1. Do the clinical trials in Albania. Youll be able to bring the drug to market faster and cheaper, which will be good for AH Biotechs employees and investors and good for the millions of people who...

The May transactions of Hanschu Corporation were as follows. May 4 Paid $700 due for supplies previously purchased on account. 7 Performed advisory services on account for $6,800. 8 Purchased...

Phil Collins Realty Corporation purchased a tract of unimproved land for $55,000. This land was improved and subdivided into building lots at an additional cost of $34,460. These building lots were...

Askew Company uses a periodic inventory system. The June 30, 2011, year-end trial balance for the company contained the following information: In addition, you determine that the June 30, 2011,...

Residents of Mill River have fond memories of ice skating at a local park. An artist has captured the experience in a drawing and is hoping to reproduce it and sell framed copies to current and...

Sol Pine borrows $5,000 for one year at 13 percent interest. What is the effective rate of interest if the loan is discounted?

The following events took place for Air Temp Manufacturing Company during January, the first month of its operations as a producer of digital thermometers: a. Purchased $68,000 of materials. b. Used...

The following selected information was extracted from the 20x1 accounting records of Lone Oak Products: Raw material purchases ................................ $ 175,000 Direct labor...

Sherwin Williams will receive $18,500 a year for the next 25 years as a result of a picture he has painted. If a discount rate of 12 percent is applied, should he be willing to sell out his future...

The Central Valley Company has prepared department overhead budgets for budgeted-volume levels before allocations as follows: Management has decided that the most appropriate inventory costs are...

Dont ship air and dont ship water are the bases of some important supply chain strategies. What do these statements really mean? What are the related strategies? How do these strategies help?

The information listed below refers to the employees of Lemonica Company for the year ended December 31, 2016. The wages are separated into the quarters in which they were paid to the individual...

Notes Receivable with Unrealistic Interest Rate On December 31, 2009, Hurly Co. performed environmental consulting services for Cascade Co. Cascade was short of cash, and Hurly Co. agreed to accept a...

Explain why managing productivity is important in operations management.

Weber Company purchases $45,000 of raw materials on account, and it incurs $60,000 of factory labor costs. Journalize the two transactions on March 31 assuming the labor costs are not paid until...

Jackie Remmers Travel Agency purchased land for $85,000 cash on December 10, 2014. At December 31, 2014, the lands value has increased to $93,000. What amount should be reported for land on Jackie...

1. Why did NIBCO decide to purchase an ERP system? 2. Describe the pros and cons of a Big Bang approach, versus a less risky rollout strategy. If you had been the IS head at NIBCO, what approach...

Accounting for Franchise, Patents, and Trade Name Information concerning Sandro Corporations intangible assets is as follows. 1. On January 1, 2010, Sandro signed an agreement to operate as a...

Cost of goods manufactured. Consider the following account balances (in thousands) for the Canseco Company: If you want to use Excel to solve this problem, go to the Excel lab at...

Assume that Ocean King Products sells three varieties of canned seafood with the following prices and costs: The sales mix (in cases) is 40 percent Variety 1, 35 percent Variety 2, and 25 percent...

Sylvestor Systems borrows $110,000 cash on May 15, 2015, by signing a 60-day, 12% note. 1. On what date does this note mature? 2. Suppose the face value of the note equals $110,000, the principal of...

You are engaged to audit the Ferrick Corporation for the year ended December 31, 2013. Only merchandise shipped by the Ferrick Corporation to customers up to and including December 30, 2013, has been...

I am going to focus on the customers of my business and leave cost-allocation issues to my accountant. Do you agree with this comment by a division president? Why?

Alyeska Services Company, a division of a major oil company, provides various services to the operators of the North Slope oil field in Alaska. Data concerning the most recent year appear below:...

Microtech Corporation is expanding rapidly and currently needs to retain all of its earnings; hence, it does not pay dividends. However, investors expect Microtech to begin paying dividends,...

John Neff owns and operates Waikiki Surf Shop. A year-end trial balance. Year-end adjustment data for the Waikiki Surf Shop are shown below. (a and b) A physical count shows merchandise inventory...

