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Cost Accounting
Meg Lentz completes the payroll each month for the Monarch Machining Company in Moncton. Just before the end of last month the owner, Jeff Harding, directed her to "cut at least 30%" from the amounts
Describe the similarities between overtime and commission income?
The bookkeeper for Pinto Co. of Peterborough gathered the following data from employee earnings records as well as daily time cards. Your task is(a) To complete a payroll register on November 5
The bookkeeper for Pinto Co. of Peterborough gathered the following data from employee earnings records as well as daily time cards. Your task is (1) to complete a payroll register on November 5 and
An RC1 form must be submitted annually by all employers. True or false?
Why do some computer firms do good business selling payroll software to employers?
On July 8, 2017, Aster Co. issued debit memorandum No. 1 for $400 to Reel Co. for merchandise returned from invoice No. 312, which originally included GST at 5%. Your task is to journalize, record,
Sudbury Outdoor Wear sells a line of specialized clothing to customers in their local area. For the calendar year 2016, the company sold $325,000 worth of clothing before taxes. HST in Ontario is
On July 7, 2017, Aster Co. issued debit memorandum No. 3 for $250 to Reel Co. for merchandise returned from invoice No. 632, which originally included GST at 5%. Your task is to journalize, record,
Allan Co. had the following balances on December 31, 2015:The accountant for Allan has asked you to make an adjustment since $400 worth of janitorial services have just been performed for customers
Allan Co. had the following balances on December 31, 2015:The accountant for Allan has asked you to make an adjustment since $500 worth of janitorial services have just been performed for customers
On December 31, 2016, $300 of salaries has been accrued. (Salaries before accrued amount totalled $26,000.) The next payroll to be paid will be on February 3, 2017, for $6,000. Do the following:a.
From the following account information, prepare an income statement cost of goods sold section in proper form: Freight-In, $400; Merchandise Inventory, 12/31/17, $9,500; Purchases Discounts, $800;
From the following partial worksheet, journalize the closing entries of December 31 for A. Slow Co.
From the worksheet in Exercise 13-3B, prepare the assets section of a classified balance sheet.Refer in Exercise 13-3B,From the following partial worksheet, journalize the closing entries of December
On December 31, 2016, $700 of salaries have been accrued. (Salaries before accrued amount totalled $29,000.) The next payroll to be paid will be on February 3, 2017, for $7,500. Do the following:a.
Mama Italian Sauce is in the process of preparing a production cost budget for May. The actual costs in April were: Mama Italian Sauce Production Cost
What are they pros and cons of eliminating the provision of Rule 203 of the AICPA's professional ethics that permits non conformance with GAAP if, in the opinion of the CPA, following GAAP would
The overhead allocation rate in Franz Company's job order cost accounting system applies overhead based on direct labor costs. The manufacturing costs for the current year were: direct materials,
Waco's Widgets plans to sell 22,000 widgets during May, 19,000 units in June, and 20,000 during July. Waco keeps 10% of the next month's sales as ending inventory. How many units should Waco produce
The income statement for the Over Under Company for the year ended December 31, 2007, appears below. Sales...............................................670,000 Costs of goods
The following calendar year information about the Tahoma Corporation is available on December 31: Advertising expense....................................................................$
The benefits and costs of an investment project (the purchase of a piece of machinery) are those given in the following table. In Excel, calculate net revenue, or the revenue from the investment
Explain the differences between centralization and decentralization and between standardization and mutual adjustment. What factors determine the ability to strike a balance between these mechanisms?
Select one of the nine financial transactions of the medical practice of Bob Morin, P.C. Develop a journal entry with date and explanation Aug 6 Morin invested $39,000 in the business, which in turn
Gonzales, Inc. has the following data: Accounts receivable, May.31.................$40,000 Forecasted sales in units May sales.............................................450 June
The following information pertains to the standard costs and actual activity for Tyler Company for September: Standard cost per unit Direct materials 4 units of material A × $2.00 per unit 1 unit of
A bank is negotiating a loan. The loan can either be paid off as a lump sum of $100,000 at the end of each of the next five years. If the interest rate on the loan is 10%, what annual payments should
1. Given the following information, calculate for Year 2 the number of days of working capital financing the firm will need to obtain from other
Bob's Discount Shoe Source is adding a new line of shoes to the company portfolio and has the following information: the expected market return is 13%, the risk-free rate is 3%, and the expected
What are the reasons that a company making capital structure management decisions not use that mechanism that had the lowest cost?
Waco's Widgets plans to sell 22,000 widgets during May, 19,000 units in June, and 20,000 during July. Waco keeps 10% of the next month's sales as ending inventory. How many units should Waco produce
You retire at age 60 and expect to live another 27 years. On the day you retire, you have $464,900 in your retirement savings account. You are conservative and expect to earn 4.5% on your money
Large Industries annual bonds are selling at 93 (i.e., the price is $930 for the $1,000 bond). There are 9 years remaining until maturity on the bonds and the yield to maturity is 8.25%. Find the
Last year, Isaac earned 10.6 percent on her investments while U.S. Treasury bills yielded 3.8 percent and the inflation rate was 3.1 percent. What real rate of return did she earn on her investments
At January 1, 2004, Barry, Inc. has beginning inventory of 4,000 widgets. Barry estimates it will sell 35,000 units during the first quarter of 2004 with a 10% increase in sales each quarter. Barry's
The market value of XYZ Corporation's common stock is 40 million and the market value of the risk-free debt is 60 million. The beta of the company's common stock is 0.8, and the expected market
Moerdyk Corporation's bonds have a 15-year maturity, a 7.25% semiannual coupon, and a par value of $1,000. The going interest rate (rd) is 6.20%, based on semiannual compounding. What is the bond?
