Financial Accounting

2. (20 points) You are working as an engineer for a company that makes two produ

2. (20 points) You are working as an engineer for a company that makes two products, A and B. The e bet one products are made at three plants, in locations 1, 2, and 3. There are …

2. (20 pts) In order for their securities to be traded in U.S. capital markets,

2. (20 pts) In order for their securities to be traded in U.S. capital markets, public companies, whether located in the United States or abroad, must comply with certain U.S. leg…

2. (20 pts) The Eastman Family Restaurant is open 24 hours per day. Fixed costs

2. (20 pts) The Eastman Family Restaurant is open 24 hours per day. Fixed costs are $24,000 per month. Variable costs are estimated at $9.60 per meal. The average revenue is $12 p…

2. (20 pts) Wellcraft Company purchased a machine on January 1, 2015 for $625,00

2. (20 pts) Wellcraft Company purchased a machine on January 1, 2015 for $625,000. The machine has a four year useful life and a salvage value of $25,000. The machine was deprecia…

2. (23 points) E The company uses direct labor-hours for fixed overhead allocati

2. (23 points) E The company uses direct labor-hours for fixed overhead allocation and anticipates 240,000 hours during the year for 480,000 units. An equal number of units are bu…

2. (25 points) You are the manager of Paradise Garden, a chain of home improveme

2. (25 points) You are the manager of Paradise Garden, a chain of home improvement and construction products. You are considering expanding into a new location. You have estimated…

2. (30 points) Balance Sheet and Income Statement of Zwitter Inc. are given belo

2. (30 points) Balance Sheet and Income Statement of Zwitter Inc. are given below as of Dec 31 2014 and Dec 31 2015 Calculate 2015 Cash Flow to/from: a) 4 points) Assets b) (4 poi…

2. (30 points) Balance Sheet and Income Statement of Zwitter Inc. are given belo

2. (30 points) Balance Sheet and Income Statement of Zwitter Inc. are given below as of Dec 31 2014 and Dec 31 2015 Calculate 2015 Cash Flow to/from: (4 points) Assets (4 points) …

2. (30 points) The Wisconsin DNR is considering a request by Greenstuff to remov

2. (30 points) The Wisconsin DNR is considering a request by Greenstuff to remove the dam in Cedar Falls on the Red Cedar River. It will cost $800,000 today to remove the dam. Lan…

2. (37 points) Below are the balance sheets of Big and Small at 0L/01/2015 right

2. (37 points) Below are the balance sheets of Big and Small at 0L/01/2015 right before Big bought 100% of company Small's shares and make Small its subsidiary Big 25,000,000 30,0…

2. (40 points) Callahan Company, which has only one product, has provided the fo

2. (40 points) Callahan Company, which has only one product, has provided the following data concerning its first month of operations: Selling price $100 Units produced Units sold…

2. (50 points) On January 1, 2015, Lagina Company purchased Blankenship, Inc. by

2. (50 points) On January 1, 2015, Lagina Company purchased Blankenship, Inc. by paying $2,300,000. At December 31, 2014, the balance sheet of Blankenship, Inc. was as follows: Ca…

2. (50 points) You borrow $20,000 from a financial institution at an APR (annual

2. (50 points) You borrow $20,000 from a financial institution at an APR (annual percentage rate) of 10% with interest being compounded annually. Payment Plan I: Pay in 5 installm…

2. (6 points) A bank has book value of $5 million in liquid assets, $95 million

2. (6 points) A bank has book value of $5 million in liquid assets, $95 million in loans, 590 million in millton in equity. Some loans default so that the bank writes off $5 milho…

2. (6 points) Gonzalez, Inc. manufactures stereo speakers in two factories; one

2. (6 points) Gonzalez, Inc. manufactures stereo speakers in two factories; one in Vandalia, Illinois and another in Merced, California. The Vandalia factory uses direct labor hou…

2. (6 points) Gonzalez, Inc. manufactures stereo speakers in two factories; one

2. (6 points) Gonzalez, Inc. manufactures stereo speakers in two factories; one in Vandalia, Illinois and another in Merced, California. The Vandalia factory uses direct labor hou…

