Question & Answer

Describe the Danner process.

Polymer fibers and filaments are used in several applications; what is the most important application commercially?

Joe Dumars Company has outstanding 40,000 shares of $5 par common stock which had been issued at $30 per share. Joe Dumars then entered into the following transactions. 1. Purchased 5,000 treasury shares at $45 per share. 2. Resold 2,000 of the treasury shares at $49 per share. 3. Resold 500 of the treasury shares at $40 per share. Instructions Use the following code to indicate the effect each of the three transactions has on the financial statement categories listed in the table below, assuming Joe Dumars Company uses the cost method (I 5 Increase; D 5 Decrease; NE 5 No effect).

How would marginal utility and market demand be affected by a rise in the price of a complementary good?

Following are selected balance sheet accounts of Allman Bros. Corp. at December 31, 2014 and 2013, and the increases or decreases in each account from 2013 to 2014. Also presented is selected income statement information for the year ended December 31, 2014, and additional information. Increase Selected balance sheet accounts 2014 2013 (Decrease) Assets Accounts receivable $ 34,000 $ 24,000 $ 10,000 Property, plant, and equipment 277,000 247,000 30,000 Accumulated depreciation—plant assets (178,000) (167,000) (11,000) Liabilities and stockholders’ equity Bonds payable $ 49,000 $ 46,000 $ 3,000 Dividends payable 8,000 5,000 3,000 Common stock, $1 par 22,000 19,000 3,000 Additional paid-in capital 9,000 3,000 6,000 Retained earnings 104,000 91,000 13,000 Selected income statement information for the year ended December 31, 2014 Sales revenue $ 155,000 Depreciation 33,000 Gain on sale of equipment 14,500 Net income 31,000 Additional information: 1. During 2014, equipment costing $45,000 was sold for cash. 2. Accounts receivable relate to sales of merchandise. 3. During 2014, $20,000 of bonds payable were issued in exchange for property, plant, and equipment. There was no amortization of bond discount or premium. Instructions Determine the category (operating, investing, or financing) and the amount that should be reported in the statement of cash flows for the following items. (a) Payments for purchase of property, plant, and equipment. (b) Proceeds from the sale of equipment. (c) Cash dividends paid. (d) Redemption of bonds payable.

In a certain centerless grinding operation, the grinding wheel diameter = 8.5 in, and the regulating wheel diameter = 5.0 in. The grinding wheel rotates at 3500 rev/min and the regulating wheel rotates at 150 rev/min. The inclination angle of the regulating wheel = 3°. Determine the throughfeed rate of cylindrical workparts that have the following dimensions: diameter = 1.25 in and length = 8.0 in

Planning} Matteo,who is single and has no dependents, was planning on spending the weekend repairing his car.On Friday, Matteo’s employer called and offered him $500 in overtime pay if he would agree to work over the weekend.Matteo could get his car repaired over the weekend at Autofix for $400.If Matteo works over the weekend, he will have to pay the $400 to have his car repaired, but he will earn $500. Assume Matteo pays tax at a flat 15 percent rate. Strictly considering tax factors, should Matteo work or repair his car if the $400 he must pay to have his car fixed is not deductible?

1.    : Assume that Southern University decides to raise its admission standards. What plan might it develop to achieve this goal?

A comparative balance sheet for Shabbona Corporation is presented below.   Additional information: 1. Net income for 2014 was $125,000. No gains or losses were recorded in 2014. 2. Cash dividends of $60,000 were declared and paid. 3. Bonds payable amounting to $50,000 were retired through issuance of common stock. Instructions (a) Prepare a statement of cash flows for 2014 for Shabbona Corporation. (b) Determine Shabbona Corporation’s current cash debt coverage, cash debt coverage, and free cash flow. Comment on its liquidity and financial flexibility.

Why do the accounting standards require absorption costing for financial reporting?

An integrated circuit used in a memory module contains 224 memory circuits. Sixteen of these integrated circuits are packaged onto a board to provide a 256 Mbyte memory module. Use Rent's rule, Eq. (34.11), with C = 6.0 and m = 0.12 to determine the approximate number of input/output pins required in each of the integrated circuits.

