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financial accounting

Questions and Answers of Financial Accounting

Richie was the Controller at Ralph Malph Enterprises (RME), a publicly traded sales supported Company. He started the job six months ago and after observing the activities in his area, He determined
Little Bite, Inc. manufactures dog biscuits for big dogs. Last month the company produced 18,000 biscuits. Using job order costing, determine the product unit cost for one dog biscuit based on the
The US dollar and the Euro are the largest functional currencies in the world. What is another popular functional currency? Where is the currency popular? How many firms worldwide use the currency as
Yost Company began its operations in the current year. It manufactures and sells only one product. During the year, Yost produced 210,000 units and sold 170,000 units at $425 each. At the beginning
1. Which type of industries would make the most use of short-range forecasts? 2. Which would make the most use of medium-range forecasts? 3. Which would make the most use of long-range forecasts?
What are the three bracket of control in consolidation and what special accounting considerations are expected for each of the brackets of control?
Kroger, a grocery store chain, wants to identify the ideal store layout for increasing store sales. Because it primarily uses two store designs, one a grid layout with vertical aisles divided by a
Jenks Company developed the following information about its inventories in applying the lower of cost or market (LCM) basis in valuing
Nevada Manufacturing has two processing departments, Department I and Department II. During 2014, direct materials worth $38,000 purchased on account were assigned to Department I. At the end of
Kourtnie and Kayla are sisters who are taking the same classes this semester: DRE 098, CHM 130 / 130A, and ACA 122. If Kourtnie earns B in DRE 098, an A in CHM 130 / 130A, and an A in ACA 122, then
Ryan bought a stock three years ago for $6 a share. Today, June 22, the stock is selling for $72 a share. Ryan is afraid that the price will fall and does not want to lose his profits so he places a
Taft Technologies has the following relationships: Annual sales.............................................................$1,200,000.00 Current
Carcella Company's board of directors instructed its audit committee to investigate an allegation that one of the assertions in the company's interim financial statements was fraudulent. Required:
Lispell Co. manufactures in-line skates that sell for $128 a pair. The company is currently operating at capacity, 2,000 pairs. A special order from a foreign distributor for 400 pairs of skates at
If variable cost of goods sold totaled $80,000 for the year (16,000 units at $5.00 each) and the planned variable cost of goods sold totaled $84,000 (15,000 units at $5.60 each), the effect of the
You have been approached by a local lumber producer who specializes in buying logs that have been thinned from the local forests around Las Vegas, NM and turning them into high quality lumber for
Cash Flows of a government must be presented in four categories, rather than the three used by businesses. The following list of cash flows was taken from the statement of cash flows of Grand
Draper and Becker decide to organize a partnership. Draper invests $25,000 cash, and Becker contributes $5,000 and equipment having a book value of $7,000 and a fair value of $15,000. Prepare the
An article reported that 9% of married couples in the United States are mixed racially or ethnically. Consider the population consisting of all married couples in the United States. (a) A random
You have just finished the audit field work of EyeSore Optics, a publicly held optical equipment manufacturing company. EyeSore has a manufacturing subsidiary in Shenzhen, China. Your firm did not
Companies A and B has been offered the following rates per annum on a $20 million five- year loan: Fixed Rate Floating Rate Company A 5.0% LIBOR + 0.1% Company B 6.4% LIBOR + 0.6% Company A requires
ABC Corp. mines copper, with fixed costs of $0.60/lb and variable cost of $0.30/lb. The 1-year forward price of copper is $1.10/lb. The 1-year effective annual interest rate is 6.2%. One-year option
Ship-to-Shore earned $280,000 after taxes last year. Its expenses included depreciation of $55,000, interest expenses of $40,000 and deferred taxes of $20,000. The company also purchased two new
A regional fast-food restaurant is considering an expansion program. The major factor influencing the success of such a program is the future level of interest rates. It is estimated that there is a
After working a few years, you would like to extend your college education on a part-time basis. You know that your education can benefit your employer, but you can't really afford the fees for
Daily sales of a perishable food product are known to be either 8, 9, 10, or 11 cases with probabilities 0.1, 0.3, 0.4, and 0.2, respectively. The cost of producing one of these is $4 while the
The audit senior has asked you to review the income statement. The audit senior noticed that the EPS information was left out of the financial statements. He wants you to calculate both the basic and
Suppose that a nation reduces import tariffs on raw materials and intermediate products but not on finished products. What effect will this have on the rate of effective protection in a nation? Give
Swan is a specialty chemical produced in batches. Normal denominator volume is 100 batches per week. The weekly flexible budget for indirect costs is $1600 plus $5 per standard hour of direct labor.
