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Questions and Answers of Accounting

Ernie, Ron, and Denis have equity in a partnership of $40,000, $40,000, and $60,000, respectively, and they share income and losses in a ratio of 1:1:3. The partners have agreed to admit Henry to the
Danny, Steve, and Luis are partners. They share income and losses in the ratio of 3:2:1. Luis’s Capital account has a $120,000 balance. Danny and Steve have agreed to let Luis take $160,000 of the
Assume the following assets, liabilities, and partners' equity in the Ming and Demmick partnership on December 31, 2011:The partnership has no cash. When the partners agree to liquidate the business,
Ariel, Mandy, and Tisha are partners in a tanning salon. The assets, liabilities, and capital balances as of July 1, 2010, are as follows:Assets ........ $480,000Liabilities ......... 16,000Ariel,
In January 2010, Edie Rivera and Babs Bacon agreed to produce and sell chocolate candies. Rivera contributed $240,000 in cash to the business. Bacon contributed the building and equipment, valued at
Naomi and Petri are partners in a tennis shop. They have agreed that Naomi will operate the store and receive a salary of $104,000 per year. Petri will receive 10 percent interest on his average
Marnie, Stacie, and Samantha are partners in Woodware Company. Their capital balances as of July 31, 2011, are as follows:Each partner has agreed to admit Connie to the partnership.Required1. Prepare
Caruso, Evans, and Weisman are partners in a retail lighting store. They share income and losses in the ratio of 2:2:1, respectively. The partners have agreed to liquidate the partnership. Here is
Jacob, Deric, and Jason are partners in the South Central Company. The partnership agreement. states that Jacob is to receive 8 percent interest on his capital balances at the beginning of the year,
Peter, Mara, and Vanessa are partners in the Image Gallery. As of November 30, 2011, the balance in Peter’s Capital account was $50,000, the balance in Mara’s was $60,000, and the balance in
The balance sheet of the Rose Partnership as of July 31, 2011, follows.The partners-Gerri, Susi, and Mari-Share income and losses in the ratio of 5:3:2. Because of a mutual disagreement, Gerri, Susi,
The following events pertain to a partnership formed by Mark Raymond and Stan Bryden to operate a floor-cleaning company:2011Feb 14 The partnership was formed. Raymond transferred to the partnership
Landow, Donovan, and Hansa, who are forming a partnership to operate an antiques gallery, are discussing how income and losses should be distributed. Among the facts they are considering are the
Form a partnership with one or two of your classmates. Assume that the two or three of you are forming a small service business. For Example, you might form a company that hires college students to
South Shore Realty was started 20 yeas ago when T. S. Tyler, R. C. Strong, and A. J. Hibbert established a partnership to sell real estate near Galveston, Texas. The partnership has been extremely
The Springfield Clinic is owned and operated by ten local doctors as a partnership. Recently, a paralyzed patient sued the clinic for malpractice, for a total of $20 million. The clinic carries
Nokia (www.nokia.com), the Finnish telecommunications company, has formed an equally owned joint venture with capital corporation, a state-owned Chinese company, to develop a center for the
Accounting firms are among the world’s largest partnerships and provide a wide range of attractive careers for business and accounting majors. Through the needles website at
Thom Lutz started a retail clothing business two years ago. Lutz’s first year was very successful, but sales dropped 50 percent in the second year. A friend who is a business consultant analyzed
Which of the following activities would be part of the value chain of a manufacturing company? Which activities do not add value?1. Product marketing2. Machine drilling3. Materials storage4. Product
Jack DuBois is developing plans to open a restaurant called Ribs ‘n Slaw. He has located a building and will lease all the furniture and equipment he needs for the restaurant. Food Servers, Inc.
Indicate whether the following activities of a submarine sandwich shop are value-adding (V) or non-value-adding (NV):1. Purchasing sandwich ingredients2. Storing condiments3. Making sandwiches4.
