Managerial Accounting


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Problem 8-24, Managerial Accounting: Creating Value in a Dynamic Business Environment. 9th ed. Was Outback’s 20×1 income higher under absorption costing or variable costing? Why? 1. Compute ending finished-goods inventory under absorption costing. 2. Compute ending finished-goods inventory under variable costing. 4. What would be different if the company had introduced JIT?

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Of Redbird’s sales


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Of Redbird’s sales, 20% is for cash, another 60% is collected in the month following sale, and 20 percent is collected in the second month following sale. November and December sales for 20X1 were $220,000 and $175,000, respectively.

Redbird purchases its raw materials two months in advance of its sales equal to 70% of its final sales price. The supplier is paid one month after it makes delivery. For example, purchases for April sales are made in February, and payment is made in March.

In addition, Redbird pays $10,000 per month for rent and $20,000 each month for other expenditures. Tax prepayments for $23,000 are made each quarter beginning in March.
The company’s cash balance at December 31, 20X1, was $22,000; a minimum balance of $20,000 must be maintained at all times. Assume that any short-term financing needed to maintain cash balance would be paid off in the month following the month of financing if sufficient funds are available. Interest on short-term loans (12%) is paid monthly. Borrowing to meet estimated monthly cash needs takes place at the beginning of the month. Thus, if in the month of April the firm expects to have a need for an additional $60,500, these funds would be borrowed at the beginning of April with interest of $605 (.12 x 1/12 x $60,500) owed for April and paid at the beginning of May.

January    $100,000    May    $275,000
February    $110,000    June    $250,000
March    $130,000    July    $235,000
April    $250,000    August    $160,000

1.    Prepare a cash budget for Redbird covering the first seven months of 2010.
2.    They have $100,000 in notes payable due in July that must be repaid, or an extension renegotiated. Will they be able to pay off the notes?
3.    What are the external funding needs, or how much can they pay back?

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answer question 1 and 2


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1.    Cash Cycles: Go the internet and select an automobile manufacturing company (e.g. Ford, Toyota, Hyundai, etc.) Find its most recent quarterly income statement and balance sheet.
a.    Determine its Cash Cycle
b.    Evaluate its Cash Cycle.

2.    EOQ: Lilly’s Manufacturing needs fastener supplies to manufacture its products. The CFO estimates that the company will need about 200,000 cases next year. The cost of storing cases is about $0.90. The ordering cost is $500 for a shipment.
a.    Determine the EOQ.
b.    How many times will you order?
c.    What would be the total costs for ordering the cases 1, 6, and 12 times per year?
d.    What questionable assumptions are being made by the EOQ model?

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Final exam


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1. (TCO 5) An increase in expected future income will (Points : 4)

increase aggregate demand and aggregate supply.

decrease aggregate demand and aggregate supply.

increase aggregate supply.

increase aggregate demand.

2. (TCO 5) The long-run aggregate supply curve is (Points : 4)

upward-sloping and becomes steeper at output levels above the full-employment output.

upward-sloping and becomes flatter at output levels above the full-employment output.

horizontal.

vertical.

3. (TCO 5) Which would most likely increase aggregate supply? (Points : 4)

An increase in the prices of imported products

An increase in productivity

A decrease in business subsidies

A decrease in personal taxes

4. (TCO 5) Disinflation refers to a situation where (Points : 4)

price level falls, but the rate of inflation does not.

Price level rises, but the rate of inflation does not.

the rate of inflation falls, but the price level does not.

the rate of inflation rises, but the price level does not.

5. (TCO 6) With an MPS of .3, the MPC will be (Points : 4)

1 – .3.

.3 – 1.

1/.3.

.3.

6. (TCO 7) The M1 money supply is composed of (Points : 4)

all coins and paper money held by the general public and the banks.

bank deposits of households and business firms.

bank deposits and mutual funds.

checkable deposits and currency in circulation.

7. (TCO 7) The basic requirement of money is that it be (Points : 4)

backed by precious metals–gold or silver.

authorized as legal tender by the central government.

generally accepted as a medium of exchange.

some form of debt or credit.

