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Accounting
ABAX is a partnership owned by Alders, Byron, and Calvin, who share profits and losses in the ratio of 1:3:4. The account balances of the partnership at June 30 follow.Requirements1. Prepare the June
Edwards, French, and Gill formed the E, F and Gill partnership. Edwards invested $21,000; French, $35,000; and Gill, $44,000. Evans will manage the store; Furr will work in the store three-quarters
Hitchcock, Michelson, and Jasper, a partnership, is considering admitting Ken Saunders as a new partner. On July 31 of the current year, the capital accounts of the three existing partners and their
Hu-Kang-Lo Oriental Design is a partnership owned by three individuals. The partners share profits and losses in the ratio of 30% to Hu, 40% to Kang, and 30% to Lo. At December 31, 2012, the firm has
The partnership of Emir, Khan, & Chanyu has experienced operating losses for three consecutive years. The partnerswho have shared profits and losses in the ratio of Emir, 15%; Khan, 60%;
Susan Murphy and John O’Sullivan are forming a partnership, Irish Leather Goods, to import from Ireland. Murphy is especially artistic and will travel to Ireland to buy the merchandise.
Lucy Loiselle and Abby Ready formed a partnership on March 15. The partners agreed to invest equal amounts of capital. Loiselle invests her proprietorships assets and liabilities (credit
AGAK is a partnership owned by Anderson, George, and Krueger, who share profits and losses in the ratio of 1:3:4. The account balances of the partnership at June 30 follow.Requirements1. Prepare the
Elliot, Ford, and Grant formed the E, F, and G partnership. Elliot invested $24,000, Ford $34,000, and Grant $42,000. Elliot will manage the store; Ford will work in the store three-quarters of the
Hancock, McCabe, and Johnson are considering adding Ken Sacchetti as a new partner. On July 31 of the current year, the capital accounts of the three existing partners and their shares of profits and
He-Kung-Liu Oriental Design is a partnership owned by three individuals. The partners share profits and losses in the ratio of 30% to He, 40% to Kung, and 30% to Liu. At December 31, 2012, the firm
The partnership of Raja, Prince, and Lugal has experienced operating losses for three consecutive years. The partners'who have shared profits and losses in the ratio of Raja, 15%; Prince, 60%; and
This exercise is related to the Lawlor Lawn Service situation started in Chapter 1. Lawlor has decided to start a pressure washing business with her buddy Tanya. This will be a separate business from
This problem is related to the Draper Consulting situation started in Chapter 1. Colin Draper, Dave Tau, and Sandi Williams decide to form a graphic design partnership. Colin figures this graphic
What is the payback period? Name and discuss three possible reasons that the payback period is used to help make capital investment decisions.
What is the accounting rate of return?
Why is it important to have accurate projections of cash flows for potential capital investments?
What are the principal tax implications that should be considered in Year 0?
Explain why the MACRS method of recognizing depreciation is better than the straight-line method.
Explain the important factors to consider for capital investment decisions relating to advanced technology and P2 opportunities.
Explain what sensitivity analysis is. How can it help in capital budgeting decisions?
Each of the following scenarios is independent. All cash flows are after-tax cash flows.Required:1. Jeffrey Akea has purchased a tractor for $62,500. He expects to receive a net cash flow of $15,625
The following cases are each independent of the others.Required:1. Lyndon Wilson places $5,000 in a savings account that pays 3 percent. Suppose Lyndon leaves the original deposit plus any interest
Each of the following scenarios is independent. All cash flows are after-tax cash flows.Required:1. Tada Corporation is considering the purchase of a computer-aided manufacturing system. The cash
Hampton Company is considering an investment in equipment that is capable of producing electronic parts twice as fast as existing technology. The outlay required is $2,340,000. The equipment is
A hospital is considering the possibility of two new purchases: new X-ray equipment and new biopsy equipment. Each project would require an investment of $750,000. The expected life for each is five
Payback, Accounting Rate of Return Refer to Exercise 20-5.1. Compute the payback period for each project. Assume that the manager of the hospital accepts only projects with a payback period of
Lampe Hearing Clinic is considering an investment that requires an outlay of $370,000 and promises a net cash inflow one year from now of $450,000. Assume the cost of capital is 12
Consider each of the following independent cases.Required:1. Hal’s Stunt Company is investing $120,000 in a project that will yield a uniform series of cash inflows over the next four years. If the
Vicky Lieberman, president of Garrison Company, is considering the purchase of a computer-aided manufacturing system. The annual net cash benefits/savings associated with the system are described as
Sattler Pharmacies has decided to automate its insurance claims process. Two networked computer systems are being considered. The systems have an expected life of two years. The net cash flows
Ridgley Company is considering two independent projects. One project involves a new product line, and the other involves the acquisition of forklifts for the materials handling department. The
Gregorek Company is planning to buy a set of special tools for its grinding operation. The cost of the tools is $18,000. The tools have a three-year life and qualify for the use of the three-year
Various Cash Flow ComputationsRequired:Solve each of the following independent cases:1. A printing company has decided to purchase a new printing press. Its old press will be sold for $10,000. (It
