1. Discuss if HP has competitive advantages and if there are examples of dynamic capabilities. 2. Discuss the interaction of CSAs and HPs FSAs in developing its competitive advantages. 3. Discuss...
On January 1, Year 1, Beatie Co. borrowed $200,000 cash from Central Bank by issuing a fiveyear, 6 percent note. The principal and interest are to be paid by making annual payments in the amount of...
At the end of 2019, Framber Company received $8,000 as a prepayment for renting a building to a tenant during 2020. The company erroneously recorded the transaction by debiting Cash and crediting...
Karen, a resident of Nova Scotia, has $10,000 to invest for one year. She has found two alternatives: a bond that will provide interest income at year-end of $400, and a common stock whose price is...
Baker Variety Store had the following balances as of November 1: Accounts Receivable ................................... $10,100 Allowance for Uncollectible Accounts ........... $760 The following...
At December 31, 2021, Nicholay Industries reports the following selected accounts from the unadjusted trial balance for its fi rst year of operations: Instructions a. Prepare the journal entry to...
Stellar Stores is a new company that started operations on March 1, 2021. The company has decided to use a perpetual inventory system. The following purchase transactions occurred in March: Mar. 1...
Slacks.com received a bank statement from Cobb Bank indicating a bank balance of $7,700. Based on Slacks.coms check stubs, the ending checkbook balance was $8,136. Your task is to prepare a bank...
How does the Court determine that Coats employment was lawfully terminated, despite the fact that medical marijuana use is permitted under Colorado law? Does it matter that the federal government is...
In 2018, NB Inc.s federal taxable income was $242,000. Compute the required installment payments of 2019 tax in each of the following cases: a. NBs 2019 taxable income is $593,000. b. NBs 2019...
Charles Austin of the controllers office of Thompson Corporation was given the assignment of determining the basic and diluted earnings per share values for the year ending December 31, 2021. Austin...
The following is the monthly payroll of Andersen Company, owned by Donald Andersen. Employees are paid on the last day of each month. Andersen Company is located at 2 Square Street, Marblehead, MA...
Mr. Ks is a very popular hair salon. It offers high-quality hairstyling and physical relaxation services at a reasonable price, so it always has unlimited demand. The service process includes five...
Say-on-pay votes by shareholders are now quite common. Occasionally, shareholders' non-binding votes do not approve executive compensation. For example, in 2013, share holders of Barrick Gold Corp....
The Stockholders Equity section of the balance sheets for Klee Corporation on December 31, 2018, and December 31, 2019, along with other selected account balances on the two dates is provided below....
The 2016 and 2017 financial statements of Kens Sportswear follow: a. Compute all relevant ratios for 2017. b. Prepare common-size financial statements. c. Evaluate the companys financial performance...
Complete the W-4 for employment at Equtri Farms effective 6/17/2018: Linda Ellen Marshall 8924 County Line Road Taylorville, Illinois 62555 SSN: 129-53-2309 Married filing jointly Three dependents...
On January 1, 2020, Algo Ltd. acquires a building at a cost of $230,000. The building is expected to have a 20-year life and no residual value. The asset is accounted for under the revaluation model,...
Astro Languet established Languet Products Co. as a sole proprietorship on January 5, 2020. At the companys year end of December 31, 2020, the accounts had the following balances (in thousands):...
Demand in each period follows the same normal distribution (i.e., there is one demand distribution that represents demand in any single period). Assuming demand is independent across periods, which...
All purchases made in a given month are paid for in the following month, and direct material purchases make up all of the accounts payable balance and are reflected in the accounts payable balances...
Why do critics charge that fiscal policy has a big-government bias?
The taxable wages and withheld taxes for Stafford Company (EIN 00-0001462), semiweekly depositor, for the first quarter of 2017 follow. a. Complete Schedule B of Form 941 on page 3-49 for the first...
Mega Company and Holton Company are similar firms that operate within the same industry. The following information is available: a. Which company has the more favourable accounts receivable turnover...
The Department of Defense is considering three sites in the National Wildlife Preserve for extraction of rare metals. The cash flows associated with each site are summarized. The extraction period is...
