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Shown below is the activity for one of the products of Random Creations Answer

The following information is provided in the 2011 annual report to shareholders of The Biz Store Answer

Intermediate Accounting I Part A
20 Point Questions (3 questions x 20 points = 60 total points)
Show all work.
1. The following information is provided in the 2011 annual report to shareholders of The Biz Store:
December 31, 2011 December 31, 2010
Accounts Receivable Y $ 6 million
Inventory $ 25 million $ 20 million
Total assets $ 250 million X
Total Stockholders’ Equity W $ 130 million
Net Sales $ 115 million
Cost of goods sold Z
Net Income U
Average Collection Period 22.2 days
Average days in inventory 104 Days
Equity multiplier 1.9
Return on stockholders’ Equity 16.0 %
Profit Margin on sales 17.4 %
ROA V
Required: Compute U-Z in the table above.

2. Shown below is the activity for one of the products of Random Creations:
January 1 balance, 80 units @ $50 $4,000
Purchases:
January 18: 40 Units @ $51
January 28: 40 Units @ $52
Sales:
January 12: 30 Units
January 22: 30 Units
January 31:45 Units
2a. Compute the ending inventory and cost of goods sold assuming Random Creations uses FIFO.
2b. Compute the ending inventory and cost of goods sold assuming Random Creations uses LIFO and perpetual inventory system.
2c. Compute the ending inventory and cost of goods sold assuming Random Creations uses LIFO and a periodic inventory system.
2d. Compute the ending inventory and cost of goods sold assuming Random Creations uses average cost and a periodic inventory system.
2e. Compute the ending inventory and cost of goods sold assuming Random Creations uses average cost and a perpetual inventory system.

3. On January 3, 2011, Michelson & Sons acquired a tract of land just outside the city limits. The land and existing building were purchased for $2.4 million. Michelson paid $400,000 and signed a noninterest-bearing note requiring the company to pay the remaining $2,000,000 on December 31, 2012. An interest rate of 7% properly reflects the time value of money for this type of loan agreement. Transfer taxes, title insurance and other costs totaling $24,000 were paid at closing. During February, the old building was demolished at a cost of $120,000, and an additional $100,000 was paid to clear and grade the land. Construction of a new building began on March 1 and was completed on October 30. Construction expenditures were as follows:
March 30 $ 800,000
June 30 1, 200,000
July 30 1,200,000
September 1 600,000
Michelson did not borrow specifically for the construction project, but did have the following debt outstanding throughout 2011:
$6,000,000, 8% long-term note payable
$2,000,000, 5% long-term note payable
In December, the company purchased equipment and office furniture and fixtures for a lump-sum price of $800,000. The fair values of the equipment and the furniture and fixtures were $540,000 and $360,000, respectively. In December, Michelson paid $340,000 for the construction of parking lots and landscaping.
Required:
3a. Determine the initial values of the various assets that Michelson acquired or constructed during 2011.
3b. How much interest expense will Michelson report in its 2011 income statement?

Part B
4 points Questions (10 questions x 4 points = 40 total points)
Show all Works
1. Tri Fecta, partnerships, had revenues of $360,000 in its first year of operations. The partnership has not collected on $35,000 of its sales, and still owes $40,000 on $150,000 of merchandise they purchased. There was no inventory on hand at the end of the year. The partnership paid $25,000 in salaries. The partners invested $40,000 in the business and $25,000 was borrowed on a five-year note. The partnership paid $3,000 in interest that was the amount owed for the year and paid $8,000 a two-year insurance policy on the first day of business.
Required
1a. Compute net income for the first year for Tri Fecta.
2a. Compute the cash balance at the end of the first year for Tri Fecta.
2. Presented below is a partial trial balance for the Messenger Corporation at December 31, 2011.
Account Title Debits Credits
Cash and Cash Equivalents 30,000
Account Receivable 195,000
Raw materials inventory 36,000
Note receivable 120,000
Interest receivable 4,000
Interest Payable 7,000
Marketable securities 48,000
Land 100,000
Buildings 1,500,000
Accumulated depreciation-buildings 740,000
Work in process inventory 38,000
Finish goods inventory 98,000
Equipment 400,000
Accumulated depreciation – equipment 230,000
Franchise (Net of amortization) 120,000
Prepaid insurance (for the next year) 60,000
Unearned revenue 48,000
Accounts payable 240,000
Note payable 500,000
Salaries Payable 6,000
Cash restricted for payment of Note Payable 100,000
Allowance for uncollectible Accounts 24,000
Sales revenues 900,000
Cost of goods sold 500,000

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Linear Programming Model A hospital is planning an $8 million addition to its existing facility Answer

Linear Programming Model _Excel Solution Module 6 P6-16_P6-30_P7-18_Answer

Problem P 6-16

A hospital is planning an $8 million addition to its
existing facility. The architect has been asked to con-
sider the following design parameters: (1) There should
be at least 10 and no more than 20 intensive care unit
(ICU) rooms; (2) there should be at least 10 and no

more than 20 cardiac care unit (CCU) rooms; (3) there
should be no more than 50 double rooms; (4) there
should be at least 35 single rooms; and (5) all patient
rooms should fit inside the allotted 40,000-square-foot
space (not including hallways). The following table
summarizes the relevant room data:
SINGLE DOUBLE ICU CCU
Cost per room to build and furnish ($thousands) $45 $54 $110 $104
Minimum square feet required 300 360 320 340
Profit per room per month ($thousands) $21 $28 $ 48 $ 41

How many rooms of each type should the architect
include in the new hospital design?

