Question & Answer

With regard to the profit motive, how are credit unions different from other financial institutions? (LO3)

Which is the largest tax collected by the U.S. government?  What types of taxpayers are subject to this tax?

Using the IS/LM model. under what circumstances will (a) a rise in investment and (b) a rise in money supply cause a large rise in national income?

What is the basic accounting problem created by the monetary unit assumption when there is significant inflation? What appears to be the FASB position on a stable monetary unit?

The dollar-value LIFO method was adopted by Enya Corp. on January 1, 2014. Its inventory on that date was $160,000. On December 31, 2014, the inventory at prices existing on that date amounted to $140,000. The price level at January 1, 2014, was 100, and the price level at December 31, 2014, was 112. Instructions (a) Compute the amount of the inventory at December 31, 2014, under the dollar-value LIFO method. (b) On December 31, 2015, the inventory at prices existing on that date was $172,500, and the price level was 115. Compute the inventory on that date under the dollar-value LIFO method.

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Presented below is selected information related to Martin Burke Inc. at year-end. All these accounts have debit balances. Cable television franchises Film contract rights Music copyrights Customer lists Research and development costs Prepaid expenses Goodwill Covenants not to compete Cash Brand names Discount on notes payable Notes receivable Accounts receivable Investments in affi liated companies Property, plant, and equipment Organization costs Internet domain name Land Instructions Identify which items should be classified as an intangible asset. For those items not classified as an intangible asset, indicate where they would be reported in the financial statements.

Identify some reasons why people resist change and the implementation tactics that managers can use to overcome resistance.

] Lindley has become very frustrated in researching a tax issue using keyword searches.  What suggestions can you give her?

Data for Krauss Company are presented in E23-5. Instructions Prepare the operating activities section of the statement of cash flows using the indirect method.

How does a corporation determine the percentage for its dividends-received deduction?  Explain.

What are the basic requirements to exclude the gain on the sale of a personal residence?

What are the two most common alloying metals used in solders?

An orthogonal machining operation removes metal at 1.8 in3 /min. The cutting force in the process = 300 lb. The work material has a thermal diffusivity = 0.18 in2 /sec and a volumetric specific heat = 124 in-lb/in3 -F. If the feed f = to = 0.010 in and width of cut = 0.100 in, use the Cook formula to compute the cutting temperature in the operation given that ambient temperature = 70°F.

The unit cost in a machining operation is the sum of four cost terms. The first three terms are: (1) part load/unload cost, (2) cost of time the tool is actually cutting the work, and (3) cost of the time to change the tool. What is the fourth term?

The strength coefficient = 35,000 lb/in2 and strain-hardening exponent = 0.40 for a metal used in a forming operation in which the workpart is reduced in cross-sectional area by stretching. If the average flow stress on the part is 20,000 lb/in2 , determine the amount of reduction in cross-sectional area experienced by the part.

Wilton, Inc. had net sales in 2014 of $1,400,000. At December 31, 2014, before adjusting entries, the balances in selected accounts were: Accounts Receivable $250,000 debit, and Allowance for Doubtful Accounts $2,400 credit. If Wilton estimates that 2% of its net sales will prove to be uncollectible, prepare the December 31, 2014, journal entry to record bad debt expense.

Many of the design guidelines that are applicable to plastics are also applicable to rubber. However, the extreme flexibility of rubber results in certain differences. What are some examples of these differences?

Accountants try to prepare income statements that are as accurate as possible. A basic requirement in preparing accurate income statements is to record costs and revenues properly. Proper recognition of costs and revenues requires that costs resulting from typical business operations be recognized in the period in which they expired. Instructions (a) List three criteria that can be used to determine whether such costs should appear as charges in the income statement for the current period. (b) As generally presented in financial statements, the following items or procedures have been criticized as improperly recognizing costs. Briefly discuss each item from the viewpoint of matching costs with revenues and suggest corrective or alternative means of presenting the financial information. (1) Receiving and handling costs. (2) Cash discounts on purchases.

Name some of the FMS software and control functions

How does a money market deposit account differ from other sources of funds for banks? (LO2)

Moonwalker Corporation issued 2,000 shares of its $10 par value common stock for $60,000. Moonwalker also incurred $1,500 of costs associated with issuing the stock. Prepare Moonwalker’s journal entry to record the issuance of the company’s stock.

How does aggregate planning differ from the master production scheduling?

What are the main components of an integrated manufacturing system?

Shonen Knife Corporation has elected to use the fair value option for one of its notes payable. The note was issued at an effective rate of 11% and has a carrying value of $16,000. At year-end, Shonen Knife’s borrowing rate has declined; the fair value of the note payable is now $17,500. (a) Determine the unrealized holding gain or loss on the note. (b) Prepare the entry to record any unrealized holding gain or loss.