At August 31, Pratt Company has a cash balance per books of $9,500 and the following additional data from the bank statement: charge for printing Pratt Company checks $35, interest earned on checking...

Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication...

Capitalization of Interest McPherson Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $5,000,000 on January 1, 2010....

McDonalds did very well during the recession in the late 2000s. With the economy turning around for the better, should McDonalds change its strategy? Why or why not?

Merry Olde Games produces croquet sets. The company makes fixed monthly payments to the local utility based on the previous years electrical usage. Any difference between actual and expected usage is...

Kohl's Corporation's 7.25% bonds due in 2029 were reported as selling for 115.948. Were the bonds selling at a premium or at a discount? Why is Kohl's able to sell its bonds at this price?

Comparative statement data for Farris Company and Ratzlaff Company, two competitors, appear below. All balance sheet data are as of December 31, 2015, and December 31, 2014. Instructions (a) Prepare...

The Riteway Ad Agency provides cars for its sales staff. In the past, the company has always purchased its cars from a dealer and then sold the cars after three years of use. The companys present...

Santana Corporation manufactures snowmobiles in its Blue Mountain, Wisconsin, plant. The following costs are budgeted for the first quarters operations. Machine setup, indirect materials ........ $...

You and a classmate are assigned a project on which you will receive one combined grade. You each want to receive a good grade, but you also want to avoid hard work. In particular, here is the...

Kirk Van Houten, who has been married for 23years, would like to buy his wife an expensive diamond ring with a platinum setting on their 30-year wedding anniversary. Assume that the cost of the ring...

On March 31, 2018, Chow Brothers, Inc., bought 10% of KT Manufacturing's capital stock for $50 million. KT's net income for the year ended December 31, 2018, was $80 million. The fair value of the...

1. How do the four characteristics of services apply to Airbnb? How does Airbnb deal with each characteristic? 2. Apply the service profit chain concept to Airbnb. 3. How does Airbnb differentiate...

Mr. H. Salt purchased a 1/8 interest in a producing oil well for $45,000. Recoverable oil reserves for the well were estimated at that time at 15,000 barrels 1/8 of which represented Mr. Salt's share...

Thornton Computer Timeshare Company entered into the following transactions during May 2012. 1. Purchased computer terminals for $20,000 from Digital Equipment on account. 2. Paid $4,000 cash for May...

Ware Co. produces and sells motorcycle parts. On the first day of its fiscal year, Ware Co. issued $35,000,000 of five-year, 12% bonds at a market (effective) interest rate of 10%, with interest...

Madison Seniors Care Center is a nonprofit organization that provides a variety of health services to the elderly. The center is organized into a number of departments, one of which is the...

Kelly, age 35, is a single parent and has a one-year-old son. She earns $45,000 annually as a marketing analyst. Her employer provides group life insurance in the amount of twice the employees...

Kijijo Auctions runs an online auction company. Its end- of- year financial statements indicate the following results. Calculate the companys net profit margin expressed as a percent (to one decimal...

We saw in the chapter opener that some colleges and private companies have launched online courses that anyone with an Internet connection can take. The most successful of these massive open online...

Flexible-budget and sales volume variances. Marron, Inc. produces the basic fillings used in many popular frozen desserts and treatsvanilla and chocolate ice creams, puddings, meringues, and fudge....

The comparative condensed balance sheets of Conard Corporation are presented below. Instructions(a) Prepare a horizontal analysis of the balance sheet data for Conard Corporation using 2010 as a...

1. What factors should Perkins and Balkin consider when setting the wage for the purchasing agent position? What resources are available for them to consult when establishing this wage? 2. Suggest...

1. Given the ideas presented about Apples strategy, what HR actions would be most suitable for supporting that strategy? 2. What challenges would you expect to be most significant for Apples HR staff...

Each of the following items must be considered in preparing a statement of cash flows (indirect method) for Turbulent Indigo Inc. for the year ended December 31, 2014. a) Plant assets that had cost...