As the manager of a Starbucks retail store, you are responsible for preparing a monthly flexible budget. You have developed standard costs for every item on the menu, including estimates of the labor
Fashions, Inc. is a retail store that sells sweaters and jackets. In the past, it has bought all its sweaters from a supplier for $20 per unit. However, Fashions has the opportunity to acquire a
What would happen if the C curve had shifted down only half as much as curve C in Figure?
Explorer sales dropped 37% in 2000. In December 2000, Saudi Arabia banned new and used vehicles with Firestone tires. Fire-stone announced that it believed the ban was unjustified. Both the US,
a) A 75.0mL-volume of 0.200M NH3 (Kb= 1.8*10^-50 is titrated with 0.500HNO3. Calculate the pH after the addition of 17.0mL of HNO3. b) A 52.0mL-volume of 0.35M CH3COOH (Ka-1.8*10^-5) is titrated with
A centrifugal pump operating at 1.800 rpm is to be designed to handle a liquid hydrocarbon of specific gravity 0.95. To check its performance, a half-scale model is to be tested, operating at 1,200
A company purchased inventory for $2,000 from a vendor on account, FOB shipping point, with terms of 2/10, n/30. The company paid the shipper $100 cash for freight in. The company then returned
A cruise company would like to estimate the average beer consumption to plan its beer inventory levels on future seven-day cruises. (The ship certainly doesn't want to run out of beer in the
A Flexible Savings Account (FSA) plan allows you to put money into an account at the beginning of the calendar year that can be used for medical expenses. This amount is not subject to federal tax.
A design engineer wants to construct a sample mean chart for controlling the service life of a halogen headlamp his company produces. He knows from numerous previous samples that this service life is
A recent poll revealed that 68 out of 98 men and 45 out of 85 women expressed "at least some support" for a new municipal policy. At the 5% significance level, is the proportion of men supporting the
The use of social media has the potential to significantly change the delivery of training in organizations. Traditionally, training has been focused on delivering a structured experience to
Bill has asked you to prepare financial statements for his first month of operation. The following information relates to the month of May, 2014. (Round all calculations to the nearest whole
A contract provided, On January 5, Purchaser shall provide Seller with a certified check in the amount of $100,000. Seller shall transfer a deed for the Property to Purchaser." What is wrong with
Accorsi & Sons specializes in selling and installing upscale home theater systems. On March 1, 2016, Accorsi sold a premium home theater package that includes a projector, set of surround speakers,
Adirondak Marketing Inc. manufactures two products, A and B. Presently; the company uses a single plant wide factory overhead rate for allocating overhead to products. However, management is
Accorsi & Sons specializes in selling and installing upscale home theater systems. On March 1, 2016, Accorsi sold a premium home theater package that includes a projector, set of surround speakers,
Prepare the journal entries to record each of the following items for Aromatics, Inc.2016 bad debt expense2016 depreciation expense2016 cash collections from customers. Assume all sales are on
An egg farmer wanted to determine if increasing the amount of time the lights were on in his hen house would increase egg production. For a sample of eight chickens he determined their production
Chester Corp. ended the year carrying $13,104,000 worth of inventory. Had they sold their entire inventory at their current prices, how many more dollars of contribution margin would it have brought
Doberman Corporation operates several stores in British Columbia (Vancouver, Victoria, Kamloops, Penticton and Prince George). The restructuring of its organization on November 20, 2014 has led to
The average lifetime of a light bulb is 3,000 hours with a standard deviation of 696 hours. A simple random sample of 36 bulbs is taken. What is the probability that the average life in the sample
Create a research question in the field of psychology that you are interested in researching. Write questions clearly. Include a brief background of the problem you are proposing and why it is
1) Using the budget data, how many Apple iPhone 4's would have to have been completed for Danshui Plant No.2 to break even? Budget Actual Budgeted Sales $41,240 Budgeted Sales Units 200 Budgeted
Complete the following chart by placing an "X" under the applicable column headings. Classify each cost as a fixed cost or a variable cost and as either a direct or indirect product cost or a period
