Question & Answer

A 16 gage nickel wire (0.0508-in diameter) connects a solenoid to a control circuit that is 32.8 ft away. (a) What is the resistance of the wire? Use Table 4.3 as a reference. (b) If a current was passed through the wire, it would heat up. How does this affect the resistance?

What distinguishes machining from other manufacturing processes?

Shaun is a huge college football fan.  In the past, he has always bought football tickets on the street from ticket scalpers.  This year, he decided to join the university’s ticket program, which requires a $2,000 contribution to the university for the “right” to purchase tickets.  Shaun will then pay $400 per season ticket.  Shaun understands that the price paid for the season tickets is not tax deductible as a charitable contribution.  However, contributions to a university are typically tax deductible.  a.  Use an available tax service to determine how much, if any, of Shaun’s $2,000 contribution for the right to purchase tickets is tax deductible. b. Write a letter to Shaun communicating the results of your researc

The Fed attempts to use monetary policy to control the level of inflation and economic growth in the United States. Write a short essay on how the government’s fiscal policy can make the Fed’s role more difficult. Specifically, assume that the administration plans to implement a new program that will expand the government benefits provided to most people in the country. The new program will likely increase the budget deficit. Discuss the impact of this policy on interest rates and explain how this makes the Fed’s role more challenging.

Are an employee’s entire wages subject to the FICA tax? Explain.

1. If the firm adjusts the size of its mark-up according to changes in demand and the actions of competitors, could its actions approximate to setting price and output where MC = MR? 2. Some firms set their prices by adding a mark-up to average variable cost (the mark-up would be larger to include an element to cover fixed cost). Why might this make pricing easier for the firm? (See Box 6.7.)

After the presentation of your report on the examination of the financial statements to the board of directors of Piper Publishing Company, one of the new directors expresses surprise that the income statement assumes that an equal proportion of the revenue is recognized with the publication of every issue of the company’s magazine. She feels that the “crucial event” in the process of earning revenue in the magazine business is the cash sale of the subscription. She says that she does not understand why most of the revenue cannot be “recognized” in the period of the cash sale. Instructions Discuss the propriety of timing the recognition of revenue in Piper Publishing Company’s accounts with: (a) The cash sale of the magazine subscription. (b) The publication of the magazine every month. (c) Both events, by recognizing a portion of the revenue with the cash sale of the magazine subscription and a portion of the revenue with the publication of the magazine every month.

(a) Name the important refractory metals. (b) What does the term refractory mean?

{Research}  Cash donations to charity are subject to a number of very specific substantiation requirements.  Describe these requirements and how charitable gifts can be substantiated.  Describe the substantiation requirements for property donations.

Adani Inc. sells goods to Geo Company for $11,000 on January 2, 2014, with payment due in 12 months. The fair value of the goods at the date of sale is $10,000. Prepare the journal entry to record this transaction on January 2, 2014. How much total revenue should be recognized on this sale in 2014?

How is the Schedule M-1 similar to and different from a Schedule M-3?  How does a corporation determine whether it must complete Schedule M-1 or Schedule M-3 when it completes its tax return?

Equivalent units under weighted average and FIFO Francisco’s mass-produces folding chairs in Port Sorrell. All direct materials are added at the beginning of production, and conversion costs are incurred evenly throughout production. The following production information is for the month of May:       Required (a)        Calculate the equivalent units used to calculate cost per unit under the weighted average method. (b)        Calculate the equivalent units used to calculate cost per unit under the FIFO method.

74. Fizbo Corporation is in the business of breeding and racing horses. Fizbo has taxable income of $5,000,000 other than from these transactions. It has nonrecaptured §1231 losses of $10,000 from 2020 and $13,000 from 2018.    Consider the following transactions that occur during 2024: a. A building with an adjusted basis of $300,000 is totally destroyed by fire. Fizbo receives insurance proceeds of $400,000 but does not plan to replace the building. The building was built 12 years ago at a cost of $420,000 and was used to provide lodging for employees.  b. Fizbo sells four acres of undeveloped farmland (used for grazing) for $50,000. Fizbo purchased the land 15 years ago for $15,000. c. Fizbo sells a racehorse for $250,000. The racehorse was purchased four years ago for $200,000. Total depreciation taken on the racehorse was $160,000.  d. Fizbo exchanges equipment that was purchased three years ago for $300,000 for $100,000 of IBM common stock. The adjusted basis of the equipment is $220,000. If straight-line depreciation had been used, the adjusted basis would be $252,000. e. On November 1, Fizbo sold XCON stock for $50,000. Fizbo had purchased the stock on December 12, 2023, for $112,000.   Part (1): After all netting is complete, what is Fizbo’s total amount of income from these transactions to be treated as ordinary income or loss? What is its capital gain or loss?   Part (2):  What is Fizbo’s taxable income for the year after including the effects of these transactions?

