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Questions and Answers of
Finance
Hudson University has just received a proposal from Speak and Tell (S& T), a New York public relations firm. Under the terms of the proposal, S& T has offered to meet all of the university’s
Millbridge Animal Protective Services (MAPS) is planning its spring awards dinner as a fund- raising event. It is planning to charge each attendee $ 150. Feast Hall, the site of the dinner, will
The Children’s Museum of Millbridge is considering catering birthday parties for members as a way to generate additional revenue. The costs associated with each party are:Staff .............$
The Millbridge Fine Arts Museum (MFAM) is thinking about bringing a Van Gogh exhibit to Millbridge for 30 days. MFAM expects 2,000 people per day to visit the exhibit, each paying the $ 10 entrance
The Stick-em-Quick Inoculations Center provides early childhood checkups and vaccinations for children in the South Bronx. It pays annual rent of $ 25,000 and has a permanent staff consisting of a
The Millbridge tax collector’s office spent $ 32,000 in the first quarter of the year, during which they processed 8,000 tax bills. It took a total of 1,000 hours of clerical time to process the
Review Father Purtell’s Special Purpose Budget in Chapter 2. Determine which costs are fixed and which are variable. Assume that a $ 10,000 subsidy is available from the two parishes. How many
The Center for Shaker Crafts (CSC) is thinking about bringing a new exhibit to the Center. It will cost the Center $ 30,000 to bring the exhibit to town, an additional $ 12,000 for lighting and
A Greener World expects to have $ 15,000 in fixed costs. If its fixed costs do not change but the amount each marcher raises through pledges declines from $ 55 to $ 50 and its variable cost/ unit
The Helensville Symphony incurs $ 3,000,000 of fixed cost each year. The variable cost for each person attending one of the orchestra’s performances is $ 24. If the average charge for a ticket to
Kids Early Start (KES) operates from Monday to Friday. KES provides childcare and educational services for inner-city kids between the ages of three months and five years. It has fixed expenses of $
The Walk for Kids is an annual fund- raising event that raises money for research on children’s blood disorders. The Walk costs $ 120,000 to stage even if nobody shows up. To encourage people to
You are given the following information about We-Save-Um Animal Rescue (WSU): Number of dogs rescued and placed by WSU—600 Average length of stay for a dog—10 days Daily cost of feeding one
Jamestown Clinic had the fixed and variable costs shown on the bottom of this page.a. What are the fixed, variable, total, and average costs per patient for volumes of 100, 500, 1,500, 2,500, and
Millbridge Township provides a variety of summer recreation alternatives. You can belong to the town pool, play tennis, or play golf. Summer passes allowing residents to use these facilities are sold
Calabrese City allocates some indirect or overhead costs to each of its police stations. The city charges each station for common services such as the city food ser-vice and for administrative
The New City Subway has 40,000 passengers every day. However, they are fairly price sensitive. If the current price of $ 2 were to increase to $ 2.50, it is likely that there would only be 30,000
Millbridge Ambulance Service has been consider-ing consolidating their three locations into just two locations. The location they are considering closing currently costs $ 155,000 to operate. If the
Use the information in the table at the bottom of this page to allocate costs to the mission centers using the direct distribution method.
Using the information from Problem 4-54, allocate the costs using the step- down method. Compare the results with Problem 4-54. Do they differ?
Using the information from Problem 4-54, allocate the costs using the step-down method, but change the order of step-down from that used when you solved Problem 4-55. Do your results differ from
Jump Hospital currently allocates all maintenance department costs based on departmental square feet. However, the manager of the pharmacy department has suggested that an ABC approach be used for
Can capital budgets be consolidated into operating budgets to simplify the budget process?
In theory, a capital asset must last at least one year and cost a substantial amount of money. True or false? Explain.
Wimpy, a character in the Popeye cartoons, offers to “gladly pay you Tuesday for a hamburger today.” Why might Burger King find this to be an unattractive offer?
Explain compounding and discounting.
What are the relationships between compounding and discounting and present and future values?
What are some reasons that capital asset acquisition decisions receive particular attention?