Problem P 6-30

6-30 Sandy Edge is president of Edge File Works, a
firm that manufactures two types of metal file
cabinets. The demand for the two-drawer model
is 650 cabinets per week; demand for the three-
drawer cabinet is 400 per week. Edge has a weekly
operating capacity of 1,600 hours, with the two-
drawer cabinet taking 1.5 hours to produce and
the three-drawer cabinet requiring 2 hours. Each
two-drawer model sold yields a $12 profit, and
the profit for the three-drawer model is $14. Edge
has listed the following goals, in rank order:
Rank 1: Attain a profit as close to $12,000 as pos-
sible each week.
Rank 2: Avoid underutilization of the firm’s pro-
duction capacity.
Rank 3: Sell as many two- and three-drawer cabi-
nets as the demand indicates.
Set up and solve this problem as a goal program-
ming model.

Problem 7-18

7-18 A plant engineering group needs to set up an assem-
bly line to produce a new product. The table in the
next column describes the relationships between the
activities that need to be completed for this product
to be manufactured.
(a) Develop a project network for this problem.
(b) Determine the expected duration and variance
for each activity.

(c) Determine the EST, EFT, LST, LFT, and slack
for each activity. Also determine the total project
completion time and the critical path(s).
(d) Determine the probability that the project will be
completed in less than 34 days.
(e) Determine the probability that the project will
take more than 29 days.

ACTIVITY DAYS IMMEDIATE
PREDECESSORSa m b

Problem 7-18
Activity Pred Optim time (a) Most likely time (m) Pessim time (b) Expected time Variance Standard deviation EST EFT LST LFT Slack Critical?
0.00 0.00 0.00 0.00 0.00 Y
0.00 0.00 0.00 0.00 0.00 Y
Y
Y
Y
Y
Y
Y
Y

Critical path =
Project length = 0.00 days
Project variance = 0.00
Project std deviation = 0.00 days
P(Finish < = 34 days) = #NUM! P(Finish >= 29 days) = #NUM!

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Linear Programming Model Steve’s Mountain Bicycle Shop is considering three options for its facility next year Answer

Linear Programming Model _Excel Solution Module 7 Problem P8-14_P8-28_P9-16_P9-20_Excel_ Answer

Linear Programming Model _Excel Solution Module 7 Problem P8-14_P8-28_P9-16_P9-20_Excel_ Answer

Problem P 8-14

Steve’s Mountain Bicycle Shop is considering three options for its facility next year. Steve can expand his current shop, move to a larger facility,
or make no change. With a good market, the annual payoff would be $76,000 if he expands, $90,000 if he moves, and $40,000 if he does nothing. With
an average market, his payoffs will be $30,000,
$41,000, and $15,000, respectively. With a poor
market, his payoff will be – +17,000, – +28,000, and
$4,000, respectively.
(a) Which option should Steve choose if he uses the
maximax criterion?
(b) Which option should Steve choose if he uses the
maximin criterion?
(c) Which option should Steve choose if he uses the
equally likely criterion?
(d) Which option should Steve choose if he uses
the criterion of realism with a = 0.4?
(e) Which option should Steve choose if he uses
the minimax regret criterion?

Question

Problem P 8-28

Jerry Young is thinking about opening a bicycle shop in his hometown. Jerry loves to take his own bike on 50-mile trips with his friends, but he believes that any small business should be started only if there is a good chance of making a profit. Jerry can open a small shop, a large shop, or no shop at all. Because there will be a five-year lease on the building that Jerry is thinking about using, he wants to make sure that he makes the correct decision. Jerry has done some analysis about the profit-ability of the bicycle shop. If Jerry builds the large bicycle shop, he will earn $60,000 if the market is good, but he will lose $40,000 if the market is bad. The small shop will return a $30,000 profit in a good
market and a $10,000 loss in a bad market. At the
present time, he believes that there is a 59% chance
that the market will be good.
Jerry also has the option of hiring his old mar-
keting professor for $5,000 to conduct a marketing
research study. If the study is conducted, the results
could be either favorable or unfavorable. It is esti-
mated that there is a 0.6 probability that the survey
will be favorable. Furthermore, there is a 0.9 proba-
bility that the market will be good, given a favorable
outcome from the study. However, the marketing
professor has warned Jerry that there is only a prob-
ability of 0.12 of a good market if the marketing
research results are not favorable.
(a) Develop a decision tree for Jerry and help him
decide what he should do.
(b) How much is the marketing professor’s infor-
mation worth? What is the efficiency of this
information?

