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ACCT 504 Week 8 Final Exam All Correct Set 1 Answer

ACCT 504 Week 8 Final Exam All Correct Set 1 Answer

ACCT 504 Week 8 Final Exam All Correct Set 1 Answer

ACCT 504 Week 8 Final Exam All Correct Set 1 Answer

ACCT 504 Week 8 Final Exam All Correct Set 1 Answer

ACCT 504 Week 8 Final Exam All Correct Set 1 Answer


ACCT 504 Final Exam Solution (MCQ + Problems) (All Correct)

Question 1. 1. (TCOs A, B, and C) Which type of corporate information is not available to investors? (Points : 3)
Dividend history
Forecast of cash needs for the upcoming year
Cash provided by investing activities
Beginning cash balance
Question 2. 2. (TCO C) Debt securities sold to investors that must be repaid at a particular date some years in the future are called (Points : 3)
accounts payable.
notes receivable.
taxes payable.
bonds payable.
Question 3. 3. (TCO C) Buying and selling products are examples of (Points : 3)
operating activities.
investing activities.
financing activities.
delivering activities.
Question 4. 4. (TCO A) The cost of assets consumed or services used is also known as (Points : 3)
a revenue.
an expense.
a liability.
an asset.
Question 5. 5. (TCO C) Finley Company recorded the following cash transactions for the year.
Paid $90,000 for salaries
Paid $40,000 to purchase office equipment
Paid $10,000 for utilities
Paid $4,000 in dividends
Collected $150,000 from customers

What was Finley’s net cash provided by operating activities? (Points : 3)
$50,000
$10,000
$60,000
$46,000

Question 6. 6. (TCO A) On a classified balance sheet, prepaid insurance is classified as (Points : 3)
an intangible asset.
property, plant, and equipment.
a current asset.
a long-term investment.
Question 7. 7. (TCO A) An intangible asset (Points : 3)
may have the capacity to earn revenue for its owner.
is worthless because it has no physical substance.
is converted into a tangible asset during the operating cycle.
cannot be reported on the balance sheet because it lacks physical substance.

Question 8. 8. (TCO A) The following are selected account balances on December 31, 2010.

-Land (location of the corporation’s office building): $100,000
-Land (held for future use): 150,000
-Corporate Office Building: 600,000
-Inventory: 200,000
-Equipment: 450,000
-Office Furniture: 100,000
-Accumulated Depreciation: 300,000
What is the total NET amount of property, plant, and equipment that will appear on the balance sheet? (Points : 3)
$1,300,000
$1,100,000
$1,600,000
$950,000
Question 9. 9. (TCO B) For 2010, Landford Corporation reported net income of $30,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share? (Points : 3)
$4.66
$0.20
$66.67
$5.00
Question 10. 10. (TCO B) At December 31, 2010, Shorts Company had retained earnings of $2,184,000. During 2010 they issued stock for $98,000, and paid dividends of $34,000. Net income for 2010 was $402,000. The retained earnings balance at the beginning of 2010 was: (Points : 3)
$2,552,000
$1,816,000
$1,914,000
$2,454,000
Question 11. 11. (TCO D) Money collected from customers before the work is done is treated as (Points : 3)
prepaid expenses.
accrued revenues.
unearned revenues.
accrued expenses.
Question 12. 12. (TCO D) An account is a part of the financial information system and is described by all except which one of the following? (Points : 3)
An account has a debit and credit side.
An account has to be in paper form.
An account has a zero or nonzero balance.
An account has a title.
Question 13. 13. (TCO D) Which of the following describes the classification and normal balance of the retained earnings account? (Points : 3)
Asset, debit
Stockholders’ equity, credit
Revenues, credit
Expense, debit
Question 14. 14. (TCO D) In recording an accounting transaction in a double-entry system (Points : 3)
the number of debit accounts must equal the number of credit accounts.
there must always be entries made on both sides of the accounting equation.
the amount of the debits must equal the amount of the credits.
there must only be two accounts affected by any transaction.
Question 15. 15. (TCO D) Which of the following accounts follows the rules of debit and credit in relation to increases and decreases in the opposite manner? (Points : 3)
Prepaid insurance and dividends
Dividends and medical fees earned
Interest payable and common stock
Advertising expense and land
Question 16. 16. (TCO E) An accounting time period that is 1 year in length is called (Points : 3)
a fiscal year.
an interim period.
the time period assumption.
a reporting period.
Question 17. 17. (TCO E) In a service-type business, revenue is considered earned (Points : 3)
at the end of the month.
at the end of the year.
when the service is performed.
when cash is received.
Question 18. 18. (TCO E) Why do generally accepted accounting principles require the application of the revenue recognition principle? (Points : 3)
Failure to apply the revenue recognition principle could lead to an overstatement of revenue.
It is easy to apply the revenue recognition principle because revenue issues are always easy to identify and resolve.
Recording revenue when cash is received is an objective application of the revenue recognition principle.
Accounting software has made the revenue recognition easy to apply.