What is a potential problem with the net present cost method? How can this be overcome?
What are the limitations of the internal rate of return method?
How much will $ 1,000 invested at 2 percent simple interest be worth in 10 years? What will it be worth if the interest rate is 3 percent?
If you put $ 15,000 in the bank today to save for college, and leave it for 20 years, what quarterly rate of interest will you have to earn in order to be able to pay a $ 50,000 tuition bill when you
If you put $ 500 in the bank today and leave it for 10 years, will you have more money if the bank pays you 4.25 percent per annum in simple interest or 3.65 percent per year and compounds the
How much will $ 20,000 invested today at 3 percent interest be worth in five years if it is compounded annually? Monthly? See earlier NOTE regarding requirements for Exercises. A. Solve using a
If we receive $ 5,000, eight years from now, how much is that equivalent to today, if we believe that we can earn 5 percent on other opportunities? See earlier NOTE regarding requirements for
If you have $ 8,500 today, and you could earn 3 percent interest per year, how many years would it be before you would accumulate $ 10,000 (assume annual compounding)? See earlier NOTE regarding
How much must you put into a 5 percent investment annually to have $ 75,000 eight years from now? Assume all payments are made at the end of each period. See earlier NOTE regarding requirements for
If you could put $ 5,000 into a 6 percent investment at the end of each year, how much money could you take out at the end of seven years? See earlier NOTE regarding requirements for Exercises.A.
Paula Morduch is considering purchasing a new van for Meals for the Homeless. She expects to buy the van for $ 50,000 four years from today. Solve using a calculator or spreadsheet. a. If she can
What is the internal rate of return for the stream of cash flows shown below? Period Cash Flow0 ..............($ 10,000)1 ...............1,0002 ..................1,0003
The city museum will have a Picasso exhibit on loan for three years. As part of the conditions of the loan, a specialized alarm and security system must be installed. High Security Company will
The City Transit Authority (CTA) is trying to decide between railcars manufactured by French Corp and Japan Rail Car. The French Corp cars cost more to buy initially, but they are expected to last
Old Town needs to resurface a section of its roads this spring. The town council is considering using one of two technologies. The first involves putting down stone and gravel the first year and
The town of Millbridge has to make a decision on replacing its garbage truck. It has narrowed the choice down to two different models. Model A will initially cost $ 80,000 and then will cost $ 4,100
Smith Good Deeds Society is considering a four-year investment opportunity with the following cash flows:If Smith uses an annual discount rate of 8 percent, should it pursue the investment? Show
Duncombe Village Golf Course is considering the purchase of new equipment that will cost $ 1,250,000 if purchased today and will generate the following cash disbursements and receipts. Should
The town of Millbridge has just agreed to pay a pension to the town clerk. The pension will be $ 40,000 per year for the next 20 years. Dwight Ives, the town manager, has decided that the town should
Suppose that you were to receive a $ 30,000 gift upon graduation from your master’s degree program, when you turn 31 years old. At the end of each working year for 34 years, you put an additional $
The Old School is trying to decide whether they should purchase or lease a new high-speed photocopier machine. It will cost the school $ 14,000 to purchase the copier and $ 750 each year to maintain
Rural Consolidated Fire Services (RCFS) is considering applying for a Federal Department of Energy (DOE) grant that would allow it to install solar panels on each of its four firehouses. The roofs on
The Town Pool is considering investing $ 3,200 today in a popcorn maker. The annual cash profits from the machine will be $ 500 for each of the 10 years of its useful life. What is the IRR on the
Urban Housing Agency (UHA) is considering contracts with private developers to provide low-income housing at various locations in the city. The startup costs to UHA for each location are $ 115,000,
Refer to Problem 2-28 at the end of Chapter 2. Assume that the capital acquisitions in that problem were made at the beginning of fiscal year 2012. It is now the end of fiscal year 2014. Prepare a
What is collateral, and why is it used?
How do mortgages work?
How do bonds work?
Summarize the advantages and disadvantages of leasing.