What effects do debit cards and cash machines (ATMs) have on (a) banks’ prudent liquidity ratios; (b) the size of the bank deposits multiplier?

What are the three basic categories of inspection and testing techniques used for weldments? Name some typical inspections and/or tests in each category.

Elaine pays $40,000 cash for Martha’s one-third interest in Lakewood Partnership. Just prior to the sale, Martha’s basis in Lakewood is $140,000. Lakewood reports the following balance sheet: Assets: Tax Basis FMV Cash $ 50,000 $ 50,000 Land 370,000 70,000    Totals $ 420,000 $ 120,000 Liabilities and capital: Capital- Mary $140,000 - Martha 140,000 - Margaret 140,000   Totals $ 420,000 Assume the land had been purchased several years ago and the partnership does not have a §754 election in place. a. What are the amount and character of Martha’s recognized gain or loss on the sale? b. What is Elaine’s basis in her partnership interest? c. If Lakewood were to sell the land for $70,000 shortly after the sale of Martha’s partnership interest, how much gain or loss would Elaine recognize?

Explain how liabilities of an LLC (taxed as a partnership) or an S corporation affect the amount of tax losses from the entity that limited liability company members and S corporation shareholders may deduct. Do the tax rules favor LLCs or S corporations?

Where can authoritative IFRS related to accounting changes be found?

What is the expected value of the above lottery ticket gamble if the chances of purchasing a winning ticket with a prize of £50 are 30 per cent? How much of the expected value of the gamble is a risk-averse person willing to sacrifice if they decide against purchasing the ticket? If they were indifferent between purchasing and not purchasing the ticket, what is their certainty equivalent and risk premium of the gamble?

What is the difference between engineering stress and true stress in a tensile test?

1.              : If you were Kevin how would you initiate a conversation with Jeremy? What would you want to learn? What would you say?

A dual-in-line package has a total of 48 leads. Use Rent's rule with C = 4.5 and m = 0.5 to determine the approximate number of logic gates that could be fabricated in the IC chip for this package.

1. Who is likely to work harder as a result of a cut in income tax rates, a rich person or a poor person? Why? Would your answer be different if personal allowances were zero? 2. How will tax cuts affect the willingness of married women to return to employment after having brought up a family?

What are the two main categories of printed circuit board assemblies, as distinguished by the method of attaching components to the board?

Phil Collins Realty Corporation purchased a tract of unimproved land for $55,000. This land was improved and subdivided into building lots at an additional cost of $34,460. These building lots were all of the same size but owing to differences in location were offered for sale at different prices as follows. Group No. of Lots Price per Lot 1 9 $3,000 2 15 4,000 3 17 2,400 Operating expenses for the year allocated to this project total $18,200. Lots unsold at the year-end were as follows. Group 1 5 lots Group 2 7 lots Group 3 2 lots Instructions At the end of the fiscal year Phil Collins Realty Corporation instructs you to arrive at the net income realized on this operation to date.

Brooke, a single taxpayer, works for Company A for all of 2024, earning a salary of $50,000.     a. What is her FICA tax obligation for the year?

Presented below are two independent situations related to future taxable and deductible amounts resulting from temporary differences existing at December 31, 2014. 1. Mooney Co. has developed the following schedule of future taxable and deductible amounts. 2015 2016 2017 2018 2019 Taxable amounts $300 $300 $300 $ 300 $300 Deductible amount — — — (1,600) — 2. Roesch Co. has the following schedule of future taxable and deductible amounts. 2015 2016 2017 2018 Taxable amounts $300 $300 $ 300 $300 Deductible amount — — (2,300) — Both Mooney Co. and Roesch Co. have taxable income of $4,000 in 2014 and expect to have taxable income in all future years. The tax rates enacted as of the beginning of 2014 are 30% for 2014–2017 and 35% for years thereafter. All of the underlying temporary differences relate to noncurrent assets and liabilities. Instructions For each of these two situations, compute the net amount of deferred income taxes to be reported at the end of 2014, and indicate how it should be classified on the balance sheet.