Question & Answer

Distinguish between roll bending and roll forming.

What does heat of fusion mean in casting?

Logan Bruno Company has just received the August 31, 2014, bank statement, which is summarized below.   The general ledger Cash account contained the following entries for the month of August. Cash Balance, August 1 10,050 Disbursements in August 34,903 Receipts during August 35,000 Deposits in transit at August 31 are $3,800, and checks outstanding at August 31 total $1,050. Cash on hand at August 31 is $310. The bookkeeper improperly entered one check in the books at $146.50 which was written for $164.50 for supplies (expense); it cleared the bank during the month of August. Instructions (a) Prepare a bank reconciliation dated August 31, 2014, proceeding to a correct balance. (b) Prepare any entries necessary to make the books correct and complete. (c) What amount of cash should be reported in the August 31 balance sheet?

14   Sustainability threats and opportunities The World Coal Institute claims that coal provides over 26.5 per cent of global primary energy needs and generates over 41.5 per cent of the world’s electricity. Coal is one of the cheapest forms of fuel available on the planet. However, burning fuel produces carbon dioxide which contributes to excessive greenhouse gas emissions and global warming. Rather than change energy sources, Clean Coal Technologies (CCTs) have been promoted as a means of reducing emissions, reducing waste as well as increase the efficiency (or amount of energy) gained from coal.72   Required Referring to the information in this problem and drawing on comprehensive example 2, discuss some of the sustainability management threats and opportunities for the future of Australian coal producers. (LO1, 2, 3, 4 and 5)

What is an integrated circuit?

Explain how CVP analysis can be used to make decisions about increases in advertising costs.

On January 30, 2013, a suit was filed against Frazier Corporation under the Environmental Protection Act. On August 6, 2014, Frazier Corporation agreed to settle the action and pay $920,000 in damages to certain current and former employees. How should this settlement be reported in the 2014 financial statements? Discuss.

Suki and Steve own 50 percent capital and profits interests in Lorinda LLC. Lorinda operates the local minor league baseball team and owns the stadium where the team plays. Although the liability incurred to build the stadium was paid off several years ago, Lorinda owes its general creditors $300,000 (at the beginning of the year) that is not secured by firm property or guaranteed by any of the members. At the beginning of 2024, Suki and Steve had a tax basis of $170,000 in their LLC interests, including their share of liabilities owed to the general creditors. Shortly before the end of the year, they each received a $10,000 cash distribution, even though Lorinda’s ordinary business loss for the year was $400,000. Because of the time commitment to operate a baseball team, both Suki and Steve spent more than 1,500 hours during the year operating Lorinda. Both Suki and Steve are single, and neither of them has any business income or losses from other sources. a. Determine how much of the Lorinda loss Suki and Steve will each be able to deduct on their current tax returns, and list their losses suspended by the tax basis, at-risk, and passive activity loss limitations. b. Assume that sometime before receiving the $10,000 cash distribution, Steve is advised by his tax advisor that his marginal tax rate will be abnormally high during the current year because of an unexpected windfall. To help Steve utilize more of the losses allocated from Lorinda in the current year, his advisor recommends refusing the cash distribution and personally guaranteeing $100,000 of Lorinda’s liabilities, without the right to be reimbursed by Suki. If Steve follows his advisor’s recommendations, how much additional Lorinda loss can he deduct on his current tax return? How does Steve’s decision affect the amount of loss Suki can deduct on her current return and the amount and type of her suspended losses?

Relative performance evaluation Relative performance evaluation at the company level often results in using a market index like the ASX100 as the peer group.   Required Outline the potential advantages and disadvantages of this practice.             (LO2, 3 and 5)

Wade Corp. has 150,000 shares of common stock outstanding. In 2014, the company reports income from continuing operations before income tax of $1,210,000. Additional transactions not considered in the $1,210,000 are as follows. 1. In 2014, Wade Corp. sold equipment for $40,000. The machine had originally cost $80,000 and had accumulated depreciation of $30,000. The gain or loss is considered ordinary. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $190,000 before taxes. Assume that this transaction meets the criteria for discontinued operations. The loss from operations of the discontinued subsidiary was $90,000 before taxes; the loss from disposal of the subsidiary was $100,000 before taxes. 3. An internal audit discovered that amortization of intangible assets was understated by $35,000 (net of tax) in a prior period. The amount was charged against retained earnings. 4. The company had a gain of $125,000 on the condemnation of much of its property. The gain is taxed at a total effective rate of 40%. Assume that the transaction meets the requirements of an extraordinary item. Instructions Analyze the above information and prepare an income statement for the year 2014, starting with income from continuing operations before income tax. Compute earnings per share as it should be shown on the face of the income statement. (Assume a total effective tax rate of 38% on all items, unless otherwise indicated.)

Briefly define the three types of mechanized workpart transfer systems used in production lines.

