Phoenix Final Exams
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STR 581 Week 6 Capstone Examination, Part 3 - www.onlinehomework.guru

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1. A firm must know where to position its product based on price and
2. What type of strategy consists of geographical pricing, price discounts and allowances, promotional pricing, and differentiated pricing?
3. The marketing manager needs to know the cost of the research project before approving it. During which stage of the marketing research process would such a consideration most likely take place?
4. A valuable result of task environment analysis with respect to geographic, demographic, psychographic and buyer-behavior factors is called
5. New-to-the-world products are ________.
6. These social responsibilities are those that are voluntarily assumed by a business or organization. They include public relations activities, good citizenship, and full corporate social responsibility.
7. When diversification involves additions of a business related to the firm in terms of technology, markets or products, it involves
8. Which component of a marketing audit includes major developments in income, prices, savings, and credit that affect the company?
9. The ability to meet humanity’s needs without harming future generations is now a top priority in most corporate agenda
10. BMW’s “The ultimate driving machine,” American Express’ “Don’t leave home without it,” New York Times’ “All the news that’s fit to print,” and AT&T’s “Reach out and touch someone” are all examples of ________.
11. A company can learn a great deal by analyzing the degrees of brand loyalty. For example, ________ can show the firm which brands are most competitive with its own.
12. The strategic factor that involves the beliefs, values, attitudes, opinions, and lifestyles of persons in the firm’s external environment, as developed from cultural, ecological, demographic, religious, educational, and ethnic conditioning
13. A set of ideas on organizational control based on the belief that the separation of the ownership from management creates the potential for the wishes of owners to be ignored refers to
14. This is designed to check systematically and continuously whether the premises on which the strategy is based are still valid
15. When performing this analysis, it is good for strategic planners to consider similarities between the benefits the customers derive from the products and services that other firms offer
16. This is a historically popular technique through which managers create a quick overview of a company’s strategic situation—it is based on achieving a sound fit between internal resources and the external situation
17. A company that attempts to lead its industry in price and convenience by pursuing a focus on lean and efficient operations is pursuing what strategy?
18. Leaders galvanize commitment to embrace change through clarifying strategic intent, building an organization, and
19. Prestige LLC, a small company that manufactures specialty cereals and energy bars, wants to launch a “green marketing” program in response to heightened consumer awareness about environmental issues. What should the company do to maximize the program’s chances of being successful?
20. This is an important structural decision and resultant separate activities need to be coordinated and integrated back together as a whole so the business functions effectively
21. Company X’s principal strength is its inbound and outbound logistics system; its relative weakness, however, is after-sales service. Its competitor, Company Y, however is often plagued with lagging shipments and an inflexible distribution setup. Company Y remains successful because it maintains a fully staffed service department and, as a result, the company is known for its dependable service. This type of analysis allows them to identify ways to build on relative strengths and avoid dependence on capabilities at which the other firm excels.
22. With ________ as a target market strategy, the firm concentrates on serving many needs of a particular customer group
23. How do functional tactics compare to business strategies?
24. Under which of the following conditions is the frequency the most important factor in media selection?
25. What is the perceived monetary value of the bundle of economic, functional, and psychological benefits customers expect from a given market offering because of the product, service, people, and image?
26. Which control should periodically reassess its approach to the marketplace with a good marketing audit?
27. One of the ways to change the course of a brand is to modify the product. Under product modification, ________ adds size, weight, materials, supplements, and accessories that expand the product’s performance, versatility, safety, or convenience
28. Firms using this generic strategy attempt to build customer loyalty by stressing a specific product attribute above other product qualities
29. Large-scale, future-oriented plans for interacting with the competitive environment to achieve the company objective refers to its
30. Marketers need to identify the hierarchy of attributes that guide consumer decision making in order to understand different competitive forces and how these various sets get formed. This process of identifying the hierarchy is called ________.

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1. The concept that some leadership attributes will work in some situations but not in others can be described by the
2. Sam Meyers manages a telemarketing call center. He has 20 employees working for him who are displeased with the way he yells and threatens to terminate them for what they see as small issues. Which kind of power is Sam using to get the job done?
3. Which of the following is considered an organizational blueprint, which prescribes the quantity and time frame for when each end product will be assembled?
4. In performing a SWOT analysis, which of the following would be considered as a threat?
5. During the implementation of a project, which of the following should be the primary focus of a consulting firm?·
6.Which of the following is considered a major process flow structure?
7. Some studies indicate the best approach for transformational change may have the chief executive officer create an atmosphere for change
8. Deming’s PDCA (plan, do, check, and act) cycle underlies what inherent Six Sigma principle?
9. What can affirmative action assist organizations in achieving that diversity initiatives cannot?
10. According to the job characteristics model, autonomy is defined as the degree to which
11. Active listening requires:
12. An example of control criteria that can be used in any situation is ________.
13. Because practical considerations make job tryouts for all candidates infeasible, it is necessary to __________ the relative level of job performance for each candidate on the basis of available information.
14. Which of the following is ISO 14000 primarily concerned with?
15. Which of the following is a desirable strategy for managers aiming to reduce the negative consequences of rumors?
16. ________ refers to an individual’s belief that he or she is capable of performing a task.
17. When an employee volunteers to run a canned food drive, this is an example of
18. As a university student, your institution’s social principles and practices reflect on you, as a stakeholder, in the organization. Therefore, it is your right to question how these practices should be evaluated in relation to the social issues that the school is addressing. If your university provides job-share programs, builds a day-care facility, and only uses recycled paper, it could be said to be ________.
19. A project can be segmented into which of the following?
20. In order to make their firm a learning organization, managers should
21. Conflicts can be resolved by withdrawing from them or suppressing them. This conflict-management technique is known as ________.
22. Adoration of a charismatic leader by followers can lead to
23. Which of the following statements is true with regard to the effectiveness of tactics?
24. ____________ is the biggest hurdle to overcome in a pay-for-performance plan.
25. Mary arrives at her new job. Before she can begin actually doing the work, she must complete a series of activities including role playing and virtual reality interactions.  What type of training method does Mary’s new employer use?
26. In _____, workers have been fired for refusing to quit smoking, for living with someone without being married, drinking a competitor’s product, motorcycling, and other legal activities outside of work.
27. Which of the following is one of Dr. Eli Goldratt’s rules of production scheduling for optimized production technology?
28. The Civil Rights Act of 1991 offered what for victims of unintentional discrimination?
29. Which of the following is an element that addresses elimination of waste under lean production?
30. Training that results in ______ is costly because of the cost of training (which proved to be useless) and the cost of hampered performance.

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1. What can enhance the value of Web-based shopping experiences to serve as personal shopping assistants or Web-site guides?
Tablets
Smartphones
E-mail
Avatars

2. Which of the following can induce a firm to expand into the international arena?
A saturated domestic market
A saturated foreign market
Cater to a domestic mass market
High income level of domestic consumers

3. A company can learn a great deal by analyzing the degrees of brand loyalty. For example, ________ can show the firm which brands are most competitive with its own.
hard-core loyals
split loyals
shifting loyals
switchers

4. Another basis for decision-making is referred to as ________.
ethical dilemmas
ethical practices
correct ethics
situational ethics

5. A music school in Boyles Height, LA, specializes in teaching the guitar and the violin. After a spurt in growth and a few successful years, the school is experiencing a slowdown in sales and stability in its profits due to an increase in competition. The school is in the ________ stage of its life cycle.
decline
growth
obsolescence
maturity

6. Through its cutting-edge point-of-sale inventory, management technology, and highly efficient shipping practices, Wal-Mart is able to keep its inventory expenditure extremely low and to pass these savings on to consumers in the form of low prices. Wal-Mart’s strategy is best described as ________.
differentiation
integrative growth
overall cost leadership
market development

7. The effect of exposures on audience awareness depends on the following three factors:
space, communication, and advertisements
height, length, and width
distance, timing, and focus
reach, frequency, and impact

8. What type of strategy consists of geographical pricing, price discounts and allowances, promotional pricing, and differentiated pricing?
Altered pricing
Price adaptation
Regular prices
Fixed pricing

MKT 571 Final Exam 9. The marketing manager needs to know the cost of the research project before approving it. During which stage of the marketing research process would such a consideration most likely take place?
Step 5 – drafting the report
Step 2 – developing the research plan
Step 1 – defining the problem
Step 4 – analyzing the information

10. The ability to meet humanity’s needs without harming future generations is now a top priority in most corporate agenda ________.
rules
righteousness
sustainability
ethics

11. ABC Technology is nearing completion on their product and market research has discovered a competitor is also close to launching a similar product. ABC has decided launch before their competition, this is called ________.
early entry
late entry
parallel entry
first entry

12. 2Wheels conducts exhaustive customer surveys to discover customer preferences and attitudes towards the brand. Sally uses cluster analysis to classify the data and help the company determine the trends in the information. Sally is using the technique of ________.
data accumulation
data marketing
data mining
data governance

13. Which component of a marketing audit includes major developments in income, prices, savings, and credit that affect the company?
Economic
Technological
Cultural
Political

14. Prestige LLC, a small company that manufactures specialty cereals and energy bars, wants to launch a “green marketing” program in response to heightened consumer awareness about environmental issues. What should the company do to maximize the program’s chances of being successful?
Focus on the efforts and costs incurred by the company to bring these “green” products to consumers.
Emphasize benefits to the consumer rather than environmental benefits.
Explain the rules and regulations laid out by governmental agencies to protect the environment.
Demonstrate that the products will benefit both customers and the society in the long-term.