You have recently accepted a position with Sea-Jewels Inc., the manufacturer of a popular consumer product. When trying to open your variance analysis files, you find some of them have become...
Dan Crater opened a software consulting firm that immediately paid $28,000 for a computer system. Was Craters computer system an expense of the business? If not, explain.
Hanna Corporation owns 80% of the outstanding voting stock of Fellow Inc. At the date of acquisition, Fellow's retained earnings were $2,100,000. On December 31, Year 2, Hanna Inc. sold equipment to...
Ravilero Ltd uses the periodic inventory system and has control accounts and subsidiary ledgers for trade receivables and payables. The general ledger control account balances at 1 June 2016 were:...
Assume that a CPA has just received a new audit client. The client will be the firms largest audit client, and the firm will have to hire one new staff member to staff the engagement. The fees will...
Project L costs $65,000, its expected cash inflows are $12,000 per year for 9 years, and its WACC is 9%. What is the projects NPV?
Werner Chemical, Inc., leased a protein analyzer on September 30, 2021. The five-year lease agreement calls for Werner to make quarterly lease payments of $391,548, payable each September 30,...
On January 2, 2018, Country Lumber installed a computerized machine in its factory at a cost of $168,000. The machine?s useful life was estimated at four years or a total of 190,000 units with a...
The 2020 four-year comparative financial statements of Digital Shelf Space Corp. follow: Required 1. Calculate the following for 2020 and 2019 and identify whether the ratios compare favourably (F)...
On January 1, 2020, Taco Taqueria, a Mexican restaurant, purchased equipment for $12,000 cash. Taco Taqueria estimates that the equipment will last five years (useful life). The restaurant expects to...
Assume the same facts as in Problem 1:8-34. In addition, assume that in 2020, Angela receives an additional $7,000 in a settlement of a lawsuit arising because of the snow-skiing accident. $4,000 of...
Pate Corp. owns 80% of Strange Inc.s common stock. During 20X1, Pate sold inventory to Strange for $600,000 on the same terms as sales made to outside customers. Strange sold the entire inventory...
What are some of the likely outcomes of a firms failure to embrace one or more supply chain integration types?
An investor is considering the acquisition of a distressed property which is on Northlake Banks REO list. The property is available for $200,000 and the investor estimates that he can borrow $160,000...
South African Gold Mines, Inc. is writing off its $210 million investment using the cost depletion method. An estimated 700,000 ounces of gold are available in its developed mines. This year 35,000...
For the FOUNDATION Fieldbus H1 installation analyzed in Problem 9.27, do the following: (Data is repeated below.) (a) Find the PI for the first 6 years of operation. (b) Find the required ÎNCF...
Lauren Cooper had a beauty shop in the basement of her home. During the current year, she had gross receipts of $32,000. She spent $3,500 for supplies, paid an assistant $4,200, incurred allocated...
Consider the simple FI balance sheet below (in millions of dollars). Suppose that depositors unexpectedly withdraw $50 million in deposits and the FI receives no new deposits to replace them. Assume...
The income statement of Norski Co. for the month of July shows net income of $2,000 based on Service Revenue $5,500, Salaries and Wages Expense $2,100, Supplies Expense $900, and Utilities Expense...
The financial statements of P&G are presented in Appendix B. The companys complete annual report, including the notes to the financial statements, is available online. Instructions Refer to P&Gs...
Picasso Company is a wholesale distributor of packaging equipment and supplies. The company?s sales have averaged about $900,000 annually for the 3-year period 2018?2020. The firm?s total assets at...
As the bookkeeper of Panji?s Plowing, you have been asked to complete the entire accounting cycle for Panji from the following information. Adjustment Data 1. Snow supplies on hand, $300. 2. Rent...
What is the net impact on Munchkins net income for the quarter ended June 30, 2020, as a result of this forward contract hedge of a firm commitment? a. $0 b. $2,400 increase in net income c. $4,000...
You are discussing your 401(k) with Dan Ervin when he mentions that Sarah Brown, a representative from Bledsoe Financial Services, is visiting East Coast Yachts today. You decide that you should meet...
Even as the remodeling market weakened and taking on extra financing became risky, what are some things that Moon Associates president and CEO Jim Moon did to sustain the companys long-term...
