during the spring the demand for electric fans at a large home improvement store is 817298

During the spring, the demand for electric fans at a large home-improvement store is quite strong. The company tracks inventory using a computer system so that it knows how many fans are in the inventory at any time. The policy is to order a new shipment of 250 fans when the inventory level falls to the reorder point, which is 150. However, this policy has resulted in frequent shortages and thus lost sales because both lead time and demand are highly variable. The manager would like to reduce the incidence of shortages so that only 5% of orders will arrive after inventory drops to 0 (resulting in a shortage). This policy is expressed as a 95% service level. From previous periods, the company has determined that demand during lead time is normally distributed with a mean of 200 and a standard deviation of 50. Find the reorder point

what are the main kinds of information contained in a payroll register 780743

1. What are the main kinds of information contained in a payroll register?

2. For what reason are ‘‘distribution’’ columns sometimes provided in the payroll register?

3. Explain the use of the ‘‘Cumulative’’ column in the employee’s earnings record.

4. In Philadelphia, Pennsylvania, most workers are subject to three income taxes upon their earnings—federal, state, and city. Should an employer in Philadelphia record the liability for the withholding of all three income taxes in one liability account such as Income Taxes Payable?

5. What is meant by the garnishment of wages?

6. What is general priority order concerning wage attachments?

7. Under the Consumer Credit Protection Act, what is the maximum percentage that can be deducted from an employee’s pay to satisfy a student loan garnishment?

8. What portions of an employee’s wages are exempt from a federal tax levy?

9. How will payroll deductions from employees’ wages for their portion of 401(k) plans be recorded?

10. How are employees who do not have bank accounts paid by an employer who uses an electronic funds transfer system for payroll?

11. How is the information that is usually on a paper paystub given to an employee if the employer is using electronic paystubs?

12. What must the employer do with unclaimed paychecks?

13. What special accounts must usually be opened in the general ledger to record payroll tax entries?

14. Is it necessary for an employer who is subject to FICA and FUTA taxes to keep a separate expense account for the taxes under each act?

15. What is the effect of each of the following postings upon the assets, liabilities, and owner’s equity of a company?

a. A debit to Wages.

b. A credit to FICA Taxes Payable—HI.

c. A debit to SUTA Taxes Payable.

d. A credit to Cash.

16. Why is it necessary to classify employees by kind of work performed when computing the cost of workers’ compensation insurance?

17. What accounts are debited and credited when an employer records the electronic transfer of FICA taxes and federal income taxes that have been withheld?

18. How is the amount of accrual entry for the portion of a weekly payroll that is accrued at the end of an accounting period determined?

19. When are expenses of benefits such as vacation pay and retirement pay recorded? Explain.

20. What payroll-related expenses does an employer incur because of its employees?

 

show transcribed image text moran enterprises inc has the following account balances 1084085

Image for Moran Enterprises, Inc., has the following account balances and other information in alphabetical order at Dec

Show transcribed image text Moran Enterprises, Inc., has the following account balances and other information in alphabetical order at Dec. 31, 2012. All balances are as of the end of the year except Retained Earnings. Prepare a multi?step income statement and a classified balance sheet in proper form using accrual accounting.

journalize any required entries from the bank reconciliation include an explana tion 1259876

Journalize any required entries from the bank reconciliation. Include an explana- tion for each entry.

Identify the internal control weakness in this situation.

Who should record sales allowances?

Q67. What is the amount that should be shown in the ledger for cash receipts?

Explain the characteristics and the internal control features of an imprest fund.

On September 30, how much cash should the petty cash fund hold before it is replenished?

Journalize all required entries to create the fund and replenish it. Include explanations.

Q71. Make the October 1 entry to increase the fund balance to $300. Include an explanation, and briefly describe what the custodian does.

On September 30, how much cash should this petty cash fund hold before it is replenished?

Q73. Journalize all required entries to (a) create the fund and (b) replenish it. Include explanations.

Make the entry on October 1 to increase the fund balance to $325. Include an explanation.

Identify the ethical issue that Phelps is facing. Specify the two main alternatives available to Phelps.

Identify the possible consequences of Phelps identifying Starstruck’s financial position to Therot Recording Company.

Q77. Identify the correct ethical decision Phelps must make based on the two alterna- tives identified in Requirement 2.