Mountain Teas wants to raise $11.6 million to open a new production center. The company estimates the issue costs including the legal and accounting fees will be $440,000. The underwriters have set
How does supply chain management contribute to the overall competitiveness of the corporation? What factors have raised the strategic importance of the supply chain management function?
Tom Noel holds the following portfolio:Tom plans to sell Stock A and replace it with Stock E, which has beta of 0.80. By how much will the portfolio beta change? Do not round your intermediate
Nagel Equipment has a beta of 0.88 and an expected dividend growth rate of 4.00% per year. The T-bond rate is 5.25%. The annual return on the stock market during the past 4 years was 10.25%.
Atlanta Cement, Inc. buys on terms of 2/15, net 30. It does not take discounts, and it typically pays 115 days after the invoice date. Net purchases amount to $720,000 per year. What is the nominal
The Leverton Company plans to issue preferred stock with a perpetual annual dividend of $7 per share and a par value of $32. If the required return on this stock is currently 11%, what should be the
You buy a bond with a $1,000 par value today for a price of $865. The bond has 6 years to maturity and makes annual coupon payments of $73 per year. You hold the bond to maturity, but you do not
XYZ has a debt of 27,500,000 and is expected to produce FCF of 11,750,000 next year, Calculate the value of the share of XYZ if the company has 10 million shares outstanding, FCF is expected to grow
What is the coupon rate of a two-year, $10,000 bond with semiannual coupons and a price of $9543.45, if it has a yield to maturity of 6.8%? A) 4.32% B) 5.60% C) 6.25% D) 8.44%
The cash account in the general ledger of XYZ Company shows a balance of $18,700 at June 30, 2004. The June 30 bank statement; however, shows a balance of $19,800. The only reconciling items consist
XYZ Company had a $4,000 credit balance in its allowance for bad debts at January 1, 2002.At December 31, 2002, XYZ Company prepared the following aging schedule:Based on the above information, XYZ
1) Based on the following information, calculate the risk of each asset class in relation to its annual historic return.2) Run the same calculations except this time take into account a 2% inflation
Corn Doggy Inc. produces and sells corn dogs. The corn dogs are dipped by hand. Austin Beagle, production manager, is considering purchasing a machine that will make the corn dogs. Austin has shopped
Richard traveled from New Orleans to New York for both business and vacation. He spent 4 days conducting business and some days vacationing. He incurred the following
Karens portfolio, which has a beta of 1.10 consists of three mutual funds: an international fund, a utility fund and a technology fund. The international fund has a beta of 1.5 and makes up 20% of
Data for December concerning corporation's two major business segments-Fibers and Feedstocks-appear below: Sales Revenues, Fibers $870,000 Sales Revenues, Feedstocks $820,000 Variable expenses,
Given the following information, calculate the theoretical intrinsic value of the Call option using the Black Scholes Model. IF the market price for the Call option = $11, should the investor buy? S
Develop executive summary of your organization's (or one you know well) annual marketing plan. Summary should and include a brief situation analysis, marketing objectives, strategies, tactics,
Wage rates in the United States are higher than similarly skilled workers in other countries such as China, Mexico and India. Consequently, many U.S. businesses have outsourced their manufacturing
Identify an organizational-level goal that would be incorporated into an annual business strategy (e.g., financial performance, service, productivity, competitive advantage, innovation.). Develop
Define the short-run and long-run and provide an aviation example.
Explain how top management impacts ethics within an organization?
Sally Supervisor was in a meeting with company executives to discuss the declining profits. She learned that sales were up and costs were being met in terms of the budget. No one could understand why
Compare and contrast work breakdown schedule (WBS) and Phase Diagram in terms of appropriateness and effectiveness for the Vector Cal navigation system. Determine which method best serves Vector
Archware Systems has total assets of $35.594 billion, total debt of $9.678 billion, and net sales of $23.370 billion. Their net profit margin for the year was 0.16, while the operating profit margin
Consider the formula used for any confidence interval and the elements included in that formula. What happens to the confidence interval if you (a) Increase the confidence level, (b) Increase the
Briefly describe the types of bonds that can be issued to provide bondholder security.