Refer to the information in Exercise 6-3 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory and to cost of goods sold using Refer to Exercise 6-3, (a)...
Amazon Company has been in business several years. At the end of the current year, the ledger shows: Accounts Receivable R$ 310,000 Dr. Sales Revenue 2,200,000 Cr. Allowance for Doubtful Accounts...
On November 10 of year 1 Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,200,000; $300,000 was allocated to the basis...
Griffin Corporation received $50,000 of dividend income from Eagle, Inc. Griffin owns 5 percent of the outstanding stock of Eagle. Griffins marginal tax rate is 21 percent. a. Calculate Griffins...
Malcolms employer offers him the option to use the cents-per-mile rule instead of the lease value rule for 2018. Which method will yield the lower gross income for Malcolm?
Wendy and Frank Cotroni, ages 30 and 35, plan to purchase life insurance. Wendy does not have any coverage, while Frank has a $150 000 policy at work. The Cotronis have two children, ages three and...
The trial balances for Walla Corporation and Au Inc. at December 31, Year 4, just before the transaction described below, were as follows: On December 31, Year 4, Walla purchased all of the...
Quavo Mining Co. acquired mineral rights for $36,000,000. The mineral deposit is estimated at 80,000,000 tons. During the current year, 15,000,000 tons were mined and sold. a. Determine the amount of...
You are the regional sales manager for Lauren Delia News Company. Lauren is making adjusting entries for the year ended March 31, 2021. On September 1, 2020, customers in your region paid $36,000...
L&G Inc., a retailer of garden tools that follows ASPE, had the following statements prepared as of December 31, 2020: Additional information: 1. Dividends on common shares in the amount of $12,000...
Adamski Corporation manufactures ballet shoes and is in a period of sustained growth. In an effort to expand its production capacity to meet the increased demand for its products, the company...
Keeton Company sponsors a defined benefit pension plan for its 600 employees. The company?s actuary provided the following information about the plan. The average remaining service life per employee...
Jarad Stone operates Jarad?s Cleaning Service. As the bookkeeper, you have been requested to journalize the following transactions: The chart of accounts for Jarad?s Cleaning Service is as follows:...
GOPPAR is best defined as a hotels a. Revenue less management controllable costs per available room. b. Revenue less management controllable costs per sold room. c. ADR x RevPAR. d. ADR x RevPAR x...
1. What is your initial reaction to this story? Why do you think you had this reaction? 2. Based on this limited information, how would you rate this organization in terms of developing leadership...
A building acquired at the beginning of the year at a cost of $2,200,000 has an estimated residual value of $400,000 and an estimated useful life of 20 years. Determine (a) The depreciable cost, (b)...
What insights from the discussion of the Morgan Stanley 2003 report on eBay apply to the 2013 report on Aetna by Jefferies? What insights from the discussion of the Morgan Stanley 2003 report on eBay...
Western Trading plc is a company which uses a variety of component parts in its manufacturing operations. One of the company's suppliers has recently gone out of business and therefore Western is now...
Joe Ramsey is a computer programmer at Biosphere Communications. He approaches you, the payroll accountant about his garnishment for child support, claiming that he wishes to remit it personally...
Presented below is an aging schedule for Bryan Company at December 31, 2021. At December 31, 2021, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $8,000. Instructions a....
Prepare a bank reconciliation as of August 31 from the following information: a. The August 31 balance shown on the bank statement is $9,050. b. There is a deposit in transit of $1,300 at August 31....
From the following information, calculate the payroll tax expense for Bowling Company for the payroll of April 9: The FICA tax rate for OASDI is 6.2% on the first $127,200 earned, and Medicare is...
Michael Mayfield, the president of Mendo Mill and Lumber Co., in California, received a notice of a legal claim from Edward Starski. The claim alleged that a stack of lumber had fallen on a customer...
Western Refining purchased a model MTVS peristaltic pump for injecting antiscalant at its nanofiltration water conditioning plant. The cost of the pump was $1200. If the chemical cost is $11 per day,...
The Metropolitan Transit Authority (MTA) has just opened a new subway line (the Orange Line) in its underground transportation network. The Orange Line had a capital investment of $20 million,...