Problem P 9-16

The wheat harvesting season in the U.S. Midwest is short, and most farmers deliver their truckloads of wheat to a giant central storage bin within a two-
week span. Because of this, wheat-filled trucks waiting to unload and return to the fields have been known to back up for a block at the receiving bin.
The central bin is owned cooperatively, and it is to every farmer’s benefit to make the unloading/storage process as efficient as possible. The cost
of grain deterioration caused by unloading delays
and the cost of truck rental and idle driver time are
significant concerns to the cooperative members.
Although farmers have difficulty quantifying crop
damage, it is easy to assign a waiting and unloading
cost for truck and driver of $18 per hour. The stor-
age bin is open and operated 16 hours per day, seven
days per week during the harvest season and is
capable of unloading 35 trucks per hour, according
to an exponential distribution. Full trucks arrive all
day long (during the hours the bin is open), at a rate
of about 30 per hour, following a Poisson pattern.
To help the cooperative get a handle on the
problem of lost time while trucks are waiting in line
or unloading at the bin, find the
(a) average number of trucks in the unloading
system
(b) average time per truck in the system
(c) utilization rate for the bin area
(d) probability that there are more than three trucks
in the system at any given time
(e) total daily cost to the farmers of having their
trucks tied up in the unloading process
(f) The cooperative, as mentioned, uses the storage
bin only two weeks per year. Farmers estimate
that enlarging the bin would cut unloading costs
by 50% next year. It will cost $9,000 to do so
during the off-season. Would it be worth the
cooperative’s while to enlarge the storage area?

Problem P 9-20

Carlos Gomez is the receiving supervisor for a large grocery store. Trucks arrive to the loading dock at an average rate of four per hour, according to a Pois-
son distribution, for 8 hours each day. The cost of operating a truck is estimated to be $80 per hour. Trucks are met by a three-person crew, which is able
to unload a truck in an average of 12 minutes, according to an exponential distribution. The payroll cost associated with hiring a crew member, includ-
ing benefits, is $22 per hour. Carlos is now considering the installation of new equipment to help the crew, which would decrease the average unload-
ing time from 12 minutes to 9 minutes. The cost of this equipment would be about $500 per day. Is the installation of the new equipment economically
feasible?

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Linear Programming Model Highland Automotive wishes to forecast the number of new cars that will be sold next week Answer

Linear Programming Model _Excel Solution Module 8 Problem P11-20_P11-28_P12-24_P12-26_Excel_ Answer

Problem P 11-20

Highland Automotive wishes to forecast the number
of new cars that will be sold next week. The follow-
ing table summarizes the number of new cars sold
during each of the past 12 weeks:

WEEK NUMBER SOLD (a) Provide a forecast by using a 3-week weighted
1 22 moving average technique with weights 5, 3, and
2 26 1 (5 = most recent).
3 23 (b) Forecast sales by using an exponential smooth-
4 27 ing model with a = 0.45.
5 21 (c) Highland would like to forecast sales by using
6 25 linear trend analysis. What is the linear equation
7 28 that best fits the data?
8 26 (d) Which of the methods analyzed here would you
9 29 use? Explain your answer.
10 29
11 27
12 31

Problem P 11-28

Consider the patient data for Dr. Schalkoff given in
Problem 11-27.
(a) Draw the relationship between the crime rate and
Dr. Schalkoff’s patient load. Is a linear model
between these two variables reasonable?
(b) Apply linear regression to study the relationship
between the crime rate and Dr. Schalkoff’s pa- Year Number of Patients Crime Rate
tient load. 1 30 67.3
(c) If the crime rate increases to 140.2 in year 11, 2 27 70.6
how many patients will Dr. Schalkoff treat? 3 34 82.4
(d) If the crime rate drops to 98.6, what is the patient 4 35 84.7
projection? 5 34 90.1
6 49 98
7 54 110.1
8 48 103.8
9 52 112.3
10 55 125.2

Problem P12-24

Blaine Abrams is the owner of a small company
that produces electric scissors used to cut fabric.
The annual demand is for 75,000 scissors, and
Blaine produces the scissors in batches. On average, Blaine
can produce 1,000 pairs of scissors per day
during the production process. Demand for
scissors has been about 250 pairs of scissors per
day. The cost to set up the production process is
$800, and it costs Blaine $0.90 to carry 1 pair of
scissors for one year. How many scissors should
Blaine produce in each batch?

Problem P12-26

Chandler Manufacturing has a demand for 1,000
pumps each year. The cost of a pump is $50. It
costs Chandler Manufacturing $40 to place an
order, and the carrying cost is 25% of the unit cost.
If pumps are ordered in quantities of 200, Chandler
Manufacturing can get a 3% discount on the cost of
the pumps. Should Chandler Manufacturing order
200 pumps at a time and take the 3% discount?

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The president of your company has asked you to write a memo to him to explain CVP analysis Answer

Managerial Accounting_you are the CFO of a manufacturing company with ten product lines_Answer

Managerial Accounting

Short Paper, 2-3 pages: Manufacturing (due by Thursday, 07/25/13; 9:00 pm, EST)
Pretend you are the CFO of a manufacturing company with ten product lines. The president of your company has asked you to write a memo to him to explain CVP analysis and how he can use it as a tool for planning and controlling costs. Additionally, he would like to know how he can use this information to decide if he should drop one of his product lines and instead focus on the remaining nine product lines. He understands accounting, but needs a refresher on the different types of costs and how they affect the break even point of a product and ultimately profit.

Requirements: double spacing, 12-point Times New Roman font, one-inch margins, discipline-appropriate in body citations, APA format, and at least two credible references.

