Question & Answer

What are the two basic types of forging equipment?

Explain how the Sarbanes-Oxley Act improved the transparency of banks. Why might the act have a negative impact on some banks? (LO2)

1.       : What types of analysis can managers perform to help them diagnose a company’s financial condition? How might a review of financial statements help managers diagnose other kinds of performance problems as well?

A tensile test is carried out to determine the strength constant C and strain-rate sensitivity exponent m for a certain metal at 1000°F. At a strain rate = 10/sec, the stress is measured at 23,000 lb/in2 ; and at a strain rate = 300/sec, the stress = 45,000 lb/in2 . (a) Determine C and m. (b) If the temperature were 900°F, what changes would you expect in the values of C and m?

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?

Assume that in an annual audit of Harlowe Inc. at December 31, 2014, you find the following transactions near the closing date. 1. A special machine, fabricated to order for a customer, was finished and specifically segregated in the back part of the shipping room on December 31, 2014. The customer was billed on that date and the machine excluded from inventory although it was shipped on January 4, 2015. 2. Merchandise costing $2,800 was received on January 3, 2015, and the related purchase invoice recorded January 5. The invoice showed the shipment was made on December 29, 2014, f.o.b. destination. 3. A packing case containing a product costing $3,400 was standing in the shipping room when the physical inventory was taken. It was not included in the inventory because it was marked “Hold for shipping instructions.” Your investigation revealed that the customer’s order was dated December 18, 2014, but that the case was shipped and the customer billed on January 10, 2015. The product was a stock item of your client. 4. Merchandise received on January 6, 2015, costing $680 was entered in the purchase journal on January 7, 2015. The invoice showed shipment was made f.o.b. supplier’s warehouse on December 31, 2014. Because it was not on hand at December 31, it was not included in inventory. 5. Merchandise costing $720 was received on December 28, 2014, and the invoice was not recorded. You located it in the hands of the purchasing agent; it was marked “on consignment.” Instructions Assuming that each of the amounts is material, state whether the merchandise should be included in theclient’s inventory, and give your reason for your decision on each item.

Support or refute the following statement: Investors can avoid all types of risk by purchasing a mutual fund that contains only Treasury bonds. (LO2)

There are 16 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, andeach 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. 25.1 Which one of the following conventional machining processes is closest to grinding: (a) drilling, (b) milling, (c) shaping, or (d) turning? 25.2 Of the following abrasive materials, which one has the highest hardness: (a) aluminum oxide, (b) cubic boron nitride, or (c) silicon carbide? 25.3 Smaller grain size in a grinding wheel tends to (a) degrade surface finish, (b) have no effect on surface finish, or (c) improve surface finish? 25.4 Which of the following would tend to give higher material removal rates: (a) larger grain size, or (b) smaller grain size? 25.5 Which of the following will improve surface finish in grinding (three best answers): (a) denser wheel structure, (b) higher wheel speed, (c) higher workspeeds, (d) larger infeed, (e) lower infeed, (f) lower wheel speed, (g) lower workspeed, and (h) more open wheel structure? 25.6 Which one of the following abrasive materials is most appropriate for grinding steel and cast iron: (a) aluminum oxide, (b) cubic boron nitride, (c) diamond, or (d) silicon carbide? 25.7 Which one of the following abrasive materials is most appropriate for grinding hardened tool steel: (a) aluminum oxide, (b) cubic boron nitride, (c) diamond, or (d) silicon carbide? 25.8 Which one of the following abrasive materials is most appropriate for grinding nonferrous metals: (a) aluminum oxide, (b) cubic boron nitride, (c) diamond, or (d) silicon carbide? 25.9 Which of the following will help to reduce the incidence of heat damage to the work surface in grinding (four correct answers): (a) frequent dressing or truing of the wheel, (b) higher infeeds, (c) higher wheel speeds, (d) higher workspeeds, (e) lower infeeds, (f) lower wheel speeds, and (g) lower workspeeds? 25.10 Which one of the following abrasive processes achieves the best surface finish: (a) centerless grinding, (b) honing, (c) lapping, or (d) superfinishing? 25.11 The term deep grinding refers to which one of the following: (a) alternative name for any creep feed grinding operation, (b) external cylindrical creep feed grinding, (c) grinding operation performed at the bottom of a hole, (d) surface grinding that uses a large crossfeed, or (e) surface grinding that uses a large infeed?

Rank the following three single taxpayers in order of the magnitude of taxable income (from lowest to highest) and explain your results. Ahmed           Baker                    Chin Gross Income                 $ 80,000               $ 80,000               $ 80,000Deductions For AGI            8,000                    4,000                           0Itemized Deductions                   0                    4,000                    8,000

What volume (cm3) and weight (g) of zinc will be deposited onto a cathodic workpart if 10 amps of current are applied for one hour?