Why is the oxyacetylene welding process favored over the other oxyfuel welding processes?

Presented below are three unrelated situations involving equity securities. Situation 1: An equity security, whose fair value is currently less than cost, is classified as available-for-sale but is to be reclassified as trading. Situation 2: A noncurrent portfolio with an aggregate fair value in excess of cost includes one particular security whose fair value has declined to less than one-half of the original cost. The decline in value is considered to be other than temporary. Situation 3: The portfolio of trading securities has a cost in excess of fair value of $13,500. The availablefor- sale portfolio has a fair value in excess of cost of $28,600. Instructions What is the effect upon carrying value and earnings for each of the situations above?

The following information is related to Dickinson Company for 2014. Retained earnings balance, January 1, 2014 $ 980,000 Sales revenue 25,000,000 Cost of goods sold 16,000,000 Interest revenue 70,000 Selling and administrative expenses 4,700,000 Write-off of goodwill 820,000 Income taxes for 2014 1,244,000 Gain on the sale of investments (normal recurring) 110,000 Loss due to fl ood damage—extraordinary item (net of tax) 390,000 Loss on the disposition of the wholesale division (net of tax) 440,000 Loss on operations of the wholesale division (net of tax) 90,000Dividends declared on common stock $250,000 Dividends declared on preferred stock 80,000 Dickinson Company decided to discontinue its entire wholesale operations and to retain its manufacturing operations. On September 15, Dickinson sold the wholesale operations to Rogers Company. During 2014, there were 500,000 shares of common stock outstanding all year. Instructions Prepare a multiple-step income statement and a retained earnings statement.

Three years ago, Adrian purchased 100 shares of stock in X Corp. for $10,000. On December 30 of year 4, Adrian sells the 100 shares for $6,000.

What is the difference between a closed-loop control system and an open-loop control system?

Assume that Switzerland has a very strong economy, putting upward pressure on both its inflation and interest rates. Explain how these conditions could place pressure on the value of the Swiss franc, and determine whether the franc’s value will rise or fall. (LO2)

Where can authoritative IFRS be found related to dilutive securities, stock-based compensation, and earnings per share?

In early January 2013, Outkast Corporation applied for a trade name, incurring legal costs of $16,000. In January 2014, Outkast incurred $7,800 of legal fees in a successful defense of its trade name. Instructions (a) Compute 2013 amortization, 12/31/13 book value, 2014 amortization, and 12/31/14 book value if the company amortizes the trade name over 10 years. (b) Compute the 2014 amortization and the 12/31/14 book value, assuming that at the beginning of 2014, Outkast determines that the trade name will provide no future benefits beyond December 31, 2017. (c) Ignoring the response for part (b), compute the 2015 amortization and the 12/31/15 book value, assuming that at the beginning of 2015, based on new market research, Outkast determines that the fair value of the trade name is $15,000. Estimated total future cash flows from the trade name is $16,000 on January 3, 2015.

How is surface texture distinguished from surface integrity?

A welding operation on an aluminum alloy makes a groove weld. The cross-sectional area of the weld is 30.0 mm2. The welding velocity is 4.0 mm/sec. The heat transfer factor is 0.92 and the melting factor is 0.48. The melting temperature of the aluminum alloy is 650°C. Determine the rate of heat generation required at the welding source to accomplish this weld.

What are some of the limitations and disadvantages of casting?

The state of Georgia recently increased its tax on a pack of cigarettes by $2.  What type of tax is this?  Why might Georgia choose this type of tax?