Batista Company _Production Budget Batista Company _Production Budget Question On January 1, 2013 the Batista Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2013. Sales units: First quarter 5,000; second quarter 6,000; third quarter 7,000 Ending raw materials inventory: 50% of the next quarter's production requirements Ending finished goods inventory: 30% of the next quarter's expected sales units Third-quarter production: 7,250 units The ending raw materials and finished goods inventories at December 31, 2012, follow the same percentage relationships to production and sales that occur in 2013. Three pounds of raw materials are required to make each unit of finished goods. Raw materials purchased are expected to cost $4 per pound. Complete the production budget by quarters for the 6-month period ended June 30, 2013. BATISTA COMPANY Production Budget For the Six Months Ending June 30, 2013 Quarter Six 1 2 Months Add: Total required units Less: Required production units
Week Three Exercise Assignment_Solution Week Three Exercise Assignment_Solution Question Week Three Exercise AssignmentInventory1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.Painting Cost1/2 Beginning inventory Woods $21,0004/19 Purchase Sunset 21,8006/7 Purchase Earth 31,20012/16 Purchase Moon 4,000Woods and Moon were sold during the year for a total of $35,000. Determine the firm’sa. cost of goods sold.b. gross profit.c. ending inventory.2. Inventory valuation methods: basic computations. The January beginning inven¬tory of the Gilette Company consisted of 300 units costing $40 each. During the first quarter, the company purchased two batches of goods: 700 Units at $44 on February 21 and 800 units at $50 on March 28. Sales during the first quarter were 1,400 units at $75 per unit. The White Company uses a periodic inventory system. Using the White Company data, fill in the following chart to compare the results obtained under the FIFO, LIFO, and weighted-average inventory methods.FIFO LIFO Weighted AverageGoods available for sale $ $ $Ending inventory, March 31Cost of goods sold3. Perpetual inventory system: journal entries. At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory system. The first transactions that occurred during 20X3 follow:• 1/2/20X3 Purchases on account: 500 units @ $6 = $3,000• 1/15/20X3 Sales on account: 300 units @ $8.50 = $2,550• 1/20/20X3 Purchases on Account: 200 units @ 5 = $1,000• 1/25/20X3 Sales on Account: 300 units @ $8.50 = $2,550The company president examined the computer-generated journal entries for these transactions and was confused by the absence of a Purchases account.a. Duplicate the journal entries that would have appeared on the computer printout under FIFO & LIFOb. Calculate the balance in the firm’s Inventory account under each method.c. Briefly explain the absence of the Purchases account to the company president.4. Inventory valuation methods: computations and concepts.Wild Riders Surfboard Company began business on January 1 of the current year. Purchases of surfboards were as follows:Date Quantity Unit Cost Total Cost1/3 100 $125 $12,5004/3 200 $135 $27,0006/3 100 $145 $14,5007/3 100 $155 $15,500Total 500 $69,500Wild Riders sold 400 boards at $250 per board on the dates listed below. The company uses a perpetual inventory system.Date Quantity Sold Unit Price Total Sales3/17 50 $250 $12,5005/17 75 $250 $18,7508/10 275 $250 $68,750Total 400 $100,000Instructionsa. Calculate cost of goods sold, ending inventory, and gross profit under each of the following inventory valuation methods:• First-in, first-out• Last-in, first-out• Weighted averageb. Which of the three methods would be chosen if management’s goal is to(1) produce an up-to-date inventory valuation on the balance sheet?(2) show the lowest net income for tax purposes?5. Depreciation methods. Mike Davis Enterprises purchased a delivery van for $40,000 in January 20X7. The van was estimated to have a service life of 5 years and a resid¬ual value of $6,000. The company is planning to drive the van 20,000 miles annually. Compute depreciation expense for 20X8 by using each of the following methods:a. Units-of-output, assuming 17,000 miles were driven during 20X8b. Straight-linec. Double-declining-balance6. Depreciation computations. Alpha Alpha Alpha, a college fraternity, purchased a new heavy-duty washing machine on January 1, 20X3. The machine, which cost $2,000, had an estimated residual value of $100 and an estimated service life of 4 years (1,800 washing cycles). Calculate the following:a. The machine’s book value on December 31, 20X5, assuming use of the straight-line depreciation methodb. Depreciation expense for 20X4, assuming use of the units-of-output depreciation method. Actual washing cycles in 20X4 totaled 500.c. Accumulated depreciation on December 31, 20X5, assuming use of the double-declining-balance depreciation method.7. Depreciation computations: change in estimate. Aussie Imports purchased a specialized piece of machinery for $50,000 on January 1, 20X3. At the time of acquisition, the machine was estimated to have a service life of 5 years (25,000 operating hours) and a residual value of $5,000. During the 5 years of operations (20X3 - 20X7), the machine was used for 5,100, 4,800, 3,200, 6,000, and 5,900 hours, respectively.Instructionsa. Compute depreciation for 20X3 - 20X7 by using the following methods: straight line, units of output, and double-declining-balance.b. On January 1, 20X5, management shortened the remaining service life of the machine to 15 months. Assuming use of the straight-line method, compute the company’s depreciation expense for 20X5.c. Briefly describe what you would have done differently in part (a) if Aussie Imports had paid $47,800 for the machinery rather than $50,000 In addition, assume that the company incurred $800 of freight charges $1,400 for machine setup and testing, and $300 for insurance during the first year of use.
