Business

Frank is an employee of guitar makers, llc. guitar's employee manual states that workers, such as frank, will be dismissed only for good cause. with respect to the employment-at-will doctrine, this is
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Swift Company purchased a machine on January 1, 2010, for $500,000. At the date of acquisition, the machine had an estimated useful life of six years with no salvage. The machine is being depreciated on a straight-line basis. On January 1, 2013, Swift determined, as a result of additional information, that the machine had an estimated useful life of eight years from the date of acquisition with no salvage. An accounting change was made in 2013 to reflect this additional information. What is the amount of depreciation expense on this machine that should be charged in Swift's income statement for the year ended December 31, 2013
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Under the allowance method of accounting for uncollectible accounts, a. the cash realizable value of accounts receivable is greater before an account is written off than after it is written off. b. Bad Debts Expense is debited when a specific account is written off as uncollectible. c. the cash realizable value of accounts receivable in the balance sheet is the same before and after an account is written off. d. Allowance for Doubtful Accounts is closed each year to Income Summary.
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On December 31, 2017, Berclair Inc. had 560 million shares of common stock and 5 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2018, Berclair purchased 168 million shares of its common stock as treasury stock. Berclair issued a 5% common stock dividend on July 1, 2018. Four million treasury shares were sold on October 1. Net income for the year ended December 31, 2018, was $1,050 million. Also outstanding at December 31 were 30 million incentive stock options granted to key executives on September 13, 2013. The options were exercisable as of September 13, 2017, for 30 million common shares at an exercise price of $56 per share. During 2018, the market price of the common shares averaged $70 per share. Required: a. Compute Berclair's basic and diluted earnings per share for the year ended December 31, 2018.
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Xion Co. budgets a selling price of $80 per unit, variable costs of $35 per unit, and total fixed costs of $270,000. During June, the company produced and sold 10,800 units and incurred actual variable costs of $351,000 and actual fixed costs of $285,000. Actual sales for June were $885,000. Prepare a flexible budget report showing variances between budgeted and actual results. List variable and fixed expenses separately. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance)
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A brown-eyed father and a green-eyed mother have a 25% chance of having a green-eyed child. What is the probability that, in a family of four children, three of them have green eyes?a.0.421 875c 0.011 718 75b. 0046 875d. 0.1875
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The production manager of a company, in an effort to gain a promotion, negotiated a new labor contract with the factory employees that required them to bear a greater percentage of benefit costs than before, thus bringing down the cost of direct labor to the company. Shortly afterward, several experienced and highly skilled workers resigned, and were replaced by new employees whose work was very slow during their training period. At the end of the quarter, the company's profits fell 10%. This would produce a(n) ________.
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On January 1, 2019, a company issued $401,600 of 10-year, 12% bonds. The interest is payable semi-annually on June 30 and December 31. The issue price was $417,153 based on a 10% market interest rate. The effective-interest method of amortization is used. Rounding all calculations to the nearest whole dollar, what is the interest expense for the six-month period ending June 30, 2019?
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Discussion Questions What project management tasks should Kelvin perform before his next meeting? What change management tasks should Kelvin perform before his next meeting, and how do these tasks fit within the project management process? Had you been in Kelvins place, what would you have done differently to prepare for this meeting?
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good and services are?
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Library, Inc. has 2,500 shares of 4%, $50 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2017, and December 31, 2018. The board of directors declared and paid a $3,000 dividend in 2017. In 2018, $18,000 of dividends are declared and paid. What are the dividends received by the preferred and common shareholders in 2018?
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A company uses the percent of receivables method to determine its bad debts expense. At the end of the current year, the company's unadjusted trial balance reported the following selected amounts: Accounts receivable $ 382,000 debit Allowance for uncollectible accounts 570 credit Net Sales 870,000 credit All sales are made on credit. Based on past experience, the company estimates that 5% of receivables are uncollectible. What amount should be debited to Bad Debts Expense when the year-end adjusting entry is prepared
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The ratios that are used to determine a company's short-term debt paying ability are A. current ratio, account receivable turnover, and inventory turnover. B. times interest earned, inventory turnover, current ratio, and receivables turnover. C. times interest earned, accounts receivable turnover ratio, current ratio, and inventory turnover. D. asset turnover, times interest earned, current ratio, and accounts receivables turnover.