Engineering design is an activity that is vital to the success of any motor vehicle manufacturer. Identify the level at which engineering design would be classified in the cost hierarchy used with
Match the four levels of the cost hierarchy to the following activities of a blue jeans manufacturer that uses activity-based management:1. Routine maintenance of sewing machines2. Designing a
Maintaining minimum inventory levels and using pull-through production are important elements of a just-in-time operating environment. How does pull-through production help minimize inventories?
Aromatherapy Products Company is in the process of adopting the just-in-time operating environment for its lotion-making operations. Indicate which of the following overhead costs are
For work done during August, Pansey Company incurred direct materials costs of $120,000 and conversion costs of $260,000. The company employs a just-in-time operating philosophy and back-flush
Hwang Corp. recently installed three just-in-time work cells in its screen making division. The work cells will make large quantities of similar products for major window and door manufacturers.
The reports that follow are from a department in an insurance company. Which report would be used for financial purposes, and which would be used for activity-based decision making?Why?
Indicate which of the following persons and activities associated with a lawn and garden nursery are part of the supply chain (S) and which are part of the value chain (V):1. Plant and tree vendor2.
The items in the following list are associated with a bank. Indicate which are part of the supply chain (S) and which are part of the value chain (V).1. Federal Reserve Bank2. Student loan
Libbel Enterprises has been in business for 30 years. Last year, the company purchased Chemcraft Laboratory and entered the chemical processing business. Libbel€™s controller prepared a
When Courtney Tybee prepared a process value analysis for her company, she identified the following primary activities. Identify the value-adding activities (VA) and the non-value-adding activities
Copia Electronics makes speaker systems. Its customers range from new hotels and restaurants that need specifically designed sound systems to nation-wide retail outlets that order large quantities of
Lake Corporation has received an order for handheld computers from Union, LLC. A partially complete bill of activities for that order appears below. Fill in the missingdata.
Compute the activity cost rates for materials handling, assembly, and design based on these data:MaterialsCloth..........$26,000Fasteners........4,000Purchased parts.....40,000Materials
The following numbered items are concepts that underlie value-based systems, such as ABM and lean. Match each concept to the related lettered elements (s) of a lean operating environment.1. Business
Identify which of the following exist in a traditional manufacturing environment and which exist in a JIT environment:1. Large amounts of inventory2. Complex manufacturing process3. A multi-skilled
The cost categories in this list are typical of many manufacturing operations:Identify each cost as direct or indirect, assuming that it was incurred in(1) A traditional manufacturing setting and(2)
Conda Products Company implemented a JIT work environment in its trowel division eight months ago, and the division has been operating at near capacity since then. At the beginning of May, Work in
Good Morning Enterprises produces digital alarm clocks. It has a just-in-time assembly process and uses back-flush costing to record production costs. Overhead is assigned at a rate of $17 per
Identify each of the following as a characteristic of ABM or lean:1. Back-flush costing2. ABC used to assign overhead costs to the product cost3. ABC integrated with job order or process costing
The following are excerpts from a conversation between two mangers about their companies’ activity-based systems. Identify the manger who works for a company that emphasizes ABM and the one who
Lindstrom Industries, Inc. produces chain saws, weed whackers, and lawn mowers for major retail chains. Lindstrom makes these products to order in large quantities for each customer. It has adopted
Boulware Products, Inc. produces printers for wholesale distributors. It has just completed packaging an order from Shawl Company for 450 printers. Before the order is shipped, the controller wants
Noir Company produces four versions of its model J17-21 bicycle seat. The four versions have different shapes, but their processing operations and production costs are identical. During July, these
Funz Company, which produces wooden toys, is about to adopt a lean operating environment. In anticipation of the change, Letty Hernandez, Funz's controller, prepared the following list of costs for
Automotive Parts Company produces 12 parts for car bodies and sells them to three automobile assembly companies in the United States. The company implemented lean operating and costing procedures
