Question & Answer

Normal and abnormal spoilage Franklin Fabrication produces custom-made security doors and gates. Currently two jobs are in process, 359 and 360. During production of Job 359, the supervisor was on holidays and the employees made several errors in cutting the metal pieces for the two doors in the order. The spoiled metal pieces cost $20 each and had zero scrap value. In addition, an order of five gates that had been manufactured for Job 360 required a fine wire mesh that sometimes tore as it was being mounted. Because a similar wire could be used that was much easier to install, the customer had been warned that costs could run over the bid if any difficulty was encountered in installing the wire. One of the gates was spoiled during the process of installing the wire. The cost of the materials and direct labour for the gate was $150. The gate and metal were hauled to the dump and discarded.   Required (a)          Should the spoilage for Job 359 be categorised as normal or abnormal spoilage? Explain. (b)          Should the spoilage for Job 360 be categorised as normal or abnormal spoilage? Explain. (c)           Prepare spoilage journal entries for both jobs.

What are the three alternative accounting methods available to a seller that is exposed to continued risks of ownership through return of the product?

Which of the following are positive statements and which are normative? (a)  Cutting the higher rates of income tax will redistribute incomes from the poor to the rich. (b)  It is wrong that inflation should be reduced if this means that there will be higher unemployment. (c)  It is incorrect to state that putting up interest rates will reduce inflation. (d)  The government should introduce road pricing to address the issue of congestion. (e)  Current government policies should be aimed at reducing the deficit rather than stimulating growth.

Listed below are the transactions of Yasunari Kawabata, D.D.S., for the month of September. Sept. 1 Kawabata begins practice as a dentist and invests $20,000 cash. 2 Purchases dental equipment on account from Green Jacket Co. for $17,280. 4 Pays rent for office space, $680 for the month. 4 Employs a receptionist, Michael Bradley. 5 Purchases dental supplies for cash, $942. 8 Receives cash of $1,690 from patients for services performed. 10 Pays miscellaneous office expenses, $430. 14 Bills patients $5,820 for services performed. 18 Pays Green Jacket Co. on account, $3,600. 19 Withdraws $3,000 cash from the business for personal use. 20 Receives $980 from patients on account. 25 Bills patients $2,110 for services performed. 30 Pays the following expenses in cash: Salaries and wages $1,800; miscellaneous office expenses $85. 30 Dental supplies used during September, $330. Instructions (a) Enter the transactions shown above in appropriate general ledger accounts (use T-accounts). Use the following ledger accounts: Cash, Accounts Receivable, Supplies, Equipment, Accumulated Depreciation—Equipment, Accounts Payable, Owner’s Capital, Service Revenue, Rent Expense, Office Expense, Salaries and Wages Expense, Supplies Expense, Depreciation Expense, and Income Summary. Allow 10 lines for the Cash and Income Summary accounts, and 5 lines for each of the other accounts needed. Record depreciation using a 5-year life on the equipment, the straight-line method, and no salvage value. Do not use a drawing account. (b) Prepare a trial balance. (c) Prepare an income statement, a statement of owner’s equity, and an unclassified balance sheet. (d) Close the ledger. (e) Prepare a post-closing trial balance.

Given your knowledge of how interest rates are influenced by various factors reflecting the demand for funds and the supply of funds available in the credit markets, write a short essay to explain how and why interest rates will change over the next three months.