Ashley, 34, and Donovan, 31, want to buy their first home. Their current combined net income is $65,000, and they have two auto loans totaling $32,000. They have saved approximately $12,000 for the
1. Baker and others entered a Wal-Mart store shortly after 3:00 A.M. by cutting through the metal door with an acetylene torch. They had moved some of the merchandise in the store to the rear door,
Claire's candies, inc. use a job-order costing system and have the following costs recorded for June:What were total purchases of direct materials for June?
Discuss the various capital budgeting criteria and explain which one is the most useful in your opinion. In your discussion mention the weakness of the payback method, and under what circumstances
The company is also considering structuring its business as a corporation, but is aware that there are a lot of complex issues to consider when accounting for an incorporated entity. The company is
What are some major points of convergence among the research on traits and skills, behaviors, influence processes and situational variables?
Cyanide ion, CN-, is important in metal plating industries because it can keep metals dissolved under conditions where they would otherwise form solids (precipitate) and settle out of solution. The
Bilbo, Frodo and Gandoff have had a successful law practice for many years, but have decided to retire and move to Rivendale. On January 1, 2015 when the 3 of them decided to terminate the
Determine the effect upon equilibrium price and quantity sold if the following changes occur in a particular market: a. Consumers' income increases and the good is normal. b. The price of a
G Ltd. has two items in its inventory at the end of the taxation year. Item 1 has a cost of $16,000 and a market value of $22,000. Item 2 have a cost of $17,000 and a market value of $15,000.
In many countries higher education is heavily subsidized by the government (that is, university students do not bear the full cost of their college education). While there may be good reasons for
Consider the use of a probability analysis in estimating returns and determining the standard deviation. You may use a hypothetical situation and do the calculations or just describe the steps in the
This financial statement analysis requires you to make a specific decision about Apple Computer, Inc. in January 2003. You should base your decision on the information available through December
Identify the controllable and uncontrollable elements that Starbucks has encountered in entering global markets.
Choose one of the following data sets to complete this question: Consumer Food Financial HospitalAnswer each of the following: For each column, identify whether the data is qualitative or
Financial Statements from Commercial Accounts providing more information to the general public than those from Government Accounts? Explain
Shelly Austin is frustrated as she conducts the company's annual analysis of employee benefits. As the director of compensation and benefits at Premier Financial Services, she is charged with
Panamint Systems Corporation is estimating activity costs associated with producing disk drives, tapes drives, and wire drives. The indirect labor can be traced to four separate activity pools. The
Pelican Stores, a division of National Clothing, is a chain of women's apparel stores operating throughout the USA. The chain recently ran a promotion which discount coupons were sent to customers of
A physical count of consumable supplies at year-end showed an ending balance of $66,000, an increase of $6,000 during the year. The city uses the purchases method of accounting for its inventory in
Payne Company provided the following information relevant to its inventory sales and purchases for December 2013 and the first quarter of 2014:Desired ending inventory levels are 25% of the following
Feb. 27 Purchased 3,400 shares of HCA at $34 per share plus a $420 commission.Mar. 3 Sold 1,600 shares of Hunt at $25 per share less a $250 commission.June 21 Sold 2,200 shares of Lucent at $42 per
Rex has a bakery that specializes in dog treats in a variety of sizes and flavors. Rex uses a flexible budget to forecast manufacturing overhead, which is then allocated to products based on oven
You are the Chairperson of the Business Program at InterState Community College (ICC). Recently it has come to that attention of ICC Administration that there is a need for Project Management
Cunningham Industries reported actual sales of $2,000,000, and fixed costs of $510,000. The contribution margin ratio is 30%. Compute the margin of safety in dollars and the margin of safety ratio.