A new runway was added to the Vancouver International Airport. As usually occurs with large infrastructure projects, the development was governed by statutes and regulations. That legislation...
Amy is a calendar-year taxpayer reporting on the cash basis. Please indicate how she should treat the following items for 2018: a. She makes a deductible contribution to an IRA on April 15, 2019 b....
Joan Brevig McCormick and Clark Brevig are sister and brother. When their father passes away, Joan becomes a partner with her brother in the Brevig Ranch, and eventually they become 5050 partners....
A Brazilian company called Netshoes completed its IPO on April 12, 2017, and listed on the NYSE. Netshoes sold 8,250,000 shares of stock to primary market investors at an IPO offer price of $18, with...
Shannon, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2020. The increase in the prior years income before taxes is $1,200,000. The tax rate is 20%. Prepare...
The management of Zhou Manufacturing is trying to decide whether to continue manufacturing a part or to buy it from an outside supplier. The part, called CISCO, is a component of the companys...
Select Shepardize. For the case of Harris v. Cincinnati, 79 Ohio App. 3d 163, 607 N.E. 2d 15 (1992), how many citing decisions are listed? Are there any cases showing a negative history? How many law...
You have been approached by Gary Gerrard, president and CEO of Gerrard Construction Co., who would like your advice on a number of business and accounting related matters. Your conversation with Mr....
Gillman Co. is forecasting sales of 80,600 units of product for August. To make one unit of finished product, five pounds of raw materials are required. Actual beginning and desired ending...
The following closing entries were prepared for Apex Architectural Designs regarding its year just ended June 30, 2020: Required 1. Prepare an income statement based on the information provided. 2....
Two firms, Small and Large, compete by price. Each can choose either a low price or a high price. The following payoff table shows the profit (in thousands of dollars) each firm would earn in each of...
Brooke Remming is the Chief Executive Officer of Dundem Corp. The board of directors has agreed to pay Brooke a salary of $400,000 plus a 15% bonus if the companys pretax income increases by at least...
A company conducts a consumer survey with questions about home ownership (OwnHome: Yes/No), car ownership (OwnCar: Yes/No), annual household spending on food (Food), and annual household spending on...
The management of KSmall Industries is considering a new method of assembling a computer. The current assembling method requires a mean time of 60 minutes with a standard deviation of 2.7 minutes....
Abercrombie & Fitch Co. (ANF) and The Gap, Inc. (GPS) are two U.S. apparel retailers. The current assets and current liabilities for each company from recent balance sheets are as follows (in...
The following is a pre-closing trial balance for Kalico Kats, as at December 31, 2018: During the year, the company declared and paid $500,000 of dividends and issued shares for proceeds of...
Effective financial statement analysis requires an understanding of a firms economic characteristics. The relations between various financial statement items provide evidence of many of these...
Harry Jamison, CPA, is planning to set up a business to prepare tax returns. Harry is the only person in the business, at least for now. Can he delegate any work? Should he? Explain.
In August 2003, Tammy Duncan began working as a waitress at Bynums Diner, which was owned by her mother, Hazel Bynum, and stepfather, Eddie Bynum. Tammy, Hazel, and Eddie signed an agreement stating...
1. Why didnt the parents of the boys in this case initiate their lawsuit against the foreign subsidiaries of Goodyear USA in a French court? 2. Does this decision mean that the boys parents are...
Ross Company, a manufacturer of pharmaceuticals, has pretax ordinary income of $500,000 and has just sold for $150,000 an asset purchased 2 years ago for $125,000. Using Table 1.2, calculate the tax...
Kit Company borrows $6 million at 12% on January 1, 2019, specifically for the purpose of financing the construction of a building that is expected to take 18 months to complete. Kit invests the...
Jaworskis Ski Store is completing the accounting process for its first year ended December 31, 2018. The transactions during 2018 have been journalized and posted. The following data are available to...
Shanahan Construction Company has entered into a contract beginning January 1, 2020, to build a parking complex. It has been estimated that the complex will cost $600,000 and will take 3 years to...
Machinery that cost $192,000 on 1 January 20X1 was sold for $72,000 on 30 June 20X6. It was being depreciated over a 10 year life by the straight line method, assuming its residual value would be...