Journalize the entry to establish the Petty cash fund.

Q79. Journalize any entries to replenish the fund at the end of June. Add any new accounts to the chart for Lawlor that may be necessary.

Prepare the February bank reconciliation.

Journalize and post any transactions required from the bank reconciliation. Key all items by date. Compute each account balance, and denote the balance as Bal.

Q82. Prepare the bank reconciliation.

Journalize any required entries from the bank reconciliation.

Surf around for information on internal control, write a report of your findings, and pre- sent it to your class (if required by your instructor).

Q85. Describe in detail the main internal control weakness in this situation. Specify what nega- tive result(s) could occur because of the internal control weakness.

Describe what you would do to correct the internal control weakness.

Perform your own bank reconciliation using the format illustrated in the chapter. There are no bank or book errors.

Q88. Explain how Johnson can improve his internal controls.

Identify who, other than O’Conner, could be harmed by this theft. In what ways could they be harmed?

Discuss the role accounting plays in this situation.

Q91. What was the key control weakness in this case?

Many small businesses cannot afford to hire enough people for adequate separation of duties. What can they do to compensate for this?

Q93. What is the name of Amazon ’s outside auditing firm (independent registered public accounting firm)? What office of this firm signed the audit report? How long after the Amazon year-end did the auditors issue their opinion?

Who bears primary responsibility for the financial statements? How can you tell?

Q95. Does it appear that the Amazon internal controls are adequate? How can you tell?

What standard of auditing did the outside auditors use in examining the Amazon financial statements? By what accounting standards were the statements evaluated?

Q97. By how much did Amazon ’s cash balance (including cash equivalents) change during 2009? What were the beginning and ending cash balances?

Write an internal control manual that will help safeguard the assets of the business. The starting point of the manual is to assign responsibilities among the group members.

test3 840228

Scherff Inc. produces a product which goes through three processes – Process 1, Process 2, and Process 3. Process 1 is the Mixing Department; Process 2 is the Blending Department; and Process 3 is Pouring Department. The following information pertains to the Mixing Department to the units and costs for the month of October (% is the percentage completed):

Direct Materials Conversion

Beginning Inventory 1000 units, 50% 1000 units, 25%

$10,000 $20,000

Started this Period 20,000 units 20,000 units

$400,000 $1,600,000

Ending Inventory 2000 units, 75% 2000 units, 50%

Required:

1. Prepare a complete production report for the month of October using the FIFO technique.

review the meaning of the concepts or terms given in key terms and concepts distingu 1235327

  1. Review the meaning of the concepts or terms given in Key Terms and Concepts.

  2. Distinguish between a production department and a service department.

  3. Distinguish between a direct cost and an indirect cost.

  4. Give the steps in the cost allocation process.

  5. What is the nature of a joint-production process?

  6. What is the objective of joint-cost allocation?

over the past few years microsoft founder bill gates net worth has fluctuated betwee 1203540

Over the past few years, Microsoft founder Bill Gates’ net worth has fluctuated between $20 billion and $130 billion. In early 2006, it was about $26 billion-after he reduced his stake in Microsoft from2l percent to around l4 percent by moving billions into his charitable foundation. Let’s see what Bill Gates can do with his money in the following problems. a. Manhattan’s native tribe sold Manhattan Island to Peter Minuit for $24 in 1626. Now, 387 years later in 2013, Bill Gates wants to buy the island from the “current natives.” How much would Bill have to pay for Manhattan if the “current natives” want a 4 percent annual return on the original$24 purchase price? b. Bill Gates decides to pass on Manhattan and instead plans to buy the city of Seattle, Washington, for $50 billion in 11 years. How much would Bill have to invest today at 8 percent compounded annually in order to purchase Seattle in 11 years? c. Now assume Bill Gates only wants to invest half his net worth today, $13 billion, in order to buy Seattle for $50 billion in 11 years, What annual rate of return would he have to earn in order to complete his purchase in 11 years? d. Instead of buying and running large cities, Bill Gates is considering quitting the rigors of the complete liis purchase in 10 years? business world and retiring to work on his golf game. To fund his retirement, Bill would invest his $20 billion fortune in safe investments with an expected annual rate of return of 7 percent.’ He also wants to make 50 equal annual withdrawals from this retirement fund beginning a year from today, running his retirement fund to $0 at the end of 50 years. How much can his annual withdrawal be in this case? (Round all answers to two decimal places.) Additional Requirements Min Pages: 1 Level of Detail: Show all work

cost estimation using regression analysis dali 8217 s financial services prepares ta 1233388

Cost estimation using regression analysis. Dali’s Financial Services prepares tax returns for small businesses. Data on the company’s total costs and output for the past six months appear in the table that follows. The results of regression analysis are also provided.

