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On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following transactions during the month: a. Rafael Masey transferred cash from a personal bank account to an account to... On October 15, 2020, the board of directors of Ensor Materials Corporation approved a stock option plan for key executives. On January 1, 2021, 20 million stock options were granted, exercisable for... Desrosiers Ltd. had the following long-term receivable account balances at December 31, 2019: Notes receivable .................................................... $1,800,000 Notes... Gordon & Groton, CPAs, were the auditors of Bank & Company, a brokerage firm and member of a national stock exchange. Gordon & Groton audited and reported on the financial statements of Bank, which... Use the Cash table above to show the output for the following SQL query: SELECT Account#, Balance FROM Cash WHERE Bank = Boston5 ORDER BY Amount DESC; Cash Account# Type Bank Balance Checking Boston5... Given the data in the file Stock Beta.xlsx, estimate the beta (and alpha) for Microsoft (MSFT). Do this for each criterion and each period of time to obtain a table analogous to that in the top right... Research the challenges associated with payments across international borders and prepare a brief presentation of your findings. Do most e-commerce companies conduct business internationally? How do... Ms. Prince wants to create a scholarship in honor of her parents at the law school from which she received her degree. She could endow the scholarship with $500,000 cash or with $500,000 worth of... 1. What went wrong with Horizon? 2. Which of these problems was bad luck and which was bad management? 3. Discuss whats going right with Horizon. 4. Is this an operating problem or a financing... Lucia works as an accountant for a motor vehicle engine parts manufacturer called Vroom Ltd, owned by an international car firm. Her manager, Freda Chuse, is paid a bonus depending on the... Selected operating data for two divisions of Outback Brewing, Ltd. of Australia are as follows: Required: 1. Compute the rate of return for each division using the ROI formula stated in terms of... The annual reports of the Coca-Cola Co. and PepsiCo Inc. indicate the following for the year ended December 31, 2017 (amounts in millions): Required: a. Calculate ROI and ROE for each company for... On March 5, 2021, you were hired by Hemingway Inc., a closely held company, as a staff member of its newly created internal auditing department. While reviewing the company?s records for 2019 and... Music Media Ltd. prepares statements quarterly. Part A: Required 1. Based on 2019 results, Music?s estimated tax liability for 2020 is $285,960. Music will accrue 1/12 of this amount at the end of... On January 1, 2024, DC Ltd. issued bonds with a maturity value of $8 million when the market rate of interest was 4%. The bonds have a coupon (contractual) interest rate of 5% and mature on January... A restaurant manager estimates his total labor cost for next month to be 30% of forecasted revenue. Employee benefits are estimated to be 18% of total labor costs. The manager forecasts next months... Financial data for Bridger, Inc., for last year are as follows: The company paid dividends of $197,000 last year. The Investment in Brier Company on the balance sheet represents an investment in the... Consider the AON graph of a project shown in Figure 19.17. The activity times are 3, 4, 2, 5, 7, 2, 2, and 3 days for activities A1 through A 8 , respectively. What is the earliest completion time of... At December 31, 2021, Nicholay Industries reports the following selected accounts from the unadjusted trial balance for its fi rst year of operations: Instructions a. Prepare the journal entry to... The following scenarios present a set of ethical dilemmas that might arise in marketing research. Your assignment is to decide what action to take in each instance. You should be prepared to justify... Revolving Wings (RW) is a Kalamazoo, Michigan, manufacturer of equipment for the renewable energy sector. The company has a strong domestic market for their fiberglass composite wind turbine blades.... Based on Charnes and Cooper (1955). A small company is trying to determine employee salary based on the following attributes: effectiveness, responsibility, initiative, experience, education,... According to the expectations theory, which of the following is closest to the one-year implied forward rate one year from now? a. 6.58 percent b. 5.75 percent c. 6.25 percent James Wallace, CFA, is... A total of $50,000 was allocated to a project to detect and reduce insider theft in the ZipCar auto parts store. Two alternatives identified as Y and Z are under consideration. The overall ROR on the... The following pretax amounts were obtained from the financial records of Watson Company for 2018: The companys tax rate is 35 percent. a. Prepare an income statement for the year ended December 31,... 