Use your table to draw diagrams like Figures 6.19 and 6.21. Use these two diagrams to show the profit-maximising output and the level of maximum profit. Confirm your findings by reference to the table you have constructed.

A face milling operation is used to machine 6.0 mm from the top surface of a rectangular piece of aluminum 300 mm long by 125 mm wide in a single pass. The cutter follows a path that is centered over the workpiece. It has four teeth and is 150 mm in diameter. Cutting speed = 2.8 m/s, and chip load = 0.27 mm/tooth. Determine (a) the actual machining time to make the pass across the surface and (b) the maximum metal removal rate during cutting.

Lady Gaga Co. recently made an investment in the bonds issued by Chili Peppers Inc. Lady Gaga’s business model for this investment is to profit from trading in response to changes in market interest rates. How should this investment be classified by Lady Gaga? Explain.

Define resistivity as a material property.

Where can authoritative IFRS guidance be found related to the statement of financial position (balance sheet) and the statement of cash flows?

Who are the two key international players in the development of international accounting standards? Explain their role.

Diana and Ryan Workman were married on January 1 of last year. Ryan has an eight-year-old son, Jorge, from his previous marriage. Diana works as a computer programmer at Datafile Inc. (DI) earning a base salary of $94,000. Ryan is self-employed and runs a day care center. The Workmans reported the following financial information pertaining to their activities during the current year.

Which way will the supply curve shift if the wage rates in alternative jobs rise?

Using a diagram similar to Figure 7.6 to derive a long-run market supply curve for (a) a constant- cost industry and (b) a decreasing-cost industry.

Juanita, a Texas resident (5th Circuit), is researching a tax question and finds a 5th Circuit case ruling that is favorable and a 9th Circuit case that is unfavorable.  Which circuit case has more “authoritative weight” and why?  How would your answer change if Juanita were a Kentucky resident (6th Circuit)?

(a) Determine the ending inventory under the conventional retail method for the furniture department of Mayron Department Stores from the following data. Cost Retail Inventory, Jan. 1 $ 149,000 $ 283,500 Purchases 1,400,000 2,160,000 Freight-in 70,000 Markups, net 92,000 Markdowns, net 48,000 Sales revenue 2,175,000 (b) If the results of a physical inventory indicated an inventory at retail of $295,000, what inferences would you draw?

There are 12 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 score on the quiz is based on the total number of correct answers. 27.1 Which of the following are the usual objectives of heat treatment (three best answers): (a) increase hardness, (b) increase melting temperature, (c) increase recrystallization temperature, (d) reduce brittleness, (e) reduce density, and (f) relieve stresses? 27.2 Of the following quenching media, which one produces the most rapid cooling rate: (a) air, (b) brine, (c) oil, or (d) pure water? 27.3 On which one of the following metals is the treatment called austenitizing be performed: (a) aluminum alloys, (b) brass, (c) copper alloys, or (d) steel? 27.4 The treatment in which the brittleness of martensite is reduced is called which one of the following: (a) aging, (b) annealing, (c) austenitizing, (d) normalizing, (e) quenching, or (f) tempering? 27.5 The Jominy end-quench test is designed to indicate which one of the following: (a) cooling rate, (b) ductility, (c) hardenability, (d) hardness, or (e) strength? 27.6 In precipitation hardening, the hardening and strengthening of the metal occurs in which one of the following steps: (a) aging, (b) quenching, or (c) solution treatment? 27.7 Which one of the following surface-hardening treatments is the most common: (a) boronizing, (b) carbonitriding, (c) carburizing, (d) chromizing, or (e) nitriding? 27.8 Which of the following are selective surface-hardening methods (three correct answers): (a) austenitizing, (b) electron beam heating, (c) fluidized bed furnaces, (d) induction heating, (e) laser beam heating, and (f) vacuum furnaces?

A continuous hot rolling mill has two stands. Thickness of the starting plate = 25 mm and width = 300 mm. Final thickness is to be 13 mm. Roll radius at each stand = 250 mm. Rotational speed at the first stand = 20 rev/min. Equal drafts of 6 mm are to be taken at each stand. The plate is wide enough relative to its thickness that no increase in width occurs. Under the assumption that the forward slip is equal at each stand, determine (a) speed vr at each stand, and (b) forward slip s. (c) Also, determine the exiting speeds at each rolling stand, if the entering speed at the first stand = 26 m/min

A spool of wire has a starting diameter of 2.5 mm. It is drawn through a die with an opening that is to 2.1 mm. The entrance angel of the die is 18° degrees. Coefficient of friction at the work-die interface is 0.08. The work metal has a strength coefficient of 450 MPa and a strain hardening coefficient of 0.26. The drawing is performed at room temperature. Determine (a) area reduction, (b) draw stress, and (c) draw force required for the operation.