identify two call options expiring in April 2014 for Proctor and Gamble identify two call options expiring in April 2014 for Proctor and Gamble Question identify two call options expiring in April 2014 for Proctor and Gamble – one that is slightly inÂtheÂmoney (ITM) and another that is slightly outÂofÂtheÂmoney (OTM). There are many ITM options but choose the call option whose strike price is the closest to the stock close price on 1/21/14 Do the same for OTM option. Both options should expire on 4/19/2014.
Case- 3-24. The Dinteman Company (Document Analysis) Case- 3-24. The Dinteman Company (Document Analysis) Question Chapter 3: Case Analyses 3-24 (The Dinteman Company) 3-24. The Dinteman Company (Document Analysis) The Dinteman Company is an industrial machinery and equipment manufacturer with several production departments. The company employs automated and heavy equipment in its production departments. Consequently, Dinteman has a large repair and maintenance department (R&M department) for servicing this equipment. The operating efficiency of the R&M department has deteriorated over the past two years. For example, repair and maintenance costs seem to be climbing more rapidly than other department costs. The assistant controller has reviewed the operations of the R&M department and has concluded that the administrative procedures used since the early days of the department are outmoded due in part to the growth of the company. In the opinion of the assistant controller, the two major causes for the deterioration are an antiquated scheduling system for repair and maintenance work, a . Prepare a document flowchart to show how the Repair/Maintenance Service Request and the Repair/Maintenance Work Order should be coordinated and used among the departments of Dinteman Company to request and complete the repair and maintenance work, to provide the basis for charging the production departments for the cost of the completed work, and to evaluate the performance of the repair and maintenance department. Provide explanations in the flowchart as appropriate.
FIU BUL 6810 quiz 7 FIU BUL 6810 quiz 7 Question Question 1Ann promises to give Carlos $50 if he promises to sell her a business law book. This is an example of a[n] ______ contract.UnilateralBilateralVoidConditional5 points Question 2A(n) ________ is any agreement to accept performance that is different from what is called for in the contract.accord and satisfactionanticipatory repudiationfrustration of purposemutual rescission5 points Question 3Which of the following is a technique by which a new party is substituted for one of the old parties, and a new contract is written (with the consent of all old and new parties) to effect the desired change?NovationSubstitutionFormal changeVerified change5 points Question 4Alice typically mows her own lawn whereas her neighbor pays to have her yard mown by ABC Law Service. Alice notices one day that an apparently new employee of ABC is mowing Alice's yard by mistake. She says nothing. When the employee asks for payment, Alice refuses on the basis that the yard mowing was a mistake and that she has no contract with ABC. Which of the following is true regarding whether ABC could recover against Alice?ABC likely has no rights against Alice.ABC could recover against Alice based on breach of contract.ABC could likely recover on a theory of quantum meruit.ABC could likely recover against Alice based on a negligence theory.5 points Question 5Which of the following is true regarding acceptance?In the absence of a provision in an offer regarding how acceptance is to be made, acceptance is effective upon dispatch into a mailbox.Acceptance is never effective until it is received.An offeror may not by law specify that an offer can be accepted only by facsimile to a stated fax number and that the acceptance is not effective until actually received.An offeror may revoke an offer so long as the revocation is made before an acceptance is received.5 points Question 6Conditions ________ occur when the mutual duties of performance are to take place simultaneously.precedentconcurrentsubsequentconsequential5 points Question 7Hester offers to sell her house to Frank for $250,000. Frank says that he would like to think about it, and Hester says that is fine. The next day, Martha, Hester's friend, says that she will give Hester $240,000 for the house. Hester really likes Martha more than Frank and signs a contract to sell the house to Martha. Later that day Hester sees Frank walking up her driveway. She immediately opens the window and yells "I revoke the offer on the house" before Frank says anything. Frank replies that he accepts the offer and expects to purchase the home. Frank tells Hester that while he has not yet taken steps to sell his own home or get a loan, he feels confident that there will be no problem with those matters and he is a ready, willing, and able buyer. Which of the following is true regarding the offer to Frank assuming Hester's revocation was ineffective?The offer was probably still open the next day because a reasonable length of time would not have expired.The offer would have terminated because Frank did not provide any consideration to leave it open.By operation of law, it would have terminated at midnight on the day it was made.By operation of law, it would still have been open because it would