Hatfield Company produces jewelry that requires electroplating with gold, silver, and other valuable metals. Electroplating uses large amounts of water and chemicals, producing wastewater with a
Toguchi Manufacturing has a plant where the equipment is essentially worn out. The equipment must be replaced, and Toguchi is considering two competing investment alternatives. The first alternative
Kent Tessman, manager of a Dairy Products Division, was pleased with his division's performance over the past three years. Each year, divisional profits had increased, and he had earned a sizable
Haeringer Company is considering installing a new IT system. The cost of the new system is estimated to be $750,000, but it would produce after-tax savings of $150,000 per year in labor costs. The
Mitchell Hospital (a large metropolitan for-profit hospital) is considering replacing its MRI equipment with a new model manufactured by a different company. The old MRI equipment was acquired three
Brandt Manufacturing, Inc., produces washing machines, dryers, and dishwashers. Because of increasing competition, Brandt is considering investing in an automated manufacturing system. Since
Jonfran Company manufactures three different models of paper shredders including the waste container, which serves as the base. While the shredder heads are different for all three models, the waste
Ron Booth, the CEO for Sunders Manufacturing, was wondering which of two pollution control systems he should choose. The firms current production process produces both a gaseous and a
Brindon Thayn, president and owner of Orangeville Metal Works, has just returned from a trip to Europe. While there, he toured several plants that use robotic manufacturing. Seeing the efficiency and
Peter Hennings, manager of the Cosmetics Division, had asked Laura Gibson, divisional controller and CMA, to meet with him regarding a recent analysis of a capital budgeting proposal. Peter was
Hiring an employee and taking a sales order are business activities but are not accounting transactions requiring journal entries. Make a list of some other business activities that would not be
Advances in IT are likely to have a continuing impact on financial accounting. What are some changes you think will occur in the way financial information is gathered, processed, and communicated as
XBRL is emerging as the language that will be used to create interactive data that financial managers can use in communication. How do you think the use of interactive data might enhance the value of
Discuss suspicious activity reporting. For example, do you think that such reporting should be a legal requirement, or should it be just an ethical matter? Do you think that the majority of SAR
Managerial accounting is impacted by IT in many ways, including enhancing corporate performance measurement (CPM). How do you think a university might be able to use a scorecard or dashboard approach
The AICPA website lists hundreds of potential assurance services for CPAs to offer. These include productivity improvement, cost analysis, benchmarking, internal auditing quality
Interview a sample of auditors from professional service firms in your area. Ask them whether or not they plan to offer any of the assurance services suggested by the AICPA. Also, find out if they
This chapter described several career opportunities available to students who combine a study of accounting with course work in accounting information systems, information systems, and/or computer
This chapter stressed the importance of information technology for understanding how accounting information systems operate. But is this the only skill valued by employers? How important do you think
What words were used to form each of the following acronyms? (each of them can be found in the chapter.)
The accounting profession publishes many journals such as the Journal of Accountancy, Internal Auditor, Strategic Finance, and Management Accounting. Choose three or four issues of each of these
Nehru Gupta is the controller at the Acme Shoe Company, a large manufacturing company located in Franklin, Pennsylvania. Acme has many divisions, and the performance of each division has typically
In a recent article in the New York Times, Jeff Zucker—CEO of NBC-Universal—described the digital age as one ‘‘trading analog dollars for digital pennies.’’13 Discuss this comment from
What’s new in the field of accounting information systems today? Select one new trend that was not mentioned in the chapter, but that you feel is important. Write a short report describing your
The participants of such recreational activities as hang gliding, soaring, hiking, rock collecting, or skydiving often create local ‘‘birds-of-a-feather’’ (affinity) organizations. Two
Many companies now provide a wealth of information about themselves on their websites. But how much of this information is useful for investment purposes? To help you answer this question, imagine
The website of FinCen—the Financial Center Crimes Enforcement Center Network (a department of the U.S. Treasury)—can be found at www.fincen.gov. On the left side of its home page, you will find
The annual report is considered by some to be the single most important printed document that companies produce. In recent years, annual reports have become large documents. They now include such
Jack Merritt is the controller for Universal Concrete Products (UCP), a manufacturing company with headquarters in Columbus, Ohio. UCP has seven concrete product plants located throughout the Midwest
Carrie Ross is the Managing Partner of Ross, Sells, and Young, LLP, a mid-sized CPA firm. She has just finished reviewing the firm’s detailed income statement for the previous quarter. The
Why is it important to view an AIS as a combination of hardware, software, people, data, and procedures?