15. With ________ as a target market strategy, the firm concentrates on serving many needs of a particular customer group.
market specialization
selective specialization
single-segment concentration
product specialization

16. If the Ford GT is designed to accelerate to 50 miles per hour within 10 seconds, and every Ford GT coming off the assembly line does this, the model is said to have high ________.
durability
conformance quality
interoperability
compatibility

17. BMW’s “The ultimate driving machine,” American Express’ “Don’t leave home without it,” New York Times’ “All the news that’s fit to print,” and AT&T’s “Reach out and touch someone” are all examples of ________.
brand mission
brand personality
brand slogan
brand vision

18. Marketers must see themselves as benefit providers. For example, when a shopper purchases new shoes, he or she expects the shoes to cover his or her feet and allow him or her to walk unobstructed. This is an example of what level in the consumer-value hierarchy?
Augmented product
Pure tangible product
Basic product
Potential product

19. The three guidelines for anticipating management reactions are (1) prior to the crisis during normal day-to day operations, (2) at the moment some event triggers the crisis, and (3) during the crisis situation that triggers the event. These guidelines are the stages for ________.
crisis management
problem-solving
decision making
provoking solutions

20. _______ is an approach that considers different ethnic and cultural segments require targeted marketing campaigns and tactics.
Ethnic-based marketing
Multicultural marketing
Specialized marketing
Diversity marketing

21. Which control should periodically reassess its approach to the marketplace with a good marketing audit?
Performance control
Marketing control
Strategic control
Ethical control

22. What is the perceived monetary value of the bundle of economic, functional, and psychological benefits customers expect from a given market offering because of the product, service, people, and image?
Complete marketing benefit
Total customer benefit
Total management benefit
Ultimate service benefit

23. A social definition of marketing says ______.
effective marketing requires companies to remove intermediaries to achieve a closer connection with direct consumers
marketing is the process of extracting maximum value from consumers to facilitate corporate growth
a company should focus exclusively on achieving high production efficiency, low costs, and mass distribution to facilitate the broadest possible access to the company’s products
marketing is the process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others

24. What type of control focuses on measuring a company’s products territories, customer groups, segments, trade channels, and order sizes to help expand or eliminate any products or marketing activities?
Solvency
Activity
Efficiency
Profitability

25. What are the four characteristics of a marketing audit?
Dependent, non-comprehensive, quarterly, and unannounced
Simple, unique, randomly, and exclusive
Comprehensive, systematic, independent, and periodic
Announced, semi-annually, dependent, and perpetual

26. Which of the following is a strategy that uses the manufacturer’s sales force, trade promotion money, or other means to induce intermediaries to carry, promote, and sell the product to end users?
Lock strategy
Pull strategy
Push strategy
Strategic plan

27. Which method identifies the effect sponsorship has on consumers brand knowledge?
Supply-side method
Pricing method
Demand-side method
Positioning method

28. Marketers need to identify the hierarchy of attributes that guide consumer decision making in order to understand different competitive forces and how these various sets get formed. This process of identifying the hierarchy is called ________.
market estimation
market partitioning
market valuation
brand association

29. New-to-the-world products are ________.
existing products that are targeted to new geographical markets
new product enhancements that supplement established products
low-cost products designed to obtain an edge in highly competitive markets
new products that create an entirely new market

30. A firm must know where to position its product based on price and ________.
promotional efforts
quality
communication
region

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1. Which question should not be important in evaluating the value of training?

Was the cost of training within the budget?

Is the change due to training?

Is the change positive related to organizational goals?

Did change occur?

2. For organizations, _________ is an indirect cost associated with downsizing

administrative processing

an increase in the unemployment tax rate

outplacement

severance pay

3. Employee demotions usually involve

a reduction in pay but no loss of opportunity, status, or privilege

a decrease in status and privilege but no loss of opportunity or pay

an increase in pay and more responsibility

a cut in pay, status, privilege, or opportunity

4. Hard quotas

represent a mandate to hire or promote specific numbers or proportions of women or minority group members

systematically favor women and minorities in hiring and promotion decisions

are a commitment to treat all races and sexes equally in all decisions about hiring, promotion, and pay

are a concerted effort by the organization to actively expand the pool of applicants so that no one is excluded because of past or present discrimination

5. Because practical considerations make job tryouts for all candidates infeasible, it is necessary to __________ the relative level of job performance for each candidate on the basis of available information

accept

predict

abandon

assign

6. _____ analysis is the level of analysis that focuses on employees specifically

Employee

Operations

Environmental

Individual

7. Title VII of the _____________ states that top executives in companies receiving government support can retract bonuses, retention awards, or incentives paid to the top five senior executive officers or the next 20 most highly compensated employees based on corporate information that is later found to be inaccurate

Equal Pay Act (1963)

Sarbanes–Oxley Act (2002)

Pay for Performance Act (2009)

American Recovery and Reinvestment Act (2009)

8. Which is not a quality of Generation Y?

A blurring of the lines between work and leisure time while on the job

The constant need for stimulation/entertainment

Inability to handle numerous projects

Short attention spans

9. This made extensive changes to the Employee Retirement Income Security Act (ERISA) of 1974 that governs employer-sponsored, qualified (for tax deferral) retirement-benefit plans

Short-Term Disability laws

The Pension Protection Act (PPA) of 2006

Short-Term Severance Pay laws

Employer Cost Shifting laws

10. When companies discover they can communicate better with their customers through employees who are similar to their customers, those companies then realize they have increased their _____ diversity.

external

secondary

primary

internal

11. Mary arrives at her new job. Before she can begin actually doing the work, she must complete a series of activities including role playing and virtual reality interactions. What type of training method does Mary’s new employer use?

Organizational development

Information presentation

On-the-job training

Simulation

12. If employers fail to check closely enough on a prospective employee who then commits a crime in the course of performing his or her job duties, they can be held liable for

loss of consortium

quid pro quo

hostile environment

negligent hiring

13. _____ proceeds from an oral warning to a written warning to a suspension to dismissal.

Due process

Progressive discipline

Procedural justice

Positive discipline

14. Which of the following is a distinctive feature of the U.S. system compared with other countries?

All agreements are of unlimited duration

Low union dues and small union staffs

Wages set by arbitration councils

Exclusive representation

15. If objective performance data are available, which of the following is the best strategy to use?

MBO

summated rating scales

work planning and review

BARS

16. _____ implies that appraisal systems are easy for managers and employees to understand and use.

Acceptability

Sensitivity

Practicality

Reliability

17. Training that results in ______ is costly because of the cost of training (which proved to be useless) and the cost of hampered performance.

negative transfer of training

applicability of training

reinforcement of training

simulation of training

18. A _____ occurs when parties are unable to move further toward settlement.

mediation

grievance

bargaining impasse

lockout

19. In _____, workers have been fired for refusing to quit smoking, for living with someone without being married, drinking a competitor’s product, motorcycling, and other legal activities outside of work.

defamation

constructive discharge

lifestyle discrimination

invasion of privacy

20. Organizations periodically turn to _________ to meet demandsfor talent brought about by business growth and a desire for fresh ideas, or to replace employees who leave.

former employees

outside labor markets

entry-level employees

their subsidiaries

21. ________________ include everything in a work environment that enhances a worker’s sense of self-respect and esteem by others.