The financial statements of P&G are presented in Appendix 5B. The company's complete annual report, including the notes to the financial statements, can be accessed at the book’s companion website, www.wiley.com/college/kieso. Instructions (a) Examining each item in P&G’s balance sheet, identify those items that require present value, discounting, or interest computations in establishing the amount reported. (The accompanying notes are an additional source for this information.) (b) (1) What interest rates are disclosed by P&G as being used to compute interest and present values? (2) Why are there so many different interest rates applied to P&G’s financial statement elements (assets, liabilities, revenues, and expenses)?

What is a precedence constraint in process planning?

What is resistance-projection welding?

List and briefly describe some of the plastic forming methods used to shape traditional ceramic products.

Good-Deal Inc. developed a new sales gimmick to help sell its inventory of new automobiles. Because many new car buyers need financing, Good-Deal offered a low downpayment and low car payments for the first year after purchase. It believes that this promotion will bring in some new buyers. On January 1, 2014, a customer purchased a new $33,000 automobile, making a downpayment of $1,000. The customer signed a note indicating that the annual rate of interest would be 8% and that quarterly payments would be made over 3 years. For the first year, Good-Deal required a $400 quarterly payment to be made on April 1, July 1, October 1, and January 1, 2015. After this one-year period, the customer was required to make regular quarterly payments that would pay off the loan as of January 1, 2017. Instructions (a) Prepare a note amortization schedule for the first year. (b) Indicate the amount the customer owes on the contract at the end of the first year. (c) Compute the amount of the new quarterly payments. (d) Prepare a note amortization schedule for these new payments for the next 2 years. (e) What do you think of the new sales promotion used by Good-Deal?

Explain collateralized debt obligations (CDOs). (LO4)

What is a eutectic alloy?

Kelly Company had cash receipts from customers in 2014 of $142,000. Cash payments for operating expenses were $97,000. Kelly has determined that at January 1, accounts receivable was $13,000, and prepaid expenses were $17,500. At December 31, accounts receivable was $18,600, and prepaid expenses were $23,200. Compute (a) service revenue and (b) operating expenses.

Collecting overhead cost information A family member asked you to review the accounting system used for Hanna’s, a custom stained glass manufacturing business. The owner currently uses a software package to keep track of her bank account, but she does not produce financial statements. The owner seeks your help in setting up a costing system so that financial statements can be produced on a monthly basis.                           Required (a)     What kind of costing system is needed for this setting? (b)     You plan to categorise the banking data for entry into the financial statement records. List the categories you might use for these entries. List only broad categories here [see parts (c), (d), and (e) for more details.] (c)      List several costs that might be included in a fixed overhead category. (d)     List several costs that might be included in a variable overhead category. (e)      List several costs that might be included in direct materials. (f)      Write a memo to the owner discussing the alternative choices for the costing system. Include an explanation of the type of information that would need to be captured to support the costing system.

Copy Figures 6.17 and 6.18 (which are based on Table 6.8). Now assume that incomes have risen and that as a result two more units per time period can be sold at each price. Draw a new table and plot the resulting new AR, MR and TR curves on your diagrams. Are the new curves parallel to the old ones? Explain.

Jeremy is a calendar-year taxpayer who sometimes leases his business equipment to local organizations. He recorded the following receipts this year. Indicate the extent to which these payments are taxable income to Jeremy this year if Jeremy is (1) a cash-method taxpayer and (2) an accrual-method taxpayer.

Farve Inc. recently elected S corporation status.  At the time of the election, the company had $10,000 of accumulated earnings and profits and a net unrealized gain of $1,000,000 associated with land it had invested in (although some parcels had an unrealized loss).  In the next couple of years, most of the income the company expects to generate will be in the form of interest and dividends (approximately $200,000 per year).  However, in the future, the company will want to liquidate some of its current holdings in land and possibly reinvest in other parcels.  What strategies can you recommend for Farve Inc. to help reduce its potential tax liability as an S corporation?

Franco converted a building from personal to business use in May 2021 when the fair market value was $55,000. He purchased the building in July 2018 for $80,000. On December 15 of this year, Franco sells the building for $40,000. On the date of the sale, the accumulated depreciation on the building is $5,565. What is Franco’s recognized gain or loss on the sale?

1. How much would be supplied at a price of 70p per kilo? 2. Draw a supply curve for farmer X. Are the axes drawn to the same scale as in Figure 2.3?

Melting furnaces for glassworking can be divided into four types. Name three of the four types.