A contractor is preparing a bid to install swimming pools at a new housing addition. The estimated time to build the first pool is 35 hours. The contractor estimates an 85 percent learning rate,...

Wanda Lux must select a supplier for a plastic bottle and proprietary dispenser for its new hair shampoo. Three suppliers have placed bids; at Wandas request all bids are for a shipping quantity of...

Selected ledger account balances for Success Systems follow. Required 1. Assume that Success Systems does not acquire additional office equipment or computer equipment in 2014. Compute amounts for...

Uhura Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. Other data:1. The balance in prepaid insurance is a one-year premium paid on...

CVP analysis, income taxes The Express Banquet has two restaurants that are open 24-hours a day. Fixed costs for the two restaurants together total $459,000 per year. Service varies from a cup of...

Rensing Groomers is in the dog-grooming business. Its operating costs are described by the following formulas: Grooming supplies (variable) y = $0 + $5x Direct labor (variable) y = $0 + $14x Overhead...

In a recent financial fraud case, city employees in Brooklyn, New York, accessed electronic databases to defraud the city of $20 million. Several employees in collusion with the former deputy tax...

The Soft Toys Company has collected information on fixed and variable costs for four potential plant locations. a. Plot the total cost curves for the four plant locations on a single graph. b....

Dan Watson started a small merchandising business in 2016. The business experienced the following events during its first year of operation. Assume that Watson uses the perpetual inventory system. 1....

On September 1, Nixa Office Supply had an inventory of 30 calculators at a cost of $18 each. The company uses a perpetual inventory system. During September, the following transactions occurred....

1. Define YouTube in terms of competitive advantage. 2. Of all Google's competitors, which ones should it attack? Which ones should it avoid? 3. Which basic competitive strategy does Google follow?...

Given the extreme health risks, should marketers stop selling cigarettes even though they are legal and demanded by consumers? Should cigarette marketers continue to use marketing tactics that are...

The following T-accounts represent November activity. Additional Data Materials of $113,600 were purchased during the month, and the balance in the Materials Inventory account increased by $11,000. ...

The stockholders' equity section of Lachlin Corporation's balance sheet at December 31 is presented here. Instructions From a review of the stockholders' equity section, answer the following...

1. Evaluate Nikes response to societal and consumer concerns about its contract manufacturing. 2. What are the challenges facing Nike in the future? Phil Knight and his University of Oregon track...

The cash account for Stone Systems at July 31, 2014, indicated a balance of $17,750. The bank statement indicated a balance of $33,650 on July 31, 2014. Comparing the bank statement and the...

1. What additional information about the CEOs pay package should Don identify to potentially share with the employees? 2. How can Don explain the pay disparity to the employees to ease their concerns...

Assume that on February 1, Procter & Gamble (P&G) paid $720,000 in advance for 2 years insurance coverage. Prepare P&Gs February 1 journal entry and the annual adjusting entry on June 30.

Whitmore Company issued $500,000 of 5-year, 8% bonds at 97 on January 1, 2014. The bonds pay interest twice a year. Instructions (a) (1) Prepare the journal entry to record the issuance of the bonds....

Lame Specialties manufactures, among other things, woolen blankets for the athletic teams of the two local high schools. The company sews the blankets from fabric and sews on a logo patch purchased...

Discuss the companys decision to grow beyond its core affluent consumer base. What did this do for the company and the brand?

At the beginning of July, CD City has a balance in inventory of $3,400. The following transactions occur during the month of July. July 3 Purchase CDs on account from Wholesale Music for $2,300,...

Polk Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2012, the company incurred the following costs. Variable Cost per Unit Direct materials...

Selected financial data for Squid Company are as follows: Required a. Compute the following for 2009, 2008, and 2007: 1. Net profit margin 2. Return on assets 3. Total asset turnover 4. DuPont...

The Farm-4-Less Tractor Company produces a grain combine (GC) in addition to both a large (LT) and small size tractor (SM). Its production manager desires to produce to customer demand using a mixed...

Cusick Department Store is located near the Village Shopping Mall. At the end of the company??s calendar year on December 31, 2012, the following accounts appeared in two of its trial balances....