Internal pay objectives

General business strategies

Nonfinancial rewards

Social responsibilities

22. The Civil Rights Act of 1991 offered what for victims of unintentional discrimination?

Monetary damages and jury trials

Race-norming

Adverse impact

Affirmative action

23. Properly designed incentive programs work because they are based on two well-accepted psychological principles: (1) increased motivation improves performance and (2)

control-based compensation

the Scanlon plan

the Rucker plan

recognition is a major factor in motivation

24. ___________ is the process where managers provide feedbackto the employees regarding their past and present job performance proficiency, as well as a basis for improving performance in the future.

Selection

Recruiting

Placement

Performance management

25. When conduction a performance feedback discussion, active listening requires

verbal communications only

interruptions to get your point across

summarizing your key points

summarizing what was said and what was agreed to

26. What can affirmative action assist organizations in achieving that diversity initiatives cannot?

Maximizing workforce commitment

Correcting specific problems of the past

Maximizing creativity

Increased productivity

27. In determining the competitiveness of benefits, senior management tends to focus mainly on

value

cost

security

worth

28. What is our country’s income maintenance program?

ERISA (1974)

Social Security

PPA (2006), 401(k)

COBRA (1985)

29. ____________ is the biggest hurdle to overcome in a pay-for-performance plan.

Salary cap performance level

Compensation equation

Inflation

Merit-pay increases

30. To avoid legal difficulties related to performance appraisals and enhance credibility in court, employers should

present only the employee’s perspective

present only the manager’s perspective

have friends testify

document appraisal ratings and reason for termination

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Multiple Choice Question 49
Which of the following is an advantage of corporations relative to partnerships and soleHarder to transferLower taxes.Most common form of organization.Reduced legal liability for investors.Multiple Choice Question 64The group of users of accounting information charged with achieving the goals of the business is itscreditors.
investors.
managers.
auditors.

 

Multiple Choice Question 110
Which of the following financial statements is concerned with the company at a point in time?
Balance sheet.
Income statement.
Retained Earnings statement.
Statement of cash flows.

Multiple Choice Question 112
An income statement
presents the revenues and expenses for a specific period of time.
summarizes the changes in retained earnings for a specific period of time.
reports the assets, liabilities, and stockholders’ equity at a specific date.
reports the changes in assets, liabilities, and stockholders’ equity over a period of time.

Multiple Choice Question 118 ACC 561 Final Exam
The most important information needed to determine if companies can pay their current obligations is the
projected net income for next year.
net income for this year.
relationship between current assets and current liabilities.
relationship between short-term and long-term liabilities.

Multiple Choice Question 124
A liquidity ratio measures the
income or operating success of a company over a period of time.
percentage of total financing provided by creditors.
ability of a company to survive over a long period of time.
short-term ability of a company to pay its maturing obligations and to meet unexpected needs for cash.

Multiple Choice Question 165
The convention of consistency refers to consistent use of accounting principles
throughout the accounting periods.
within industries.
among accounting periods.
among firms.

Multiple Choice Question 90 ACC 561 Final Exam
Horizontal analysis is also known as
vertical analysis.
trend analysis.
common size analysis.
linear analysis

Multiple Choice Question 92
Horizontal analysis is a technique for evaluating a series of financial statement data over a period of time
that has been arranged from the highest number to the lowest number.
to determine the amount and/or percentage increase or decrease that has taken place.
to determine which items are in error.
that has been arranged from the lowest number to the highest number.

Multiple Choice Question 111
Vertical analysis is a technique that expresses each item in a financial statement
as a percent of the item in the previous year.
in dollars and cents.
as a percent of a base amount.
starting with the highest value down to the lowest value.

Multiple Choice Question 41 ACC 561 Final Exam
Process costing is used when
production is aimed at filling a specific customer order.
costs are to be assigned to specific jobs.
the production process is continuous.
dissimilar products are involved.

Multiple Choice Question 43
An important feature of a job order cost system is that each job
has its own distinguishing characteristics.
must be similar to previous jobs completed.
consists of one unit of output.
must be completed before a new job is accepted.

Multiple Choice Question 49
In a process cost system, product costs are summarized:
after each unit is produced.
on production cost reports.
when the products are sold.
on job cost sheets.

Multiple Choice Question 33
An activity that has a direct cause-effect relationship with the resources consumed is a(n)
cost pool.
cost driver.
overhead rate.
product activity.

Multiple Choice Question 40 ACC 561 Final Exam
Activity-based costing
accumulates overhead in one cost pool, then assigns the overhead to products and services by means of a cost driver.
allocates overhead directly to products and services based on activity levels.
assigns activity cost pools to products and services, then allocates overhead back to the activity cost pools.
allocates overhead to multiple activity cost pools, and it then assigns the activity cost pools to products and services by means of cost drivers.

Multiple Choice Question 40
A cost which remains constant per unit at various levels of activity is a
mixed cost.
variable cost.
fixed cost.
manufacturing cost.

Multiple Choice Question 105 ACC 561 Final Exam
The break-even point is where
total variable costs equal total fixed costs.
total sales equal total variable costs.
contribution margin equals total fixed costs.
total sales equal total fixed costs.

Multiple Choice Question 109
Fixed costs are $600,000 and the contribution margin per unit is $150. What is the break-even point?
4,000 units
$1,500,000
$4,000,000
1,500 units

Multiple Choice Question 94 ACC 561 Final Exam
When a company assigns the costs of direct materials, direct labor, and both variable and fixed manufacturing overhead to products, that company is using
product costing.
operations costing.
absorption costing.
variable costing.

Multiple Choice Question 122
If a division manager’s compensation is based upon the division’s net income, the manager may decide to meet the net income targets by increasing production when using
absorption costing, in order to increase net income.
variable costing, in order to decrease net income.
absorption costing, in order to decrease net income.
variable costing, in order to increase net income.

Multiple Choice Question 50 ACC 561 Final Exam
An unrealistic budget is more likely to result when it
has been developed by all levels of management.
is developed with performance appraisal usages in mind.
has been developed in a top down fashion.
has been developed in a bottom up fashion.

Multiple Choice Question 39
A major element in budgetary control is
the comparison of actual results with planned objectives.
the valuation of inventories.
approval of the budget by the stockholders.
the preparation of long-term plans.

Multiple Choice Question 43
The purpose of the sales budget report is to
control sales commissions.
control selling expenses.
determine whether sales goals are being met.
determine whether income objectives are being met.

Multiple Choice Question 89 ACC 561 Final Exam
The accumulation of accounting data on the basis of the individualmanager who has the authority to make day-to-day decisions about activities in an area is called
static reporting.
master budgeting.
flexible accounting.
responsibility accounting

Multiple Choice Question 142
Variance reports are
external financial reports.
SEC financial reports.
internal reports for management.
all of these.

Multiple Choice Question 40 ACC 561 Final Exam
Internal reports that review the actual impact of decisions are prepared by
factory workers.
the controller.
management accountants.
department heads.

Multiple Choice Question 42
The process of evaluating financial data that change under alternative courses of action is called
cost-benefit analysis.
double entry analysis.
contribution margin analysis.
incremental analysis.

Multiple Choice Question 54 ACC 561 Final Exam
Seasons Manufacturing manufactures a product with a unit variable cost of $100 and a unit sales price of $176. Fixed manufacturing costs were $480,000 when 10,000 units were produced and sold. The company has a one-time opportunity to sell an additional 1,000 units at $140 each in a foreign market which would not affect its present sales. If the company has sufficient capacity to produce the additional units, acceptance of the special order would affect net income as follows:
Income would decrease by $8,000.
Income would increase by $8,000.
Income would increase by $140,000.
Income would increase by $40,000.

Multiple Choice Question 70 ACC 561 Final Exam
Carter, Inc. can make 100 units of a necessary component part with the following costs:
Direct Materials                $120,000
Direct Labor        20,000
Variable Overhead          60,000
Fixed Overhead                40,000

If Carter can purchase the component externally for $220,000 and only $10,000 of the fixed costs can be avoided, what is the correct make-or-buy decision?
Buy and save $10,000
Make and save $30,000
Make and save $10,000
Buy and save $30,000

Multiple Choice Question 84 ACC 561 Final Exam
A company has a process that results in 15,000 pounds of Product A that can be sold for $16 per pound. An alternative would be to process Product A further at a cost of $200,000 and then sell it for $28 per pound. Should management sell Product A now or should Product A be processed further and then sold? What is the effect of the action?
Sell now, the company will be better off by $200,000.
Process further, the company will be better off by $180,000.
Sell now, the company will be better off by $20,000.
Process further, the company will be better off by $20,000

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Question 1

Kraft Enterprises owns the following assets at December 31, 2012.