8. (TCO 7) How many members can serve on the Board of Governors of the Federal Reserve System? (Points : 4)

Seven

Nine

12

14

9. (TCO 7) Which of the following is the most important function of the Federal Reserve System? (Points : 4)

Setting reserve requirements

Controlling the money supply

Lending money to banks and thrifts

Acting as fiscal agent for the U.S. government

10. (TCO 7) The Federal funds rate is the rate that banks pay for loans from (Points : 4)

the Fed.

the U.S. Treasury.

other banks.

large corporations.

11. (TCO 7) During the financial crisis of 2007-2008, the FDIC increased deposit insurance coverage from (Points : 4)

$50,000 to $100,000 per account.

$100,000 to $250,000 per account.

$200,000 to $500,000 per account.

$500,000 to $1,000,000 per account.

12. (TCO 7) Which one of the following is a tool of monetary policy for altering the reserves of commercial banks? (Points : 4)

Issuing currency

Check collection

Open-market operations

Acting as the fiscal agent for the federal government

13. (TCO 7) The most frequently used monetary device for achieving price stability is: (Points : 4)

open market operations.

the discount rate.

the reserve ratio.

the prime interest rate.

14. (TCO 8) Which of the following products is a leading import of the United States? (Points : 4)

Grains

Aircraft

Petroleum

Generating equipment

15. (TCO 8) In a two-nation world, comparative advantage means that one nation can produce (Points : 4)

a product with fewer inputs than the other nation.

a product at lower average cost than the other nation.

a product at a lower domestic opportunity cost than the other nation.

more of a product than the other nation.

16. (TCO 8) If a nation imposes a tariff on an imported product, then the nation will experience a(n) (Points : 4)

decrease in total supply and an increase in the price of the product.

decrease in demand and a decrease in the price of the product.

decrease in supply of, and an increase in demand for, the product.

increase in supply of, and a decrease in demand for, the product.

17. (TCO 8) Tariffs and quotas are costly to consumers because (Points : 4)

the price of the imported good falls.

the supply of the imported good increases.

import competition increases for domestic goods.

consumers shift purchases to higher-priced domestic goods.

18. (TCO 8) When tariffs on imported products are removed by a nation, it will result in (Points : 4)

higher prices and lower quantities consumed.

higher prices and quantities consumed.

lower prices and quantities consumed.

lower prices and higher quantities consumed.

19. (TCO 8) A major goal of the World Trade Organization is to (Points : 4)

increase the protection of producers against foreign trade competition.

encourage bilateral trade agreements between nations.

liberalize international trade among nations.

maximize tariff revenue for governments.

20. (TCO 9) French and German farmers wanting to buy equipment from an American manufacturer based in the U.S. will be (Points : 4)

supplying dollars and also supplying euros in the foreign exchange market.

demanding dollars and also demanding euros in the foreign exchange market.

supplying dollars and demanding euros in the foreign exchange market.

supplying euros and demanding dollars in the foreign exchange market.

1. (TCO 9) Remittances of Mexican workers in the U.S. to their families in Mexico are included in the U.S. balance of payments as a debit in the section on (Points : 4)

trade in services.

net international transfers.

financial accounts.

capital accounts.

2. (TCO 9) Comparing everything that the United States owes to other nations, and what they owe to the United States, the United States is currently a(n) (Points : 4)

net creditor.

net debtor.

international banking asset.

international banking liability.

3. (TCO 9) Foreign exchange rates refer to the (Points : 4)

price at which purchases and sales of foreign goods take place.

movement of goods and services from one nation to another.

price of one nation’s currency in terms of another nation’s currency.

difference between exports and imports in a particular nation.

4. (TCO 9) When the exchange rate between pounds and dollars moves from $2 = 1 pound to $1 = 1 pound, we say that the dollar has (Points : 4)

depreciated.

appreciated.

inflated.

deflated.

5. (TCO 9) The monetary system for conducting international trade is usually described as a system of (Points : 4)

fixed exchange rates.

freely floating exchange rates.

a managed gold standard.

managed floating exchange rates.

6. (TCO 8) a) Define the four basic types of trade barriers.  b) Who gains and who loses from a protective tariff?  Explain. (Points : 40)

7.

(TCO 6) a) Identify the four major tools of monetary policy.  b) Describe how changes in the Fed’s major policy tools leads to [1] expansionary and [2] restrictive or contractionay monetary policies.