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Each unit of finished product requires 3 feet of raw materials. The company maintains raw materials inventory equal to 2,000 feet plus 10% of the next month's expected production needs. The raw material used in Dustman Manufacturing Corporation's product costs $4.50 per foot. What is the value of raw material that Dustman Manufacturing should plan on purchasing for the month of February?
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Crich Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct labor-hours were 21,880 hours and the total estimated manufacturing overhead was $516,368. At the end of the year, actual direct labor-hours for the year were 21,700 hours and the actual manufacturing overhead for the year was $516,368. Overhead at the end of the year was:
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7.The firm has an inventory period of 84.6 days, an accounts payable period of 43.2 days, and an accounts receivable period of 41.7 days. Management is considering an offer from their suppliers to pay within 10 days and receive a discount of 2 percent. If the new discount is taken, the accounts payable period is expected to decline by 30.4 days. What will be the new operating cycle given the change in the payables period
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What does the phrase "Revenue is recognized at the point of sale" mean? a.Revenue is recorded in the accounting records when the goods are received from a supplier and reported on the income statement when sold to the customer. b.Revenue is recorded in the accounting records when the goods are sold to a customer and reported on the income statement when the cash payment is received from the customer. c.Revenue is recorded in the accounting records and reported on the income statement when goods are sold and delivered to a customer. d.Revenue is recorded in the accounting records and reported on the income statement when the cash is received from the customer.
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C Corporation is investigating automating a process by purchasing a machine for $792,900 that would have a 9 year useful life and no salvage value. By automating the process, the company would save $132,500 per year in cash operating costs. The new machine would replace some old equipment that would be sold for scrap now, yielding $21,100. The annual depreciation on the new machine would be $88,100. The simple rate of return on the investment is closest to (Ignore income taxes.):
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Swifty Corporation had 210000 shares of common stock, 19400 shares of convertible preferred stock, and $603000 of 9% convertible bonds outstanding during 2021. The preferred stock is convertible into 40700 shares of common stock. During 2021, Swifty paid dividends of $0.54 per share on the common stock and $1.80 per share on the preferred stock. Each $1,000 bond is convertible into 45 shares of common stock. The net income for 2021 was $364000 and the income tax rate was 35%. Required:1. Basic earnings per share for 2021 is ___________(rounded to the nearest penny).
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An employee earns $5,550 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $184 in federal income taxes withheld. The employee has voluntary deductions for health insurance of $152 and contributes $76 to a retirement plan each month. What is the amount of net pay for the employee for the month of January
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Peng Company is considering an investment expected to generate an average net income after taxes of $2,600 for three years. The investment costs $54,000 and has an estimated $7,200 salvage value. Assume Peng requires a 10% return on its investments. Compute the net present value of this investment. Assume the company uses straight-line depreciation. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided. Negative amounts should be indicated by a minus sign.)
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Grant Company gathered the following reconciling information in preparing its July bank reconciliation: Cash balance per books, 7/31 $3,500 Deposits in transit 150 Notes receivable and interest collected by bank 850 Bank charge for check printing 20 Outstanding checks 2,000 NSF check 170 The adjusted cash balance per books on July 31 is a. $4,160. b. $4,010. c. $2,310. d. $2,460.
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Your client has $80,000 invested in stock A. She would like to build a two-stock portfolio by investing another $80,000 in either stock B or C. She wants a portfolio with an expected return of at least 15% and as low a risk as possible, the standard deviation must be no more than 25%. Expected Return Standard Deviation Correlation With A A 18% 30% 1.0 B 17% 25% 0.3 C 15% 15% 0.4_____
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g Tanning Company analyzes its receivables to estimate bad debt expense. The accounts receivable balance is $276,000 and credit sales are $1,000,000. An aging of accounts receivable shows that approximately 3% of the outstanding receivables will be uncollectible. What adjusting entry will Tanning Company make if the Allowance for Doubtful Accounts has a credit balance of $2,200 before adjustment?
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