Get college assignment help at uniessay writers How does Tullock define the Old Testament prophecy? Based on Tullock’s definition, how is the term prophecy often misunderstood today? Based on my readings chap 1-13, to whom the prophecies address and when were they expected to be fullfield? What were several themes or concerns of the prophets of the Old Testament?
f Which statement is not true? 1. The Securities and Exchange Commission is a source of principles. 2. The American Institute of Certified Public Accountants is a source of some generally accepted accounting principles. 3. The Internal Revenue Service is a source of some generally accepted accounting principles. 4. The Financial Accounting Standards Board is a source of some generally accepted accounting principles. 5. Numbers 1, 2, and 4 are sources of generally accepted accounting principles. some generally accepted accounting 2
Which of the following is true about value engineering? O A. The purpose of value engineering is to reevaluate and reduce costs while meeting customers’ needs. O B. Value engineering is a reevaluation process conducted solely by a company’s accounting department. O C. The goal of value engineering is to add costs that will benefit customers. D. Value engineering results in higher prices for the consumer.
Which of the following practices is incompatible with a just-in-time management system? A. reliance on contracts with suppliers to deliver raw materials when needed O B. ordering large quantities of raw materials in order to obtain volume discounts O C. pursuing frequent deliveries of defect-free materials from suppliers D. completing work in self-contained work cells
(a) You are instructed by your client to value the target company your client is considering acquiring using market-based valuation methods. Below is a summary of the financial information (dollars in millions) as at, and for the year ended, 31 March 2018 for the target company and three other companies, Company A, Company B, and Company C that you have identified as potentially comparable companies Comparable companies Company Company Company Target A Company value Equity value Net operating assets (NOA) Book value of equity Net operating profit after tax (NOPAT) Net income (NPAT) ? 606 2,880 1,750 2,465 ? 500 1,561 1,900 250 1,650 1,000 1,500 110 1,200 800 225 65 125 80 200 60 115 72 Number of shares outstanding (million) 200 50 250 150 REQUIRED: (i) Compute the per share value of the equity for the target company as at 31 March 2018 using (1) the Price-to-NOPAT multiple, and (2) the Price-to-Book Value multiple. Round to two (2) decimal places (2 marks) (ii You found that the valuation report prepared by the target company valued the target company’s equity as at 31 March 2018 at S39.50 per share. In addition, the target company’s valuation report assumed the company’s future ROE to remain at the current level and its discount rate to be 10%. Compute the future growth rate implied by the target company’s valuation report. Round to two (2) decimal places (2 marks) (b) Given the following information (dollars in millions) for Theta Limited and Echo Limited, determine the difference in the two companies’ theoretically correct Price-to- Book Value ratio at the end of 2018. Round to two (2) decimal places Theta Echo Limited Limited Information extracted from the financial statements for the year 2018 Net Operating Assets (NOA) Book value of equity Information estimated for the terminal period starting from 2019 $515 $350 $515 $350 RNOA (based on beginning balance of NOA) 13% 17% Expected ROE 17% 13% Weighted average cost of capital 10% 10% Expected growth rate 3% 3% (3 marks) (c) Discuss how growth, risk and profitability factors ratios across firms cause differences in Price-to-NPAT (3 marks)
manufacturer of computer parts and sells parts in the local market Innov Co. is (a) operating in the sub-sector of the information technology industry. Below is a summary of the financial information (dollars in millions) as at, and for the year ended 31 March 2018 for Innov Co. and five other companies the information technology industry, Ezy Tech Ltd., Light Comm, Beta Parts, Decimal Inc., and T Zone. Potential comparable companies Light Comm Ezy-Tech Ltd Beta Decima Inc Innov Co. Zone Parts Company value 2,004 ? 592 2,508 1,810 3,512 Equity value Net operating assets (NOA) 2,366 603 1,657 3,250 1,812 499 405 112 352 757 454 Book value of equity Net operating profit after tax (NOPAT) 312 130 357 199 406 359 48 28 68 62 121 89 Net income (NPAT) Number of shares outstanding (in millions) 78 40 31 57 48 95 120 70 250 150 350 300 Ezy-Tech Ltd., Beta Parts, Decimal Inc., and T Zone are manufacturers of computer parts. Only Decimal Inc. sells its products to foreign markets. Light Comm develops off the-shelf customer relationship management software for business clients and manufactures computer parts REQUIRED (i) Identify the comparable companies for Innov Co. you will include in your valuation analysis using (1) the Price-to-NOPAT multiple, and (2) the Price-to- Book Value multiple. Provide justification for your selection (3 marks) (ii) Based on your answers to part (i), compute the per share value of the equity for Innov Co. as at 31 March 2018 using (1) the Price-to-NOPAT multiple, and (2) the Price-to-Book Value multiple. (b) Given the following information (dollars in millions) for Delta Limited and Omega Limited, determine the difference in the two companies’ theoretically correct Price-to- Book Value ratio at the end of 2018 Delta Omega Limited Limited Information extracted from the financial statements for the year 2018 Net Operating Assets (NOA) Book value of equity Information estimated for the terminal period starting from 2019 $335 $285 $335 $285 beginning balance of NOA) RNOA (based 15% 11% on Expected ROE Weighted average cost of capital Expected growth rate 15% 11% 10% 10% 2% 2% (3 marks) In market multiples analysis, there must be “consistency” between the multiple and the (c) value driver. Explain briefly what is meant by this (2 marks)
