Question & Answer

A review of the ledger of Baylor Company at December 31, 2014, produces the following data pertaining to the preparation of annual adjusting entries. 1. Salaries and Wages Payable $0. There are eight employees. Salaries and wages are paid every Friday for the current week. Five employees receive $700 each per week, and three employees earn $600 each per week. December 31 is a Tuesday. Employees do not work weekends. All employees worked the last 2 days of December. 2. Unearned Rent Revenue $429,000. The company began subleasing office space in its new building on November 1. Each tenant is required to make a $5,000 security deposit that is not refundable until occupancy is terminated. At December 31, the company had the following rental contracts that are paid in full for the entire term of the lease. Date Term (in months) Monthly Rent Number of Leases Nov. 1 6 $6,000 5 Dec. 1 6 $8,500 4 3. Prepaid Advertising $13,200. This balance consists of payments on two advertising contracts. The contracts provide for monthly advertising in two trade magazines. The terms of the contracts are asshown below. Contract Date Amount Number of Magazine Issues A650 May 1 $6,000 12 B974 Oct. 1 7,200 24 The first advertisement runs in the month in which the contract is signed. 4. Notes Payable $60,000. This balance consists of a note for one year at an annual interest rate of 12%, dated June 1. Instructions Prepare the adjusting entries at December 31, 2014. (Show all computations).

What is a scanning probe instrument, and why is it so important in nanoscience and nanotechnology?

The upper and lower control limits for a p chart are: LCL = 0.19 and UCL = 0.24. Determine the sample size n that is used with this control chart.

Why is biology so closely associated with nanoscience and nanotechnology?

What is the normal procedure for handling the collection of accounts receivable previously written off using the direct write-off method? The allowance method?

Presented below is a condensed version of the comparative balance sheets for Zubin Mehta Corporation for the last two years at December 31. 2014 2013 Cash $177,000 $ 78,000 Accounts receivable 180,000 185,000 Investments 52,000 74,000 Equipment 298,000 240,000 Accumulated depreciation—equipment (106,000) (89,000) Current liabilities 134,000 151,000 Common stock 160,000 160,000 Retained earnings 307,000 177,000 Additional information: Investments were sold at a loss (not extraordinary) of $10,000; no equipment was sold; cash dividends paid were $30,000; and net income was $160,000. Instructions (a) Prepare a statement of cash flows for 2014 for Zubin Mehta Corporation. (b) Determine Zubin Mehta Corporation’s free cash flow.

A lathe performs a turning operation on a workpiece of 6.0 in diameter. The shear strength of the work is 40,000 lb/in2 and the tensile strength is 60,000 lb/in2 . The rake angle of the tool is 6°. The cutting speed = 700 ft/min, feed = 0.015 in/rev, and depth = 0.090 in. The chip thickness after the cut is 0.025 in. Determine (a) the horsepower required in the operation, (b) unit horsepower for this material under these conditions, and (c) unit horsepower as it would be listed in Table 21.2 for a to of 0.010 in. Use the orthogonal cutting model as an approximation of the turning process.

On August 1 of year 0, Dirksen purchased a machine for $20,000 to use in its business. On December 4 of year 0, Dirksen sold the machine for $18,000. a. What are the amount and character of the gain or loss Dirksen will recognize on the sale?  b. Dirksen depreciated the machinery using MACRS (seven-year recovery period). What are the amount and character of the gain or loss Dirksen will recognize on the sale if the machine was sold on January 15 of year 1 instead?

Why might the predictions of the rational choice model generally approximate human behaviour in many situations?

Should all developing countries aim over the long term to become exporters of manufactured products?

What is the difference between point-to-point and continuous path in a motion control system?

The following conditions and settings are used in a certain surface grinding operation: wheel diameter = 6.0 in, infeed = 0.003 in, wheel speed = 4750 ft/min, workspeed = 50 ft/min, and crossfeed = 0.20 in. The number of active grits per square inch of wheel surface = 500. Determine (a) average length per chip, (b) metal removal rate, and (c) number of chips formed per unit time for the portion of the operation when the wheel is engaged in the work.

