Category: Essays

Which of the following reasons is most responsible for
corporations being the most important form of business organization in the United States?
a. Corporations have limited life.
b. Stockholders have unlimited liability.
c. Corporations are subject to less government regulation than the other forms of business organization.
d. Corporations have the ability to raise larger sums of capital than the other forms of business organization.

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ACC 205 Week Three Exercise Assignment Inventory
Question:
Depreciation

A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100,000. Explain the concept of depreciation. Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method?

Inventory Journal

Reflect for a moment on the LIFO (Last in First Out) and FIFO (First in First Out) inventory methods. If you were starting a small manufacturing company, what inventory method do you believe would provide the most accurate financial statements? Why do you believe this is the case?
Week Three Exercise Assignment
Inventory

1. Inventory. Inventory valuation methods: Basic computations. The January beginning inventory of the White 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 chart that follows to compare the results obtained under the FIFO, LIFO, and weighted-average inventory methods.

FIFO LIFO Weighted Average
Goods available for sale $ $ $
Ending inventory, March 31
Cost of goods sold

2. Analysis of LIFO versus FIFO. Indicate whether LIFO or FIFO best describes each of the following:
a. Gives highest profits when prices fall.
b. Yields lowest income taxes when prices rise.
c. Generates an ending inventory valuation that somewhat approximates replacement cost.
d. Matches recent costs against current selling prices on the income state¬ment.
e. Comes closest to approximating the physical flow of goods of a fruit and vegetable dealer.
f. Results in lowest cost of goods sold in inflationary periods.

3. Inventory Errors. The income statements of Diamond Company for the years ended Decem-ber 31, 19X1, and 19X2 follow.
19X1 19X2
Net sales
Cost of goods sold
Beginning inventory
Add: Net purchases

$ 95,000 380,000 $440,000

$109,000 404,000 $483,000
Goods available for
sale
Less: Ending inventory
$475,000 109,000
$513,000 127,000
Cost of goods sold 366,000 386,000
Gross profit
Operating expenses $ 74,000 58,000 $ 97,000 67,000
Net income $ 16,000 $ 30,000

Diamond uses a periodic inventory system. A detailed review of the accounting records disclosed the following:
a. A review of 19X1 purchase invoices revealed that a clerk had incor¬rectly recorded a $12,600 purchase as $1,260.
b. A $4,800 purchase was made on December 30, 19X2, terms F.O.B. ship¬ping point. The invoice was not recorded in 19X2 nor were the goods included in the 19X2 ending physical inventory count. Both the goods and invoice were received in early 19X3, with the invoice being re¬corded at that time.
c. Goods costing $3,000 were accidentally excluded from the 19X1 ending physical inventory count. These goods were sold during 19X2, and all aspects of the sale were properly recorded.
Instructions:
Prepare corrected income statements for 19X1 and 19X2.
Determine the impact of the preceding errors on the December 31, 19X2, owner’s equity balance.

4. Inventory valuation methods. Computations and concepts. Wave Riders Surf Board Company began business on January 1 of the current year. Purchases of surf boards were as follows:
Jan. 3 100 boards <& $125 Mar. 17 50 boards @ $130 May 9 246 boards @ $140 July 3 400 boards @ $150 Oct. 23 74 boards @ $160 Wave Riders sold 710 boards at an average price of $250 per board. The company uses a periodic inventory system.

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The three basic tasks of ALL managers, according to the text, are:
A. planning, implementation, and control.
B. planning, staffing, and evaluating.
C. execution, feedback, and control.
D. marketing, production, and finance.
E. hiring, training, and compensating.

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FIN 370 – Week 2
Discussion Questions
DQ 1 – What information is needed in order to prepare a cash budget? What is the relationship between an operating budget and a cash budget? Why is it important for an organization to prepare a cash budget?
DQ 2 – How would you define strategic planning? What are the differences between strategic and financial planning? What financial problems might an organization encounter when implementing their strategic plan?
DQ 3 – What is the break-even point? What decisions does the break-even point help an organization to make? What financial actions might an underperforming organization take to reach break-even point?
DQ 4 – How would you explainthe use of TVM in business? What considerations are made when calculating TVM? How can you use TVM to create an employees’ retirement plan?

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EDGR 502 Wk #2 [Concordia University] LOYALTY Value Lens (Team PPT Project) + Cited References
Team’s Mission
Create a succinct summary of your selected Character Value Lens or theory by providing the following integrated components:
A brief definition of your assigned character value (a paragraph or two at most).
The major elements/principal terminology of this value (a short list).
Classroom context (i.e., how and where and when can you teach this value in the classroom?).
Key figures/proponents (3 – 4 individuals associated with this character value).
Pictures of at least 3 famous or infamous individuals whom you believe best exemplify this character value OR a list of at least 4 movies whose protagonist or main antagonist best illustrate this character value lens OR a YouTube clip that portrays this character value lens.
The historical origin of the character value lens
A list of research sources you used that includes a minimum of:
four scholarly web sources (Wikipedia does not count as a scholarly web source. It is a good place to find references to other scholarly sites, but it is not a source to be used for scholarly information).
one peer reviewed full-text article (Check the Concordia library for information about how to find peer reviewed articles).
Use one of the following formats to prepare your team’s presentation of your Character Value Lens:
Textual (limited to one and a half pages: least preferred)
Slides (use up to a maximum of 8 PowerPoint slides to add color and flair to your product)
Recording (record your findings in an interesting manner and within a 5 – 6 minute timeframe)

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Inventory Journal Reflect for a moment on the LIFO (Last in First Out) and FIFO (First in First Out) inventory methods. If you were starting a small manufacturing company, what inventory method do you believe would provide the most accurate financial statements? Why do you believe this is the case?