1. Hope Corporation bonds bearing a coupon rate of 12%, pay coupons semiannually, have 3 years remaining to maturity, and are currently priced at $940 per bond. What is the yield to maturity? 2.
During the reporting period ending 30 June 2018, Midnight Boil Ltd constructed a nuclear power generator just outside of Melbourne. The cost of the power generator and associated technology amounted
1. Successor auditors need to communicate with predecessor auditor's ______ accepting the engagement. Before 2. ___________ must ask management to authorize the predecessor auditors to discuss
Suppose nanovo decides to do the major expansion. If investors are not expecting this expansion, and if they agree with the forecasts, how will the stock price change when the expansionist announced?
George, Inc. bonds have a face value of $1,000 and a 9% coupon paid semiannually; the bonds mature in 8 years. What current yield would be reported in The Wall Street Journal if the yield to
Jay Corporation has provided data from a two-year period to aid in planning. The Controller has asked you to prepare a contribution format income statement. Use the information included in the Excel
The figure below shows the market equilibrium (point B) at the intersection of demand and supply curves under perfect competition. Figure 11.5D: Market demand curve S: Market supply curve Refer to
The Stoney Company sells many products. Wolie is one of its popular items. Below is an analysis of the inventory purchases and sales of Wolie for the month of March. Stoney Company uses the periodic
Three business colleagues, Moe, Larry and Curly, employees of Acme Industrial Bearings, are the first to arrive at a meeting. They each put their own briefcase on the floor in the far corner of the
The city has a campground whose visitors use the river for recreation. The city also has a research lab that dumps industrial waste into the river. This pollutes the river and makes it a less
1. When a corporation reacquires its own shares of stock, the Treasury Stock account is usually debited for which value or price? 2. If no other method of dividing net income or net losses is
If Revere Company expects to sell 1,250 units of its product at $12 per unit, and break-even sales for the product are $13,200. What is the margin of safety ratio?
What are your opinions on cloning extinct species?
Managers often need to change the degree of centralization or decentralization in their organization. Begin this exercise by reflecting on two very different scenarios. Scenario A: Assume you are the
Marilyn's specialties produces high quality quilts. Labor and materials are particularly high. The following is an income statement for last year.1. What are Marilyn's break-even points in units? 2.
Already in all African countries, Coca-Cola has committed S12 billion to invest in the continent between 2010 and 2020. Why does Coca-Cola show such strong commitments to Africa? Founded in 1892,
Mam Ltd acquired Bo Ltd on 1 July 2018 for cash of $7,000,000. At that date, Bo Ltd's net identifiable assets had a fair value of $5 800 000. The fair value of the net identifiable assets of Bo Ltd
Use the following information to design and complete a chart of accounts using three digit account codes as per sample in the table below.Cash in the bank includes a chequing account, savings
Beginning inventory 1,600 units that are 100% complete as to materials and 30% complete as to conversion costs; units started during the period are 18,400; ending inventory of 5,000 units 10%
Why didn't Ford, Firestone, and the NHTSA discover the nature and seriousness of the tread separation, product-liability problem earlier?
Consider four advertising campaigns where for each one it is cancelled before launch with probability 0.10, it is launched but canceled early with probability 0.18, it is launched and runs its

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