not have terminated until midnight on the day after it was made.5 points Question 8As a birthday gift, Ben's uncle promised Ben that he would pay Ben's business school tuition for the next semester. In reliance on that promise, Ben quit his part time job at a fast food restaurant. When the tuition bill became due, Ben's uncle told Ben that he was sorry but that he would not be able to pay the tuition because he just built a new swimming pool at his house, and funds were running short. Ben asks you if there is any basis upon which he could win in litigation against his uncle. Which of the following would be the best advice?That Ben should sue for breach of contract because an offer, acceptance, and consideration are all present.That Ben should sue for breach of contract because an offer and acceptance are present, and his reliance would substitute for consideration.That Ben should sue based on promissory estoppel.That Ben should hurry and try to get his job back because there is no basis upon which he would have a viable case.5 points Question 9To which of the following does the statute of frauds apply?A promise to pay the debt of another person.A contract that cannot be performed within the space of six months.Any contract of employment.Any contract involving commerce.5 points Question 10Which of the following is a type of conditional promise?Condition concurrentCondition subsequentCondition illusoryBoth a condition concurrent and a condition subsequent5 points Question 11If a new law of general application indirectly affects a government contract, making the government's performance impossible, the ________ will protect the government in a subsequent suit for breach of contract.sovereign acts doctrinediscretionary acts doctrineministerial acts theorylegislatively enacted principle5 points Question 12Contract law is based on which of the following?Case lawStatutesTraditionAll the responses are correct5 points Question 13Liquidated damages are damages thatpunish the breaching partyfluctuate with the market conditionsare agreed uponnone of the above5 points Question 14An agreement between two parties that provides that the buyer will buy all of a particular product from a particular seller is called a[n] ______.illusory promiserequirements contractoutput contractfulfillment contract5 points Question 15Helen tells her nephew, Bernard, that she will pay him $100 if he will stop smoking for six months. Helen was hopeful that if Bernard stopped smoking for six months, he could stop altogether. Bernard stops smoking for six months but then resumed his smoking. Helen will not pay him. She says that the type of promise she made cannot constitute a binding contract and that, furthermore, it was at least implied that he would stop smoking for good. Can Bernard legally collect $100 from Helen?No, because under the law his stopping smoking was not adequate consideration.No, because it was implied that he would stop smoking for good, and he only quit for six months.Yes, because his stopping smoking for six months, as agreed, was adequate consideration for the contract.Yes, because stopping smoking was good for his health even if he only did it for six months.5 points Question 16Commercial transactions involving the sale of goods, movable personal property, are governed by which of the following?Article 2 of the Uniform Commercial CodeArticles 1-3 of the Uniform Sale of Goods CodeArticle 1 of the Federal Sales CodeArticle 1 of the Uniform Credit Code5 points Question 17Under the doctrine of ________, a court may invalidate an agreement if one party had sufficient influence and power over the other as to make genuine assent impossible.fraudmistakeundue influencedetrimental reliance5 points Question 18Hester offers to sell her house to Frank for $250,000. Frank says that he would like to think about it, and Hester says that is fine. The next day, Martha, Hester's friend, says that she will give Hester $240,000 for the house. Hester really likes Martha more than Frank and signs a contract to sell the house to Martha. Later that day Hester sees Frank walking up her driveway. She immediately opens the window and yells "I revoke the offer on the house" before Frank says anything. Frank replies that he accepts the offer and expects to purchase the home. Frank tells Hester that while he has not yet taken steps to sell his own home or get a loan, he feels confident that there will be no problem with those matters and he is a ready, willing, and able buyer. Which of the following is true regarding whether Hester's attempted revocation was effective?It was effective because Hester had left the offer open the amount of time required by law regardless of whether she revoked before Frank could accept.It was effective because Hester issued the revocation before Frank could accept.It was ineffective because the amount paid by Martha was less than the offer to Frank.It was ineffective because Hester attempted the revocation at too early a point in time.5 points Question 19________ damages compensate a party for losses that occur as a foreseeable result of the breach.Quantum meruitRelianceRestitutionConsequential5 points Question 20A third party beneficiary is someone who is nota legal and recognized type of beneficiary.intended to benefit from the contract.a party to the original contract.intended to enforce the contract.
