Suppose you and two friends each invested $100,000 in an oil and gas partnership. The general partner, XYZ Gamble, Inc., invests no cash but makes all operating decisions for the partnership, including where and how deep to drill for oil. Drilling costs plus a management fee are charged against the $300,000 of cash you and your
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a) What are the optional elements that are often included in an annual report? b) What are the elements of an annual report that are required by the SEC? c) Describe the contents of the Management Discussion. d) Describe the contents of the Auditors Report. e) Describe the contents of the Selected Financial Data.
Day Street Deli's owner is disturbed by the poor profit performance of his ice cream counter. He has prepared the following profit analysis for the year that just ended. Sales $45,000 Less: Cost of food 20,000 Gross profit 25,000
Greenville Corporation is considering the addition of a new product to its current product lines. The expected cost and revenue data for the new product are as follows: Annual sales 3,000 unts Selling price per unit $309 Variable costs per unit: Production $130 Selling
In the attached document is operating data from Brown Inc. For last year: a. The average operating assets amounted to: b. The residual income was: c. The margin used in ROI calculations was:
In the case of a privately held company, what should be the focus of management, to meet all the reporting guidelines set by the FASB ASC, or to maximize the profits of the company?
#1. Flexible Budgets: Joe's Lawn Service primarily mows lawns for residential customers. Management has determined direct labor hours is the primary cost driver and has developed the following cost equations based on direct labor hours: Grooming Supplies (variable) y= $0 + $4.00x Direct Labor (variable) y= $0 + $12.00x
Beverage Products, LLC, manufactures metal beverage containers. The division that manufactures soft-drink beverage cans for the North American market has two plants that operate 24 hours a day, 365 days a year. The plants are evaluated as cost centers. Small tools and supplies are considered variable overhead. Depreciation and r
Luce & Morgan, a law firm in downtown Jefferson City, is considering opening a legal clinic for middle- and low-income clients. The clinic would bill at a rate of $18 per hour. It would employ law students as paraprofessional help and pay them $9 per hour. Other variable costs are anticipated to be $5.40 per hour, and annual fix
Whitehouse Company manufactures major appliances. Because of growing interest in its products, it has just had its most successful year. In preparing the budget for next year, its controller compiled these data*. Using the high-low method, determine the variable electricity cost per machine hour per machine hour? Determine
Carola Industries, Inc., manufactures discs for several of the leading recording studios in the United States and Europe. Department 60 is responsible for the electronic circuitry within each disc. Department 61 applies the plastic-like surface to the discs and packages them for shipment. Carola recently produced 4,000 discs for
The company is currently engaged in business activities both nationally and internationally. On the international side of your company, the countries you are operating in are experiencing riots, strikes by their citizens, unconfirmed violence against their people by the government, and other atrocities. Your physical facilities
As an accountant, if you had a choice of working with one of the boards, FASB, GASB, or IASB, which one would you work with?
What are the controlling accounts and subsidiary ledgers? What is the relationship between them?
How do technology-based information systems affect accounting. What impact have they had on the role of accounting in business?
Please help me with a comparative analysis between Monro and Tenneco for the type(s) of retirement plans offered and the funding status of each plan. 1) Calculate the PBO (projected benefit obligation) and the FVPA (fair value of the planned assets) 2) Is the plan over or under funded? 3) Other post-employment benefits
Modern microcredit is generally considered to have originated with the Grameen Bank founded in Bangladesh in 1983s. In fact, it is often said to provide a solution which enables small business people to borrow capital to purchase fruit, livestock and materials without being exposed to unscrupulous or violent lenders. However to
King, Inc., a sucessful Midwest firm, is considering opening a branch office on the west coast. Under normal economic conditions, with a 45% probability of occurring, King can expect to earn a net income of $50,000 per year. In a mini-recession, at 25% probability, King will earn $20,000. In a severe recession, at a 20% probabil
Information on shareholder's equity as currently shown on the books of a corporation is given as: Common shares ($2.00 par value) $350,000 Capital in Excess of Par $0 Retained Earnings $7,800,000 From this information, calculate the corporation's book value per share.
Axes are a part of fiscal policy and very controversial. Some politicians want to raise taxes for incomes over $250,000, representing the 2% highest incomes, and would also include budget cuts of approximately $4 trillion over the next 10 years. Another proposal wants to lower the maximum tax rate from 35% to 25%, leaving tax ra
1.) When can information about two operating segments be aggregated? 2.) How is accounting for pensions different than accounting for other post-retirement benefits? 3.) The controller of a public company commented that if the company needs to disclose the company's segments individually, the only people who will gain are
ABC Corporation reported net income of $300,000 for 2011. Changes occurred in several balance sheet accounts as follows: Equipment $25,000 increase Inventories $20,000 decrease Accumulated depreciation $40,000 increase Accounts receivable $15,000 increase Note payable $30,000 increase Accounts payable $5,000 decrease
Margaret Avery Company from time to time embarks on a research program when a special project seems to offer possibilities. In 2011, the company expends $325,000 on a reserch project, but by the end of 2011it is impossible to determine whether any benefity will be derived from it. a) What account should be charged for the $3
Prepare the entry to record the purchse of Terrell Galleries on Graf's books Graff and Terrell agree that: 1. Land is undervalued by $50,000 2. Equipment is overvalued by $5,000 Terrell agrees to sell the gallery to Graf for $380,000 Terrell Galleries
Assess the financial position of Textron in comparison to Gulfstream. The emphasis is on cash flow for this analysis. 1) Compute the return on assets, profit margin and asset utilization rate for Textron and Gulfstream. 2) Assess Textron's competitive financial position. 3) Compute the free cash flow for Textron and Gulfstre
You are the CEO of ABC Dress Shirt Corporation. Competition is reducing your market shares and, therefore, reducing your profits. One possible solution is to outsource the production to a foreign country to reduce the cost. How will you outsource? What are the key benefits to your company? What are risk factors that cause concerns?
You are the CEO of ABC Dress Shirt Corporation. Competition is reducing your market shares and, therefore, reducing your profits. One possible solution is to outsource the production to a foreign country to reduce the cost. How will you outsource? What are the key benefits to your company? What are risk factors that cause concer
The V. Coles Corp. is considering two mutually exclusive projects. The expected values for each project's cash flows are as follows: Year Project A Project B 0 ($1,000,000) ($1,000,000) 1 500,000 500,000 2 700,000 600
Providing language and cultural training for employees is big business. If you were going to write a class on how language affects intercultural business communications, what would your lesson plan look like? What would your students need to know in regard to high- and low-context language, language diversity, interaction, n
How the Mighty Fall The format for your report should be as follows: • Double spaced • One-inch margins • Title line on first page only • Proper grammar and punctuation • Proper citation, if necessary • Report length: from two to three pages, total (see below) The Assignment: Prepare a report with the
Fraser Products, Inc, which produces copy machines for wholesale distributors in the Pacific Northwest, has just completed packaging an order from Kent Company for 150 Model 14 machines. Direct materials, purchased parts, and direct labor costs for the Kent order are as follows: Cost of direct materials $17,450 Cost of