Question 19. 19. (TCO E) The following is selected information from G Corporation for the fiscal year ending October 31, 2010.

-Cash received from customers: $150,000
-Revenue earned: 175,000
-Cash paid for expenses: 85,000
-Expenses incurred: 100,000
Based on the accrual basis of accounting, what is G Corporation’s net income for the year ending October 31, 2010? (Points : 3)
$57,000
$75,000
$41,000
$85,000

Question 20. 20. (TCO E) Accounts often need to be adjusted because (Points : 3)
there are never enough accounts to record all the transactions.
many transactions affect more than one time period.
there are always errors made in recording transactions.
management can’t decide what they want to report.

Question 21. 21. (TCOs A and B) Which of the following expressions is incorrect? (Points : 3)
Gross profit – operating expenses = net income
Sales – cost of goods sold – operating expenses = net income
Net income + operating expenses = gross profit
Operating expenses – cost of goods sold = gross profit

Question 22. 22. (TCO B) Hunter Company purchased merchandise inventory with an invoice price of $12,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Hunter Company pays within the discount period? (Points : 3)
$11,040
$10,800
$11,760
$12,000
Question 23. 23. (TCOs A and B) Jake’s Market recorded the following events involving a recent purchase of merchandise.

-Received goods for $20,000, terms 2/10, n/30.
-Returned $400 of the shipment for credit.
-Paid $100 freight on the shipment.
-Paid the invoice within the discount period.

As a result of these events, the company’s merchandise inventory (Points : 3)
increased by $19,208.
increased by $19,700.
increased by $19,306.
increased by $19,308.

Question 24. 24. (TCO A) If goods in transit are shipped FOB destination (Points : 3)
the seller has legal title to the goods until they are delivered.
the buyer has legal title to the goods until they are delivered.
the transportation company has legal title to the goods while the goods are in transit.
no one has legal title to the goods until they are delivered.

Question 25. 25. (TCO A) Which statement is false? (Points : 3)
Taking a physical inventory involves actually counting, weighing, or measuring each kind of inventory on hand.
No matter whether a periodic or perpetual inventory system is used, all companies need to determine inventory quantities at the end of each accounting period.
An inventory count is generally more accurate when goods are not being sold or received during the counting.
Companies that use a perpetual inventory system must take a physical inventory to determine inventory on hand on the balance-sheet date and to determine cost of goods sold for the accounting period.

Question 26. 26. (TCO A) Of the following companies, which one would not likely employ the specific identification method for inventory costing? (Points : 3)
Music store specializing in piano sales
Custom jewelry store
Antique shop
Hardware store
Question 27. 27. (TCO A) Which of the following statements is correct with respect to inventories? (Points : 3)
The FIFO method assumes that the costs of the earliest goods acquired are the last to be sold.
It is generally good business management to sell the most recently acquired goods first.
Under FIFO, the ending inventory is based on the latest units purchased.
FIFO seldom coincides with the actual physical flow of inventory.
Question 28. 28. (TCO A) In periods of rising prices, the inventory method which results in the inventory value on the balance sheet that is closest to current cost is the (Points : 3)
FIFO method.
LIFO method.
average cost method.
tax method.
Question 29. 29. (TCO B) In a perpetual inventory system, cost of goods sold is recorded (Points : 3)
on a daily basis.
on a monthly basis.
on an annual basis.
each time a sale occurs.
Question 30. 30. (TCO B) The primary source of revenue for a retailer is (Points : 3)
investment income.
service revenue.
the sale of merchandise.
the sale of plant assets the company owns.

Question 31. 31. (TCO D) An account is an important accounting record where financial information is stored until needed. Briefly explain (1) the nature of an account, (2) the different types of accounts, and (3) the manner in which an account is increased and decreased, and the normal balance of each type of accounts. (Points : 25)

Question 32. 32. (TCOs B and E) The adjusted trial balance of Gertz Company included the following selected accounts.