The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $230,000; Service Revenue, $900,000; Salaries Expense, $390,000; Rent Expense,...

Arnold Palmer Hospital one of the nations top hospitals dedicated to serving women and children is a large business with over 2,000 employees working in a 431-bed facility totaling 676,000 square...

Team Spirit Calendars imprints calendars with college names. The company has fixed expenses of $ 1,095,000 each month plus variable expenses of $ 6.50 per carton of calendars. Of the variable...

The Rentz Corporation is attempting to determine the optimal level of current assets for the coming year. Management expects sales to increase to approximately $2 million as a result of an asset...

(Basic Pension Worksheet) The following facts apply to the pension plan of Boudreau Inc. for the year 2010. Using the preceding data, compute pension expense for the year 2010, as part of your...

Examine the following summary of the U.S. balance of payments for 2000 (in $ billion) and fill in the blankentries. Debits 1,418.64 774.86 352.90 - 1,809.18 Balance on current account 3 securities...

Zhou Bicycle Company ( ZBC), located in Seattle, is a wholesale distributor of bicycles and bicycle parts. Formed in 1981 by University of Washington Professor Yong- Pin Zhou, the firms primary...

Jack and Jill have just had their first child. If college is expected to cost $150,000 per year in 18 years, how much should the couple begin depositing annually at the end of each year to accumulate...

Deluxe Ezra Company purchases equipment on January 1, Year 1, at a cost of $469,000. The asset is expected to have a service life of 12 years and a salvage value of $40,000. Instructions (a) Compute...

Maxtor Technology incurred the following costs during the year related to the creation of a new type of personal computer monitor: Salaries ................................ $220,000 Depreciation on...

McGill and Smyth have capital balances on January 1 of $50,000 and $40,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $22,000 for McGill and $13,000...

The Western Pennsylvania Milk Company is producing milk at a fixed rate of 5,000 gallons/hour. The company's clients request 100,000 gallons of milk over the course of one day. This demand is spread...

Fair Value Option Presented below is selected information related to the financial instruments of Dawson Company at December 31, 2010. This is Dawson Company's first year of operations. (a) Dawson...

Tanek Industries manufactures and sells three different models of wet-dry shop vacuum cleaners. Although the shop vacs vary in terms of quality and features, all are good sellers. Tanek is currently...

A new furnace for your small factory will cost $27,000 a year to install and will require ongoing maintenance expenditures of $1,500 a year. But it is far more fuel- efficient than your old furnace...

Nestl reports beginning raw materials inventory of 3,243 and ending raw materials inventory of 3,904 (both numbers in millions of Swiss francs). If Nestl purchased 16,200 (in millions of Swiss...

Shannon Corp. had the following balances in receivable accounts at October 31, 2014 (in thousands): Allowance for Doubtful Accounts $52; Accounts Receivable $2,910; Other Receivables $189; Notes...

On April 30, the bank reconciliation of Westbrook Company shows three outstanding checks: no. 254, $650; no. 255, $620; and no. 257, $410. The May bank statement and the May cash payments journal...

Entrepreneurs Consultants, a state agency, was established to provide consulting services to small businesses. It maintains only a single general fund and accounts for its activities on a modied...

(Three Differences, Compute Taxable Income, Entry for Taxes) Havaci Company reports pretax financial income of $80,000 for 2010. The following items cause taxable income to be different than pretax...

Revise the following paragraph. Add a topic sentence and improve the organization. Correct problems with pronouns, parallelism, wordiness, and misplaced or dangling modifiers. Add transitional...

Jason Wu operates Exclusive Limousines, a fleet of 10 limousines used for weddings, proms, and business events in Washington, D. C. Wu charges customers a flat fee of $ 250 per car taken on contract...

On January 1, 2014, McIlroy, Inc., acquired a 60 percent interest in the common stock of Stinson, Inc., for $372,000. Stinsons book value on that date consisted of common stock of $100,000 and...

Cameron Bly is a sales manager for an automobile dealership. He earns a bonus each year based on revenue from the number of autos sold in the year less related warranty expenses. Actual warranty...