Cash in bank–savings account 67,214 Checking account balance 18,149
Cash on hand 10,114 Postdated checks 823
Cash refund due from IRS 31,782 Certificates of deposit (180-day) 92,846
What amount should be reported as cash

Question 2

Presented below is information related to Rembrandt Inc.’s inventory.

(per unit) Skis Boots Parkas
Historical cost $257.07 $143.42 $71.71
Selling price 293.60 196.19 99.78
Cost to distribute 25.71 10.82 3.38
Current replacement cost 274.66 142.07 69.00
Normal profit margin 43.30 39.24 28.75
Determine the following:

ACC 422 Final Exam Question 3

Matlock Company uses a perpetual inventory system. Its beginning inventory consists of 66 units that cost $40 each. During June, the company purchased 199 units at $40 each, returned 8 units for credit, and sold 166 units at $66 each. Journalize the June transactions.

Question 4

Amsterdam Company uses a periodic inventory system. For April, when the company sold 700 units, the following information is available.
Units Unit Cost Total Cost
April 1 inventory 250 $16 $4,000
April 15 purchase 400 20 8,000
April 23 purchase 350 21 7,350
1,000 $19,350
Compute the April 30 inventory and the April cost of goods sold using the average cost method.

Question 5

Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available.
Units Unit Cost Total Cost
April 1 inventory 250 $14 $3,500
April 15 purchase 400 16 6,400
April 23 purchase 350 18 6,300
1,000 $16,200
Compute the April 30 inventory and the April cost of goods sold using the FIFO method.

ACC 422 Final Exam Question 6

(FIFO, LIFO, Average Cost Inventory)
Esplanade Company was formed on December 1, 2011. The following information is available from Esplanade’s inventory records for Product BAP.
Units Unit Cost
January 1, 2012 (beginning inventory) 756 $8.00
Purchases:
January 5, 2012 1,512 9.00
January 25, 2012 1,638 10.00
February 16, 2012 1,008 11.00
March 26, 2012 756 12.00
A physical inventory on March 31, 2012, shows 2,016 units on hand.
Prepare schedules to compute the ending inventory at March 31, 2012, under each of the following inventory methods. Assume Esplanade Company uses the periodic inventory method.

Question 7

Floyd Corporation has the following four items in its ending inventory.
Item Cost Replacement Cost Net Realizable Value (NRV) NRV Less Normal Profit Margin
Jokers $2,158 $2,212 $2,266 $1,726
Penguins 5,395 5,503 5,341 4,424
Riddlers 4,748 4,909 4,990 3,992
Scarecrows 3,453 3,226 4,133 3,313
Determine the final lower of cost or market inventory value for each item.

Question 8

Kumar Inc. uses a perpetual inventory system. At January 1, 2013, inventory was $244,174 at both cost and market value. At December 31, 2013, the inventory was $326,326 at cost and $306,929 at market value. Prepare the necessary December 31 entry under:

ACC 422 Final Exam Question 9

Boyne Inc. had beginning inventory of $13,680 at cost and $22,800 at retail. Net purchases were $136,800 at cost and $193,800 at retail. Net markups were $11,400; net markdowns were $7,980; and sales were $178,980. Compute ending inventory at cost using the conventional retail method.

Question 10

(Gross Profit Method)

Astaire Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May.

Question 11

Previn Brothers Inc. purchased land at a price of $30,430. Closing costs were $3,130. An old building was removed at a cost of $12,380. What amount should be recorded as the cost of the land?

ACC 422 Final Exam Question 12

Garcia Corporation purchased a truck by issuing an $104,000, 4-year, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is 10%. Prepare the journal entry to record the purchase of this truck

Question 13

Mohave Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $434,700. The estimated fair values of the assets are land $82,800, building $303,600, and equipment $110,400. At what amounts should each of the three assets be recorded?

Question 14

Fielder Company obtained land by issuing 2,000 shares of its $12 par value common stock. The land was recently appraised at $98,600. The common stock is actively traded at $48 per share. Prepare the journal entry to record the acquisition of the land.

ACC 422 Final Exam Question 15

Navajo Corporation traded a used truck (cost $21,800, accumulated depreciation $19,620) for a small computer worth $4,033. Navajo also paid $1,090 in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.)

Question 16

Mehta Company traded a used welding machine (cost $9,990, accumulated depreciation $3,330) for office equipment with an estimated fair value of $5,550. Mehta also paid $3,330 cash in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.)

Question 17

Depreciation is normally computed on the basis of the nearest

ACC 422 Final Exam Question 18

Fernandez Corporation purchased a truck at the beginning of 2012 for $44,520. The truck is estimated to have a salvage value of $2,120 and a useful life of 169,600 miles. It was driven 24,380 miles in 2012 and 32,860 miles in 2013. Compute depreciation expense for 2012 and 2013.(Round answers to 0 decimal places, i.e. 2,250.)

Question 19

Lockhard Company purchased machinery on January 1, 2012, for $64,800. The machinery is estimated to have a salvage value of $6,480 after a useful life of 8 years.

Question 20

Jurassic Company owns machinery that cost $1,101,600 and has accumulated depreciation of $440,640. The expected future net cash flows from the use of the asset are expected to be $612,000. The fair value of the equipment is $489,600. Prepare the journal entry, if any, to record the impairment loss

ACC 422 Final Exam Question 21

Everly Corporation acquires a coal mine at a cost of $438,400. Intangible development costs total $109,600. After extraction has occurred, Everly must restore the property (estimated fair value of the obligation is $87,680), after which it can be sold for $175,360. Everly estimates that 4,384 tons of coal can be extracted. If 767 tons are extracted the first year, prepare the journal entry to record depletion

Question 22

Francis Corporation purchased an asset at a cost of $41,200 on March 1, 2012. The asset has a useful life of 8 years and a salvage value of $4,120. For tax purposes, the MACRS class life is 5 years. Compute tax depreciation for each year 2012–2017.

Question 23

Celine Dion Corporation purchases a patent from Salmon Company on January 1, 2012, for $56,460. The patent has a remaining legal life of 16 years. Celine Dion feels the patent will be useful for 10 years. Prepare Celine Dion’s journal entries to record the purchase of the patent and 2012 amortization

ACC 422 Final Exam Question 24

Karen Austin Corporation has capitalized software costs of $835,700, and sales of this product the first year totaled $443,250. Karen Austin anticipates earning $1,034,250 in additional future revenues from this product, which is estimated to have an economic life of 5 years. Compute the amount of software cost amortization for the first year

Question 25

Jeff Beck is a farmer who owns land which borders on the right-of-way of the Northern Railroad. On August 10, 2012, due to the admitted negligence of the Railroad, hay on the farm was set on fire and burned. Beck had had a dispute with the Railroad for several years concerning the ownership of a small parcel of land. The representative of the Railroad has offered to assign any rights which the Railroad may have in the land to Beck in exchange for a release of his right to reimbursement for the loss he has sustained from the fire. Beck appears inclined to accept the Railroad’s offer. The Railroad’s 2012 financial statements should include the following related to the incident:

Question 26

Roley Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. On July 1, Roley purchased $64,000 of inventory, terms 2/10, n/30, FOB shipping point. Roley paid freight costs of $1,420. On July 3, Roley returned damaged goods and received credit of $6,400. On July 10, Roley paid for the goods. Prepare all necessary journal entries for Roley.

ACC 422 Final Exam Question 27

Takemoto Corporation borrowed $82,200 on November 1, 2012, by signing a $84,050, 3-month, zero-interest-bearing note. Prepare Takemoto’s November 1, 2012, entry; the December 31, 2012, annual adjusting entry; and the February 1, 2013, entry.

Question 28

Whiteside Corporation issues $693,000 of 9% bonds, due in 14 years, with interest payable semiannually. At the time of issue, the annual market rate for such bonds is 10%. Compute the issue price of the bonds

Question 29

Indiana Jones Company enters into a 6-year lease of equipment on January 1, 2012, which requires 6 annual payments of $41,350 each, beginning January 1, 2012. In addition, the lessee guarantees a residual value of $20,000 at lease-end. The equipment has a useful life of 6 years. Assume that for Lost Ark Company, the lessor, collectibility is reasonably predictable, there are no important uncertainties concerning costs, and the carrying amount of the machinery is $204,868. Prepare Lost Ark’s January 1, 2012, journal entries.