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Balloons Aloha case study suggest short-term recommendations for the set of six jobs at the company Answer

Balloons Aloha case study suggest short-term recommendations for the set of six jobs at the company Answer•From the case study, suggest short-term recommendations for the set of six jobs at the company. Support your recommendations.

•From the case study, evaluate the efficiency of Balloons Aloha’s sequencing system. Provide long-term recommendations with respect to sequencing jobs at the company. Support your recommendations.

PART 2 PLEASE COMMENT TO THIS DISCUSSION NO LESS THE 175 WORDS BASE ON 1 CREDIBLE RESORCE

From the case study, suggest short-term recommendations for the set of six jobs at the company. Support your recommendations.

There are a few short term recommendations for the set of six jobs that would help Balloons Aloha. One recommendation would be hire more employees to do balloons. More employees would help the day of the parties not be so hectic. This also allows for the manager to not have to fill the balloons but to actually manage. More work would get done. Another recommendation would be to supply the company with another helium tank. This again would offer more work to get done, and balloons could be filled closer to the time they are needed. That way the business would not have to worry about the balloons losing a lot of air before they are used.

From the case study, evaluate the efficiency of Balloons Aloha’s sequencing system. Provide long-term recommendations with respect to sequencing jobs at the company. Support your recommendations.

 

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ACC 550 Final Exam Answer Set 1 and 2 The following balance sheet was prepared by the bookkeeper for Purple CompanyAnswer

ACC 550 Final Exam Answer Set 1 and 2 All Correct A+ Answer

SET 1:

1. (TCO A) Listed below are several information, characteristics, and accounting principles and assumptions. Match the letter of each with the appropriate phrase that states its application.
(Points : 30)
Potential Matches:

1 : Earnings process completed and realized or realizable

2 : Cost of providing financial information versus the benefits derived from its use

3 : Accruals and deferrals in adjusting and closing process

4 : Business enterprise assumed to have a long life

5 : Stable dollar assumption

6 : Notes as part of necessary information to a fair presentation

7 : Valuing assets at amount originally paid for them

8 : The impact of an item on the overall financial operations of a company

9 : Presentation of error-free information with representational faithfulness

Answer

: Historical cost principle

: Going concern principle

: Matching principle

: Monetary unit

: Revenue recognition principle

: Full disclosure principle

: Reliability characteristic

: Cost-benefit relationship

: Materiality constraint

2. (TCO B) Adjusting Entries: Unearned rent at 1/1/12 was $28,300 and at 12/31/12 was $48,200. The records indicate cash receipts from rental sources during 2010 amounted to $145,200, all of which was credited to the Unearned Rent Account. You are to supply the missing adjusting entry.

3. (TCO B) Adjusting Entries: Information relating to the balances of various accounts affected by adjusting or closing entries appear below. You are asked to supply the missing journal entries which would account for the changes in the account balances. Interest receivable at 1/1/12 was $8,000. During 2010 cash received from debtors for interest on outstanding notes receivable amounted to $11,000. The 2010 income statement showed interest revenue in the amount of $8,900. You are to provide the missing adjusting entry that must have been made, assuming reversing entries are not made.

4. (TCO B) Adjusting Entries: Accumulated depreciation-machinery at 1/1/10 was $150,000. At 12/31/10, the balance of the account was $300,000. During 2010, one piece of equipment was sold. The equipment had an original cost of $100,000 and was 1/2 depreciated when sold. You are to prepare the missing adjusting entry. For each journal entry write Dr. for debit and Cr. for credit.

5. (TCO B) Adjusting Entries: Allowance for Doubtful accounts made on 1/1/10 was $40,000. The balance in the allowance account on 12/31/10 after making the annual adjusting entry was $60,000 and during 2010 bad debts written off amounted to $30,000. You are to provide the missing adjusting entry. For each journal entry write Dr. for debit and Cr. for credit.

Second Part

1. (TCO B) Adjusting Entries: Prepaid rent at 1/1/10 was $9,000. During 2010 rent payments of $110,000 were made and charged to “rent expense.” The 2010 income statement shows as a general expense the item “rent expense” in the amount of $111,000. You are to prepare the missing adjusting entry that must have been made, assuming reversing entries are not made. For each journal entry write Dr. for debit and Cr. for credit.

2. (TCO B) Adjusting Entries: Retained earnings at 1/1/10 were $100,000 and at 12/31/10 it was $300,000. During 2010, cash dividends of $40,000 were paid and a stock dividend of $40,000 was issued. Both dividends were properly charged to retained earnings. You are to provide the missing closing entry. For each journal entry write Dr. for debit and Cr. for credit.

3. (TCO C) Here is information related to the DRF Corporation.
Retained earnings, December 31, 2012
$ 3,890,000
Sales
4,500,000
Selling and administrative expenses
387,000
Extraordinary Item(Loss)(Net of Tax)
178,000
Cash dividends declared on common stock
82,600
Cost of good sold
1,780,000
Other revenue
142,500
Other expenses
77,800

Instructions: Prepare a multiple step income statement.