Debit Credit
Sales $575,000
Sales returns and allowances $ 50,000
Sales discounts 9,500
Cost of goods sold 347,000
Freight-out 2,000
Advertising expense 15,000
Interest expense 19,000
Store salaries expense 74,000
Utilities expense 18,000
Depreciation expense 3,500
Interest revenue 25,000

Instructions:

1.Use the above information to prepare a multiple-step income statement for the year ended December 31, 2010.
2.Calculate the profit margin ratio and gross profit rate. To qualify for full credit, you must state the formula you are using, show your computations, and explain your findings.
(Points : 35)

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ACCT 504 SET 1

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Advantages and disadvantages of different energy sources and ways to reduce energy demand through conservation_Answer

Advantages and disadvantages of different energy sources and ways to reduce energy demand through conservation_Answer

Advantages and disadvantages of different energy sources and ways to reduce energy demand through conservation_Answer

Advantages and disadvantages of different energy sources and ways to reduce energy demand through conservation_Answer

Advantages and disadvantages of different energy sources and ways to reduce energy demand through conservation_Answer


In order to reduce the negative environmental impacts of an ever growing human population and increasing demands for energy as technological advances continue, individual countries, states, cities, and even households have the opportunity to shift their energy sources to those that are renewable. However, not all locations are equally amenable to any particular form of energy. For this Assignment you will assess your own location, existing energy use, the advantages and disadvantages of different energy sources, and ways to reduce energy demand through conservation.

Be sure to explore the following resources to begin your research and to support your ideas with supporting facts. While the provided resources focus on the United States, you are welcome to explore the energy situation within your own state of residence, one that you would like to live in or have visited in the past, and also an international location. In order to focus your Discussion, be sure to focus on a specific region For the state or Arkansas.

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energy

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The mean incubation time for a type of fertilized egg kept at 100.8 degrees is 19 days_Answer

The mean incubation time for a type of fertilized egg kept at 100.8 degrees is 19 days_Answer

The mean incubation time for a type of fertilized egg kept at 100.8 degrees is 19 days_Answer

The mean incubation time for a type of fertilized egg kept at 100.8 degrees is 19 days_Answer

The mean incubation time for a type of fertilized egg kept at 100.8 degrees is 19 days_Answer


The mean incubation time for a type of fertilized egg kept at 100.8 degrees is 19 days. Suppose that the incubation times are approximately normally distributed with a standard deviation of 2 days.

What is the probability that a randomly selected fertilized egg hatches in less than 15 days?
What is the probability that a randomly selected fertilized egg takes over 23 days to hatch?
What is the probability that a randomly selected fertilized egg hatches between 17 and 19 days is?
Would it be unusual for an egg to hatch in less than 13 days? Why?

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The mean body mass index (BMI) for boys age 12 is 23.6_Answer

The mean body mass index (BMI) for boys age 12 is 23.6_Answer

The mean body mass index (BMI) for boys age 12 is 23.6_Answer

The mean body mass index (BMI) for boys age 12 is 23.6_Answer

The mean body mass index (BMI) for boys age 12 is 23.6_Answer


1. The mean body mass index (BMI) for boys age 12 is 23.6. An investigator wants to test if the BMI is higher in 12-year-old boys living in New York City. How many boys are needed to ensure that a two-sided test of hypothesis has 80% power to detect a difference in BMI of 2 units? Assume that the standard deviation in BMI is 5.7.

2. An investigator wants to estimate caffeine consumption in high school students. How many students would be required to estimate the proportion of students who consume coffee? Suppose we want the estimate to be within 5% of the true proportion with 95% confidence.

3. A crossover trial is planned to evaluate the impact of an educational intervention program to reduce alcohol consumption in patients determined to be at risk for alcohol problems. The plan is to measure alcohol consumption (the number of drinks on a typical drinking day) before the intervention and then again after participants complete the educational intervention program. How many participants would be required to ensure that a 95% confidence interval for the mean difference in the number of drinks is within 2 drinks of the true mean difference? Assume that the standard deviation of the difference in the mean number of drinks is 6.7 drinks.

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mean body

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GSCM 334 Week5 MRP Complicating Factors and MRP-II Supply Chain Management Checkpoint Answer

GSCM 334 Week5 MRP Complicating Factors and MRP-II Supply Chain Management Checkpoint Answer

GSCM 334 Week5 MRP Complicating Factors and MRP-II Supply Chain Management Checkpoint Answer

GSCM 334 Week5 MRP Complicating Factors and MRP-II Supply Chain Management Checkpoint Answer

GSCM 334 Week5 MRP Complicating Factors and MRP-II Supply Chain Management Checkpoint Answer


Multiple Choice

Page: 1
1. Question : (TCO 9) ERP implementation will require all the following, except

intensive training.

high funding for both initial cost and maintenance.

frequent upgrades after installation.

just a few weeks to install.

cross-functional teams.

