Question & Answer

How is isostatic pressing distinguished from conventional pressing and sintering in PM?

'A firm will always prefer to make more profit rather than less.’ Do you agree with this statement? Is it compatible with alternatives to the profit-maximising theory of the firm?

The following financial statement was prepared by employees of Walters Corporation.   Note 1: New styles and rapidly changing consumer preferences resulted in a $71,500 loss on the disposal of discontinued styles and related accessories. Note 2: The corporation sold an investment in marketable securities at a loss of $39,050. The corporation normally sells securities of this nature. Note 3: The corporation sold one of its warehouses at an $86,350 loss. Instructions Identify and discuss the weaknesses in classification and disclosure in the single-step income statement above. You should explain why these treatments are weaknesses and what the proper presentation of the items would be in accordance with GAAP.

Side Kicks has year-end account balances of Sales Revenue $808,900; Interest Revenue $13,500; Cost of Goods Sold $556,200; Administrative Expenses $189,000; Income Tax Expense $35,100; and Dividends $18,900. Prepare the year-end closing entries.

When the accounts of Daniel Barenboim Inc. are examined, the adjusting data listed below are uncovered on December 31, the end of an annual fiscal period. 1. The prepaid insurance account shows a debit of $5,280, representing the cost of a 2-year fire insurance policy dated August 1 of the current year. 2. On November 1, Rent Revenue was credited for $1,800, representing revenue from a subrental for a 3-month period beginning on that date. 3. Purchase of advertising materials for $800 during the year was recorded in the Advertising Expense account. On December 31, advertising materials of $290 are on hand. 4. Interest of $770 has accrued on notes payable. Instructions Prepare the following in general journal form. (a) The adjusting entry for each item. (b) The reversing entry for each item where appropriate.

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 Refer to P&G’s financial statements and the accompanying notes to answer the following questions. (a) Were there changes in accounting principles reported by P&G during the three years covered by its income statements (2009–2011)? If so, describe the nature of the change and the year of change. (b) What types of estimates did P&G discuss in 2011?

1.       : Aaron Alexis, the former Navy reservist who went on a shooting rampage and killed 12 people at the Washington Navy Yard in Washington D.C., had a history of mental instability, but he was carrying a valid security clearance. How would you suggest managers make decisions for issuing or revoking security clearances to prevent this kind of catastrophe?

Agua Linda Inc. is a calendar-year corporation. What is the original due date for the corporate tax return? What happens if the original due date falls on a Saturday?

As part of the year-end accounting process and review of operating policies, Cullen Co. is considering a change in the accounting for its equipment from the straight-line method to an accelerated method. Your supervisor wonders how the company will report this change in accounting. It has been a few years since he took intermediate accounting, and he cannot remember whether this change would be treated in a retrospective or prospective manner. Your supervisor wants you to research the authoritative guidance on a change in accounting policy related to depreciation methods. 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) What are the accounting and reporting guidelines for a change in accounting policy related to depreciation methods? (b) What are the conditions that justify a change in depreciation method, as contemplated by Cullen Co.?

What are some of the weaknesses of ceramics that might be corrected in fiber-reinforced ceramic matrix composites?

The financial statements of Marks and Spencer plc (M&S) are available at the book’s companion website or can be accessed at http://annualreport.marksandspencer.com/assets/downloads/Marks-and- Spencer-Annual-report-and-financial-statements-2012 pdf. Instructions Refer to M&S’s financial statements and the accompanying notes to answer the following questions. (a) Were there changes in accounting policies reported by M&S during the two years covered by its income statements (2011–2012)? If so, describe the nature of the change and the year of change. (b) What types of estimates did M&S discuss in 2012?

What is dielectric strength as a material property?

A foundry that casts turbine blades inspects for eight features that are considered critical-toquality. During the previous month, 1,236 castings were produced. During inspection, 47 defects among the eight features were found, and 29 castings had one or more defects. Determine DPMO, DPM, and DUPM in a Six Sigma program for these data and convert each to its corresponding sigma level.

Describe the ways that insurance firms are utilizing innovative technologies to provide their services. (LO4)

On January 1, 2014, a machine was purchased for $900,000 by Young Co. The machine is expected to have an 8-year life with no salvage value. It is to be depreciated on a straight-line basis. The machine was leased to St. Leger Inc. on January 1, 2014, at an annual rental of $210,000. Other relevant information is as follows. 1. The lease term is for 3 years. 2. Young Co. incurred maintenance and other executory costs of $25,000 in 2014 related to this lease. 3. The machine could have been sold by Young Co. for $940,000 instead of leasing it. 4. St. Leger is required to pay a rent security deposit of $35,000 and to prepay the last month’s rent of $17,500. Instructions (a) How much should Young Co. report as income before income tax on this lease for 2014? (b) What amount should St. Leger Inc. report for rent expense for 2014 on this lease?

A bridge built with steel girders is 500 m in length and 12 m in width. Expansion joints are provided to compensate for the change in length in the support girders as the temperature fluctuates. Each expansion joint can compensate for a maximum of 40 mm of change in length. From historical records it is estimated that the minimum and maximum temperatures in the region will be -35°C and 38°C, respectively. What is the minimum number of expansion joints required?

A leadscrew with a 7.5 mm pitch drives a worktable in an NC positioning system. The leadscrew is powered by a stepping motor which has 200 step angles. The worktable is programmed to move a distance of 120 mm from its present position at a travel speed of 300 mm/min. Determine (a) the number of pulses required to move the table the specified distance and (b) the required motor speed and pulse rate to achieve the desired table speed.

Why are monetary surprises less likely with independent central banks pursuing an inflation target? Would monetary surprises still be possible in such circumstances?

Are different factor markets similarly interdependent? What would happen if the price of capital equipment rose?

All else being equal, would a taxpayer with passive losses prefer to have wage income or passive income?

What is the approximate size scale in microsystem technology?

A tapered surface is to be turned on an automatic lathe. The workpiece is 750 mm long with minimum and maximum diameters of 100 mm and 200 mm at opposite ends. The automatic controls on the lathe permit the surface speed to be maintained at a constant value of 200 m/min by adjusting the rotational speed as a function of workpiece diameter. Feed = 0.25 mm/rev and depth of cut = 3.0 mm. The rough geometry of the piece has already been formed, and this operation will be the final cut. Determine (a) the time required to turn the taper and (b) the rotational speeds at the beginning and end of the cut.

Clyde is a cash-method taxpayer who reports on a calendar-year basis. This year Paylate Corporation has decided to pay Clyde a year-end bonus of $1,000. Determine the amount Clyde should include in his gross income this year under the following circumstances:

Rubio recently invested $20,000 (tax basis) in purchasing a limited partnership interest. His at-risk amount is $15,000. In addition, Rubio’s share of the limited partnership loss for the year is $22,000, his share of income from a different limited partnership is $5,000, and he has $40,000 in wage income and $10,000 in long-term capital gains. a. How much of Rubio’s $22,000 loss is allowed considering only the tax basis loss limitations? b. How much of the loss from part (a) is allowed under the at-risk limitations? c. How much of Rubio’s $22,000 loss from the limited partnership can he deduct in the current year considering all limitations?

Neville Enterprises has a number of fully depreciated assets that are still being used in the main operations of the business. Because the assets are fully depreciated, the president of the company decides not to show them on the balance sheet or disclose this information in the notes. Evaluate this procedure.