4. (TCO D) This is a balance sheet for the ABC corporation as of 12/31/12.
Cash
$ 60,000
Accounts payable
$ 55,000
Accounts receivable (net)
42,200
Long-term liabilities
60,000
Inventories
47,000
Stockholders’ equity
208,500
Investments
66,300
Equipment (net)
86,000
Patents
22,000
Total $323500
Total $323500

The following additional information is provided:
(1) Cash includes the cash surrender value of a life insurance policy $7,400 and a bank overdraft of $1,500 has been deducted.
(2) The net accounts receivable balance includes:
(a) accounts receivable debit balances $56,000;
(b) accounts receivable credit balances $6,000; and
(c) allowance for doubtful accounts $7,800.
(3) Inventories do not include goods costing $6,000 shipped out on consignment. Receivables of $2,000 were recorded on these goods.
(4) Investments include investments in common stock, trading $14,000, available-for-sale $48,300, and franchises $4,000.
(5) Equipment costing $5,000 with accumulated depreciation $4,000 is no longer used and is held for sale. Accumulated depreciation on the other equipment is $40,000.
Instructions:
Prepare a balance sheet in good form (stockholders’ equity details can be omitted).
Do not worry about balancing the statement but rather use your time to compute the account balances properly for presentation purposes.

5. (TCO E) Jack Sawyer is presently leasing a copier from John Office Equipment Company. The lease requires 11 annual payments of $3,500 at the end of each year and provides the leaser (John) with an 8% return on its investment. You may use the following 8% interest factors.

9 Periods
10 Periods
11 Periods
Future Value of 1
1.99900
2.15892
2.33164

Present Value of 1
.50025
.46319
.42888
Future Value of
12.48756
14.48656
16.64549
Ordinary Annuity of 1
Present Value of
6.24689
6.71008
7.13896
Ordinary Annuity of 1
Present Value of
6.74664
7.24689
7.71008
Annuity Due of 1
Instructions
(a) Assuming the computer has an 11-year life and will have no salvage value at the expiration of the lease, what was the original cost of the copier to John?
(b) What amount would each payment be if the 11 annual payments are to be made at the beginning of each period?

6. (TCO F) Daniels Company deposits all receipts and makes all payments by check. The following information is available from the cash records.
MARCH 31
BANK RECONCILIATION
Balance per bank
$26,746
Add: Deposits in transit
2,100
Deduct: Outstanding checks
(3,800)
Balance per books
$25,046
Month of April Results
Per Bank
Per Books
Balance April 30
$27,995
$24,355
April deposits
8,864
13,889
April checks
13,100
14,080
April note collected
3,000
-0-
(not included in April deposits)

April bank service charge
35
-0-
April NSF check of a customer returned by the bank
(recorded by bank as a charge)
900
-0-
Instructions
Calculate the amount of the April 30
(1) deposits in transit; and
(2) outstanding checks.
Show all your work for potential partial credit.

7. Steve Company was formed on December 1, 2010. The following information is available from Steve’s inventory record for Product X.

Units Unit Cost

January 1, 2012 (beginning inventory) 2800 $17.00

Purchases:

05-Jan-12 3600 $25.00

25-Jan-12 2800 $27.00

16-Feb-12 2400 $32.00

15-Mar-12 3300 $34.00

A physical inventory on March 31, 2012, shows 4800 units on hand.
Instructions:
Prepare schedules to compute the ending inventory at March 31, 2012, under each of the following inventory methods.
(a) FIFO
(b) LIFO
(c) Weighted-average
Show supporting computations in good form. (Points : 40)

8. (TCO H) A machine cost $300,000 on April 1, 2012. Its estimated salvage value is $60,000 and its expected life is 8 years.
Instructions:
Calculate the depreciation expense (to the nearest dollar) by each of the following methods, showing the figures used.
(a) Straight-line for 2012
(b) Double-declining balance for 2013
(c) Sum-of-the-years’-digits for 2013.

SET 2:

1. Question : (TCO A) Listed below are several information, characteristics, and accounting principles and assumptions. Match the letter of each with the appropriate phrase that states its application.

2. Question : (TCO B) Adjusting Entries: Unearned rent at 1/1/10 was $5,300 and at 12/31/10 was $6,000. The records indicate cash receipts from rental sources during 2010 amounted to $60,000, all of which was credited to the Unearned Rent Account.

You are to prepare the missing adjusting entry. For each journal entry write Dr. for debit and Cr. for credit.

3. Question : (TCO B) Adjusting Entries: Data relating to the balances of various accounts affected by adjusting or closing entries appear below. (The entries which caused the changes in the balances are not given.) You are asked to supply the missing journal entries which would logically account for the changes in the account balances. Interest receivable at 1/1/10 was $1,000. During 2010 cash received from debtors for interest on outstanding notes receivable amounted to $1,000. The 2010 income statement showed interest revenue in the amount of $2,900. You are to provide the missing adjusting entry that must have been made, assuming reversing entries are not made. For each journal entry write Dr. for debit and Cr. for credit.

4. Question : (TCO B) Adjusting Entries: Accumulated depreciation-machinery at 1/1/10 was $150,000. At 12/31/10, the balance of the account was $300,000. During 2010,

one piece of equipment was sold. The equipment had an original cost of $100,000 and was 1/2 depreciated when sold. You are to prepare the missing adjusting entry. For each journal entry write Dr. for debit and Cr. for credit.