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Surplus is a condition of:
a. excess demand.
b. a deficiency in supply.
c. market equilibrium.
d. excess supply.

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Ethical Self-Assessment Paper

Complete the Ethical Self-Assessment located at http://www.ache.org/. Once at the home page, click the Ethics tab located on the left side. You will see a drop down menu. Click the Self-Assessment link and locate the assessment near the bottom of the page.

Write a 700- to 1,050-word paper in which you examine the influence of individual ethics on decision making within the health care industry. Respond to the following points:

What did you learn about your own ethical decision making from the self-assessments?
What is the effect of professional ACHE standards on your ethical decision making?
How do your individual ethics influence your decision making?
What strategies can you adopt to improve your ethical decision making in the future?

Format your paper consistent with APA guidelines.

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BUS 475 Week 2 Learning Team Assignment Value Alignment

Discuss with your Learning Team an existing organization with which you are familiar that is different than the one you used for the Conceptualizing a Business paper.

Writea 700- to 1,050-word paper in which you analyze the individual values and the organization’s values as reflected by the organization’s plans and actions. Include the following in your paper:

Analyze the origin(s) and subsequent evolution of your personal and workplace values.
Explain how your individual values drive your actions and behaviors, and analyze the alignment between your values and actions and behaviors.
Analyze the degree of alignment between the organization’s stated values and the organization’s actual plans and actions.
Explain the differences and analyze the degree of alignment between your values and the organization’s values as reflected by the organization’s plans and actions.

Format your paper according to APA guidelines.

Prepare to discuss this assignment with the class.

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SOLUTION BY CHARTERED ACCOUNTANT

(TCO D) Data for
December concerning Dinnocenzo Corporation’s
two major business segments-Fibers and Feedstocks-appear below:
Sales revenues, Fibers $870,000 Sales revenues, Feedstocks $820,000 Variable expenses, Fibers $426,000 Variable expenses, Feedstocks
$344,000 Traceable fixed expenses, Fibers $148,000 Traceable fixed expenses, Feedstocks S156,000
Common fixed expenses
totaled $314,000 and were allocated as follows: $129,000 to the Fibers business segment and $185,000 to the Feedstocks business segment.

Required:
Prepare a segmented income statement in the contribution format for the company. Omit percentages; show only dollar amounts.(Points : 15)

2. (TCO D) Wryski
Corporation had net operating income of $150,000 and average operating assets of $500,000. The company requires a return on investment of 19%.

Required:

i. Calculate the company’s current return on investment and residual income.
ii. The company is investigating an investment of $400,000 in a project that will generate annual net operating income of $78,000. What is the ROI of the project? What is the residual income of the project? Should the company invest in this project? (Points : 15)3. (TCO D) The management of Drummer Corporation is considering dropping product D84L. Data from the company’s accounting system appear below.Sales $800,000 Variable Expenses $440,000 Fixed Manufacturing Expense
$248,000 Fixed Selling and
Administrative Expenses $184,000 All fixed expenses of the company are fully allocated to products in the company’s accounting system. Further investigation has revealed that $201,000 of the fixed manufacturing expenses and $156,000 of the fixed selling and administrative expenses are avoidable if product D84L is discontinued.
Required:
What would be the effect on the company’s overall net operating income if product D84L were dropped? Should the product be dropped? Show your work! (Points : 15)

4. (TCO D) Fouch Company makes 30,000 units per year of a part it uses in the products it manufactures. The unit
product cost of this part is computed as follows Direct Materials $15.70 Direct Labor $17.00 Variable
Manufacturing Overhead $4.50 Fixed Manufacturing Overhead $14.60 Unit Product Cost$52.30 An outside supplier has offered to sell the company all of these parts it needs for $51.90 a unit. If the company accepts this offer, the facilities now been used to make the part could be used to make more units of a product that is in high demand. The additional contribution margin on this other product would be $219,000 per year.

If the part were purchased from the outside supplier, all of the direct labor cost of the part would be avoided. However,$6.20 of the fixed manufacturing overhead cost being applied to the part would continue even if the part were purchased from the outside supplier. This fixed manufacturing overhead cost would be applied to the company’s remaining products.
Required:

i. How much of the unit product cost of $52.30 is relevant in the decision of whether to make or buy the part?

ii. What is the net total dollar advantage (disadvantage) of purchasing the part rather than making it?

iii. What is the maximum amount the company should be

willing to pay an outside supplier per unit for the part if the supplier
commits to supplying all 30,000 units required each year? (Points : 15)

5. (TCO D) Manning Co.
manufactures and sells trophies for winners of athletic and other events. Its
manufacturing plant has the capacity to produce 18,000 trophies each month; current monthly production is 15,300 trophies. The company normally charges $141 per trophy.

Cost data for the current level of production are shown below Variable Costs Direct Materials $948,600 Direct Labor $290,700 Selling and Administrative $41,300
Fixed Costs Manufacturing$579,870 Selling and Administrative $134,640 The company has just received a special one-time order for 900 trophies at $7 each.For this particular order, no variable selling and administrative costs would be incurred. This order would also have no effect on fixed costs.
Required:Should the company accept this special order?
Why? (Points : 15)

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