Question & Answer

In a Brinell hardness test, a 1500-kg load is pressed into a specimen using a 10-mm-diameter hardened steel ball. The resulting indentation has a diameter = 3.2 mm. (a) Determine the Brinell hardness number for the metal. (b) If the specimen is steel, estim

What is a tool-chip thermocouple?

1.    How might the teaching of a management course be designed to help people make the transition from individual performer to manager so as to prepare them for the challenges they will face as new managers?

Shaw Company sells goods that cost $300,000 to Ricard Company for $410,000 on January 2, 2014. The sales price includes an installation fee, which is valued at $40,000. The fair value of the goods is $370,000. The installation is expected to take 6 months. Instructions (a) Prepare the journal entry (if any) to record the sale on January 2, 2014. (b) Shaw prepares an income statement for the first quarter of 2014, ending on March 31, 2014. How much revenue should Shaw recognize related to its sale to Ricard?

What does it mean to characterize a gain or loss?  Why is characterizing a gain or loss important?

A face milling operation removes 0.32 in depth of cut from the end of a cylinder that has a diameter of 3.90 in. The cutter has a 4-in diameter with 4 teeth, and its feed trajectory is centered over the circular face of the work. The cutting speed is 375 ft/min and the chip load is 0.006 in/tooth. Determine (a) the time to machine, (b) the average metal removal rate (considering the entire machining time), and (c) the maximum metal removal rate.

Molten metal can be poured into the pouring cup of a sand mold at a steady rate of 1000 cm3 /s. The molten metal overflows the pouring cup and flows into the downsprue. The cross section of the sprue is round, with a diameter at the top = 3.4 cm. If the sprue is 25 cm long, determine the proper diameter at its base so as to maintain the same volume flow rate.

What are some of the disadvantages and limitations of brazing?

Midwest Health Club (MHC) offers one-year memberships. Membership fees are due in full at the beginning of the individual membership period. As an incentive to new customers, MHC advertised that any customers not satisfied for any reason could receive a refund of the remaining portion of unused membership fees. As a result of this policy, Richard Nies, corporate controller, recognized revenue ratably over the life of the membership. MHC is in the process of preparing its year-end financial statements. Rachel Avery, MHC’s treasurer, is concerned about the company’s lackluster performance this year. She reviews the financial statements Nies prepared and tells Nies to recognize membership revenue when the fees are received. Instructions Answer the following questions. (a) What are the ethical issues involved? (b) What should Nies do?

An indirect extrusion process starts with an aluminum billet with diameter = 2.0 in and length = 3.0 in. Final cross section after extrusion is a square with 1.0 in on a side. The die angle = 90°. The operation is performed cold and the strength coefficient of the metal K = 26,000 lb/in2 and strainhardening exponent n = 0.20. In the Johnson extrusion strain equation, a = 0.8 and b = 1.2. (a) Compute the extrusion ratio, true strain, and extrusion strain. (b) What is the shape factor of the product? (c) If the butt left in the container at the end of the stroke is 0.5 in thick, what is the length of the extruded section? (d) Determine the ram pressure in the process.

Fuque Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October 2015. Inventory, October 1, 2015 At cost $ 52,000 At retail 78,000 Purchases (exclusive of freight and returns) At cost 272,000 At retail 423,000 Freight-in 16,600 Purchase returns At cost 5,600 At retail 8,000 Markups 9,000 Markup cancellations 2,000 Markdowns (net) 3,600 Normal spoilage and breakage 10,000 Sales revenue 390,000 Instructions (a) Using the conventional retail method, prepare a schedule computing estimated lower-of-cost-ormarket inventory for October 31, 2015. (b) A department store using the conventional retail inventory method estimates the cost of its ending inventory as $60,000. An accurate physical count reveals only $47,000 of inventory at lower-of-costor- market. List the factors that may have caused the difference between the computed inventory and the physical count.

Discuss the liquidity risk experienced by life insurance companies and by property and casualty (PC) insurance companies. (LO5)

Hincapie Co. manufactures specialty bike accessories. The company is most well known for its product quality, and it has offered one of the best warranties in the industry on its higher-priced products—a lifetime guarantee. The warranty on these products is included in the sales price. Hincapie has a contract with a service company, which performs all warranty work on Hincapie products. Under the contract, Hincapie guarantees the service company at least $200,000 of warranty work for each year of the 3-year contract. The recent economic recession has been hard on Hincapie’s business, and sales for its higher-end products have been especially adversely impacted. As a result, Hincapie is planning to restructure its high-quality lines by moving manufacturing for those products into one of its other factories, shutting down assembly lines, and terminating workers. In order to keep some workers on-board, Hincapie plans to bring all warranty work in-house. It can terminate the current warranty contract by making a one-time termination payment of $75,000. The restructuring plans have been discussed by management during November 2013; they plan to get approval from the board of directors at the December board meeting and execute the restructuring in early 2014. Given the company’s past success, the accounting for restructuring activities has never come up. Hincapie would like you to do some research on how it should account for this restructuring according to IFRS. Instructions Access the IFRS authoritative literature at the IASB website (http://eifrs.iasb.org/ ). (Click on the IFRS tab and then register for free eIFRS access if necessary.) When you have accessed the documents, you can use the search tool in your Internet browser to respond to the following questions. (Provide paragraph citations.) (a) Identify the accounting literature that addresses the accounting for the various costs that will be incurred in the restructuring. (b) Advise Hincapie on the restructuring costs. When should Hincapie recognize liabilities arising from the restructuring? What costs can be included? What costs are excluded? (c) Does Hincapie have a liability related to the service contract? Explain. If Hincapie has a liability, at what amount should it be recorded?