1. As the Senior HR Manager at Tele-BankCo, you are asked by the banks call centre executive to evaluate whether it would be more rational to drop the investment in sophisticated recruitment and... The following information is available for Berlin Corp. for the year ended -December 31, 2020: Prepare a multiple-step income statement for Berlin Corp. and a comprehensive income statement. Other... Glavine & Co. produces a single product, each unit of which requires three direct labor hours (DLHs). Practical capacity (for setting the factory overhead application rate) is 30,000 DLHs, on an... On May 1, 2020, Herron Corp. issued $600,000, 9%, 5-year bonds at face value. The bonds were dated May 1, 2020, and pay interest annually on May 1. Financial statements are prepared annually on... "If the translation of a foreign operation produced a gain under the FCT method, the translation of the same company could produce a loss if the operation were translated under the PCT method." Do... Jana just found out that she is going to receive an end-of-year bonus of $40,000. She is in the 25 percent marginal tax bracket. Calculate her income tax on this bonus. Now assume that instead of... For the past several years, Steffy Lopez has operated a part-time consulting business from his home. As of July 1, 20Y2, Steffy decided to move to rented quarters and to operate the business, which... The following is a list of costs incurred by several manufacturing companies: a. Annual picnic for plant employees and their families b. Cost of fabric used by clothing manufacturer c. Cost of... During August 20X1, Packer Manufacturing had the following cash receipts and disbursements: Cash received from customers ................................................ $319,000 Cash received from... Valley Designs issued a 120-day, 6% note for $80,000 dated April 20 to Bork Furniture Company on account. a. Determine the due date of the note. b. Determine the maturity value of the note. c.... MGM Resorts International (MGM) owns and operates hotels and casinos including the MGM Grand and the Bellagio in Las Vegas, Nevada. As of a recent year, MGM reported accounts receivable of... 1. Compare the facts of the Modnick case with the facts of the Welch case provided in the memo to Terry Jacobs. What do the two cases have in common? How do the cases differ? 2. Are there additional... 1. Describe the general environment that Safaricom faces. What are the segments in the general environment that relate to Safaricoms situation? What are the opportunities and threats derived from the... The Dover Direct Insurance Agency began operations on June 1, 2018. In the month of June, the following transactions occurred: June 2: Dover Direct's owner invested $80,000 (the par value of the... Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. For example, Mattel builds up its inventory to meet the needs of retailers... Norma Smith is the controller of Baylor Corporation and is responsible for the preparation of the year-end financial statements. The following transactions occurred during the year. a. On December... Kesler Co. deposits all receipts intact on the day received and makes all payments by cheque. On July 31, 2020, after all posting was completed, its Cash account showed a $10,932 debit balance.... The payroll records of Wailee Company provided the following information for the weekly pay period ended March 23, 2018: Required 1. Enter the relevant information in the proper columns of a payroll... Boots Young owns and operates Kinetic Printing. During August, Kinetic Printing incurred the following costs in acquiring two printing presses. One printing press was new, and the other was used by a... Raner, Harris & Chan is a consulting firm that specializes in information systems for medical and dental clinics. The firm has two officesone in Chicago and one in Minneapolis. The firm classifies... Assistant police chief Todd Beck wants to analyze the citys historic crime data in order to better allocate police resources in the future. He collects data over the past two years. Each record in... Kristin Helmud is the general manager of Highland Inn, a local mid-priced hotel with 100 rooms. Her job objectives include providing resourceful and friendly service to the hotels guests, maintaining... 1. When founder Richard Branson is no longer at the helm (and in the news), do you believe Virgin will be able to continue its forays into radically different brand extensions? What strategies can... Redwood Inc, which owned a parcel of land that contained dense forests, entered into a contract with Bunyon Corp. Bunyon was required to cut and remove the trees from a 40-hectare area. In exchange,... The board of directors of Canterbury Plus authorized the issue of $9,000,000 of 7%, 15-year bonds payable. The semiannual interest dates are May 31 and November 30. The bonds are issued on May 31,... Takemoto Corporation borrowed $60,000 on November 1, 2020, by signing a $61,350, 3-month, zero-interest-bearing note. Prepare Takemotos November 1, 2020, entry; the December 31, 2020, annual... Using the periodic inventory system, prepare general journal entries for the following transactions of Heidelberg Housewares (assume no GST): 1. Purchased inventory on credit for $58 200. 