Party Wagon, Inc., provides musical entertainment at weddings, dances, and various other functions. The company performs adjusting entries monthly, but prepares closing entries annually on December...

Allison Corporation acquired 90 percent of Bretton on January 1, 2016. Of Bretton's total acquisition- date fair value, $60,000 was allocated to undervalued equipment (with a 10-year remaining life)...

Refer to the information in BE312. In BE312, Midshipmen Company borrows $15,000 from Falcon Company on July 1, 2015. Midshipmen repays the amount borrowed and pays interest of 12% (1%/month) on June...

FruTee Corp. makes irrigation sprinkler systems for fruit tree nurseries. FruTees new controller can find only the following partial information for the past year: Compute the unknown values. List...

Ridgecrest Electric manufactures electric motors. It competes and plans to grow by selling high- quality motors at a low price and by delivering them to customers quickly after receiving customers...

Best Drugs is a distributor of pharmaceutical products. Its ABC system has five activities: Activity Area Cost Driver Rate in 2013 1. Order processing .........$ 42 per order 2. Line-item ordering...

Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (8 pounds at $2.50 per pound) ........ $20 Direct labor (3...

Ford 10-K a. What are the key cash and liquid asset accounts for Ford? What types of marketable securities does Ford possess? b. What are the critical accounting policies for these accounts? c. What...

On October 3, 2018, Regal Company purchased $3,600 of supplies on account. In Regal's chart of accounts, the supplies account is No. 15, and the accounts payable account is No. 21. A. Journalize the...

1. Of the five global product and communications strategies, which best describes 7-Eleven's approach? 2. On a scale of one to five, to what degree does 7-Eleven adapt its offering in each global...

The following information is from the trial balance of Mills Manufacturing Company: Required 1. Manufacturing organizations use asset accounts that are not needed by retail organizations. a. List the...

Sharp Company has $15,000 to invest. The company is trying to decide between two alternative uses of the funds as follows: Sharp Company uses a 16% discount rate. Required: (Ignore income taxes.)...

The adjusted trial balance of Anderson Cooper Co. as of December 31, 2008, contains the following. Instructions (a) Prepare an income statement. (b) Prepare a statement of retained earnings. (c)...

Following are several decisions that the auditor must make in an audit of a nonpublic company. Letters indicate alternative conclusions that could be made. Required a. Identify the sequence in which...

Jennifer Lopez opened a school for administrative skills called Lopez Office Training and completed the following transactions: a. Contributed the following assets to the business: Cash ...........

Fitness Fanatics is a regional chain of health clubs. The managers of the clubs, who have authority to make investments as needed, are evaluated based largely on return on investment (ROI). The...

1. What do you think about this pairing-up idea? Would you be comfortable with such an arrangement? Why or why not? 2. What personality traits would be most needed for this type of work arrangement?...

The following information is available for Shanika Company for 2014: Instructions 1. Prepare the 2014 statement of cost of goods manufactured. 2. Prepare the 2014 incomestatement. Inventories...

Use the three-stage model of creativity to analyze Blakelys decision making. What can you learn from her story that might help you be more creative in the future?

George Littlechild started a new kitchen and bath design business called Littlechild Enterprises. The following activities occurred during its first month of operations, March 2014: a. Littlechild...

Marcus Tube, a manufacturer of high-quality aluminum tubing, has maintained stable sales and profits over the past 10 years. Although the market for aluminum tubing has been expanding by 3% per year,...

Forda Lumber Company owns a 7,000-acre tract of timber purchased in 2000 at a cost of $1,300 per acre. At the time of purchase, the land was estimated to have a value of $300 per acre without the...

As the accountant for Monroe Trucking Company, you are preparing the company's annual return, Form 940 and Schedule A. Use the following information to complete Form 940 and Schedule A on pages 5-48...

The following two items appeared on the Internet concerning the GAAP requirement to expense stock options. WASHINGTON, D.C.February 17, 2005 Congressman David Dreier (RCA), Chairman of the House...

