Question & Answer

The trial balance before adjustment for Phil Collins Company shows the following balances. Dr. Cr. Accounts Receivable $82,000 Allowance for Doubtful Accounts 2,120 Sales Revenue $430,000 Instructions Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 1. To obtain additional cash, Collins factors without recourse $25,000 of accounts receivable with Stills Finance. The finance charge is 10% of the amount factored. 2. To obtain a 1-year loan of $55,000, Collins assigns $65,000 of specific receivable accounts to Crosby Financial. The finance charge is 8% of the loan; the cash is received and the accounts turned over to Crosby Financial. 3. The company wants to maintain the Allowance for Doubtful Accounts at 5% of gross accounts receivable. 4. The company wishes to increase the allowance account by 1½% of net sales.

What are some of the important design functions of IC packaging?

An RSW operation is used to join two pieces of sheet steel having a unit melting energy of 130 Btu/in3. The sheet steel has a thickness of 1/8 in. The weld duration will be set at 0.25 sec with a current of 11,000 amp. Based on the electrode diameter, the weld nugget will have a diameter of 0.30 in. Experience has shown that 40% of the supplied heat melts the nugget and the rest is dissipated by the metal. If the electrical resistance between the surfaces is 130 micro-ohms, what is the thickness of the weld nugget assuming it has a uniform thickness?

How is the market price of land related to its productivity?

Visit your state’s official website and review the information there related to forming and operating business entities in your state. Write a short report explaining the steps for organizing a business in your state and summarizing any tax-related information you found.

What are some of the disadvantages and limitations of brazing?

Certain changes in joint configuration are usually made to improve the strength of brazed joints. What are some of these changes?

What is a solder paste?

Solve Problem 20.26 except that the height = 60 mm

The molten filler metal in brazing is distributed throughout the joint by capillary action. What is capillary action?

“The goal of tax planning is to minimize taxes.”  Explain why this statement is not true.

Fixed, variable, and mixed costs Bridges and Roads is an entity engaged in road construction. Some selected items from its chart of accounts are listed below.   Required For each account, indicate whether the account represents a fixed, variable, or mixed cost for the operation of road construction activity. If mixed, indicate whether it is predominantly fixed or variable. Explain your answers.   (a) Staff wages (f) Office supplies (b) Clerical wages (g) Professional dues (c) Rent (h) Professinal subscriptions (d) Licences (i) Property taxes (e) Insurance (j) Advertising   (LO2)   [Note about problem complexity: These are difficult questions because students will need to first visualise the costs (with very little information) and then apply chapter concepts. The Step 2 questions (A, B, and F) are the ones requiring significant assumptions to generate an answer.]

Derive an expression for the reduction r in drawing as a function of drawing ratio DR.

The state of Georgia recently increased its tax on a pack of cigarettes by $2.  What type of tax is this?  Why might Georgia choose this type of tax?

What are the functions served by the bit of a soldering iron in hand soldering?

Using the facts in problem 37, if Campbell earns an additional $15,000 of taxable income, what is her marginal tax rate on this income?  What is her marginal rate if, instead, she had $15,000 of additional deductions?

Fielder Company obtained land by issuing 2,000 shares of its $10 par value common stock. The land was recently appraised at $85,000. The common stock is actively traded at $40 per share. Prepare the journal entry to record the acquisition of the land.

Eva received $60,000 in compensation payments from JAZZ Corp. during 2024.  Eva incurred $5,000 in business expenses relating to her work for JAZZ Corp.  JAZZ did not reimburse Eva for any of these expenses.  Eva is single and deducts a standard deduction of $14,600.  Based on these facts, answer the following questions: a. Assume that Eva is considered to be an employee.  What amount of FICA taxes is she required to pay for the year?

1.    Social entrepreneurship is a growing phenomenon. Do you believe that for-profit businesses can have a social mission equal to their profit mission? Should they do so if it means hurting profits?

Identify some of the advantages of adhesive bonding compared to alternative joining methods.

What is the technical difference between a screw and a bolt?

What is meant by robust design, as defined by Taguchi?

Juanita is the sole shareholder of Belize Corporation (a calendar-year S corporation).  She is considering revoking the S election.  It is February 1, year 1.  What options does Juanita have for timing the effective date of the S election revocation?

What are the advantages of snap fitting?

Explain how savings institutions could use interest rate swaps to reduce interest rate risk. Will SIs that use swaps perform better or worse than those that were unhedged during a period of declining interest rates? Explain. (LO4)