5. Question : (TCO B) Adjusting Entries: Allowance for doubtful accounts on 1/1/10 was $70,000. The balance in the allowance account on 12/31/10 after making the annual adjusting entry was $70,000 and during 2010 bad debts written off amounted to $40,000. You are to provide the missing adjusting entry. For each journal entry write Dr. for debit and Cr. for credit.

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1. Question : (TCO B) Adjusting Entries: Prepaid rent at 1/1/10 was $30,000. During 2010 rent payments of $100,000 were made and charged to “rent expense.” The 2010 income statement shows as a general expense the item “rent expense” in the amount of $130,000. You are to prepare the missing

adjusting entry that must have been made, assuming reversing entries are not made. For each journal entry write Dr. for debit and Cr. for credit.

2. Question : (TCO B) Adjusting Entries: Retained earnings at 1/1/10 were $100,000 and at 12/31/10 it was $300,000. During 2010, cash dividends of $40,000 were paid and a stock dividend of $40,000 was issued. Both dividends were properly charged to retained earnings. You are to provide the missing closing entry. For each journal entry write Dr. for debit and Cr. for credit.

3. Question : (TCO C) Presented below is information related to Bruce Van Company. Retained earnings, December 31, 2010 $650,000
Sales 1,400,000
Selling and administrative expenses 240,000
Hurricane loss (pre-tax) on plant (extraordinary item) 290,000
Cash dividends declared on common stock 33,600
Cost of goods sold 780,000
Gain resulting from computation error on depreciation charge in 2009(pre-tax) 520,000
Other revenue 120,000

Other expenses 100,000

Instructions: Prepare in good form a multiple-step income statement for the year 2011. Assume a 30% tax rate and that 80,000 shares of common stock were outstanding during the year. Show EPS computations as well.

4. Question : (TCO D) The following balance sheet was prepared by the bookkeeper for Purple Company as of December 31, 2011 Purple Company Balance Sheet as of December 31, 2011 Cash $ 80,000 Accounts payable $ 75,000
Accounts receivable (net) 52,200 Long-term liabilities 100,000
Inventories 57,000 Stockholders’ equity 218,500
Investments 76,300
Equipment (net) 96,000
Patents
$393,500 $393,500
The following additional information is provided:
(1) Cash includes the cash surrender value of a life insurance policy $12,000, and a bank overdraft of $2,500 has been deducted.
(2) The net accounts receivable balance includes:
(a) accounts receivable debit balances $60,000;
(b) accounts receivable 0;
(c) allowance for doubtful accounts $3,800.
(3) Inventories do not include goods costing $3,000 shipped out on consignment. Receivables of $3,000 were recorded on these goods.
(4) Investments include investments in common stock, trading $13,000, available-for-sale $48,300, and franchises $15,000.
(5) Equipment costing $5,000 with accumulated depreciation

$4,000 is no longer used and is held for sale. Accumulated depreciation on the other equipment is $40,000.
(6) An unrecorded liability was not recorded on the balance sheet of $2000.
Instructions
Prepare a balance sheet in good form (stockholders’ equity details can be omitted.)

5. Question : (TCO E) Jack Sawyer is presently leasing a copier from John Office Equipment Company. The lease requires 11 annual payments of $2,500 at the end of each year and provides the leaser (John) with an 8% return on its investment. You may use the following 8% interest factors:

9 Periods 10 Periods 11 Periods
Future Value of 1 1.99900 2.15892 2.33164
Present Value of 1 .50025 .46319 .42888
Future Value of 12.48756 14.48656
Ordinary Annuity of 1
Present Value of 6.24689 6.71008 7.13896
Ordinary Annuity of 1
Present Value of 6.74664 7.24689 7.71008
Annuity Due of 1
(a) Assuming the computer has an eleven-year life and will have no salvage value at the expiration of the lease, what was the original cost of the copier to John?
(b) What amount would each payment be if the 11 annual payments are to be made at the beginning of each period?

6. Question : (TCO F) Daniels Company deposits all receipts and makes all payments by check. The following information is available from the cash records:
MARCH 31
BANK RECONCILIATION

Balance per bank $26,746
Add: Deposits in transit 2,100
Deduct: Outstanding checks (3,800)
Balance per books $25,046
Month of April Results Per Bank Per Books
Balance April 30 $27,995 $24,355
April deposits 8,864 13,889
April checks 13,100 14,080
April note collected 3,000 -0-
(not included in April deposits)
April bank service charge 35 -0-
April NSF check of
a customer returned by the bank
(recorded by bank as a charge) 900 -0-
Instructions
Calculate the amount of the April 30:
(1) Deposits in transit
(2) Outstanding checks
Show all your work for potential partial credit.

7. Question : (TCO G) Rye Company was formed on December 1, 2010. The following information is available from Rye’s inventory record for Product Bread. Units Unit Cost
January 1, 2011 (beginning inventory) 1,700 $17.00
Purchases:
January 5, 2011 2,600 $20.00
January 25, 2011 2,400 $21.00
February

16, 2011 1,000 $22.00
March 15, 2011 2,100 $25.00

A physical inventory on March 31, 2011, shows 3,000 units on hand.
Instructions
Prepare schedules to compute the ending inventory at March 31, 2011, under each of the following inventory methods:
(a) FIFO.
(b) LIFO.
(c) Weighted-average.
Show supporting computations in good form.