    1. Plot the data and the regression line on a graph. (See Problem 5.4 for Self-Study.)

    2. Estimate total monthly costs for a month when 330 tax returns are prepared, using the estimates from the regression output.

Month

Tax Returns Prepared

Total Costs

January ……………………………………………………………………………

200

$160,000

February ………………………………………………………………………….

280

192,000

March ………………………………………………………………………………

300

198,000

April ………………………………………………………………………………..

260

180,000

May ………………………………………………………………………………….

260

186,000

June ………………………………………………………………………………..

240

170,000

Regression output: TC ¼ $78,045 þ ($401 x Number of tax returns).

exeter has a material standard of 1 pound per unit of output each pound has a standa 761661

Exeter has a material standard of 1 pound per unit of output. Each pound has a standard price of $26 per pound. During July, Exeter paid $142,000 for 5,030 pounds, which they used to produce 4,790 units. What is the direct materials price variance? (Do not round your intermediate calculations.)

a) $10,320 favorable
b) $27,780 unfavorable
c) $11,220 unfavorable
d) $17,460 unfavorable

Delaware Corp. prepared a master budget that included $20,000 for direct materials, $28,600 for direct labor, $15,700 for variable overhead, and $39,000 for fixed overhead. Delaware Corp. planned to sell 4,000 units during the period, but actually sold 4,300 units. How much would direct materials cost be on a flexible budget for the period based on actual sales? (Do not round intermediate calculation. Round your final answer to the nearest dollar amount.)

a) $78,905
b) $20,165
c) $21,500
d) $18,923

appraise the logic of the finance vice president s proposals and analysis in doing s 759332

Appraise the logic of the Finance Vice President’s proposals and analysis. In doing so, you should address somewhere along the way the following issues, in specific terms: 1. His assessment of the respective “costs” of each of the various individual sources of capital available to the firm– i.e., debt, retained earnings, common stock. 2. The appropriate procedure for weighting those individual costs, to come up with an over-all cost of capital for the firm. 3. The determination of the degree of leverage which the firm should have in its capital structure, and the criteria which would bear on that decision. 4. Whether the firm’s cost of capital should be expressed as a before-tax or an after-tax figure. 5. How the firm should decide whether to

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Finance for Managers Critique the analysis and proposals made by the Vice President for Finance of Adheron, Inc., as described in the attached case. Specific assignment questions to guide that critique are listed on page 5. Feel free, however, both to integrate your responses to those various questions and to go beyond the particular issues they raise, in order to develop a coherent capital structure, cost of capital, and investment decision framework for the firm, according to what you consider to be the correct conceptual approach to such matters. Thus, do not be reluctant to display the full range of your talents, even if they do not fit neatly into the guidelines provided. Assume that the reader of your critique will be knowledgeable in the relevant areas, but is interested in finding out whether you are. Limit your written response to 6 pages (one side), including any exhibits you may wish to provide; this is a firm limit, not merely a suggestion. You have four hours in which to complete your analysis. ADHERON, INCORPORATED In early 2008, the Vice President-Finance of Adheron, Inc., completed a study of the company’s existing capital budgeting and financing procedures and was preparing to recommend major policy changes to management and the Board of Directors. Prior to presenting his ideas formally, however, he planned to review them with several of his colleagues who would be most affected by the changes he had in mind. Adheron was a leading manufacturer of adhesives, pressure-sensitive papers, and packaging and household tapes. It had been founded in the late 1950’s on the basis of several proprietary adhesives innovations, and had grown steadily–and profitably–since. By 2008, it had plant locations in 12 states and 4 foreign countries,and employed nearly 15,000 individuals. Annual revenues were comprised approximately 75 percent of sales to other manufacturers and 25 percent…

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