### The arithmetic mean

For salaries of $102,000, $98,000, $45,000, $106,000 and $101,000, the arithmetic mean would be an appropriate average. True False

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For salaries of $102,000, $98,000, $45,000, $106,000 and $101,000, the arithmetic mean would be an appropriate average. True False

1. Why does the accounting profession need governing bodies? Which accounting governing body is the most important and why? 2. There are various governing bodies involved in accounting, emerging accounting issues, and ethical considerations and potential conflicts of interest that CPA firms experience. What kinds of conflic

David Company acquired 60 percent of Mark Company for $300,000 when Mark's book value was $400,000. On that date, Mark had equipment (with a 10-year life) that was undervalued in the financial records by $60,000. Also, buildings (with a 20-year life) were undervalued by $40,000. Two years later, the following figures are reporte

David Company acquired 60 percent of Mark Company for $300,000 when Mark's book value was $400,000. On that date, Mark had equipment (with a 10-year life) that was undervalued in the financial records by $60,000. Also, buildings (with a 20-year life) were undervalued by $40,000. Two years later, the following figures are reporte

The major difference between the indirect and the direct method of a statement of cash flows appears in which the following activities section(s)? The investing activities and financing activities sections. The investing activities section only. The operating activities and financing activities sections. The

Identifying Cost Behavior Hoover's Kitchen, a fast-food restaurant co., operates a chain of restaurants across the nation. Each restaurant employs 8 people; one is a manager paid a salary plus a bonus equal to 3% of sales. Other employees, two cooks, one dishwasher, and four waitresses are paid salaries. Each manager is b

What percentage of the contribution margin is profit on units sold in excess of the breakeven point? It's 50% to the contribution margin ratio. It's equal to the variable cost ratio. It's equal of the gross profit ratio. It's 100%

Each of a company's several product lines has a different contribution margin ratio. Total sales in 2004 were 20% higher than total sales in 2003. Total contribution margin for 2004 will be: the same as it was in 2003, regardless of changes in sales mix. 20% higher than it was in 2003, regardless of changes in sales mi

On January 1, Colver Company has 6,500 units of Product A on hand. During the year, the company plans to sell 15,000 units of Product A, and plans to have 5,000 units on hand at year end. How many units of Product A must be produced during the year? 16,500 15,000 13,500 20,000

Year actual return actual return deviation squared deviation 1 -14.69 .05 2 -26.47 .05 3 37.23 .05 4 23.93 .05 5 -7.16 .05 6 6.57 .05 7 18.67

7. You are the newly appointed assistant administrator at a local hospital, and your first project is to investigate the quality of the patient meals put out by the food-service department. You conducted a 10 day survey by submitting a simple questionnaire to the 400 patients with each meal, asking that they simply check off tha

1. An initial pilot run of 10 units produces the following times: Unit Number Time(Minutes) 1 39.00 2 37.05 3 35.95 4 35.20 5 34.62 6 34.16 7 33.77 8 33.44 9 33.14 10 32.89 a According to this pilot run, what is your estimate of the learning rate using the learning curve equation. b. How much time will it take

1. ACME Corporation received data below for its production unit. Input: Direct Labor Hours of Production 500 hours Indirect Labor Hours 150 hours Direct Labor Rate $7.50/hour Indirect Labor Rate $20/hour Raw material $30,000 Component parts $15,350 Output: 50,000 cages $4.50/unit (0-20,000 units)

Information concerning Label Corporation's operations follow: Sales...$300,000 Variable expenses...$240,000 Fixed expenses...$40,000 Assuming that Label increased sales by 20%, what should net operating income be?

Mirror Company sold 17,000 units and had the following income statement for the most recent year: Sales...$357,000 Variable expenses...$255,000 Contribution margin...$102,000 Fixed expenses...$68,000 Net Income...$34,000 Given this data, the unit contribution margin was:

A project has fixed costs of $1,000 per year, depreciation charges of $500 a year, revenue of $6,000 a year, and variable costs equal to two-thirds of revenues. a) If sales increase by 5 percent, what will be the increase in pretax profits? b) What is the degree of operating leverage of this project? c) Confirm that the p

Factory overhead is an example of: a. mixed cost b. fixed cost c. variable cost d. irrelevant cost

A company produces only two products, A and B. The company uses activity-based costing. For the "Stamping" activity, the cost pool totals $15,000. The expected activity level for this activity is 400 for product A and 350 for product B. What is the activity rate under the activity-based costing system for this activity?

Information concerning Label Corporation's operations follow: Sales...$300,000 Variable expenses...$240,000 Fixed expenses...$40,000 Assuming that Label increased sales by 20%, what should net operating income be...choices are? a. $20,000 b. $24,000 c. $32,000 d. $80,000

A company sells a single product for $20 per unit. If variable expenses are 60% of sales and fixed expenses total $9,600, what would total sales volume have to be in order to achieve net income of $10,000...choices are? a. $33,500 b. $57,000 c. $46,000 d. $49,000

Street Company's fixed expenses total $150,000, its unit sales price is $10 and its variable cost per unit is $5. What is the break-even point in units...choices are? (Points: 15) a. 30,000 b. 38,000 c. 27,500 d. 10,500

3. The relative proportion of variable, fixed, and mixed costs in a firm is known as the firm's...choices are: a. contribution margin b. cost structure c. product mix d. relevant range

I have $200,000. What is the present value received at the end of every 6 months for the next 8 years at a discount rate of 7%? fv=200,000(1+ (.07/2))1x2?

J&J Enterprises is forced on Dec31,2000.At that point it has one asset costing $2,487.The asset has a 3 year life with no salvage value and in expected to generate cash flows of $1,000 on Dec31, in the years 2001,2002 and 2003.Actual results are the same as planned .Depreciation in the firm's only expense .All income is to be di

Calculatie the Annual Percentage Rate (APR) interest rate for the following: Effective Annual interest Rate Componding period 10.00% 1 month 6.09% 6 months

Suppose the expected returns and standard deviations of stocks A and B are E(RA)=0.17 E(RB)=0.27 StdDevA=0.12 and StdDevB=0.21 respectively. Calculate the expected return and standard deviation of a portfolio that is composed of 35 percent A and 65 percent B when the correlation between the returns on A and B is 0.

The December 31, 2003 balance sheet of Pine Company had Accounts Receivable of $500,000 and a credit balance in Allowance for Doubtful Accounts of $33,000. During 2004, the following transactions occurred: sales on account $1,400,000; sales returns and allowances, $50,000; collections from customers, $1,250,000; accounts written

A large consulting firm orders photocopying paper by the carton. The firm pays a $30 delivery charge on each order. The total cost of storing the paper, including forgone interest, storage space, and deterioration, comes to about $1.50 per carton per month. The firm uses about 1,000 cartons of paper per month. Order Size

Please HELP Tris brought a Japanese stock 1 yr. ago when it sold for 280 yen per share and the exchange rate was $.008 per yen. The stock now sells for 350 yen and the exchange rate is $.010 per yen. The stock paid no dividends over the year. a) What was Tris's rate of return on this stock? b) What would be the rate of

Deer Valley Lodge, a ski resort in the Wasatch Mountains of Utah, has plans to eventually add five new chairlifts. Suppose that one lift costs $2 million, and preparing the slope and installing the lift costs another $1.3 million. The lift will allow 300 additional skiers on the slopes, but there are only 40 days a year when the