2. Sold... The following information pertains to Lance Company. 1. Cash balance per bank, July 31, $8,732. 2. July bank service charge not recorded by the depositor $45. 3. Cash balance per books, July 31,... Hekou Industries had sales in 2019 of HK$6,800,000 and gross profit of HK$1,100,000. Management is considering two alternative budget plans to increase its gross profit in 2020. Plan A would increase... The financial statements of M&S are presented in Appendix E. The companys complete annual report, including the notes to the fi nancial statements, is available online. Instructions Refer to M&Ss... On July 31, 2020, Mexico Company paid $3,000,000 to acquire all of the common stock of Conchita Incorporated, which became a division (a reporting unit) of Mexico. Conchita reported the following... Tablet Tailors sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following... Baby Photography completed the following petty cash transactions during July 2020: Required 1. Prepare a general journal entry to record establishing the petty cash fund. 2. Prepare a summary of... After five years of operations, Svenson?s Tutoring Clinic showed the following post-closing balances at December 31, 2019. Required Analysis Component: a. Explain why Leda Svenson, Withdrawals,... Analysis and evaluation: Discuss the factors to consider when determining planning materiality for MSI. Calculate an amount for planning materiality for the audit of fiscal year-end June 30, 2023.... Here are comparative statement data for Duke Company and Lord Company, two competitors. All balance sheet data are as of December 31, 2020, and December 31, 2019. Instructions a. Prepare a vertical... Padilla Company acquired 90% of the outstanding common stock of Sanchez Company on June 30, 2019, for $426,000. On that date, Sanchez Company had retained earnings in the amount of $60,000, and the... The following additional information is available for the Albert and Allison Gaytor family. The Gaytors own a rental beach house in Hawaii. The beach house was rented for the full year during 2018... Sunset Boards, Inc., is a small company that manufactures and sells surfboards in Malibu. Tad Marks, the founder of the company, is in charge of the design and sale of the surfboards, but his... On January 1, McNeil Company borrows $100,000 cash by signing a four-year, 9% installment note. The note requires four equal payments consisting of accrued interest and principal on December 31 for... Of the five elements that help people change (positive emotional attractor, supportive relationships, repetition of new behaviors, participation and involvement, and after-action reviews), which do... Life, Inc. experienced the following events in Year 1, its first year of operation: 1. Performed counseling services for $36,000 cash. 2. On February 1, Year 1, paid $18,000 cash to rent office space... You have recently accepted a position with Sea-Jewels Inc., the manufacturer of a popular consumer product. When trying to open your variance analysis files, you find some of them have become... Starlight Drive-Ins Ltd. borrowed money by issuing $5,000,000 of 7% bonds payable at 95.5 on July 1, 2018. The bonds are 10-year bonds and pay interest each January 1 and July 1. 1. How much cash did... The following information was taken from Riddell Ltd.s adjusted trial balance as at April 30, 2020: Sales revenue.................................................................$1,045,800 Interest... DBU Systems manufactures testing equipment for the communications industry. In developing a new device for maritime communication, the design group has estimated the following unit costs. Metal... In 2021, internal auditors discovered that PKE Displays, Inc. had debited an expense account for the $350,000 cost of equipment purchased on January 1, 2018. The equipments life was expected to be... The actual demand for the patients at Moncton Medical Clinic for the first six weeks of this year follows: Week Actual No. of Patients 1 ...........................................65 2... GOPPAR is best defined as a hotels a. Revenue less management controllable costs per available room. b. Revenue less management controllable costs per sold room. c. ADR x RevPAR. d. ADR x RevPAR x... Jack, who files married separate, has AGI of $45,000 and paid the following taxes this year. Calculate how much Jack can deduct for taxes as an itemized deduction this year. State income tax... Mr. and Mrs. Alexander have two dependent children. They paid $7,200 wages to a housekeeper to care