8. Question : (TCO H) A machine cost $500,000 on April 1, 2010. Its estimated salvage value is $50,000 and its expected life is eight years.
Instructions
Calculate the depreciation expense (to the nearest dollar) by each of the following methods, showing the figures used.
(a) Straight-line for 2010
(b) Double-declining balance for 2011
(c) Sum-of-the-years’-digits for 2011

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Assume that you are employed at the Blue Bay Resort and Conference Center. As you might expect, the culture is fast-paced Answer

Week 2 Assignment:

Assignment: Create an Email Message

The purpose of this assignment is for you to apply writing principles while responding to business email. The emails you’ll receive simulate internal and external. Assume that you are employed at

the Blue Bay Resort and Conference Center. As you might expect, the culture is fast-paced and fairly informal, with employees relying heavily on email. While speed is important, high value is also

placed on precision: All of your email responses should be grammatically correct and error free.

You will play the role of the catering director for the Blue Bay Resort and Conference Center. You took this job five years ago and are busier than you ever imagined you might be—running from

meeting to meeting every day. Your only time to respond to your email is during your short breaks between customer meetings. As usual, you have a flood of messages which all seem critical. Your

challenge during this assignment is to respond to all of your email and write clear responses.

When responding to each of the messages, consider all of the following:
•What do you think is an appropriate response to your message?
•What information do you think should be included?
•What might be inappropriate for this type of message?
•How long should an appropriate response be?
•What would you consider too long?
•What tone should you use for the message?

Message 1

Sender: Thomas Jans, HR Assistant

To: You

Subject: Happy Anniversary!

Message:

Good morning!

I looked at my calendar and noticed that today is your fifth anniversary. Congratulations! How is everything going? Do you have any questions? Let me know if you would like to sit down and review

your 401k and benefits.

Have a Great Day!
Thomas

Message 2

Sender: Margaret Harris, HR Manager

BCC To: All employees

Date: October 1, 20xx

Subject: Important Policy Change: Vacation Schedule

Message:

Good morning!

Effective immediately, there has been a change to the vacation policy.

Any vacation requests for January through April must be turned in by November 1. Approval or denial of these vacation requests must be returned to you no later than two weeks after your request.

You will then have another week to resubmit your request.

Vacation requests for May through August must be submitted by March 1.

Vacation requests for September through December must be submitted by July 1.

Please send your requests directly to me, with a copy going to your supervisor. If you have any questions about the policy change or the number of vacations days available, please let me know.

Thank you.
Margaret

Message 3

Sender: Michael Jones, Quality Foods

To: You

Subject: Today’s Conference Call

Message:

You are one busy person. We missed you in this morning’s conference call with Chef Bill. Did I write down the wrong time or day? I am working on your order for next week’s hospital fund-raising

luncheon. We need to confirm the menu and how many people will attend. I need this information by the end of the day tomorrow.

Please reply with the requested information or to set up another conference call.

Thank you.
Mike

Message 4

Sender: Blake Edwards

To: You

Subject: Summer Job Opportunity

Message:

I’m interested in a summer job opportunity with Blue Bay Resorts. Your HR department said you are in charge of the hiring for the events at the conference center.

I am a high school senior and will be going to college next year. I am looking to expand my knowledge of the hospitality industry, and Blue Bay seems like the perfect place for me.

For the past two summers, I worked as a host for an upscale restaurant where I learned the importance of customer service in a fast-paced environment. I’m currently working at the Hyatt Regency

as a bellman, serving as valet and helping people with their luggage.

To build on my experience, I am open to a variety of jobs at Blue Bay. I would like to speak with you further about future opportunities and how I might contribute to your resort and conference

center during this coming summer. I am available to work between May 15 and August 15.

My resume is enclosed for more information about me. You can reach me by email or at 917-555-6169. I look forward to hearing from you to arrange a time to meet.

Thank you.
Blake Edwards

Message 5

Sender: Angel Murphy, Kitchen Manager

To: You

Subject: Confidential

Message:

We need to talk. One of the servers we used for the banquet last week came to me today. She wants to file a sexual harassment complaint against one of the bellmen. How do you want to handle

this? Should we discuss this with her first or set up an appointment for all of us with HR?

I’ll fix you lunch if you have time to discuss it today.

Thank you.
Angel

 

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Week 2 Case Analysis: Conference Decision Case In less than two weeks, an accounting system user’s conference Answer

Week 2 Case Analysis: Conference Decision Case

Date: September 2, 2005

In less than two weeks, an accounting system user’s conference is scheduled to be held in New Orleans, Louisiana on September 13–16, 2005. Unfortunately, Hurricane Katrina has struck the city leaving a wake of destruction. Based on what you see on television, the hotel and the city cannot possibly accommodate this or any conference for the foreseeable future.

Approximately 200 attendees are scheduled to attend, flying in from all over the country. All attendees pre-paid their registration fee for the conference.

With a lot of competition in the marketplace, getting the users to participate in the annual user’s conference is critical to retain current customers. During the conference, several product enhancement ideas are developed by the users, and this input is often used in future releases of the product.

Potential new customers are invited to the event and their involvement often leads to securing new contracts for the accounting system as they gain confidence in the system seeing others use it.