columbia Southern MBA6941 Unit I Article Review columbia Southern MBA6941 Unit I Article Review Question Unit I Article Review The Article Review assignment for this class is to critically review an article having to do with any issue in the business world as it relates to project management. You can pick any article you wish, as long as it meets the criteria listed below The Article Review assignment for this class is to critically review an article having to do with any issue in the business world as it relates to project management. You can pick any article you wish, as long as it meets the criteria listed below Here are some suggested topics: ? Project life cycle ? The cost-schedule-quality equilibrium ? Project stakeholders ? A project charter Content: The object of your critique is to describe and analyze the issues in the article. The following outline should be followed. The article should be summarized in three to four paragraphs. Start the paper by clearly identifying the article title and author. You will need to answer, but are not limit to, the following questions: ? What issue/topic is the article addressing? ? Who is potentially affected by the issue/topic? ? In your opinion, was the article well written? Why, or why not? Format: The Article Review should be no more than three pages in length. The research article should not be more than five years old and should be two or more pages long. Please follow APA format.
Write an essay on the Rights and Freedoms Guaranteed Write an essay on the Rights and Freedoms Guaranteed Question Write an essay of 750-1,000 words in which you reflect on the rights and freedoms guaranteed to you as an American citizen in the Bill of Rights. Include the following: 1. Discuss which freedom guaranteed to you in the First Amendment to the Constitution is most relevant to you personally. 2. Analyze and discuss the significance of the Bill of Rights and subsequent notable amendments to U.S. democracy. 3. Discuss the process for amending the Constitution. Is this a "fair" process? Explain. Utilize the required readings, academic websites, and the GCU e-Library as resources for this assignment. Prepare this assignment according to the APA guidelines found in the APA Style Guide, located in the Student Success Center. An abstract is not required. This assignment uses a grading rubric. Instructors will be using the rubric to grade the assignment; therefore, students should review the rubric prior to beginning the assignment to become familiar with the assignment criteria and expectations for successful completion of the assignment.
