported in the statement of cash flows are operating, investing, and financing. Below is a list of common transactions.(a) Issuance of capital stock.(b)
The T accounts for Equipment and the related Accumulated Depreciation for Triangle Art Company at the end of 2008 are shown here.In addition, Triangle Art Company’s income statement reported a loss
What are the limitations of the statement of cash flows?
Identify two noncash charges other than depreciation expense that are treated like depreciation expense in the statement of cash flows.
Wilma Flintstone and Barny Rublestone were discussing the format of the statement of cash flows of Rock Candy Co. At the bottom of Rock Candy’s statement of cash flows was a separate section
One of the more closely watched ratios by investors is the price/earnings or P/E ratio. By dividing price per share by earnings per share, analysts get insight into the value the market attaches to a
Rap Corp. has 100,000 shares of common stock outstanding. In 2008, the company reports income from continuing operations before income tax of $1,210,000. Additional transactions not considered in the
Below is the retained earnings account for the year 2008 for LeClair Corp.Instructions(a) Prepare a corrected retained earnings statement. LeClair Corp. normally sells investments of the type
Presented below is a combined single-step income and retained earnings statement for Sandy Freewalt Company for 2008.Additional facts are as follows.1. “Selling, general, and administrative
The following account balances were included in the trial balance of J.R. Reid Corporation at June 30, 2008.The Retained Earnings account had a balance of $337,000 at July 1, 2007. There are 80,000
Tony Rich Inc. reported income from continuing operations before taxes during 2008 of $790,000. Additional transactions occurring in 2008 but not considered in the $790,000 are as follows.1. The
At December 31, 2007, Shiga Naoya Corporation had the following stock outstanding.10% cumulative preferred stock, $100 par, 107,500 shares.............$10,750,000Common stock, $5 par, 4,000,000
The stockholders’ equity section of Tkachuk Corporation appears below as of December 31, 2008.Net income for 2008 reflects a total effective tax rate of 34%. Included in the net income figure is a
Presented below is information related to Ivan Calderon Corp. for the year 2008.Instructions(a) Prepare a multiple-step income statement for 2008. Assume that 60,000 shares of common stock are
Presented below are selected ledger accounts of Tucker Corporation as of December 31, 2008.Cash....................................................................................................$
The following balances were taken from the books of Alonzo Corp. on December 31, 2008.Assume the total effective tax rate on all items is 34%.InstructionsPrepare a multiple-step income statement;
Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The discussion involves the following
The financial records of LeRoi Jones Inc. were destroyed by fire at the end of 2008. Fortunately the controller had kept certain statistical data related to the income statement as presented below.1.
Presented below are certain account balances of Paczki Products Co.InstructionsFrom the foregoing, compute the following:(a) Total net revenue,(b) Net income,(c) Dividends declared during the current
On January 1, 2008, Creative Works Inc. had cash and common stock of $60,000. At that date the company had no other asset, liability or equity balances. On January 2, 2008, it purchased for cash
Using the information from BE5-9, prepare a retained earnings statement for the year ended December 31, 2008. Assume an error was discovered: land costing $80,000 (net of tax) was charged to repairs
Lincoln Corporation has retained earnings of $675,000 at January 1, 2008. Net income during 2008 was $2,400,000, and cash dividends declared and paid during 2008 totaled $75,000. Prepare a retained
Green Day Corporation had income from continuing operations of $12,600,000 in 2008. During 2008, it disposed of its restaurant division at an after-tax loss of $189,000. Prior to disposal, the
Turner Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2008. Expenses for 2008 were: cost of goods sold $1,250,000; administrative expenses $212,000; selling expenses
Tim Allen Co. had sales revenue of $540,000 in 2008. Other items recorded during the year were:Cost of goods
What is meant by the terms elements and items as they relate to the income statement? Why might items have to be disclosed in the income statement?
On January 30, 2007, a suit was filed against Pierogi Corporation under the Environmental Protection Act. On August 6, 2008, Pierogi Corporation agreed to settle the action and pay $920,000 in
During 2008, Natsume Sozeki Company earned income of $1,000,000 before income taxes and realized a gain of $450,000 on a government-forced condemnation sale of a division plant facility. The income

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