There are 23 correct answers in the following multiple choice questions (some questions have multiple answers that are correct). To attain a perfect score on the quiz, all correct answers must be given. Each correct answer is worth 1 point. Each omitted answer or wrong answer reduces the score by 1 point, and each additional answer beyond the correct number of answers reduces the score by 1 point. Percentage on the quiz is based on the total number of correct answers 30.1 The feature that distinguishes fusion welding from solid-state welding is that melting of the faying surfaces occurs during fusion welding but not in solid-state welding: (a) true or (b) false? 30.2 Which of the following processes are classified as fusion welding (three correct answers): (a) electrogas welding, (b) electron-beam welding, (c) explosion welding, (d) forge welding, (e) laserbeam welding, and (f) ultrasonic welding? 30.3 Which of the following processes are classified as fusion welding (two correct answers): (a) diffusion welding, (b) friction welding, (c) pressure gas welding, (d) resistance welding, and (e) roll welding? 30.4 Which of the following processes are classified as solid-state welding (three correct answers): (a) diffusion welding, (b) friction stir welding, (c) resistance spot welding, (d) roll welding, (e) thermit welding, and (f) upset welding? 30.5 An electric arc is a discharge of current across a gap in an electrical circuit. The arc is sustained in arc welding processes by the transfer of molten metal across the gap between the electrode and the work: (a) true or (b) false? 30.6 Which one of the following arc welding processes uses a nonconsumable electrode: (a) FCAW, (b) GMAW, (c) GTAW, or (d) SMAW? 30.7 MIG welding is a term sometimes applied when referring to which one of the following processes: (a) FCAW, (b) GMAW, (c) GTAW, or (d) SMAW? 30.8 \"Stick\" welding is a term sometimes applied when referring to which one of the following processes: (a) FCAW, (b) GMAW, (c) GTAW, or (d) SMAW? 30.9 Which one of the following AW processes uses an electrode consisting of continuous consumable tubing containing flux and other ingredients in its core: (a) FCAW, (b) GMAW, (c) GTAW, or (d) SMAW? 30.10 Which one of the following arc-welding processes produces the highest temperatures: (a) CAW, (b) PAW, (c) SAW, or (a) TIG welding? 30.11 Resistance-welding processes make use of the heat generated by electrical resistance to achieve fusion of the two parts to be joined; no pressure is used in these processes, and no filler metal is added: (a) true or (b) false? 30.12 Metals that are easiest to weld in resistance welding are ones that have low resistivities since low resistivity assists in the flow of electrical current: (a) true or (b) false? 30.13 Oxyacetylene welding is the most widely used oxyfuel welding process because acetylene mixed with an equal volume of oxygen burns hotter than any other commercially available fuel: (a) true or (b) false? 30.14 The term \"laser\" stands for \"light actuated system for effective reflection\": (a) true or (b) false? 30.15 Which of the following solid-state welding processes applies heat from an external source (two best answers): (a) diffusion welding, (b) forge welding, (c) friction welding, and (d) ultrasonic welding? 30.16 The term weldability takes into account not only the ease with which a welding operation can be performed, but also the quality of the resulting weld: (a) true or (b) false? 30.17 Copper is a relatively easy metal to weld because its thermal conductivity is high: (a) true or (b) false?

Cartman Corporation owns 90 shares of SP Corporation. The remaining 10 shares are owned by Kenny (an individual). After several years of operations, Cartman decided to liquidate SP Corporation by distributing the assets to Cartman and Kenny. The tax basis of Cartman’s shares is $10,000, and the tax basis of Kenny’s shares is $7,000.  SP reported the following balance sheet at the date of liquidation:

Why is depreciation recapture not required when assets are sold at a loss?

Kamal contributed $10,000 in cash and a capital asset he had held for three years with a fair market value of $20,000 and tax basis of $10,000 for a 5 percent capital and profits interest in Green Valley LLC. a. If Kamal sells his LLC interest 13 months later for $30,000 when the tax basis in his partnership interest is still $20,000, how much gain does he report, and what is its character? b. If Kamal sells his LLC interest two months later for $30,000 when the tax basis in his partnership interest is still $20,000, how much gain does he report, and what is its character? [Hint: See Reg. §1.1223-3.]

What is an embossing operation?

What is meant by the term transfer efficiency in organic coating technology?

1.    How do you think the “MeToo” movement and publicity might affect the behavior of male managers toward women in an organization? How do you think corporate policies toward romantic relationships among employees might change? Explain.

