The following percentages were computed using figures from recent annual reports of Weis
Markets, a large grocery store chain, and Sprint Corporation, a provider of telecommunication
Allowance for doubtful accounts as a percentage of
Coyne Corporation recently hired Elaine Herrold as its new bookkeeper. Herrold was not very
experienced and made seven recording errors during the last accounting period. The nature of
each error is described in the following table.
Joseph Max, Inc., sold 10-year, 7 percent bonds for $1,000,000 at 98. On the interest payment
date at the end of the 5th year the bonds were outstanding, 50 percent of the bonds were retired
by Max at 101 under an early retirement option that was written
Xonic Corporation issued $8 million of 20-year, 8 percent bonds on April 1, 2015, at 102.
Interest is due on March 31 and September 30 of each year, and all of the bonds in the issue
mature on March 31, 2035. Xonics fiscal year ends on December 31. Prepar
The Ski Factory provided the following information at December 31, 2015:
The company invested $52,000 in a portfolio of marketable securities on December 22, 2015.
The portfolios market value on December 31, 2015, had increased in va
R&R, Inc., purchased a new machine on September 1, 2013, at a cost of $180,000. The
machines estimated useful life at the time of the purchase was five years, and its expected
residual value was $10,000.
a. Prepare a complete depreciation sch
Indicate the best answer for each question in the space provided.
Lewis Corporation issued 125,000 shares of $5 par value capital stock at date of
incorporation for cash at a price of $9 per share. During the first year of operations,
The following items were taken from the accounting records of Murfreesboro Telephone
Corporation (MTC) for the year ended December 31, 2018 (dollar amounts are in thousands).
Accounts payable.$ 65,600
Accrued expenses payable (other than interest) 11,347
Due to ineffective controls while counting its inventory, Walker & Comer, Inc., double-counted
$50,000 of inventory at the end of the current year. Before discovering this error, the companys
ending inventory was $670,000. How will correction of this erro
Purple & Orange, Inc., sold $800,000 of bonds on an interest payment date at 102. Assuming the
bonds will be retired in 10 years and interest is paid annually, calculate the amount of cash that
will be received and paid by Purple & Orange in the first ful
Chapter 04 Individual Behavior and Differences, Organizations
True / False Questions
1. (p. 91) Attempting to learn why people behave as they do requires some understanding of
2. (p. 92) Once established, a person's behavior p
2. The potential benefits for a multinational corporation from convergence of financial reporting
standards are derived mainly as a result of international comparability of financial reporting
standards and practices. Examples of such benefits
Ch. 1 -Questions
2. (a) translating foreign currency amounts into the companys reporting currency and
(b) Reporting the effects of changes in exchange rates in the financial statements.
3. As listed in Exhibit 1-1, following are several reasons why compan
Chapter 7 :Answers to Questions
Under the two-transaction perspective, an export sale (import purchase) and the
subsequent collection (payment) of cash are treated as two separate transactions to be
accounted for separately. The idea is that management
3. Tax havens are tax jurisdictions with abnormally low corporate income tax rates or no
corporate income tax at all. Tax havens include the Bahamas, which has no corporate
income tax, and Liechtenstein, which has tax rates ranging from 7.5% - 15%.
Ch. 12 Transfer Pricing
Answers to Questions
1. Transfer prices must be determined for the following intercompany transfers:
sale or lease of a tangible asset
sale or use of an intangible asset
performance of services, e.g., management, marketing and/o
Property, Plant, and Equipment:
3. The estimated costs of dismantling and removing an asset must be included in the assets
cost upon initial recognition.
4. The two models allowed by IAS 16 are the cost model and the revaluation model. Under th
2. In applying the lower of cost and market rule for inventories, IAS 2 defines market as net realizable value
(NRV) and U.S. GAAP defines market as replacement cost (with NRV as a ceiling and NRV less normal
profit margin as a floor)
ACCT 2814 Project 2 Personal Use of Excel
Details for Project 2 are outlined below. Any questions? Please contact me. YOU MAY WORK IN
GROUPS OF UP TO 3 PEOPLE. If you already worked in a group, and wish to work solo this time, that is
fine, too! The choic
Award: 2.50 out of 2.50 points
SuperCola and Popinski are two of the largest and most successful beverage companies in the world in