Tim is a single, cash-method taxpayer with an AGI of $50,000. In April of this year Tim paid $1,020 with his state income tax return for the previous year. During the year, Tim had $5,400 of state income tax and $18,250 of federal income tax withheld from his salary. In addition, Tim made estimated payments of $1,360 and $1,900 for state and federal income taxes, respectively. Finally, Tim expects to receive a refund of $500 for state income taxes when he files his state tax return for this year in April next year. What is the amount of taxes that Tim can deduct as an itemized deduction?

What is the general relationship between mortgage rates and long-term government security rates? Explain how mortgage lenders can be affected by interest rate movements. Also explain how they can insulate themselves against interest rate movements. (LO3)

Explain why some companies that issue bonds engage in currency swaps. Why do they not simply issue bonds in the currency that they would prefer to use for making payments? (LO8)

Draw the isoquant corresponding to the following table, which shows the alternative combinations of labour and capital required to produce 100 units of output per day of good X. K  16  20  262/3 40 60 80 100 L 200 160 120 80 531/3 40  32 (a)  Assuming that capital costs are £20 per day and the wage rate is £10 per day, what is the least-cost method of producing 100 units? What will the daily total cost be? (Draw in a series of isocosts.) (b)  Now assume that the wage rate rises to £20 per day. Draw a new set of isocosts. What will be the least-cost method of producing 100 units now? How much labour and capital will be used?

In each of the following independent cases, determine the taxpayer’s filing status and the number of personal and dependency exemptions the taxpayer is allowed to claim. a.Alexandra is a blind widow (spouse died five years ago) who provides a home for her 18-year-old nephew, Newt.Newt’s parents are dead, and so Newt supports himself.Newt’s gross income is $5,000.

A casualty loss from the complete destruction of a personal asset is limited to the lesser of fair market value or the property’s adjusted basis.  Explain the rationale for this rule as opposed to just allowing a deduction for the basis of the asset.

Why are some deductions called “abovetheline” deductions and others called “belowtheline” deductions?What is the “line”?

XYZ is a calendar-year corporation that began business on January 1, 2024. For the year, it reported the following information in its current-year audited income statement. Notes with important tax information are provided below.     Required: Identify the book-to-tax adjustments for XYZ. a. Reconcile book income to taxable income and identify each book-tax difference as temporary or permanent. b. Compute XYZ’s income tax liability. c. Complete XYZ’s Schedule M-1. d. Complete XYZ’s Form 1120, page 1 (use the most current form available). Ignore estimated tax penalties when completing this form. e. Determine the quarters for which XYZ is subject to penalties for the underpayment of estimated taxes (see assumptions and estimated tax information below).   XYZ corp. Book to Tax

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?

You have two clients that are considering trading machinery with each other. Although the machines are different from each other, you believe that an assessment of expected cash flows on the exchanged assets will indicate the exchange lacks commercial substance. Your clients would prefer that the exchange be deemed to have commercial substance, to allow them to record gains. Here are the facts: Client A Client B Original cost $100,000 $150,000 Accumulated depreciation 40,000 80,000 Fair value 80,000 100,000 Cash received (paid) (20,000) 20,000 Instructions (a) Record the trade-in on Client A’s books assuming the exchange has commercial substance. (b) Record the trade-in on Client A’s books assuming the exchange lacks commercial substance. (c) Write a memo to the controller of Company A indicating and explaining the dollar impact on current and future statements of treating the exchange as having, versus lacking, commercial substance. (d) Record the entry on Client B’s books assuming the exchange has commercial substance. (e) Record the entry on Client B’s books assuming the exchange lacks commercial substance. (f) Write a memo to the controller of Company B indicating and explaining the dollar impact on current and future statements of treating the exchange as having, versus lacking, commercial substance.

1.       Why can an event such as the Hawthorne studies be a major turning point in the history of management, even if the results of the studies are later shown to be in error? Discuss.

Using the information in E20-13 about Erickson Company’s defined benefit pension plan, prepare a 2014 pension worksheet with supplementary schedules of computations. Prepare the journal entries at December 31, 2014, to record pension expense and related pension transactions. Also, indicate the pension amounts reported in the balance sheet.