Should the Fed or Congress decide the fate of large financial institutions that are near bankruptcy? (LO2, LO3)

1. Why do the prices of fresh vegetables fall when they are in season? Could an individual farmer prevent the price falling? 2. If you were the manager of a supermarket, how would you set about deciding what prices to charge for food approaching its sell-by date? 3. Demand for downloaded music has grown rapidly, yet the prices of downloads have fallen. Why?

A single model manual assembly line produces a product whose work content time = 47.8 min. The line has 24 workstations with a manning level = 1.25. Available shift time per day = 8 hr, but downtime during the shift reduces actual production time to 7.6 hr on average. This results in an average daily production of 256 units/day. Repositioning time per worker is 8% of cycle time. Determine (a) line efficiency, (b) balancing efficiency, and (c) repositioning time.

Based on the video about vernier calipers, explain how to read the scale on a vernier caliper.

Accounting for scrap You are helping a friend, Jonah, set up a new accounting system for a small start-up construction company. He specialises in custom, energy efficient homes that are built on a cost-plus basis. Cost-plus means that his customers pay a fixed percentage above the sum of direct and overhead costs.   As he goes through the accounts, Jonah asks why you set up a separate account for scrap. He does not believe that scrap should be recorded anywhere in his accounting system because it is worth little, and theft is no problem. He makes weekly trips to a recycling plant where he receives a small sum for the scrap. Most of the time Jonah is working on only one house and the scrap is only for that house. However, once in a while he is working on several houses, and the scrap for all of the houses is recycled at once.   Required (a)     Explain the two ways that scrap can be recorded in a job costing system. (b)     Choose the appropriate method for Jonah and explain your choice. (c)      Suppose you are a prospective homeowner. Explain to Jonah why you believe the revenue from scrap associated with your home should be recorded as a reduction in your costs rather than his overall costs. (d)     Write a brief (and diplomatic) paragraph to convince Jonah that he needs to account for the revenues from scrap.

List the primary methods of fiber reinforced thermoset polymer composite production according to the composite video.

: Define corporate culture as part of the organization’s internal environment, and identify when a culture becomes toxic for some or all employees.

For each of the following cases, indicate (a) to what rate columns, and (b) to what number of periods you would refer in looking up the interest factor. 1. In a future value of 1 table Annual Number of Rate Years Invested Compounded a. 9% 9 Annually b. 12% 5 Quarterly c. 10% 15 Semiannually 2. In a present value of an annuity of 1 table Annual Number of Number of Frequency of Rate Years Involved Rents Involved Rents a. 9% 25 25 Annually b. 10% 15 30 Semiannually c. 12% 7 28 Quarterly

Dagwood Inc. recently noted that its 4% preferred stock and 4% participating preferred stock, which are both cumulative, have priority as to dividends up to 4% of their par value. Its participating preferred stock participates equally with the common stock in any dividends in excess of 4%. What is meant by the term participating? Cumulative?

Data for Amsterdam Company are presented in BE8-5. Compute the April 30 inventory and the April cost of goods sold using the FIFO method.

Try this simple test of the above argument. Draw a series of W lines of different slopes all crossing the J line at the same point. Now draw a second J line above the first. Mark the original equilibrium and all the new ones corresponding to each of the W lines. It should be quite obvious that the flatter the W line the more will Y have increased.

In an electrochemical machining operation, the frontal working area of the electrode is 2.5 in2. The applied current = 1500 amps, and the voltage = 12 volts. The material being cut is pure aluminum, whose specific removal rate is given in Table 26.1. (a) If the ECM process is 90 percent efficient, determine the rate of metal removal in in3/hr. (b) If the resistivity of the electrolyte = 6.2 ohm-in, determine the working gap

1.       : Why do you think workplace stress is skyrocketing? Do you think it is a trend that will continue? Explain the reasons for your answer.