Annual Adjustments Palmer Industries prepares annual financial statements and adjusts its accounts only at the end of the year. The following information is available for the year ended December 31,...

Samuels Manufacturing is considering the purchase of a new machine to replace one it believes is obsolete. The firm has total current assets of $920,000 and total current liabilities of $640,000. As...

On February 15, 2013, the Town of Hillsboro police chiefs administrative assistant is preparing a purchase order to place an order for a new computer. The computer is estimated to cost $1,500. Prior...

Suppose the government borrows $20 billion more next year than this year. The following graph shows the market for loan able funds before the additional borrowing for next year. Use the orange fine...

Use the following income statements and balance sheets to calculate Garnet Inc.'s free cash flow for 2005. Garnet Inc. 2004 2005 INCOME STATEMENT Net sales $530.0 $500.0 Costs (except depreciation)...

Shelby Company produces three products: product X, product Y, and product Z. Data concerning the three products follow (per unit): Demand for the company's products is very strong, with far more...

Duval Co. issues four- year bonds with a $ 100,000 par value on June 1, 2013, at a price of $ 95,948. The annual contract rate is 7%, and interest is paid semiannually on November 30 and May 31. 1....

Danner Corporation and London Corporation, two companies of roughly the same size, are both involved in the manufacture of shoe tracing devices. Each company depreciates its plant assets using the...

Demonstrate the effect on price and quantity of each of the following events: a. In a recent popularity test, Elmo topped Cookie Monster in popularity (this represents a trend in children's tastes)....

Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2010. The annual reporting period ends December 31. The trial balance on January 1, 2012,...

Assume the United States is an importer of televisions and there are no trade restrictions. U.S. consumers buy 1 million televisions per year, of which 400,000 are produced domestically and 600,000...

Inventoriable Costs Presented below is a list of items that may or may not be reported as inventory in a companys December 31 balance sheet. 1. Goods sold on an installment basis (bad debts can be...

The trial balance of the Sterling Company shown below does not balance. Your review of the ledger reveals that each account has a normal balance. You also discover the following errors (shown on page...

The following transactions apply to Comfort Mattress Sales for 2010. 1. The business was started when the company received $30,000 from the issue of common stock. 2. Purchased mattress inventory of...

All-Star Automotive Company experienced the following accounting events during 2016: 1. Performed services for $25,000 cash. 2. Purchased land for $6,000 cash. 3. Hired an accountant to keep the...

Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies. The following six-column table contains the company's unadjusted trial balance...

An assembly line requires two components: gadjits and widjits. Gadjits are produced by center 1 and widjits by center 2. Each Unit of the end item, called a jit-together, requires 3 gadjits and 2...

Gilliland Airlines is considering two alternatives for the financing of a purchase of a fleet of airplanes. These two alternatives are: 1. Issue 90,000 shares of common stock at $30 per share. (Cash...

The following transactions were completed by Montague Inc., whose fiscal year is the calendar year: 2014 July 1. Issued $55,000,000 of 10-year, 9% callable bonds dated July 1, 2014, at a market...

Internal Indexes?Dollar-Value LIFO Presented below is information related to Kaisson Corporation for the last 3 years. Compute the ending inventories under the dollar-value LIFO method for 2009,...

Workplace Products Inc., a wholesaler of office products, was organized on February 1 of the current year, with an authorization of 10,000 shares of preferred 2% stock, $120 par and 250,000 shares of...

1. Should this plan be extended to pressers in the other stores? 2. Should other employees (cleaner/spotters, counter people) be put on a similar plan? Why? Why not? If so, how, exactly? 3. Is there...

Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of July 31 have been taken...

Dorothy Koehl recently leased space in the Southside Mall and opened a new business, Koehl's Doll Shop. Business has been good, but Koehl has frequently run out of cash. This has necessitated late...

Described below are certain transactions of Edwardson Corporation. The company uses the periodic inventory system. 1. On February 2, the corporation purchased goods from Martin Company for $70,000...

When the first Pizza Hut opened its doors back in 1958, it offered consumers one style of pizza: its Original Thin Crust Pizza. Since its modest beginnings, Pizza Hut has established itself as the...