ACC 422 Final Exam Question 30

On January 1, 2012, Irwin Animation sold a truck to Peete Finance for $29,300 and immediately leased it back. The truck was carried on Irwin’s books at $24,100. The term of the lease is 5 years, and title transfers to Irwin at lease-end. The lease requires five equal rental payments of $8,330 at the end of each year. The appropriate rate of interest is 13%, and the truck has a useful life of 5 years with no salvage value. Prepare Irwin’s 2012 journal entries

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1. Which of the following financial statements is concerned with the company at a point in time?
2. A cost which remains constant per unit at various levels of activity is a:
3. M&M Proposition 1: Dynamo Corp. produces annual cash flows of $150 and is expected to exist forever. The company is currently financed with 75 percent equity and 25 percent debt. Your analysis tells you that the appropriate discount rates are 10 percent for the cash flows, and 7 percent for the debt. You currently own 10 percent of the stock.
If Dynamo wishes to change its capital structure from 75 percent equity to 60 percent equity and use the debt proceeds to pay a special dividend to shareholders, how much debt should they use?
$600
$375
$225
$321
4. Serox stock was selling for $20 two years ago. The stock sold for $25 one year ago, and it is currently selling for $28.  Serox pays a $1.10 dividend per year.  What was the rate of return for owning Serox in the most recent year? (Round to the nearest percent.)
5. The process of evaluating financial data that change under alternative courses of action is called:
6. What decision criteria should managers use in selecting projects when there is not enough capital to invest in all available positive NPV projects?
7. The convention of consistency refers to consistent use of accounting principles:
8. External financing needed: Jockey Company has total assets worth $4,417,665. At year-end it will have net income of $2,771,342 and pay out 60 percent as dividends. If the firm wants no external financing, what is the growth rate it can support?
9. Which of the following is considered a hybrid organizational form?
10. An activity that has a direct cause-effect relationship with the resources consumed is a(n):
11. Next year Jenkins Traders will pay a dividend of $3.00.  It expects to increase its dividend by $0.25 in each of the following three years.  If their required rate of return if 14 percent, what is the present value of their dividends over the next four years?
12. TuleTime Comics is considering a new show that will generate annual cash flows of $100,000 into the infinite future. If the initial outlay for such a production is $1,500,000 and the appropriate discount rate is 6 percent for the cash flows, then what is the profitability index for the project?
13. Your firm has an equity multiplier of 2.47.  What is the debt-to-equity ratio?
14. If a company’s weighted average cost of capital is less than  the required return on equity, then the firm:
15. When a company assigns the costs of direct materials, direct labor, and both variable and fixed manufacturing overhead to products, that company is using:
16. The major element in budgetary control is:
17. Horizontal analysis is a technique for evaluating a series of financial statement data over a period of time:
18. Which of the following is an advantage of corporations relative to partnerships and sole proprietorships?
19. The break-even point is where:
20. Turnbull Corp. had an EBIT of $247 million in the last fiscal year.  Its depreciation and amortization expenses amounted to $84 million.  The firm has 135 million shares outstanding and a share price of $12.80. A competing firm that is very similar to Turnbull has an enterprise value/EBITDA multiple of 5.40.
What is the enterprise value of Turnbull Corp.? Round to the nearest million dollars.
21. Which of the following is considered a hybrid organizational form?
22. The most important information needed to determine if companies can pay their current obligations is the:
23. Gateway, Corp.  has an inventory turnover of 5.6.  What is the firm’s days’s sales in inventory?
24. Horizontal analysis is also known as:
25. Which of the following presents a summary of changes in a firm’s balance sheet from the beginning of an accounting period to the end of that accounting period?
26. Ajax Corp. is expecting the following cash flows – $79,000, $112,000, $164,000, $84,000, and $242,000 – over the next five years.  If the company’s opportunity cost is 15 percent, what is the present value of these cash flows? (Round to the nearest dollar.)
27. Bond price: Regatta, Inc., has six-year bonds outstanding that pay a 8.25 percent coupon rate. Investors buying the bond today can expect to earn a yield to maturity of 6.875 percent. What should the company’s bonds be priced at today? Assume annual coupon payments. (Round to the nearest dollar.)
28. Process costing is used when:
29. Jack Robbins is saving for a new car. He needs to have $21,000 for the car in three years. How much will he have to invest today in an account paying 8 percent annually to achieve his target? (Round to nearest dollar)
30. The accumulation of accounting data on the basis of the individual manager who has the authority to make day-to-day decisions about activities in an area is called:
31. Variance reports are:
32. The cash conversion cycle?
33. In a process cost system, product costs are summarized:
34. Internal reports that review the actual impact of decisions are prepared by:
35. How firms estimate their cost of capital: The WACC for a firm is 13.00 percent. You know that the firm’s cost of debt capital is 10 percent and the cost of equity capital is 20% What proportion of the firm is financed with debt?
36. The group of users of accounting information charged with achieving the goals of the business is its:
37. An unrealistic budget is more likely to result when it:
38. Jayadev Athreya has started his first job. He will invest $5,000 at the end of each year for the next 45 years in a fund that will earn a return of 10 percent.  How much will Jayadev have at the end of 45 years:
39. Firms that achieve higher growth rates without seeking external financing:
40. Teakap, Inc. has current assets of $1,456,312 and total assets of $4,812,369 for the year ending September 30, 2006.  It also has current liabilities of $1,041,012, common equity of $1,500,000 and retained earnings of $1,468,347. How much long-term debt does the firm have?

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1.Which of the following is considered a major process flow structure?
2.ISO audits result in certifications that are done by first, second, or third parties. Which of the following result in the best certification of a firm?
3.Which of the following is ISO 14000 primarily concerned with?
4. Which is the one correct value stream principle?
5. What is the starting point in developing a capacity plan for a health care operation?
6. Which of the following is considered an organizational blueprint, which prescribes the quantity and time frame for when each end product will be assembled?
7.Which of the following is an element that addresses elimination of waste under lean production?
8. In most cases, demand for products or services can be broken into several components. Which of the following is considered a component of demand?
9. Design for manufacturing and assembly delivers product improvements by emphasizing which of the following:
10. Which of the following is one of the principles of reengineering?
11. Which of the following is a characteristic that can be used to guide the design of service systems?
12. Considering Hau Lee’s uncertainty framework for classifyingsupply chains, which of the following is given to a supply chain which has an evolving supply process based on functional products?
13. There are many applications of poka-yokes in service organizations. Which of the following is one of the three-T’s used to classify poka-yokes?
14. Which of the following is a major factor that distinguishes service design and development from manufacturing design and development?
15. A project can be segmented into which of the following?
16. Which of the following is a cost impact and payoff analysis tool from the operations consulting tool kit?
17. According to the theory of constraints, which of the following can be a capacity-constrained resource (CCR)?
18. The ability to rapidly and inexpensively switch production from one product to another enables which of the following:
19. According to the theory of constraints, which of the following financial measurements can be used to measure the firm’s ability to make money?
20. Deming’s PDCA (plan, do, check, and act) cycle underlies what inherent Six Sigma principle?
21. Which of the following is usually included as an inventory holding cost?
22. Which production process term best describes the situation when activities in a stage of production must stop because there is no work?
23. In a Gantt chart the vertical axis represents which of the following?
24. The Shingo system states that the way to prevent defects from coming out at the end of a process is to do which of the following:
25. Which of the following terms describes the time a unit spends actually being worked on together with the time spent waiting in a queue?
26. Which of the following is one of Dr. Eli Goldratt’s rules of production scheduling for optimized production technology?
27. During the implementation of a project, which of the following should be the primary focus of a consulting firm?
28. Which of the following is an analytical tool used in Six-Sigma quality improvement programs?
29. A project manager must consider several components when overseeing the planning process of aggregate operations; specifically, whether such components are factors that are internal or external to the organization. Which of the following factors would be classified as an internal component for an organization?
30. Which of the following is the net requirement using an MRP program if the gross requirement is 10,000 and the inventory on hand is 4,000?