The following information is available for Sedona, Inc., as of May 31, 2014: a. Cash on the books as of May 31 amounted to $42,754.16. Cash on the bank statement for the same date was $52,351.46. b....

1. A company has an inventory of 1,250 assorted parts for a line of missiles that has been discontinued. The inventory cost is $ 76,000. The parts can be either (a) remachined at total additional...

Italian Stallion has the following transactions during the year related to stockholders equity. February 1 Issues 6,000 shares of no-par common stock for $16 per share. May 15 Issues 700 shares of...

For the past several years, Kareem Ismail has operated a part-time consulting business from his home. As of October 1, 2010, Kareem decided to move to rented quarters and to operate the business,...

Using the audit risk model, state the effect on control risk, inherent risk, acceptable audit risk, and planned evidence for each of the following independent events. In each of the events a to j,...

Cost data for Tiwana Manufacturing Company for the month ended May 31, 2014, are as follows: a. Prepare a cost of goods manufactured statement for May 2014. b. Determine the cost of goods sold for...

An analyst must decide between two different forecasting techniques for weekly sales of roller blades: a linear trend equation and the naive approach. The linear trend equation is Ft = 124 + 2 t, and...

Tara Harris opened Tara's Maids Cleaning Service, Ltd. on July 1, 2017. During July, the company completed the following transactions. July 1 Shareholders invested 15,000 cash in the business in...

Revenue Recognition on Marina Sales with Discounts Taylor Marina has 300 available slips that rent for $800 per season. Payments must be made in full at the start of the boating season, April 1,...

Gayles Glassworks makes glass flanges for scientific use. Materials cost $1 per flange, and the glass blowers are paid a wage rate of $28 per hour. A glass blower blows 10 flanges per hour. Fixed...

The BackPack Company produces a line of backpacks. The manager, Jill Nicholas, is interested in using a level aggregate plan. Inventories and back orders will be used to handle demand fluctuations....

1. In what way(s) has Ken Frazier demonstrated his effectiveness as a crisis leader? 2. Given our discussion on the distinction between a traditional and learning organization, what type of...

Carl Conch and Mary Duval are married and file a joint return. They live at 1234 Mallory Sq. Apt. 64, Key West, FL 33040. Carl works for the Key Lime Pie Company and Mary is a homemaker after losing...

Ratio Computation and Analysis; Liquidity) as loan analyst for Madison Bank, you have been presented the following information. Each of these companies has requested a loan of $50,000 for 6 months...

In Wayne Company, materials are entered at the beginning of each process. Work in process inventories, with the percentage of work done on conversion costs, and production data for its Sterilizing...

Fred Nappa is planning to take a wine-tasting tour through Italy this summer. The tour will cost 2,750 euros () and includes transportation, hotels, and a guide. Fred estimates that round-trip...

1. Based on the information provided in the case, do you think the political risk associated with Thailand is higher or lower for a manufacturer of leisure products such as Blades as opposed to, say,...

Altugs Coffee Shop decides to install an automatic coffee vending machine outside one of its stores to reduce the number of people standing in line inside. Mehmet Altug charges $ 3.50 per cup....

Diez Company produces sporting equipment, including leather footballs. Identify each of the following costs as direct or indirect. The cost object is a football produced by Diez. 1. Electricity used...

1. Is there a difference between aggressive accounting and earnings management? Would the motivation for using the techniques described in this case influence whether they should be labeled as...

At January 1, 2010, Beidler Company reported retained earnings of $2,000,000. In 2010, Beidler discovered that 2009 depreciation expense was understated by $400,000. In 2010, net income was $900,000...

Multiple Choice Questions The following items apply to determining sample sizes using random sampling from large populations for attributes sampling. Select the most appropriate response for each...

Suppose the government borrows $20 billion more next year than this year. a. Use a supply-and-demand diagram to analyze this policy. Does the interest rate rise or fall? b. What happens to...

Melissa Adduci has prepared the following list of statements about depreciation. 1. Depreciation is a process of asset valuation, not cost allocation. 2. Depreciation provides for the proper matching...

On May 1, 2017, Richardson Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $900 in advance...