During the credit crisis of 2008 and 2009, U.S. interest rates were extremely low, which enabled businesses to borrow at a low cost. Holding other factors constant, this should have resulted in a higher number of feasible projects, which should have encouraged businesses to borrow more money and expand. Yet, many businesses that had access to loanable funds were unwilling to borrow during the credit crisis. What other factor changed during this period that more than offset the potentially favorable effect of the low interest rates on project feasibility, therefore discouraging businesses from expanding? (LO2)

A cold heading operation is performed to produce the head on a steel nail. The strength coefficient for this steel is 600 MPa, and the strain hardening exponent is 0.22. Coefficient of friction at the die-work interface is 0.14. The wire stock out of which the nail is made is 5.00 mm in diameter. The head is to have a diameter of 9.5 mm and a thickness of 1.6 mm. The final length of the nail is 120 mm. (a) What length of stock must project out of the die in order to provide sufficient volume of material for this upsetting operation? (b) Compute the maximum force that the punch must apply to form the head in this open-die operation.

Describe the primary activities in the value chain for your college or university. In your opinion, which primary activities create the most value?

1.       : Evaluate your own personal experiences with people from other cultural backgrounds. How well do you think those experiences have prepared you to understand the unique needs and dilemmas of a diverse workforce?

Earnings per share can affect market prices of common stock. Can market prices affect earnings per share? Explain.

1. Why may a food shop charge higher prices than supermarkets for ‘essential items’ and yet very similar prices for delicatessen items? 2. Which of these two items is a petrol station more likely to sell at a discount: (a) oil; (b) sweets? Why?

Name the three exposure techniques in photolithography.

Name some of the steps that can be taken to reduce or eliminate vibrations in machining

Electrodes in arc welding are divided into two categories. Name and define the two types.

What is the meaning of “corridor amortization”?

Pam Erickson Construction Company changed from the completed-contract to the percentage-of completion method of accounting for long-term construction contracts during 2015. For tax purposes, the company employs the completed-contract method and will continue this approach in the future. (Hint: Adjust all tax consequences through the Deferred Tax Liability account.) The appropriate information related to this change is as follows. Pretax Income from: Percentage-of-Completion Completed-Contract Difference 2014 $780,000 $590,000 $190,000 2015 700,000 480,000 220,000 Instructions (a) Assuming that the tax rate is 35%, what is the amount of net income that would be reported in 2015? (b) What entry(ies) are necessary to adjust the accounting records for the change in accounting principle?

How do the properties of polymers compare with those of metals?

On January 1, 2014, Norma Smith and Grant Wood formed a computersales and service company in Soapsville, Arkansas, by investing $90,000 cash. The new company,Arkansas Sales and Service, has the following transactions during January. 1. Pays $6,000 in advance for 3 months’ rent of office, showroom, and repair space. 2. Purchases 40 personal computers at a cost of $1,500 each, 6 graphics computers at a cost of $2,500 each, and 25 printers at a cost of $300 each, paying cash upon delivery. 3. Sales, repair, and office employees earn $12,600 in salaries and wages during January, of which $3,000 was still payable at the end of January. 4. Sells 30 personal computers at $2,550 each, 4 graphics computers for $3,600 each, and 15 printers for $500 each; $75,000 is received in cash in January, and $23,400 is sold on a deferred payment basis. 5. Other operating expenses of $8,400 are incurred and paid for during January; $2,000 of incurred expenses are payable at January 31. Instructions (a) Using the transaction data above, prepare (1) a cash-basis income statement and (2) an accrual-basis income statement for the month of January. (b) Using the transaction data above, prepare (1) a cash-basis balance sheet and (2) an accrual-basis balance sheet as of January 31, 2014. (c) Identify the items in the cash-basis financial statements that make cash-basis accounting inconsistent with the theory underlying the elements of financial statements.