2. (6 points) Gonzalez, Inc. manufactures stereo speakers in two factories; one

2. (6 points) Gonzalez, Inc. manufactures stereo speakers in two factories; one in Vandalia, Illinois and another in Merced, California. The Vandalia factory uses direct labor hou…

2. (6 points) The Laker Co. and the Warrior Co. are both subsidiary companies ow

2. (6 points) The Laker Co. and the Warrior Co. are both subsidiary companies owned by the NBA Jam Co. The Laker Co. makes a product called the "Brick" with a variable cost per un…

2. (8 points) Reed Incorporated uses a job-order costing system and a predetermi

2. (8 points) Reed Incorporated uses a job-order costing system and a predetermined overhead rate based on machine hours. At the beginning of the year, the company estimated manuf…

2. (8 points)Ravena Labs., Inc. makes a single product which has the following s

2. (8 points)Ravena Labs., Inc. makes a single product which has the following standards: Direct materials 2.5 ounces at $18 per ounce Direct labor 1.4 hours at $11.50 per hour • …

2. (9 points) A motel has a rooms department and a dining room, and total fixed

2. (9 points) A motel has a rooms department and a dining room, and total fixed cost of the operation is S335,000. Annual sales revenue and cost figures are as follows Food Rooms …

2. (BEP, CVP before and after tax) Equalizer Corporation makes and sells jar lid

2. (BEP, CVP before and after tax) Equalizer Corporation makes and sells jar lid openers. Cost information for one unit is as follows: Direct material $1.00 Direct labor .50 Varia…

2. (Cash Disbursements) Snobby Crab Shack expects to make purchases in the first

2.     (Cash Disbursements) Snobby Crab Shack expects to make purchases in the first quarter of 2009 as follows:                                               January           $8…

2. (Ignore income taxes in this problem.) Nevus Tattoo Parlor is considering a c

2. (Ignore income taxes in this problem.) Nevus Tattoo Parlor is considering a capital budgeting project. This project will initially require a $28,000 investment in equipment and…

2. (Points: 5) Factors contributing to a decline in the usefulness of a fixed as

2. (Points: 5) Factors contributing to a decline in the usefulness of a fixed asset may be divided into the following two categories 1. residual and salvage 2. physical and functi…

2. (Points: 5) Factors contributing to a decline in the usefulness of a fixed as

2. (Points: 5) Factors contributing to a decline in the usefulness of a fixed asset may be divided into the following two categories 1. residual and salvage 2. physical and functi…

2. (Retirement planning) You have $5,000 to invest now and you don\'t need this

2. (Retirement planning) You have $5,000 to invest now and you don't need this money for the next 20 years. As a person with substantial earnings, you are not allowed to make pre-…

2. (Show Work) Goold Corporation uses activity-based costing to compute product

2. (Show Work) Goold Corporation uses activity-based costing to compute product margins. Overhead costs have already been allocated to the company's three activity cost pools-Mach…

2. (TCO 1) Discriminate between primary data and secondary data and their useful

2. (TCO 1) Discriminate between primary data and secondary data and their usefulness to business decision making being sure to discuss the advantages and disadvantages of each. Yo…

2. (TCO 1) Merriamn Company provides the following ABC costing information: Acti

2. (TCO 1) Merriamn Company provides the following ABC   costing information:    Activities Total     Costs Activity-cost     drivers Account inquiry hours $400,000 10,000 hours A…

2. (TCO 6) Booth Financial Services, LLC has two revenue producing departments,

2. (TCO 6) Booth Financial Services, LLC has two revenue producing departments, Financial Planning and Business Consulting. The accounting department is trying to determine the be…

2. (TCO 9) Match the terms with the definitions provided below. (Points : 25) An

2. (TCO 9) Match the terms with the definitions provided below. (Points : 25) Answer Potential Matches: : The use of mathematical measurement techniques to calculate formal statis…

2. (TCO B) Adjusting Entries: Stephen King, D.D.S. opened a dental practice on J

2. (TCO B) Adjusting Entries: Stephen King, D.D.S. opened a dental practice on January 1, 2010. During the first month of operations the following transactions occurred: Performed…