Parry Company has accounts receivable of $95,400 at March 31, 2012. An analysis of the accounts shows these amounts. Credit terms are 2/10, n/30. At March 31, 2012, there is a $2,100 credit balance...

Kinnion Medical Clinic has budgeted the following cash flows. Kinnion Medical had a cash balance of $8,000 on January 1. The company desires to maintain a cash cushion of $5,000. Funds are assumed to...

What should Mr. Rutland do? Include the following issues: Budget: acquiring adequate resources Philanthropic organizations Governmental agencies Donations Memberships Visitors Budget:...

A machine at the Pacific Fruit Company fills boxes with raisins. The labeled weight of the boxes is 9 ounces. The company wants to construct an R-chart to monitor the filling process and make sure...

1. MiniCase 20 details three ethics scandals at UBS in recent years. What does that tell you about UBS? 2. Given the UBS ethics failings, who is to blame? The CEO? The board of directors? 3. What...

A partially completed worksheet for At Home Pet Grooming Service, a firm that grooms pets at the owner's home, follows. INSTRUCTIONS 1. Record balances as of December 31 in the ledger accounts. 2....

Bargain Rental Car offers rental cars in an off-airport location near a major tourist destination in California. Management would like to better understand the behavior of the companys costs. One of...

Presented on the following pages are partial financial statements for the City of Shenandoah, including: Fiscal year 2012: A. Total Governmental Funds: Balance Sheet Statement of Revenues,...

The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Rent expense and salaries expense are equally divided between selling activities and the general and...

Crackling Fried Chicken bought equipment on January 2, 2016, for $21,000. The equipment was expected to remain in service for four years and to perform 3,600 fry jobs. At the end of the equipments...

Cheese Factory Incorporated reported the following information for the fiscal year ended August 31, 2015. Other cash flow information: Additional investments by stockholders $ 34,000 Cash paid to...

Lisa Vozniak started her own business, We Do Windows. She offers interior and exterior window cleaning for local area residents. Lisa rents a garage to store her tools and cleaning supplies and has a...

The manager of Wongs Food Express estimates operating costs for the year will total $300,000 for fixed costs. a. Find the break-even point in sales dollars with a contribution margin ratio of 40...

The Great North Woods Clothing Company is a mail-order company that processes thousands of mail and telephone orders each week. They have a customer service number to handle customer order problems,...

Jenek Corporation had the following transactions pertaining to debt investments. Jan. 1 Purchased 50 9%, $1,000 Leeds Co. bonds for $50,000 cash. Interest is payable semiannually on July 1 and...

Bailey Cleaners has the following balance sheet items. Accounts payable ........Accounts receivable Cash ...........Notes payable Equipment ..........Salaries and wages payable Supplies...

The following data are the actual results for Marvelous Marshmallow Company for October. Actual output ............. 9,000 cases Actual variable overhead .......... $405,000 Actual fixed overhead...

Carmel Rugs is holding a 2-week carpet sale at Jeans Club, a local warehouse store. Carmel Rugs plans to sell carpets for $ 1,000 each. The company will purchase the carpets from a local distributor...

On January 1, 2014, Corgan Company acquired 80 percent of the outstanding voting stock of Smashing, Inc., for a total of $980,000 in cash and other consideration. At the acquisition date, Smashing...

Green City Builders' balance sheet data at May 31, 2016, and June 30, 2016, follow: For each of the following situations with regard to common stock and dividends of a corporation, compute the amount...

A firm purchased some equipment at a very favorable price of $30,000. The equipment resulted in an annual net saving of $1000 per year during the 8 years it was used. At the end of 8 years, the...

Java Source, Inc. (JSI), is a processor and distributor of a variety of blends of coffee. The company buys coffee beans from around the world and roasts, blends, and packages them for resale. JSI...

The following cost data for the year just ended pertain to Sentiments, Inc., a greeting card manufacturer: Direct material ..................................................................$2,100,000...

1. As DIY Stores built its online presence, how well did it organize around its core capabilities? 2. DIY Stores is a large national chain. What impact did its size have on its agility? 3. How could...