Question & Answer

What are the three ways in which a threaded fastener can fail during tightening?

Answer each of the questions in the following unrelated situations. (a) The current ratio of a company is 5:1 and its acid-test ratio is 1:1. If the inventories and prepaid items amount to $500,000, what is the amount of current liabilities? (b) A company had an average inventory last year of $200,000 and its inventory turnover was 5. If sales volume and unit cost remain the same this year as last and inventory turnover is 8 this year, what will average inventory have to be during the current year? (c) A company has current assets of $90,000 (of which $40,000 is inventory and prepaid items) and current liabilities of $40,000. What is the current ratio? What is the acid-test ratio? If the company borrows $15,000 cash from a bank on a 120-day loan, what will its current ratio be? What will the acid-test ratio be? (d) A company has current assets of $600,000 and current liabilities of $240,000. The board of directors declares a cash dividend of $180,000. What is the current ratio after the declaration but before payment? What is the current ratio after the payment of the dividend?

There are 27 correct answers in the following multiple choice questions (some questions have multiple answers that are correct). To attain a perfect score on the quiz, all correct answers must be given. Each correct answer is worth 1 point. Each omitted answer or wrong answer reduces the score by 1 point, and each additional answer beyond the correct number of answers reduces the score by 1 point. Percentage score on the quiz is based on the total number of correct answers 19.1 The starting workpiece in steel hot rolling of plate and sheet stock is which of the following (one best answer): (a) bar stock, (b) billet, (c) bloom, (d) slab, or (e) wire stock? 19.2 The maximum possible draft in a rolling operation depends on which of the following parameters (two correct answers): (a) coefficient of friction between roll and work, (b) roll diameter, (c) roll velocity, (d) stock thickness, (e) strain, and (f) strength coefficient of the work metal? 19.3 Which of the following stress or strength parameters is used in the computation of rolling force (one best answer): (a) average flow stress, (b) compression strength, (c) final flow stress, (d) tensile strength, or (e) yield strength? 19.4 Which of the following rolling mill types are associated with relatively small diameter rolls in contact with the work (two correct answers): (a) cluster mill, (b) continuous rolling mill, (c) four-high mill, (d) reversing mill, and (e) three-high configuration? 19.5 Production of pipes and tubes is associated with which of the following bulk deformation processes (three correct answers): (a) extrusion, (b) hobbing, (c) ring rolling, (d) roll forging, (e) roll piercing, (f) tube sinking, and (g) upsetting? 19.6 Which of the following stress or strength parameters is used in the computation of the maximum force in a forging operation (one best answer): (a) average flow stress, (b) compression strength, (c) final flow stress, (d) tensile strength, or (e) yield strength? 19.7 Which of the following operations are closely related to open-die forging (three best answers): (a) cogging, (b) flashless forging, (c) fullering, (d) impression-die forging, (e) Mannesmann process, (f) precision forging, (g) soaking, and (h) upsetting? 19.8 Flash in impression die forging serves no useful purpose and is undesirable because it must be trimmed from the part after forming: (a) true or (b) false? 19.9 Which of the following are classified as forging operations (four correct answers): (a) coining, (b) fullering, (c) impact extrusion, (d) roll piercing, (e) swaging, (f) thread rolling, (g) trimming, and (h) upsetting? 19.10 Which of the following are alternative names for indirect extrusion (two correct answers): (a) backward extrusion, (b) direct extrusion, (c) forward extrusion, (d) impact extrusion, and (e) reverse extrusion? 19.11 The production of tubing is possible in indirect extrusion but not in direct extrusion: (a) true or (b) false? 19.12 Which of the following stress or strength parameters is used in the computation of the force in an extrusion operation (one best answer): (a) average flow stress, (b) compression strength, (c) final flow stress, (d) tensile strength, or (e) yield strength? 19.13 In which of the following extrusion operations is friction a factor in determining the extrusion force (one best answer): (a) direct extrusion or (b) indirect extrusion? 19.14 Theoretically, the maximum reduction possible in a wire drawing operation, under the assumptions of a perfectly plastic metal, no friction, and no redundant work, is which of the following (one answer): (a) zero, (b) 0.63, (c) 1.0, or (d) 2.72? 19.15 Which of the following bulk deformation processes are involved in the production of nails for lumber construction (three best answers): (a) bar and wire drawing, (b) extrusion, (c) flashless forging, (d) impression die forging, (e) rolling, and (f) upsetting? 19.16 Johnson's formula is associated with which one of the four bulk deformation processes: (a) bar and wire drawing, (b) extrusion, (c) forging, and (d) rolling?

Assume the same data as in P21-10 with National Airlines Co. having an incremental borrowing rate of 10%. Instructions (a) Discuss the nature of this lease in relation to the lessee, and compute the amount of the initial lease liability. (b) Prepare a 10-year lease amortization schedule. (c) Prepare all of the lessee’s journal entries for the first year.

Where can authoritative IFRS be found related to investments?

Presented below are certain account balances of Paczki Products Co. Rent revenue $ 6,500 Sales discounts $ 7,800 Interest expense 12,700 Selling expenses 99,400 Beginning retained earnings 114,400 Sales revenue 390,000 Ending retained earnings 134,000 Income tax expense 31,000 Dividend revenue 71,000 Cost of goods sold 184,400 Sales returns and allowances 12,400 Administrative expenses 82,500 Allocation to noncontrolling interest 17,000 Instructions From the foregoing, compute the following: (a) total net revenue, (b) net income, (c) dividends declared, and (d) income attributable to controlling stockholders.