2. Question : (TCO 7) Which MRP approach is used for components or subassemblies to compensate for variations in lead time?

Safety stock

Pegging

Safety time

Increased order sizes

Low-level coding

3. Question : (TCO 5) Net requirements for Component J are as follows: 60 units in Week 2, 40 units in Week 3, and 60 units in Week 5. If a fixed-period, three-period lot-sizing method is used, what will be the quantity of the first planned receipt?

60

100

160

Cannot be determined

None of the above

4. Question : (TCO 9) An effort to expand the scope of production requirements planning by involving other functional areas in the planning process has been

capacity requirements planning.

just-in-time planning.

multifunctional planning groups.

material requirements planning.

manufacturing resources planning.

5. Question : (TCO 7) Logistics include all of the following, except

incoming shipments of goods or materials.

outgoing shipments of goods or materials.

the movement of materials within a production facility.

customer selection.

returned goods processing.

6. Question : (TCO 7) All of the following are applications of e-business, except

e-mail.

order and shipment tracking.

electronic data interchange (EDI).

universal product codes.

Internet buying and selling.

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GSCM 429 Week 5 cellular manufacturing Lab 4 Assignment Discussion Question 1 and 2 Answer

GSCM 429 Week 5 cellular manufacturing Lab 4 Assignment Discussion Question 1 and 2 Answer

GSCM 429 Week 5 cellular manufacturing Lab 4 Assignment Discussion Question 1 and 2 Answer

GSCM 429 Week 5 cellular manufacturing Lab 4 Assignment Discussion Question 1 and 2 Answer

GSCM 429 Week 5 cellular manufacturing Lab 4 Assignment Discussion Question 1 and 2 Answer

Using cellular manufacturing
What are they referring to when they suggest we use “cellular manufacturing”, and why would we use this methodology?

Lab 4 Assignment
What should the first step be in our Week 5 Lab Assignment? Why? What should be the next step?

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GSCM 334 Week 5 Chapter 12 Discussion and Review Questions 11, 14, 15, & 16 p. 542 Homework Answer

GSCM 334 Week 5 Chapter 12 Discussion and Review Questions 11, 14, 15, & 16 p. 542 Homework Answer

GSCM 334 Week 5 Chapter 12 Discussion and Review Questions 11, 14, 15, & 16 p. 542 Homework Answer

GSCM 334 Week 5 Chapter 12 Discussion and Review Questions 11, 14, 15, & 16 p. 542 Homework Answer

GSCM 334 Week 5 Chapter 12 Discussion and Review Questions 11, 14, 15, & 16 p. 542 Homework Answer

Homework
Chapter 12: Discussion and Review Questions: 11, 14, 15, & 16 (p. 542)
11. Briefly describe MRP II and closed-loop MRP.

14. If seasonal variations are present, is their incorporation into MRP fairly simple or fairly difficult? Explain briefly.

15. How does the purpose of ERP differ from the purpose of MRP II?

16. What are some unforeseen costs of ERP?
Ans:
Some of the unforeseen costs of ERP are as follows:

Chapter 15: Discussion and Review Questions: 5, 9, & 11 (p. 695)
5. What is the bullwhip effect, and why does it occur? How can it be overcome?

9. What impact has e-business had on supply chain management?

11. What are some of the trade-offs that might be factors in designing a supply chain?

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GSCM 429 Solving the number of kanbans required for four components at the ABC Company_Week 5_Lab_4_JIT and PAC_Answer

GSCM 429 Solving the number of kanbans required for four components at the ABC Company_Week 5_Lab_4_JIT and PAC_Answer

GSCM 429 Solving the number of kanbans required for four components at the ABC Company_Week 5_Lab_4_JIT and PAC_Answer

GSCM 429 Solving the number of kanbans required for four components at the ABC Company_Week 5_Lab_4_JIT and PAC_Answer

GSCM 429 Solving the number of kanbans required for four components at the ABC Company_Week 5_Lab_4_JIT and PAC_Answer

Lab 4 of 6: JIT and PAC

This Lab provides data to use for solving the number of kanbans required for four components at the ABC Company. Use MS Word to copy your answers.
JIT and PAC Lab Points Description
Component W 5 Calculate the number of kanbans required for Component W using 4 components provided to you.
Component X 5 Calculate the number of kanbans required for Component X using 4 components provided to you.
Component Y 5 Calculate the number of kanbans required for Component Y using 4 components provided to you.
Component Z 5 Calculate the number of kanbans required for Component X using 4 components provided to you.
Total 20 A quality paper will meet the above requirements.