The following data are available for a product manufactured and sold by Logan Company: Maximum Capacity with present facilities: ...........40,000 units Total fixed cost per
Information regarding current operations of the Farrell Corporation is given below: Sales...................................$950,000 Variable Costs........................$450,000 Fixed
Game land Village is segmented into two sales departments: software and video games. During April, these two departments reported the following operating
The following computations of March labor variances for Sam's Supply Company are incomplete. The missing items are labeled (a) through (d). Labor rate variance = 4,800 hours x [(a) - $8.50] = $350
Flynn Corporation is debating whether to purchase a new computerized production system. The system will cost $450,000 and have an estimated 10-year life with a salvage value of $70,000. The estimated
Internet domain names are linked to trademark issues. Technology makes it easy to copy and distribute music and movies without paying royalties. Business conducted on the internet raise security and
1. How do governments attempt to control foreign businesses operating within their borders? 2. When U.S. companies do business in other countries, what issues do they face? 3. Describe the
Assume Sparkle Co. expects to sell 150 units next month. The unit sales price is $80, unit variable cost is $45, and the fixed costs per month are $5,000. Compute the margin of safety.
W Corporation was owned by shareholder C prior to a sale of all of his stock (basis at the beginning of the year, $5,000) to D in June for $10,000. During the year, W Corporation distributed $60,000
The company's common stock dividends are anticipated to grow at a constant 5.5% growth rate per year going forward. The company just paid an annual dividend (that is, D-zero) of $3 per share. What's
Select an organization you work for or one in your chosen field. Semiconductor Industry Conduct online research on the ethics of your organization and the industry it belongs to. Write a paper
What are the consequences of under pricing a new offering vs. overpricing it? Which side of the fence would you desire to err on? What criteria would you use to decide to go IPO as opposed to using
Using your current work organization (or an organization of interest) and a second organization in the same industry as the subject matter, research the elements of business, compare and contrast the
St. Joe's Inc. reported a $15,000 net loss for 2008. Below are the increases and decreases in selected accounts for 2006: Accounts Receivable $10,000 increase Inventory 2,000 decrease Prepaid Expense
Which of the following is an example of a negative externality? •Christina accepting a payment in cash rather than in check for her laundry services •Smith reducing the consumption of imported
The recently opened Grand Hyatt Wailea Resort and Spa on Maui cost $600 million, about $800,000 per room, to build. Daily operating expenses average $135 a room if occupied and $80 a room if
A company's gross profit rate is 30% of sales. Expected January sales are $78,000 and desired January 31st inventory is $7,500. Assuming the December 31st inventory is $6,200 what amount of purchases
A company has outstanding 20-year non-callable bonds with a face value of $1,000, an 11% annual coupon, and a market price of $1,294.54. If the company was to issue new debt, what would be a
Matlock Company uses a perpetual inventory system. Its beginning inventory consists of 50 units that cost $34 each. During June, (1) The company purchased 150 units at $34 each for credit, (2)
a. Use the data given to calculate annual returns for Bartman, Reynolds, and the Market Index, and then calculate average returns over the five-year period. (Remember, returns are calculated by
Cung Inc. has some material that originally cost $68,400. The material has a scrap value of $30,100 as is, but if reworked at a cost of $1,400, it could be sold for $30,800. What would be the
Martin Industries, Inc., has experienced a higher than expected demand for its new product line. The company plans to expand its operation by 25% by spending $5,000,000 for an additional building.The
On January 1, 2011, Riney Co. owned 80% of the common stock of Garvin Co. On that date, Garvin's stockholders' equity accounts had the following balances: Common stock (5 par
Your Competitive Intelligence team reports that a wave of product liability lawsuits is likely to cause Digby to pull the product Dart entirely off the market this year. Assume Digby scraps all
Zeller Company requires its marketing managers to submit estimated cost-volume-profit data on all requests for new products, or expansions of a product line. Jean Lamb is a new manager. Her
Fonics Corporation is considering the following three competing investment proposals:Using the project profitability index, how would the above investments be ranked (highest to lowest)? A. Aye, Bee,
Monroe, Inc., is evaluating a project. The company uses a 13.8 percent discount rate for this project. Cost and cash flows are shown in the table. What is the NPV of the project? Year
Identify some of the major risks that must be addressed by supply chain management and give examples of how those supply chain risks can be mitigated.
You hold $2,000 as a customer deposit, but the customer wants to make sure he does not loose on the opportunity cost of those dollars. You agree to pay the customer 10% interest during the holding
Research has shown that many consumers use the Internet to investigate purchases before actually buying, which is often done in a physical storefront. What implication does this have for online
In May 2013, National Biotech Corporation generally advertises that it will make a $4 million offering of stock in June. National makes the offering as advertised and, ten days after the first sale,
Prepare a flowchart which demonstrates how accrual accounting and cash flows are linked for a merchandise sale. Analyze the impact on the financial statements of each. Provide the required
A software producer has fixed costs of $120,000 per month and her Total Variable Costs (TVC) as a function of output Q are given below. Complete the table (TC, MC, TR, and MR), then answer Parts A
A corporation produces output with a market price of $200 per unit. The marginal product of capital is 1/(2K), where K is units of capital, with each unit assumed to cost $1. (So when we talk about
Assume that 4 years from now you will need $1,000. Your bank compounds interest at an 8% annual rate. a. How much must you deposit 1 year from now to have a balance of $1,000 4 years from now? b. If
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