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What are the two categories of government regulations that pertain to businesses?In a survey of the nonattainment areas in the state, the agency found Helmont to be the district that exceeded the ozone standard by the largest margin. Helmont is most likely to be categorized as a(n) ________ nonattainment area.In which type of franchise does the franchisor give the franchisee a license to make and sell its products from a retail outlet for an exclusive geographical territory?The federal Privacy Act provides that federal administrative agencies canGeorge, Jerry, and Harry are passengers on a flight from Chicago to New York. They injure their legs when their seatbelts do not fasten during takeoff. The airline is sued by all three together for injuries caused and the airline is found to be negligent and is directed by the court to pay damages to the injured parties. Which of the following parties is entitled to recover maximum damages?Which of the following doctrines allows the court to order an oral contract for the sale of land or transfer of another interest in real property to be specifically performed if it has been partially performed and performance is necessary to avoid injustice?Which of the following policies helps a corporate officer from being sued for honest mistakes made on behalf of a corporation?Generally, the action committed by a corporate officer or director in his or her violation of the fiduciary duty of care is what type of action?A bona fide occupational qualification is required to be________ is a rule which states that judges of one country cannot question the validity of an act committed by another country within that other country’s borders.A minor can be obligated to pay the reasonable value for the purchase contract of which of the following?Which of the following actions taken by a company with monopoly power would give rise to a cause of action for monopolization or attempt to monopolize?The Sarbanes-Oxley Act requires the chief executive officer and the chief financial officer of a public company to personally certify that the financial reports of the company do not contain any false or materially misleading statements as to the operation and financial condition of the company. A violation of the act can result in which of the following penalties?Which of the following is true of a Limited Liability Company (LLC)?What legal article or theory allows a teacher in a public school to use the copyrighted materials of another person without that creator’s permission?Which of the following is true of an arbitration clause?A sales contract has been breached whereby only 75% of the money has been received for the delivered goods because that is what he believes the fair value to be. The party subject to the breach wants to collect the remainder of the money owed. What is the best legal course of action for him to pursue?Bartie’s, Inc. sells watercolors and pastels that are marketed as safe for use by children. However, several accounts of lead poisoning were reported in children who used the products. An investigation revealed that the company was knowingly manufacturing colors that contained toxic amounts of the heavy metal. Which of the following torts has Bartie’s, Inc. committed?A(n) ________ is a clause that can be included in the articles of incorporation that permits the corporation to engage in any activity permitted by law.Armex, a large power plant, has been in the news for a potential defect in the construction of its inner chambers that caused radioactive fumes to escape from the plant to the surrounding areas. This has endangered the lives of the employees at the plant and those staying in nearby areas. What entity is likely to take up this safety violation for corrective action, such as closure of the plant?John is a country music songwriter who composes a song entitled “Busted, Rusted Heart” in which the melody is similar to that of the 1990s hit by Billy Ray Cyrus, “Achy Breaky Heart.” The words also parallel and make fun of the words in the original song. Does John commit copyright infringement if he performs his song and sells copies of it?Spring Stream sells bottled water that it claims contain vital minerals and salts not found in rival brands. The company also does not use tamperproof seals because they claim that tamperproof seals minimize the health benefits of the water. As a result, many establishments refill these water bottles with contaminated water and sell them again. People who drink the water suffer from various waterborne diseases. Which of the following forms the grounds on which affected customers can bring a strict liability lawsuit against Spring Stream?Which of the following statements is true of NAFTA?What is the definition of illegal consideration?The tort of defamation of character requires a plaintiff to prove that the defendantWhich of the following is true about supramajority voting requirements?Who first drafted the Uniform Commercial Code and when was it drafted?An entity’s achievement of strategic and operational objectives is subject toWhich of the following statements best represents the distinction between binding and nonbinding arbitration?Allenby Spares, Inc. is a shop that sells spare automotive parts from various manufacturers. A customer buys a faulty brake manufactured by TurboDiezel, Inc. from Allenby Spares and is involved in an accident due to the use of the faulty brake in his vehicle. Which of the following is true of this situation?
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1.Which of the following is considered a hybrid organizational form?

2.Which of the following is a principal within the agency relationship?

3.Which of the following presents a summary of the changes in a firm’s balance sheet from the beginning of an accounting period to the end of that accounting period?

4.Teakap, Inc., has current assets of $ 1,456,312 and total assets of $4,812,369 for the year ending September 30, 2006. It also has current liabilities of $1,041,012, common equity of $1,500,000, and retained earnings of $1,468,347. How much long-term debt does the firm have?

5.Gateway Corp. has an inventory turnover ratio of 5.6. What is the firm’s days’s sales in inventory?

6.Your firm has an equity multiplier of 2.47. What is its debt-to-equity ratio?

7.Which of the following is not a method of “benchmarking”?

8.Jack Robbins is saving for a new car. He needs to have $ 21,000 for the car in three years. How much will he have to invest today in an account paying 8 percent annually to achieve his target? (Round to nearest dollar.)

9.Ferris, Inc., has borrowed from their bank at a rate of 8 percent and will repay the loan with interest over the next five years. Their scheduled payments, starting at the end of the year are as follows—$450,000, $560,000, $750,000, $875,000, and $1,000,000. What is the present value of these payments? (Round to the nearest dollar.)

10.Ajax Corp. is expecting the following cash flows—$79,000, $112,000, $164,000, $84,000, and $242,000—over the next five years. If the company’s opportunity cost is 15 percent, what is the present value of these cash flows? (Round to the nearest dollar.)

11.Jayadev Athreya has started on his first job. He plans to start saving for retirement early. He will invest $5,000 at the end of each year for the next 45 years in a fund that will earn a return of 10 percent. How much will Jayadev have at the end of 45 years? (Round to the nearest dollar.)

12.Serox stock was selling for $20 two years ago. The stock sold for $25 one year ago, and it is currently selling for $28. Serox pays a $1.10 dividend per year. What was the rate of return for owning Serox in the most recent year? (Round to the nearest percent.)

13.Regatta, Inc., has six-year bonds outstanding that pay a 8.25 percent coupon rate. Investors buying the bond today can expect to earn a yield to maturity of 6.875 percent. What should the company’s bonds be priced at today? Assume annual coupon payments. (Round to the nearest dollar.)

14.Next year Jenkins Traders will pay a dividend of $3.00. It expects to increase its dividend by $0.25 in each of the following three years. If their required rate of return is 14 percent, what is the present value of their dividends over the next four years?

15.TuleTime Comics is considering a new show that will generate annual cash flows of $100,000 into the infinite future. If the initial outlay for such a production is $1,500,000 and the appropriate discount rate is 6 percent for the cash flows, then what is the profitability index for the project?

16.What decision criteria should managers use in selecting projects when there is not enough capital to invest in all available positive NPV projects?

17.The WACC for a firm is 13.00 percent. You know that the firm’s cost of debt capital is 10 percent and the cost of equity capital is 20%. What proportion of the firm is financed with debt?

18.If a company’s weighted average cost of capital is less than the required return on equity, then the firm:

19.Gangland Water Guns, Inc., is expected to pay a dividend of $2.10 one year from today. If the firm’s growth in dividends is expected to remain at a flat 3 percent forever, then what is the cost of equity capital for Gangland if the price of its common shares is currently $17.50?

20.A firm’s capital structure is the mix of financial securities used to finance its activities and can include all of the following except

21.Dynamo Corp. produces annual cash flows of $150 and is expected to exist forever. The company is currently financed with 75 percent equity and 25 percent debt. Your analysis tells you that the appropriate discount rates are 10 percent for the cash flows, and 7 percent for the debt. You currently own 10 percent of the stock.

If Dynamo wishes to change its capital structure from 75 percent to 60 percent equity and use the debt proceeds to pay a special dividend to shareholders, how much debt should they issue?

22.Turnbull Corp. had an EBIT of $247 million in the last fiscal year. Its depreciation and amortization expenses amounted to $84 million. The firm has 135 million shares outstanding and a share price of $12.80. A competing firm that is very similar to Turnbull has an enterprise value/EBITDA multiple of 5.40.

What is the enterprise value of Turnbull Corp.? Round to the nearest million dollars.

23.Jockey Company has total assets worth $4,417,665. At year-end it will have net income of $2,771,342 and pay out 60 percent as dividends. If the firm wants no external financing, what is the growth rate it can support?

24.Which of the following cannot be engaged in managing the business?

25.Which of the following does maximizing shareholder wealth not usually account for?

26.The strategic plan does NOT identify

27.Firms that achieve higher growth rates without seeking external financing

28. Drekker, Inc., has revenues of $312,766, costs of $220,222, interest payment of $31,477, and a tax rate of 34 percent. It paid dividends of $34,125 to shareholders. Find the firm’s dividend payout ratio and retention ratio.