2. (TCO B) Adjusting Entries: Stephen King, D.D.S. opened a dental practice on J

2. (TCO B) Adjusting Entries: Stephen King, D.D.S. opened a dental practice on January 1, 2010. During the first month of operations the following transactions occurred: Performed…

2. (TCO B) Adjusting Entries: Stephen King, D.D.S. opened a dental practice on J

2. (TCO B) Adjusting Entries: Stephen King, D.D.S. opened a dental practice on January 1, 2010. During the first month of operations the following transactions occurred: Performed…

2. (TCO C) Recently, a group of university students decided to incorporate for t

2. (TCO C) Recently, a group of university students decided to incorporate for the purposes of selling a process to recycle the waste product from manufacturing cheese. Some of th…

2. (TCO D) On August 31, Jenks Co. partially refunded $180,000 of its outstandin

2. (TCO D) On August 31, Jenks Co. partially refunded $180,000 of its outstanding 10% note payable, made one year ago to Arma State Bank by paying $180,000 plus $18,000 interest, …

2. (TCO F) Payment Inc. is preparing its cash budget for February. The budgeted

2. (TCO F) Payment Inc. is preparing its cash budget for February. The budgeted beginning cash balance is $27,000. Budgeted cash receipts total $136,000 and budgeted cash disburse…

2. (TCO G) - (Ignore income taxes in this problem.) Axillar Beauty Products Corp

2. (TCO G) - (Ignore income taxes in this problem.) Axillar Beauty Products Corporation is considering the production of a new conditioning shampoo that will require the purchase …

2. (TCOs B & E) The Caltor Company gathered the following condensed data for the

2. (TCOs B & E) The Caltor Company gathered the following condensed data for the year ended December 31, 2010: Cost of goods sold $ 710,000 Net sales 1,279,000 Administrative …

2. (a) Assume that GSK (U.K.) sells generic (non-branded) pharmaceutical interme

2. (a) Assume that GSK (U.K.) sells generic (non-branded) pharmaceutical intermediates to GSK (U.S.). GSK (U.S.) sells them to other pharmaceutical companies with or without furth…

2. ) The follewing information relates to Omega General Wholesaler LD ended 31 D

2. ) The follewing information relates to Omega General Wholesaler LD ended 31 December, 2013 Ead of year Irventory Acocunts receivable Accounts payable Beginning of year (Shs mil…

2. 000 points Krall Company recently had a computer malfunction and lost a porti

2. 000 points Krall Company recently had a computer malfunction and lost a portion of its accounting records. The company has reconstructed some of its financial performance measu…

2. 10.,00 ponts Minden Company is a wholesale distributor of premium European ch

2. 10.,00 ponts Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below Minden Company Balance Sheet Ap…

2. 10.00 points Delta Company produces a single product. The cost of producing a

2. 10.00 points Delta Company produces a single product. The cost of producing and selling a single unit of this product at the company's normal activity level of 103,200 units pe…

2. 10.00 points Gerber Clothing Inc. has designed a rain suit for outdoor enthus

2. 10.00 points Gerber Clothing Inc. has designed a rain suit for outdoor enthusiasts that is about to be introduced on the market A standard cost card has been prepared for the n…

2. 10.00 points Main Street Ice Cream Company uses a plantwide allocation method

2. 10.00 points Main Street Ice Cream Company uses a plantwide allocation method to allocate overhead based on direct labor-hours at a rate of $2 per labor-hour. Strawberry and va…

2. 10.00 points Main Street Ice Cream Company uses a plantwide allocation method

2. 10.00 points Main Street Ice Cream Company uses a plantwide allocation method to allocate overhead based on direct labor-hours at a rate of $2 per labor-hour. Strawberry and va…

2. 10.00 points The comparative balance sheets for 2016 and 2015 are given below

2. 10.00 points The comparative balance sheets for 2016 and 2015 are given below for Surmise Company. Net income for 2016 was $54 million. SURMISE COMPANY Comparative Balance Shee…

2. 10.00 points You have just been hired by FAB Corporation, the manufacturer of

2. 10.00 points You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the compan…