Geddes Corporation is a medium-sized manufacturing companywith two divisions and three subsidiaries, all located in the United States. The Metallic Division manufactures metal castings for the automotive industry, and the Plastic Division produces small plastic items for electrical products and other uses. The three subsidiaries manufacture various products for other industrial users. Geddes Corporation plans to change from the lower of first-in, first-out (FIFO)-cost-or market method of inventory valuation to the last-in, first-out (LIFO) method of inventory valuation to obtain tax benefits. To make the method acceptable for tax purposes, the change also will be made for its annual financial statements. Instructions (a) Describe the establishment of and subsequent pricing procedures for each of the following LIFO inventory methods. (1) LIFO applied to units of product when the periodic inventory system is used. (2) Application of the dollar-value method to LIFO units of product. (b) Discuss the specific advantages and disadvantages of using the dollar-value LIFO application as compared to specific goods LIFO (unit LIFO). (Ignore income tax considerations.) (c) Discuss the general advantages and disadvantages claimed for LIFO methods.

An injection-molding machine is divided into two principal components. Name them

If a country specialises in a good in which it has a comparative disadvantage, where will it be producing with respect to its production possibility curve?

What is the starting material in fused-deposition modeling?

What is the name given to the furnace used to fire ceramic ware?

What is the definition of control for purposes of §351?  Why does Congress require the shareholders to control a corporation to receive tax deferral?

Is sustainability achievable in all organisations regardless of their           operating activities?

Kehoe, Inc. owes $40,000 to Ritter Company. How much would Kehoe have to pay each year if the debt is retired through four equal payments (made at the end of the year), given an interest rate on the debt of 12%? (Round to two decimal places.)

List three properties of ferrite at room temperature.

What should determine the choice of cost allocation method (direct, step-down and reciprocal) discussed in this chapter?

It is desired to estimate the cutting temperature for a certain alloy steel whose hardness = 240 Brinell. Use the appropriate value of specific energy from Table 21.2 and compute the cutting temperature by means of the Cook equation for a turning operation in which the cutting speed is 500 ft/min, feed is 0.005 in/rev, and depth of cut is 0.070 in. The work material has a volumetric specific heat of 210 in lb/in3 -F and a thermal diffusivity of 0.16 in2 /sec. Assume ambient temperature = 88°F.

Adam elects the accrual method of accounting for his business. What amount of deductions does Adam recognize this year for the following transactions?  a) Adam guarantees that he will refund the cost of any goods sold to a client if the goods fail within a year of delivery. In December of this year, Adam agreed to refund $2,400 to clients, and he expects to make payment in January of next year. b) On December 1 of this year, Adam paid $480 for a one-year contract with CleanUP Services to clean his store. The agreement calls for services to be provided on a weekly basis. c) Adam was billed $240 for annual personal property taxes on his delivery van. Because this was the first time Adam was billed for these taxes, he did not make payment until January of next year. However, he considers the amounts immaterial.

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As a cost accountant for San Francisco Cannery, you have been approached by Phil Perriman, canning room supervisor, about the 2014 costs charged to his department. In particular, he is concerned about the line item “depreciation.” Perriman is very proud of the excellent condition of his canning room equipment. He has always been vigilant about keeping all equipment serviced and well oiled. He is sure that the huge charge to depreciation is a mistake; it does not at all reflect the cost of minimal wear and tear that the machines have experienced over the last year. He believes that the charge should be considerably lower. The machines being depreciated are six automatic canning machines. All were put into use on January 1, 2014. Each cost $625,000, having a salvage value of $55,000 and a useful life of 12 years. San Francisco depreciates this and similar assets using double-declining-balance depreciation. Perriman has also pointed out that if you used straight-line depreciation, the charge to his department would not be so great. Instructions Write a memo to Phil Perriman to clear up his misunderstanding of the term “depreciation.” Also, calculate year-1 depreciation on all machines using both methods. Explain the theoretical justification for doubledeclining- balance and why, in the long run, the aggregate charge to depreciation will be the same under both methods.

Henrich is a single taxpayer. In 2024, his taxable income is $530,000.  What are his income tax and net investment income tax liability in each of the following alternative scenarios?

Is the LIFO recapture tax a C corporation tax or an S corporation tax?  Explain.

Suppose you asked your favorite AI query tool the following question: “How do Democrats and Republicans view a civilized society and a healthy economy?”  The AI tool provided the following response:   Is the AI response to the question accurate?  Explain.

Stallman Company took a physical inventory on December 31 and determined that goods costing $200,000 were on hand. Not included in the physical count were $25,000 of goods purchased from Pelzer Corporation, f.o.b. shipping point, and $22,000 of goods sold to Alvarez Company for $30,000, f.o.b. destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Stallman report as its December 31 inventory?c

Tim is a single, cash-method taxpayer with an AGI of $50,000. In April of this year Tim paid $1,020 with his state income tax return for the previous year. During the year, Tim had $5,400 of state income tax and $18,250 of federal income tax withheld from his salary. In addition, Tim made estimated payments of $1,360 and $1,900 for state and federal income taxes, respectively. Finally, Tim expects to receive a refund of $500 for state income taxes when he files his state tax return for this year in April next year. What is the amount of taxes that Tim can deduct as an itemized deduction?