Direct Marketing Inc. (DMI) offers database marketing strategies to help companies increase their sales. DMI’s basic package of services includes the design of a mailing piece (either a Direct
Kauli Company produces cellular phones. It has just completed an order for 10,000 phones placed by Stay connect, Ltd. Kauli recently shifted to an activity based costing system, and its controller is
Meanwhile Company produces three models of aluminum skateboards. The models have minor differences, but their processing operations and production costs are identical. During June, these costs were
Caffene Company, which processes coffee beans into ground coffee, is about to adopt a JIT operating environment. In anticipation of the change, Hattie Peralto, Caffene's controller, prepared the
Reilly Corporation produces metal fasteners using six work cells, one for each of its product lines. It implemented just-in-time operations and costing methods two years ago. Overhead is assigned
MUF, a CPA firm, has provided audit and tax services to businesses in the London area for over 50 years. Recently, the firm decided to use ABM and activity-based costing to assign its overhead costs
Sandee Star, the owner of Star Bakery, wants to know the profitability of each of her bakery's customer groups. She is especially interested in the State Institutions customer group, which is one of
Refer to the income statement in C 2 for the state Institutions customer group for the year ended December 31, this year. Sandee Star, the owner of Star Bakery, is in the process of budgeting income
The initiation banquet for new members of your business club is being held at an excellent restaurant. You are sitting next to two college students who are majoring in marketing. In discussing the
Fifteen years ago, Bruce Sable, together with 10 financial supporters, founded Sable Corporation. Located in Atlanta, the company originally manufactured roller skates, but 12 years ago, on the
As we continue with this case, assume that your company has been using a continuous manufacturing process to make chocolate chip cookies. Demand has been so great that the company has built a special
The supervisor of the Logistics Department has suggested to the plant manager that a new machine costing $285,000 be purchased to improve material handling operations for the plant’s newest product
Gatwick Industries is considering a $1 million plant expansion. Management needs to know the average cost of capital to use in evaluating this capital investment decision. The company’s capital
Zelolo Corp. has the following capital investment requests pending from its three divisions: Request 1, $60,000, 11 percent projected return; Request 2, $110,000, 14 percent projected return; Request
Daize Corp. is analyzing a proposal to switch its factory over to a lights-out operation similar to the one discussed in this chapter’s Decision Point. To do so, it must acquire a fully automated
Heidi Layne recently inherited a trust fund from a distant relative. On January 2, the bank managing the trust fund notified Layne that she has the option of receiving a lump-sum check for $200,000
Annelle Coiner is developing a capital investment analysis for her supervisor. The proposed capital investment has an estimated residual value of $5,500 at the end of its five-year life. The company
Noway Jose Communications, Inc., is considering the purchase of a new piece of computerized data transmission equipment. Estimated annual net cash inflows for the new equipment are $ 590,000. The
Using the information about Noway Jose Communications, Inc., in SE 7, compute the payback period for the piece of equipment. Does this method yield a positive or a negative response to the proposal
East-West Cable, inc., is considering the purchase of new data transmission equipment. Estimated annual cash revenues for the new equipment are $1 million, and operating costs (including depreciation
Best Cleaners is considering whether to purchase a delivery truck that will cost $50,000, last six years, and have an estimated residual value of $5,000. Average annual net income from the delivery
Genette Henderson was just promoted to supervisor of building maintenance for the Ford Valley Theater complex. Allpoints Entertainment, Inc., Henderson’s employer, uses a company-wide system for
The controller of Olaf Corporation wants to establish a minimum rate of return and would like to use a weighted-average cost of capital. Current data about the corporation’s financing structure are
Managers of the Emerald Bay Furniture Company have gathered all of the capital investment proposals for the year, and they are ready to make their final selections. The following proposals and
Santa Cruz Company has a tax rate of 20 percent on taxable income. It is considering a capital project that will make the following annual contribution to operating income:1. Determine the net cash
For each of the following situations, identify the correct factor to use from Tables 1 or 2 in the appendix on present value table. Also, compute the appropriate present value.1. Annual net cash