29.The cash conversion cycle

30.You are provided the following working capital information for the Ridge Company:

Ridge Company

Account$

 

Inventory$12,890

Accounts receivable12,800

Accounts payable12,670

 

Net sales$124,589

Cost of goods sold99,630

Cash conversion cycle: What is the cash conversion cycle for Ridge Company?

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Question 1

Buttercup Corporation issued 250 shares of $11 par value common stock for $4,125. Prepare Buttercup’ journal entry.

 

Question 2

Wilco Corporation has the following account balances at December 31, 2012.
Common stock, $5 par value $511,670
Treasury stock 95,260
Retained earnings 2,400,840
Paid-in capital in excess of par 1,320,150
Prepare Wilco’s December 31, 2012, stockholders’ equity section

 

Question 3

Woolford Inc. declared a cash dividend of $1.38 per share on its 2.22 million outstanding shares. The dividend was declared on August 1, payable on September 9 to all stockholders of record on August 15. Prepare the journal entries necessary on those three dates.

Question 4

The outstanding capital stock of Pennington Corporation consists of 3,100 shares of $109 par value, 6% preferred, and 5,700 shares of $52 par value common.
Assuming that the company has retained earnings of $83,000, all of which is to be paid out in dividends, and that preferred dividends were not paid during the 2 years preceding the current year, state how much each class of stock should receive under each of the following conditions.

Question 5

Martinez Company’s ledger shows the following balances on December 31, 2012.
5% Preferred stock-$10 par value, outstanding 22,480 shares $224,800
Common stock-$100 par value, outstanding 33,720 shares 3,372,000
Retained earnings 708,120
Assuming that the directors decide to declare total dividends in the amount of $298,984, determine how much each class of stock should receive under each of the conditions stated below. One year’s dividends are in arrears on the preferred stock.

Question 6

On January 1, 2012, Barwood Corporation granted 5,040 options to executives. Each option entitles the holder to purchase one share of Barwood’s $5 par value common stock at $50 per share at any time during the next 5 years. The market price of the stock is $72 per share on the date of grant. The fair value of the options at the grant date is $154,000. The period of benefit is 2 years. Prepare Barwood’s journal entries for January 1, 2012, and December 31, 2012 and 2013.

Question 7

Rockland Corporation earned net income of $340,800 in 2012 and had 100,000 shares of common stock outstanding throughout the year. Also outstanding all year was $908,800 of 10% bonds, which are convertible into 18,176 shares of common. Rockland’s tax rate is 40 percent. Compute Rockland’s 2012 diluted earnings per share.

Question 8

DiCenta Corporation reported net income of $250,000 in 2012 and had 50,000 shares of common stock outstanding throughout the year. Also outstanding all year were 5,410 shares of cumulative preferred stock, each convertible into 2 shares of common. The preferred stock pays an annual dividend of $5 per share. DiCenta’ tax rate is 40%. Compute DiCenta’ 2012 diluted earnings per share.

Question 9

Ferraro, Inc. established a stock appreciation rights (SAR) program on January 1, 2012, which entitles executives to receive cash at the date of exercise for the difference between the market price of the stock and the pre-established price of $24 on 5,050 SARs. The required service period is 2 years. The fair value of the SAR’s are determined to be $6 on December 31, 2012, and $13 on December 31, 2013.

Question 10

Hillsborough Co. has an available-for-sale investment in the bonds of Schuyler with a carrying (and fair) value of $88,020. Hillsborough determined that due to poor economic prospects for Schuyler, the bonds have decreased in value to $57,020. It is determined that this loss in value is other-than temporary. Prepare the journal entry, if any, to record the reduction in value.

Question 11

Capriati Corporation made the following cash purchases of securities during 2012, which is the first year in which Arantxa invested in securities.
1. On January 15, purchased 11,700 shares of Gonzalez Company’s common stock at $43.55 per share plus commission $2,574.
2. On April 1, purchased 6,500 shares of Belmont Co.’s common stock at $67.60 per share plus commission $4,381.
3. On September 10, purchased 9,100 shares of Thep Co.’s preferred stock at $34.45 per share plus commission $6,383.
On May 20, 2012, Capriati sold 3,900 shares of Gonzalez Company’s common stock at a market price of $45.50 per share less brokerage commissions, taxes, and fees of $3,705. The year-end fair values per share were: Gonzalez $39.00, Belmont $71.50, and Thep $36.40. In addition, the chief accountant of Capriati told you that Capriati Corporation plans to hold these securities for the long term but may sell them in order to earn profits from appreciation in prices.

Question 12

(Journal Entries for Fair Value and Equity Methods)
Presented below are two independent situations.
Prepare all necessary journal entries in 2012 for each situation.
Situation 1
Hatcher Cosmetics acquired 10% of the 207,400 shares of common stock of Ramirez Fashion at a total cost of $15 per share on March 18, 2012. On June 30, Ramirez declared and paid a $80,200 cash dividend. On December 31, Ramirez reported net income of $123,500 for the year. At December 31, the market price of Ramirez Fashion was $18 per share. The securities are classified as available-for-sale.

Situation 2
Holmes, Inc. obtained significant influence over Nadal Corporation by buying 25% of Nadal’s 30,800 outstanding shares of common stock at a total cost of $9 per share on January 1, 2012. On June 15, Nadal declared and paid a cash dividend of $43,800. On December 31, Nadal reported a net income of $90,500 for the year.

Question 13

(Equity Method)
Gator Co. invested $1,380,000 in Demo Co. for 25% of its outstanding stock. Demo Co. pays out 40% of net income in dividends each year.
Use the information in the following T-account for the investment in Demo to answer the following questions.

Question 14

(Fair Value and Equity Method Compared)
Gregory Inc. acquired 20% of the outstanding common stock of Handerson Inc. on December 31, 2012. The purchase price was $1,320,000 for 50,000 shares. Handerson Inc. declared and paid an $0.87 per share cash dividend on June 30 and on December 31, 2013. Handerson reported net income of $741,000 for 2013. The fair value of Handerson’s stock was $32 per share at December 31, 2013.

Question 15

(Call Option)
On January 2, 2012, Jones Company purchases a call option for $450 on Merchant common stock. The call option gives Jones the option to buy 1,000 shares of Merchant at a strike price of $50 per share. The market price of a Merchant share is $50 on January 2, 2012 (the intrinsic value is therefore $0). On March 31, 2012, the market price for Merchant stock is $60 per share, and the time value of the option is $200.

Question 16

In 2012, Amirante Corporation had pretax financial income of $207,000 and taxable income of $166,400. The difference is due to the use of different depreciation methods for tax and accounting purposes. The effective tax rate is 40%. Compute the amount to be reported as income taxes payable at December 31, 2012.

Question 17

At December 31, 2012, Fell Corporation had a deferred tax liability of $732,802, resulting from future taxable amounts of $2,155,300 and an enacted tax rate of 34%. In May 2013, a new income tax act is signed into law that raises the tax rate to 42% for 2013 and future years. Prepare the journal entry for Fell to adjust the deferred tax liability.

Question 18

AMR Corporation (parent company of American Airlines) reported the following for 2009 (in millions).
Service cost $405
Interest cost on P.B.O 736
Return on plan assets 825
Amortization of service cost 29
Amortization of loss 66
Compute AMR Corporation’s 2009 pension expense (in millions).

Question 19

For Warren Corporation, year-end plan assets were $2,094,700. At the beginning of the year, plan assets were $1,762,400. During the year, contributions to the pension fund were $120,000, and benefits paid were $200,000. Compute Warren’s actual return on plan assets.

Question 20

For 2010, Campbell Soup Company had pension expense of $48 million and contributed $296 million to the pension fund. Prepare Campbell Soup Company’s journal entry to record pension expense and funding.

Question 21

Lahey Corp. has three defined-benefit pension plans as follows.
Pension Assets
(at Fair Value) Projected Benefit
Obligation
Plan X $637,500 $504,000
Plan Y 902,200 739,900
Plan Z 584,600 713,200
How will Lahey report these multiple plans in its financial statements?

Question 22

For 2012, Sampsell Inc. computed its annual postretirement expense as $278,680. Sampsell’s contribution to the plan during 2012 was $185,750. Prepare Sampsell’s 2012 entry to record postretirement expense.