As head of the group that puts on the conference, you are faced with making a determination of what to do with this year’s conference. You are getting calls from the registered attendees asking what to do. Senior management feels that the conference is critical to ensure continued customer engagement and fears that cancelling the conference altogether, the company will lose the momentum it has developed over the past few years.

Other considerations:
•Keeping the original dates and moving to a different city may drastically increase costs due to the short advanced notice. Will people cancel because of the higher hotel costs?
•If the date is changed, will the speakers and attendees still be able to attend?
•Having worked with the local Convention & Visitor’s Bureau and the hotel, you worry about how their businesses will survive with all of this destruction and wonder what you can do to help.

Using the same information from last week’s Case Analysis, build on the work you did last week by identifying the following.
1.Define the objectives for the Conference Decision Case. The objectives should be separated into fundamental and means objectives.
1.Identify the alternatives for the case.

For additional resources pertaining to this assignment, please review the Decision Making Drag and Drop Interactive found under the Week 2 Lecture tab. Additionally, an Overview of Decision Making Objectives can be found here. An example utilizing fundamental and means objectives can be found here. These documents can also be found in the Doc Sharing tab.

Submit your definition of the problem in a MS Word document to the Week 2 Case Analysis Dropbox. Input your responses in the template found here. This document is also posted in the Doc Sharing tab.

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Companies that are mostly influenced by seasonal sales have to make a choice between Answer

A share of preferred stock pays a quarterly dividend of $2.50 and currently trades for $50. What rate of return will an investor earn?

Select one:

  1. 2.5%
  2. 5%
  3. 10%
  4. 20%
  5. 25%

Question text

Companies that are mostly influenced by seasonal sales have to make a choice between

Select one:

  1. level production and inventory buildup.
  2. seasonal production and an uneven workforce.
  3. a stable workforce and a fluctuating workforce.
  4. All of the above

 

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The general rule for using the weighted average cost of capital (WACC) in capital budgeting decisions is accept all projects with

Select one:

  1. rates of return greater than or equal to the WACC.
  2. rates of return less than the WACC.
  3. rates of return equal to or less than the WACC.
  4. positive rates of return.

 

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One of the first considerations in cash management is

Select one:

  1. to have as much cash as possible on hand.
  2. synchronization of cash inflows and cash outflows.
  3. profitability.
  4. to put any excess cash into accounts receivable.

 

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Which of the following is NOT a method of speeding up collections?

Select one:

  1. Lock-box system
  2. Regional collection centers
  3. Extended disbursement float
  4. All of the above are methods for speeding up collections.

 

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Which of the following securities represents an unsecured promissory note issued by a corporation?

Select one:

  1. Certificates of deposit
  2. Savings accounts
  3. Commercial paper
  4. Money market fund

 

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Dun & Bradstreet is known for providing

Select one:

  1. interest rate information to cash managers.
  2. credit scoring reports that rank a company’s payment habits relative to its peer group.
  3. cash management systems to corporate treasurers.
  4. consumer credit reports to credit card companies.

 

 

 

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The costs of carrying inventory do not include

Select one:

  1. the interest on funds tied up in inventory.
  2. the cost of warehouse space.
  3. ordering costs.
  4. insurance and handling costs.

 

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A firm’s average accounts receivable (A/R) is $2.5 million and is financed by a bank loan with 11% annual interest. It is considering a regional lockbox system to speed up collections that it believes will reduce A/R by 20 percent. The annual cost of the system is $15,000. What is the estimated net annual savings to the firm from implementing the lockbox system?

Select one:

  1. $500,000
  2. $ 60,000
  3. $ 55,000
  4. $ 40,000

 

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On a typical day a firm writes $10,000 in checks. It generally takes 4 days for these checks to clear. Each day the firm typically receives $10,000 in checks that take 3 days to clear. What is the firm’s net float?

Select one:

  1. $70,000
  2. $ 40,00
  3. $ 30,000
  4. $ 10,000

 

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A vendor offers you trade credit of 2/10, net 45. The value of the discount is the equivalent of ________%.

Select one:

  1. 12%
  2. 15%
  3. 21%
  4. 32%

 

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Bank loans to business firms

Select one:

  1. are usually short-term in nature.
  2. are preferred by the banker to be self-liquidating.
  3. may require compensating balances.
  4. all of the above

 

 

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A firm needs $80,000 in funds for expansion. With a compensating balance requirement of 20%, how much will the firm need to borrow?

Select one:

  1. $16,000
  2. $80,000
  3. $100,000
  4. none of the above

 

 

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A firm borrows $10,000 for one year at 12 percent interest. What is the effective rate of interest if the loan is discounted?

Select one:

  1. Less than 12.5 percent
  2. More than 12.5 percent, but less than 13.5 percent
  3. More than 13.5 percent, but less than 14.5 percent
  4. More than 14.5 percent

 

 

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Commercial paper has which of the following advantages:

Select one:

  1. It may be issued below the prime rate.
  2. It requires no compensating balances.
  3. It is secured by corporate assets to protect the buyer.
  4. a and b are both correct

 

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Which of the following is not a method for lenders to control pledged inventory?

Select one:

  1. Blanket inventory liens

  2. Trust receipts

  3. Warehousing

  4. Factoring

 

 

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