For each of the following situations, identify the correct factor to use from Tables 1 or 2 in the appendix on present value tables. Also, compute the appropriate present value.1. Annual net cash
Two machines-Machine M and Machine P-are being considered in a replacement decision. Both machines have about the same purchase price and an estimated ten-year life. The company uses a 12 percent
Qen and Associates wants to buy automated coffee roaster/grinder/ brewer. This piece of equipment would have a useful life of six years, would cost $218,500, and would increase annual net inflows by
H and Y service Station is planning to invest in automatic car wash equipment values at $240,000. The owner estimates that the equipment will increase annual net cash inflows by $46,000. The
Assume the same facts for H and Y Service Station as in E 9, except assume that the company requires a 20 percent minimum rate of return.Using the net present value method, prepare an analysis to
Perfection Sound, Inc., a manufacturer of stereo speakers, is thinking about adding a new plastic-injection molding machine. This machine can produce speaker parts that the company now buys from
Soaking Wet, Inc., a manufacturer of gears for lawn sprinklers, is thinking about adding a new fully automated machine. This machine can produce gears that the company now produces on its third
Assume the same facts as in E 11 for Perfection Sound, Inc. Management has decided that only capital investments that yield at least a 20 percent return will be accepted.Using the accounting
Assume the same facts as in E 12 for Soaking Wet, Inc. Management has decided that only capital investments that yield at least a 5 percent return will be accepted.Using the accounting rate-of-return
Boink Corporation manufactures metal hard hats for on-site construction workers. Recently, management has tried to raise productivity to meet the growing demand from the real estate industry. The
Capital investment analysis is the main responsibility of Ginny Weiss, the special assistant to the controller of Nazzaro Manufacturing Company. During the previous 12-month period, the company's
Sonja and Sons, Inc., owns and operates a group of apartment buildings. Management wants to sell one of its older four-family buildings and buy a new building. The old building, which was purchased
The management of Better Plastics has recently been looking at a proposal to purchase a new plastic-injection-style molding machine. With the new machine, the company would not have to buy small
The Raab Company is expanding its production facilities to include a new product line, a sporty automotive tire rim. Tire rims can now be produced with little labor cost using new computerized
The Arcadia Manufacturing Company, based in Arcadia, Florida, is one of the fastest-growing companies in its industry. According to Ms. Prinze, the company's production vice president, keeping
Capital investment analysis is the main responsibility of the controller of Glory Company. During the previous 12-month period, the company's capital mix and the respective costs were as
City Sights, Ltd., operates a tour and sightseeing business. Its trademark is the use of trolley buses. Each vehicle has its own identity and is specially made for the company. Gridlock, the oldest
Mansion is a famous restaurant in the French Quarter of New Orleans. Bouillabaisse Sophie is Mansion’s house specialty. Management is considering the purchase of a machine that would prepare all
The Cute Car Company is expanding its production facilities to include a new product line, an energy-efficient sporty convertible. The car can be produced with little labor cost using computerized
Pressed Corporation wants to buy a new stamping machine. The machine will provide the company with a new product line: pressed rubber food trays for kitchens. Two machines are being considered; the
The board of directors of the Tanashi Corporation met to review a number of proposed capital investments that would improve the quality of company products. One production-line manager requested the
The McCall Syndicate owns four resort hotels in Europe. Because the Paris operation (Hotel 1) has been booming over the past five years, management has decided to build an addition to the hotel. This
Automated teller machines (ATMs) have become common in the banking industry. San Angelo Federal Bank is planning to replace some old teller machines and has decided to use the York Machine. Nola
CPC Corporation is an international plumbing equipment and supply company located in southern California. The manger of the Pipe Division is considering the purchase of a computerized copper Pipe
Marika Jonssen is the controller of Bramer Corporation, a globally competitive producer of standard and custom-designed window units for the housing industry. As part of the corporation’s move to
Suppose your cookie company is now a corporation that has granted franchises to more than 50 stores. Currently, only 10 of the 50 stores have computerized machines for mixing cookie dough. Because of

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