Why is information technology important to accountants?
Why do most AISs try to avoid data transcription?
Name several types of computer input devices, and explain in general terms how each one functions.
How do you feel about red light cameras? Should cities be allowed to use them? Why or why not?
Identify the three sections of a CPU, and describe the functions of each component. How are microprocessor speeds measured? Why are such speeds rarely important to AISs?
Identify several types of printers. What are the advantages and disadvantages of each type?
What is the function of secondary storage? Describe three types of secondary storage media, and describe the advantages and disadvantages of each type.
What is image processing? How is image processing used in AISs?
What are data communication protocols? Why are they important?
What are local area networks? What advantages do LANs offer accounting applications?
What is client/server computing? How does it differ from host/mainframe computing? What are some of the advantages and disadvantages of client/server systems?
What are the names of some current cloud computing vendors other than those discussed in the text? Do you think that all firms should use cloud vendors, or are there some reasons why they should be
What are windowing operating systems, multitasking operating systems, and graphical user interfaces? Why are they useful to AISs?
Name some general classes of application software. What tasks do each of the software classes perform?
What are computer programming languages? Name some specific languages and describe briefly an advantage of each.
Are the following input equipment, output equipment, CPU components, secondary storage devices, or data-communications related?(a) CRT screen, (b) ALU, (c) CD-ROM, (d) Keyboard, (e) Modem, (f)
All of the following are acronyms discussed in this chapter. What words were used to form each one and what does each term mean?(a) POS, (b) CPU, (c) OCR, (d) MICR, (e) ATM, (f) RAM, (g) ALU, (h)
Which of the following holds the most data?(a) One DVD disk (b) One hard disk (capacity: 160 gigabytes), or (c) Ten CD-ROMs
Brian Fry Products manufactures a variety of machine tools and parts used primarily in industrial tasks. To control production, the company requires the information listed below. Design an efficient
Go to the AICPA website at www.aicpa.org. What are the top ten information technologies for the current year? How do these items compare with the list in Figure? Is it common for new items to appear,
Your state has recently decided to install an RFID system for its toll roads. The current plan is to sell non-refundable transponders for $20 and allow users to deposit up to $1,000 in their
Savage Motors sells and leases commercial automobiles, vans, and trucks to customers in southern California. Most of the company's administrative staff works in the main office. The company has been
Backwater University is a small technical college that is located miles from the nearest town. As a result, most of the students who attend classes there also live in the resident dormitories and
Bennet National Bank’s credit-card department issues a special credit card that permits credit-card holders to withdraw funds from the bank’s automated teller machines (ATMs) at any time of the
Prado Roberts Manufacturing is a medium-sized company with regional offices in several western states and manufacturing facilities in both California and Nevada. The company performs most of its
Why is documentation important to accounting information systems? Why should accountants be interested in AIS documentation?
Distinguish between document flowcharts, system flowcharts, data flow diagrams, and program flowcharts. How are they similar? How are they different?
What are document flowcharts? How does a document flowchart assist each of the following individuals: (1) A systems analyst, (2) A systems designer, (3) A computer programmer, (4) An auditor, and (5)
Although flowcharting is an art rather than a science, some guidelines can be used to make better flowcharts. What are these guidelines for document, system, and data flow diagram flowcharts?
What are the four symbols used in data flow diagrams? What does each mean?
Why are data flow diagrams developed in a hierarchy? What are the names of some levels in the hierarchy?
Look at the process map in Figure. Trace the steps in the order fulfillment process. Do you think this figure is more helpful than a narrative would be in understanding the flow of events in
What is the purpose of a decision table? How might decision tables be useful to accountants?
What are CASE tools? How are they used? How do CASE tools create documentation for AISs? If you were a systems analyst, would you use a CASE tool?
What is end-user computing? Why is documentation important to end-user computing? What guidelines should companies develop to control end-user computing?
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