(Points : 40)

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This part of the project is to analyze the following capital structure plans


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This part of the project is to analyze the following capital structure plans. You will use the EBIT-EPS analysis to evaluate the two plans. One plan is all equity and one has debt and equity.

Plan    Plan 1: All Equity    Plan 2: Some Debt
Shares of Equity    80,000    50,000
Debt    0    $2,000,000
Cost of debt    0    12%
Interest Expense    0    $240,000
Tax Rate    34%    34%

1.    Determine the EBIT indifference point
2.    Discuss the implications of EBIT above and below this point
3.    You must submit your backup in Excel or other supporting documentation showing how answers were reached.

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Dominant Cultures and Subcultures


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Dominant Cultures and Subcultures

Contrast the dynamics between dominant cultures and subcultures either in a work setting or in society. Explain why it is important to understand the impact of culture. Give an example where you demonstrated your awareness and or openness to understanding a cultural difference. Explain how these differences underscore the need for understanding diversity. From the information given, develop guidelines for embracing diversity.

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Orange Company


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Orange Company is evaluating its financing requirements for the coming year. The firm has been in business for only three years, and the firm’s chief financial officer (Erica Stevens) predicts that the firm’s operating expenses, current assets, and current liabilities will remain at their current proportion of sales.
Last year Orange had $20 million in sales with net income of $1 million. The firm anticipates that next year’s sales will reach $27 million with net income rising to $2 million. Given its present high rate of growth, the firm retains all its earnings to help defray the cost of new investments.

The firm’s balance sheet for the year just ended is found below:
12/31/09    % of Sales
Current assets    $4,000,000    20%
Net fixed assets    8,000,000    40%
Total Assets    $12,000,000
Accounts payable    $3,000,000    15%
Long-term debt    2,000,000    NA
Total Liabilities    $5,000,000
Common stock    1,000,000    NA
Paid-in capital    1,800,000    NA
Retained earnings    4,200,000    NA
Total Equity    7,000,000    NA
Total Liability & Equity    $12,000,000

1.    Estimate Orange’s total financing requirements for 2010 and its net funding requirements.
2.    Orange Company is considering manufacturing communication equipment for the military. The average selling price of its finished product is $175 per unit. The variable cost for these same units is $140 per unit. This project incurs fixed costs of $550,000 per year.
a.    What is the break-even point in units for the project?
b.    What is the dollar sales volume the firm must achieve to reach the break-even point?
c.    What would be the firm’s profit or loss at the following units of production sold: 12,000 units? 15,000 units? 20,000 units?

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Question 3 and 4


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Question-3 Discuss the relationship between business risk, financial risk, and beta (systematic or market risk).

Question 4: Explain why certain shareholders would have a preference on receiving dividends and on the amount of the dividend.

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pension plan


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Mantle Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2007 and 2008.

Plan assets (fair value), December 31 – 2007: $380,000 2008: $465,000
Projected benefit obligation, January 1 – 2007: $600,000 2008: $700,000
Prepaid/(accrued) pension cost balance, January 1 – 2007: (40,000) 2008: $?
Unrecognized prior service cost, January 1 – 2007: $250,000 2008: $240,000
Service cost – 2007: $60,000 2008: $90,000
Actual and expected return on plan assets – 2007: $24,000 2008: $30,000
Amortization of prior service cost – 2007: $10,000 2008: $12,000
Contributions (funding) – 2007: $110,000 2008: $120,000
Accumulated benefit obligation, December 31 – 2007: $500,000 2008: $550,000
Additional pension liability balance, January 1 – 2007: $50,000 2008: $?
Interest/settlement rate – 2007: 9% 2008: 9%

Instructions

(a) Compute pension expense for 2007 and 2008.

(b) Prepare the journal entries to record the pension expense and the company’s funding of the pension plan for both years.

(c) Compute the minimum liability for 2007 and 2008.

(d) Prepare the journal entries to record the minimum liability for both years.

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Describe how the components of the Hawthorne study are incorporated in current human resource functions


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Describe how the components of the Hawthorne study are incorporated in current human resource functions? What was the main idea behind this study? How have you been impacted by the components of this study in your current or past work setting?

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