Meals for the Homeless borrowed $ 10,000 to buy kitchen equipment. It used a mortgage arrangement with a bank, agreeing to repay the full amount plus interest at a 6 percent rate in 10 annual
Assume that a 6 percent $ 500,000 bond with semiannual interest payments and a remaining life of 10 years could be purchased today, when market interest rates are 4.5 percent. How much would you have
You could purchase a zero coupon bond that has a maturity value of $ 25,000 and earns a current market rate of 3 percent. If the bond matures in 10 years and we assume semiannual compounding, what is
Fourthedition Township is issuing a 30-year bond with a face value of $ 50,000,000 and a stated annual interest rate of 4 percent. The city will make interest payments twice a year. 1. Calculate the
The State Pension System wants to sell a 20- year original maturity General Industries’ bond that it purchased 10 years ago. The bond pays interest twice each year. The par value of the bond is $
Mutt Rescue plans to lease some new equipment. The lease calls for payments of $ 750 per year and is based on 10 annual payments and a 6 percent interest rate. As an accommodation to the not- for-
Metro City needs $ 200,000,000 to build a light-rail system. The city’s financial advisors believe that it will be able to borrow the money by issuing a 30-year bond with an annual coupon rate of
Fifteen years ago, Meals for the Homeless bought a new building for $ 600,000. They borrowed $ 500,000 on a 30-year mortgage with a 6 percent fixed rate and monthly payments. The current outstanding
New University plans to issue a $ 2,000,000 bond. The money is to buy equipment for its physics laboratories. The bond matures in 10 years, and requires semiannual interest payments. The stated
Assume that HOS could issue a zero coupon bond at an annual interest rate of 4 percent with semiannual compounding for 20 years. If HOS receives $ 2,264.45 for the bond, how much would it have to pay
On January 1, 2012, Central City issued a 20-year serial bond to finance improvements to the water distribution system. A total of $ 80,000,000 face value of bonds were issued with coupon and
Define working capital, net working capital, and working capital management.
Should cash on hand and in bank accounts be maximized or minimized?
For what time periods should cash budgeting be done?
What is a lockbox system?
What is the general focus of management of short-term obligations?
Working capital has been compared with “cash register money.” Explain.
What is the role of the manager in working capital management?
Why does an organization keep cash?
Can a profitable organization run out of money?
What are marketable securities? What are the two main types of marketable security?
What is meant by a “risk/ return” trade-off?
Why is the development of credit policies critical to the organization?
What are the potential benefits of electronic invoicing?
What is the purpose of an accounts receivable aging schedule? How should it be used?
What are the advantages of careful inventory management?
What is the difference between periodic and perpetual inventory?
Can just-in-time work in public service organizations? Why or why not?
What does “2/10 N/30” mean? Under what conditions should an organization take advantage of “2/10?”
What are the various types of short- term debt that are available?
Millbridge Hospital buys its supplies in bulk and has recently switched vendors. The first purchase Millbridge made was for 500 boxes of gauze at $3.46 a box. The purchase had payment terms of 2/15
Meals for the Homeless usually experiences seasonality in its cash balances. In December, contributions from donors increase its cash balances, and then these balances are used throughout the
Meals for the Homeless has many sources of income, but they pay Meals very differently. Specifically, Meals has contracts with the city, county, and state to pro-vide food services. In addition,
Millbridge Hospital receives earned income from several sources: Medicare, Medicaid, private insurance and self-pay customers. The federal government owes the hospital $ 7 million, 60 percent is
Millbridge Hospital buys 10,000 boxes of latex gloves every year. Each box costs the hospital $ 7. The cost to place an order for the gloves—which covers the employee staff time, shipping costs,
What is a management control system? What is it compared to in the chapter?
To what extent is the role of responsibility accounting to assign the blame for poor past performance?
Discuss the four main elements of the Institute of Management Accountants’ code of ethics.
What are accounting and administrative controls?
Describe the elements of an internal control system.
What are some of the principal impacts that the Sarbanes-Oxley Act is likely to have on not- for- profit organizations that decide to follow the provision of the law? a. Adequate documentation b.
What are the primary variance categories under flexible budget variance analysis? Discuss each.
What is the aggregation problem in variance reporting?
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