Need help with individual assignment mgmt 600 Need help with individual assignment mgmt 600 Question Need help with MGMT 600 individual assignment. Please see the attachment and also the description of the company is below.The Company: Entertainment Service Company whose main focus is the rental of A/V equipment using current customer technologies such as Smartphones, Tablets, MP3 Players, and Laptops that are hooked up via Bluetooth, HDMI, Auxiliary or Digital Optical Audio Out to the equipment. Our company will rent Projectors, Projector Screens, DJ speakers, Amplifiers, Mixers, karaoke machines…basically anything to those customers don’t see the need to pay a DJ just to use their expensive equipment.What’s great about this: During the recession, people can’t afford expensive events. Instead customers can host affordable events without paying for the entertainer. In return leave the customer with a memorable event. Events: Graduations, Weddings, Anniversaries, Birthdays, Seminars, Pool parties, Superbowl bashes, etc.! , Attachments (23.27 KB)
managerial accounting question managerial accounting question Question 1. Whats the role of managerial accountant in todays business environment and how if any has the role changed over time? 2. In regards to cost allocation what really drives the consumption of those costs and what drives and how does it help with such allocation process? 3. Variance analysis receives some criticism as a performance measure. What about other measures such as ROI and EVA? Variance analysis compares actual performance to budgeted performance in the areas of material, labor and overheads. If the results of a business unit show all positive variances, should the manager be rewarded for excellent performance? A simple counter argument can be-what if the manager had padded his business unit’s budget? Video 1: Performance Management & Evaluation: http://www.youtube.com/watch?v=M8igsXklfb4 Video 2: Return on Investment-ROI: http://www.youtube.com/watch?v=omUoKnhuqvY Video 3: Economic value added-EVA: http://www.youtube.com/watch?v=4UMUJkIPA-4&feature=related
INTERMEDIATE ACCOUNTING II WEEK 2 ASSIGNMENT EXERCISES INTERMEDIATE ACCOUNTING II WEEK 2 ASSIGNMENT EXERCISES Question INTERMEDIATE ACCOUNTING II WEEK 2 ASSIGNMENT EXERCISES E 14-16 Error in amortization schedule Wilkins Food Products, Inc. acquired a packaging machine from Lawrence Specialists Corporation. Lawrence completed construction of the machine on January 1, 2009. In payment for the machine Wilkins issued a three-year installment note to be paid in three equal payments at the end of each year. The payments include interest at the rate of 10%. Lawrence made a conceptual error in preparing the amortization schedule, which Wilkins failed to discover until 2011. The error had caused Wilkins to understate interest expense by 45,000 in 2009 and 40,000 in 2010. Required: 1. Determine which accounts are incorrect as a result of these errors at January 1, 2011, before adjustments. Explain your answer. (Ignore income taxes) 2. Prepare a journal entry to correct the error. 3. What other step(s) would be taken in connection with the error. E 14-18 Installment note; amortization schedule American Food Services, Inc. acquired a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2011. In payment for the 4 million machine, American Food Services issued a four-year installment note to be paid in four equal monthly payments at the end of each month. The payments include interest at the rate of 12%. Required: 1. Prepare the journal entry for American Food Services’ purchase of the machine on January 1, 2011. 2. Prepare an amortization schedule for the four-year term of the installment note. 3. Prepare the journal entry for the first installment payment on December 31, 2011. 4. Prepare the journal entry for the third installment payment on December 31, 2011. P 14-21 Report bonds at fair value; quarterly reporting Appling Enterprises issued 8% bonds with a face amount of 400,000 on January 1, 2011. The bonds sold for 331,364 and mature in 2030 (20 years). For bonds of similar risk and maturity the market yield was 10%. Interest is paid semiannually on June 30 and December 31. Appling determines interest expense at the effective rate. Appling elected the option to report these bonds at their fair value. The fair values of the bonds at the end of each quarter during 2011 as determined by their market values in the over-the- counter market were the following: March 31 $350,000 June 30 340,000 September 30 335,000 December 31 342,000 Required: 1. By how much will Appling’s earnings be increased or decreased by the bon ds (ignoring taxes) in the March 31 quarterly financial statements? 2. By how much will Appling’s earnings be increased or decreased by the bonds (ignoring taxes) in the June 30 quarterly financial statements? 3. By how much will Appling’s earnings be increased or decreased by the bonds (ignoring taxes) in the September 30 quarterly financial statements? 4. By how much will Appling’s earnings be increased or decreased by the bonds (ignoring taxes) in the December 31 annual financial statements? P 15-3 Direct financing and sales-type lease; lessee and lessor Rand Medical manufactures lithotripters. Lithotripsy uses shock waves instead of surgery to eliminate kidney stones. Physicians’ Leasing purchased a lithotripter from Rand for 2,000,000 and leased it to Mid-South Urologists Group, Inc. on January 1, 2011. Lease Description Quarterly lease payments $130,516-beginning of each period Lease term 5 years (20 quarters) No residual value; no BPO Economic life of lithotripter 5 years Implicit interest rate and lessee’s incremental borrowing rate 12 % Fair Value of asset $2,000,000 Collectively of the lease payments is reasonably assured, and there are no lessor costs yet to be incurred. Required: 1. How should this lease be classified by Mid-South Urologist Group and by Physicians’ Leasing? 2. Prepare appropriate entries for both Mid –South Urologist Group and Physicians’ Leasing from the inception of the lease through the second rental on April 1, 2011. Depreciation is recorded at the end of each fiscal year (December 31).