Situation: Solve the number of kanbans required for four components at the ABC Company using the table below.
Component W Component X Component Y Component Z
Daily Usage (units) 900 units 250 units 1,200 units 350 units
Lead Time (hours) 2 hours 5 hours 1 hour 3 hours
Container Size (units) 25 units 40 units 50 units 20 units
Safety Stock (percent) 25% 20% 15% 10%
Use the data provided in the table above to calculate the number of kanbans for each component. Please remember to show your work.

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GSCM 334 Week 5_Chapter 12_Problems 5, 6, & 7_End item P is composed of three subassemblies_Answer

GSCM 334 Week 5_Chapter 12_Problems 5, 6, & 7_End item P is composed of three subassemblies_Answer

GSCM 334 Week 5_Chapter 12_Problems 5, 6, & 7_End item P is composed of three subassemblies_Answer

GSCM 334 Week 5_Chapter 12_Problems 5, 6, & 7_End item P is composed of three subassemblies_Answer

GSCM 334 Week 5_Chapter 12_Problems 5, 6, & 7_End item P is composed of three subassemblies_Answer

Chapter 12: Problems 5, 6, & 7 (pp. 544-545)
5. End item P is composed of three subassemblies: K, L, and W. K is assembled using 3 Gs and 4 Hs; L is made of 2 Ms and 2 Ns; and W is made of 3 Zs. On-hand inventories are 20 Ls, 40 Gs, and 200 Hs. Scheduled receipts are 10 Ks at the start of week 3, 30 Ks at the start of week 6, and 200 Ws at the start of week 3.
One hundred Ps will be shipped at the start of week 6, and another 100 at the start of week 7. Lead times are two weeks for subassemblies and one week for components G, H, and M. Final assembly of P requires one week. Include an extra 10 percent scrap allowance in each planned order of G. The minimum order size for H is 200 units. Develop each of the following:
a. A product structure tree.
b. An assembly time chart.
c. A master schedule for P.
d. A material requirements plan for K, G, and H using lot-for-lot ordering.

6. A table is assembled using three components, as shown in the accompanying product structure tree.
The company that makes the table wants to ship 100 units at the beginning of day 4, 150 units at the beginning of day 5, and 200 units at the beginning of day 7. Receipts of 100 wood sections are scheduled at the beginning of day 2. There are 120 legs on hand. An additional 10 percent of the order size on legs is added for safety stock. There are 60 braces on hand with no safety stock requirement for braces. Lead times (in days) for all items are shown in the following table. Prepare a material requirements plan using lot-for-lot ordering.

7. Eighty units of end item X are needed at the beginning of week 6, and another 30 units are needed at the beginning of week 8. Prepare a material requirements plan for component D. D can only be ordered in whole cases (50 units per case). One case of D is automatically received every other week, beginning in week 1 (i.e., weeks 1, 3, 5, 7). Also, there are 30 units of B and 20 units of D now on hand. Lead times for all items are a function of quantity: one week for up to 100 units, two weeks for 101 to 200 units, three weeks for 201 to 300 units, and four weeks for 301 or more units.

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ECON 545 Business Economics Course Week 5 Project Part 2 Answer

ECON 545 Business Economics Course Week 5 Project Part 2 Answer

ECON 545 Business Economics Course Week 5 Project Part 2 Answer

ECON 545 Business Economics Course Week 5 Project Part 2 Answer

Project Part 2 (PP2) consists of performing application-oriented exercises wherein the specific economic principles learned in this course are put to practical use. You must translate your ideas into economic analysis using the specific economic theory and economic terms contained in the TCOs covered in the course, and demonstrate that you are understanding and utilizing material from text chapters covered up to this point in the course, to receive full credit on the assignment. You are being asked to submit a report containing responses to three exercises. Exercises 1, 2, and 3 entail a choice of three textbook questions out of a list of possible alternatives.

Exercises 1, 2, and 3
Select any three out of the following questions from the text:
• Chapter 15, Question 11
• Chapter 15, Question 14
• Chapter 16, Question 5
• Chapter 16, Question 6
• Chapter 16, Question 11
• Chapter 25, Question 7
Chapter 25, Question 11
• Chapter 25, Question 14
• Chapter 26, Question 8
• Chapter 26, Question 9
• Chapter 26, Question 12

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