for the children and $549 employer payroll tax on her wages. Mr. and Mrs. Alexander file a joint... The management of Locale Ltd is worried because the bank overdraft has increased by a substantial amount over the financial year ended 30 June 2018 despite a large profit and the introduction of... Roswell Corporation reported the following data: Roswells gross profit percentage is a. 49.2. b. 50.8. c. 56.0. d. 48.2. Freight in. .. Purchases Beginning inventory . Purchase discounts . Dividends... Mayer Biotechnical, Inc., develops, manufactures, and sells pharmaceuticals. Significant research and development (R&D) expenditures are made for the development of new drugs and the improvement of... (This exercise is a variation of E 162, modified to have the asset fully depreciated in the year of purchase.) On January 1, 2018, Ameen Company purchased major pieces of manufacturing equipment for... The adjusted trial balance for Bayside Realty, Inc., at November 30, 2018, follows: Requirements 1. Prepare Bayside Realty?s income statement and statement of retained earnings for the year ended... Slacks.com received a bank statement from Cobb Bank indicating a bank balance of $7,700. Based on Slacks.coms check stubs, the ending checkbook balance was $8,136. Your task is to prepare a bank... Mid-West Trucking is a medium-sized TL carrier based in Des Moines, Iowa. Like many other carriers based in Iowa and surrounding states, Mid-West Trucking faces much demand for eastbound shipments... Accounting standard IAS16 Property, Plant and Equipment makes a number of recognition, measurement and disclosure requirements with regard to tangible non current assets. The term "non-current asset"... Examine the structure of the casino industry. What has been the effect of the changing industry structure on U.S. casinos? For well over 50 years the casino business had been on a roll, on its way to... Springer & Jones, CPAs, LLP, is currently auditing Worldwide Electronics Inc. that manufactures electronic equipment utilized around the world. The audit client purchases in bulk large quantities of... Generic Inc. is a distributor of pharmaceutical products. Its ABC system has five activities: Activity Area Cost Driver Rate in 2018 1. Order processing S40 per order 2. Line-item ordering 3 per line... Moore Corporation reported the following items at December 31, 2018, and 2017: Requirements 1. Compute the companys (a) quick (acid-test) ratio and (b) days sales outstanding for 2018. Evaluate each... Alfonso Inc. acquired 100 percent of the voting shares of BelAire Company on January 1, 2020. In exchange, Alfonso paid $198,000 in cash and issued 100,000 shares of its own $1 par value common... 1. What barriers were there to communication between the employees of General Mills and Pillsbury? 2. Although not a different language per se, how might the language of the functional areas within... The president of North Shore Railroad wants to obtain an overview of the companys operations, particularly with respect to comparing freight and passenger business. He has heard about "contribution"... Clear Water Co. reports the following balance sheet accounts as of December 31. Prepare a classified balance sheet. Buildings... Accounts receivable. Land..... Merchandise inventory. Accounts... A statement of cash flows for Friendly Markets, Inc., for 20X1 appears below. Operations (1) Net income $ 1,161,442 Adjustments for noncash transactions: (2) Depreciation and amortization 496,106 (3)... Silver Company makes a product that is very popular as a Mother?s Day gift. Thus, peak sales occur in May of each year. These peak sales are shown in the following sales budget for the second... Garnett Jackson, the founder and CEO of Tech Tune-Ups, stared out the window as he finished his customary peanut butter and jelly sandwich, contemplating the dilemma currently facing his firm. Tech... Referring to the situation in P9.2 for Garcia Home Improvement Company, consider the following expanded data at May 31, 2020. Assume Garcia uses LIFO inventory costing. Instructions a. 1. Determine... Abercrombie & Fitch and American Eagle Outfitters (AEO) reported the following numbers (in millions except for the share price) for fiscal year 2018. Calculate the earnings per share, market-to-book... It is October 16, 2020, and you have just taken over the accounting work of Saskan Enterprises, whose annual accounting period ends each October 31. The company?s previous accountant journalized its... On January 2, 2020, Direct Shoes Inc. disposed of a machine that cost $96,000 and had been depreciated $50,450. Present the journal entries to record the disposal under each of the following... Assume the same facts as in Problem 1:8-34. In addition, assume that in 2020, Angela receives an additional $7,000 in a settlement of a lawsuit arising because of the snow-skiing accident. $4,000 of...
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