Question 23

Wertz Corporation decided at the beginning of 2012 to change from the completed-contract method to the percentage-of-completion method for financial reporting purposes. The company will continue to use completed-contract method for tax purposes. For years prior to 2012, pre-tax income under the two methods was as follows: percentage-of-completion $143,000, and completed-contract $65,800. The tax rate is 32%. Prepare Wertz’s 2012 journal entry to record the change in accounting principle.

Question 24

In 2012, Bailey Corporation discovered that equipment purchased on January 1, 2010, for $50,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no salvage value. The effective tax rate is 29%. Prepare Hiatt’s 2012 journal entry to correct the error.

Question 25

At January 1, 2012, Beilder Company reported retained earnings of $2,027,300. In 2012, Beilder discovered that 2011 depreciation expense was understated by $442,300. In 2012, net income was $931,270 and dividends declared were $204,310. The tax rate is 38%. Complete the 2012 retained earnings statement for Beilder Company.

Question 26

Simmons Corporation owns stock of Armstrong, Inc. Prior to 2012, the investment was accounted for using the equity method. In early 2012, Simmons sold part of its investment in Armstrong, and began using the fair value method. In 2012, Armstrong earned net income of $81,100 and paid dividends of $90,400. Prepare Simmons’s entries related to Armstrong’s net income and dividends, assuming Simmons now owns 11% of Armstrong’s stock.

Question 27

Manno Corporation has the following information available concerning its postretirement benefit plan for 2012.
Service cost $53,750
Interest cost 58,360
Actual return on plan assets 40,190
Compute Manno’s 2012 postretirement expense

Question 28

Ravonette Corporation issued 310 shares of $13 par value common stock and 130 shares of $47 par value preferred stock for a lump sum of $17,500. The common stock has a market price of $22 per share, and the preferred stock has a market price of $98 per share. Prepare the journal entry to record the issuance

Question 29

Garfield Company purchased, as a held-to-maturity investment, $82,400 of the 9%, 8-year bonds of Chester Corporation for $73,919, which provides an 11% return. Prepare Garfield’s journal entries for (a) the purchase of the investment and (b) the receipt of annual interest and discount amortization. Assume effective interest amortization is used.

Question 30

Clydesdale Corporation has a cumulative temporary difference related to depreciation of $606,600 at December 31, 2012. This difference will reverse as follows: 2013, $43,100; 2014, $264,300; and 2015, $299,200. Enacted tax rates are 34% for 2013 and 2014, and 40% for 2015. Compute the amount Clydesdale should report as a deferred tax liability at December 31, 2012.

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Question 1

Transactions for Mehta Company for the month of May are presented below.

Question 2

On July 1, 2012, Crowe Co. pays $18,475 to Zubin Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Crowe Co. journalize the entry on July 1 and the adjusting entry on December 31

Question 3

Dresser Company’s weekly payroll, paid on Fridays, totals $11,000. Employees work a 5-day week. Prepare Dresser’s adjusting entry on Wednesday, December 31, and the journal entry to record the $11,000 cash payment on Friday, January 2

Question 4

Side Kicks has year-end account balances of Sales $905,610; Interest Revenue $15,980; Cost of Goods Sold $560,340; Operating Expenses $202,750; Income Tax Expense $36,890; and Dividends $20,275. Prepare the year-end closing entries

Question 5

Financial information exhibits the characteristic of consistency when

Question 6

What is the relationship between the Securities and Exchange Commission and accounting standard setting in the United States

Question 7

Starr Co. had sales revenue of $592,700 in 2012. Other items recorded during the year were

Question 8

Portman Corporation has retained earnings of $742,900 at January 1, 2012. Net income during 2012 was $1,803,740, and cash dividends declared and paid during 2012 totaled $83,090. Prepare a retained earnings statement for the year ended December 31, 2012. Assume an error was discovered: land costing $86,440 (net of tax) was charged to repairs expense in 2009

Question 9

On January 1, 2012, Richards Inc. had cash and common stock of $67,650. At that date the company had no other asset, liability or equity balances. On January 2, 2012, it purchased for cash $21,600 of equity securities that it classified as available-for-sale. It received cash dividends of $4,200 net of tax during the year on these securities. In addition, it has an unrealized holding gain on these securities of $5,460 net of tax. Determine the following amounts for 2012: (a) net income; (b) comprehensive income; (c) other comprehensive income; and (d) accumulated other comprehensive income (end of 2012).

Question 10

(Comprehensive Income)

Armstrong Corporation reported the following for 2012: net sales $1,200,800; cost of goods sold $759,300; selling and administrative expenses $323,000; and an unrealized holding gain on available-for-sale securities $17,000.

Prepare a statement of comprehensive income, using the two-income statement format. Ignore income taxes and earnings per share

Question 11

Guillen, Inc. began work on a $7,127,900 contract in 2012 to construct an office building. Guillen uses the completed-contract method. At December 31, 2012, the balances in certain accounts were construction in process $1,722,700; accounts receivable $248,200; and billings on construction in process $1,139,300. Indicate how these accounts would be reported in Guillen’s December 31, 2012, balance sheet

Question 12

Lazaro, Inc. sells goods on the installment basis and uses the installment-sales method. Due to a customer default, Lazaro repossessed merchandise that was originally sold for $830, resulting in a gross profit rate of 40%. At the time of repossession, the uncollected balance is $660, and the fair value of the repossessed merchandise is $283. Prepare Lazaro’s entry to record the repossession

Question 13

Harding Corporation has the following accounts included in its December 31, 2012, trial balance: Accounts Receivable $118,550; Inventories $295,750; Allowance for Doubtful Accounts $9,400; Patents $79,800; Prepaid Insurance $9,560; Accounts Payable $84,870; Cash $32,220. Prepare the current assets section of the balance sheet listing the accounts in proper sequence

Question 14

Patrick Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2012: Prepaid Rent $17,020; Goodwill $58,130; Franchise Fees Receivable $3,560; Franchises $48,660; Patents $33,100; Trademarks $11,960. Prepare the intangible assets section of the balance sheet

Question 15

Hawthorn Corporation’s adjusted trial balance contained the following accounts at December 31, 2012: Retained Earnings $123,000; Common Stock $706,830; Bonds Payable $107,030; Additional Paid-in Capital $207,620; Goodwill $59,530; Accumulated Other Comprehensive Loss $151,170. Prepare the stockholders’ equity section of the balance sheet

Question 16

Keyser Beverage Company reported the following items in the most recent year

Question 17

Linden Corporation is preparing its December 31, 2012, financial statements. Two events that occurred between December 31, 2012, and March 10, 2013, when the statements were issued, are described below

Question 18

Roder Corporation has seven industry segments with total revenues as follows

Question 19

Operating profits and losses for the seven industry segments of Roder Corporation are

Question 20

Which of the following events will appear in the cash flows from financing activities section of the statement of cash flows

Question 21

Heartland Company’s budgeted sales and budgeted cost of goods sold for the coming year are $140,470,000 and $35,604,000 respectively. Short-term interest rates are expected to average 10%. If Heartland can increase inventory turnover from its present level of 9 times a year to a level of 12 times per year, compute its expected cost savings for the coming year

Question 22

The financial statement which summarizes operating, investing, and financing activities of an entity for a period of time is the

Question 23

Ames Company reported 2012 net income of $152,940. During 2012, accounts receivable increased by $17,370 and accounts payable increased by $9,760. Depreciation expense was $47,650. Prepare the cash flows from operating activities section of the statement of cash flows

Question 24

Martinez Corporation engaged in the following cash transactions during 2012

Question 25

Martinez Corporation engaged in the following cash transactions during 2012

Question 26

(Preparation of a Statement of Cash Flows)

A comparative balance sheet for Orozco Corporation is presented below

Question 27

Chris Spear invested $11,166 today in a fund that earns 10% compounded annually. To what amount will the investment grow in 3 years? To what amount would the investment grow in 3 years if the fund earns 10% annual interest compounded semiannually

Question 28

Amy Monroe wants to create a fund today that will enable her to withdraw $31,970 per year for 8 years, with the first withdrawal to take place 5 years from today. If the fund earns 11% interest, how much must Amy invest today

Question 29

Zach Taylor is settling a $30,000 loan due today by making 6 equal annual payments of $7,091.29.

What payments must Zach Taylor make to settle the loan at the interest rate of 11%, but with the 6 payments beginning on the day the loan is signed

Question 30

(Simple and Compound Interest Computations)

Lyle O ‘Keefe invests $34,200 at 8% annual interest, leaving the money invested without withdrawing any of the interest for 9 years. At the end of the 9 years, Lyle withdrew the accumulated amount of money.

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