Homework: Chapter 3 HW Sav HW Score: 97.5 % , 39 of 40 7 of 13 (13 complete)v Score: 2 of 3 pts % PI:3-37 (similar to) EQuestion Help 2014. Herald and Michelle purchased Series EE bonds, and in 2018 redeemed the bonds, receiving $440 $3,500 in tuition and fees for their dependent daughter. Their daughter is a qualified student f interest and $2,760 of principal. Their income from other sources totaled $20,000. They paid State University. (The proceeds from the Series EE bonds were used to pay the tuition and fees.) o view the exclusion phaseout information.) (Click the icon Read the requirements. f the Series EE bond intere X Requirement a. How much Requirements The amount of interest that is excludable is excludable? How much of the Series EE bond interest a Assuming that the daughter received a $2,860 scholarship, how much of the interest is excludable? Ignore any tax credits that might be available. b. Assuming the daughter received the $2,860 scholarship and that the parents” income from other sources is $126,360, how much of the interest is C excludable? Done Print Enter any number in the edit fields and then click C Check Answer Clear All parts ning Launcher
Homework: Chapter 3 HW core: 2 of 3 pts HW Score: 97.5%, 39 of 4 7 of 13 (13 complete) Pl:3-37 (similar to) EQuestion Help In 2014, Herald and Michelle purchased Series EE bonds, and in 2018 redeemed the bonds, receiving $440 of interest and $2,760 of principal. Their income from other source 3,500 in tuition and fees for theis d dubto Thoir dauot lified student at State The proceeds from the Saries EF honds were used to pay tho tuition and fo They pai- E(Click the icon to view the exclusion phaseout information.) totaled $20,000 fees.) their dependent daughter. University. (T IS Read the requirements. Requirement a How much of the Series EE bond interest is excludable? excludable is The amount of interest that i Requirements a. How much of the Series EE bond interest is excludable2 b. Assuminq that the daughter received a $2,860 scholarship, how much of the interest is excludable? Ignore any tax credits that might be available. Assuming the daughter received the $2,860 scholarship and that the parents income from other sources excludable? C $126,360, how much of the interest is Print Done Enter any number in the edit fields and then click Check Answer parts remaining Clear All Check Answer
If a company reduces its fixed costs, the operating income will increase by the same amount as the cost reduction. True False
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Service Department Costs [Service Department Allocation] A company has two operating divislions: Perishable Foods and Household Goods. The company allocates personnel and accounting costs to each operating division. Personnel costs are allocated en the basis of the number of employees Accounting costs are allocated on the basis of the number of transactions processed. Allocations for a coming year are based on the following data Service Departmemt Personnel 9mating Diviions Nousehold Goods Perihable Foed s 80,000 Accounting S 50.000 s205,000 Overhead costs $100.000 80 60 Number of employees 50 60 3000 5.000 2,000 200 Transaction processed 199 32 225,2 8 (1) Assume that service departments do not serve themselves. Alocate the service costs using the direct method. 건제운가. (2) Assume that service departments do not serve themselves. Alocate the service costs using the step-down method. F201,929G233 0 (3) Assume that service departments do not serve themselves Allocate the service costs using the reciprocal method (4) Assume that personnel department serves itself Answer it by using reciprocal method. The Allocation of Service Department Costs 01. Parat College allocates support department costs to its individual schools using the step-down method. Information for May 2009 is as follows teen l0s 100 Support Departments Maintemance Power $54,000 $99,000 Costs incurred Service percentages provided to 10% Maintenance 20% Power 20% 30 % 29,n0o School of Education 70% 50% School of Technology 100% 100% What is the amount of May 2009 support department costs allocated to the School of as00 d. $49.125 Education? b. $42.120 a $40,500 -18- The Allocation of Service Department Costs: Budgeted Costs and Dual Rate Method 09. Swift Company has a equipment in operating departments A and B. The Maintenance Department budgeted variable maintenance costs of $0.20 per machine hour for June. Actual variable Maintenance Department that does maintenance work on all maintenance costs for the month totaled $15,000. Budgeted and actual machine hours in the operating departments for the month were: Dept. B Total Dept. A 40,000 18,000 22,000 Budgeted machine hours 50,000 20,000 30,000 Actual machine hours worked How much variable maintenance cost for the month should be charged to Department A at the end of the month for performance evaluation purposes? d. $9,000 c. $ 8,250 b. $15,000 a.$ 6,000 10. Fox Company has the following data concerning the machine-hours in its operating departments: Dept. A Dept. B Dept. C Machine hours, long-run average 10,000 30,000 20,000 Machine hours, actual 9,000 24,000 18,000 Fixed costs of the maintenance department are budgeted at $30,000 per year. The fixed maintenance costs are incurred in order to service long-run average demand. The actual fixed maintenance cost was actually $32,000. How much fixed maintenanc cost should be charged Department B at the end of the year for performance evaluation to purposes? a. $12,000 b. $14,400 c. $15.000 d. $18,000 11. Bunyard Corporation has two operating divisions-an Atlantic Division and a Pacific Division. The company’s Logistics Department services both divisions. The variable costs budgeted at $45 per shipment. The Logistics budgeted at $212,400 for the year. The fixed costs of the of the Logistics Department are Department’s fixed costs are peak-period demand. Logistics Department are determined based on Percentage of Peak-Period Capacity Required Budgeted Shipments 35% 1,100 Atlantic Division 65% 2,500 Pacific Division At the end of the year, actual Logistics Department variable costs totaled $202,400 and fixed costs totaled $223,900. The Atlantic Division had a total of 2,100 shipments and the Pacific Division had a total of 2,300 shipments for the year. How much Logistics Department cost should be charged to the Pacific Division at the end of the year for performance evaluation purposes? a. $241,560 b. $222,839 C. $251,335 d. $214,527 Srale rat mu Items 2 and 3 are based on the following information: The power and maintenance departments of a manufacturing company are service departments that provide support to each other as well as to the organization’s two production departments, plating and assembly. The manufacturing company employs separate departmental manufacturing overhead rates for the two production departments requiring the allocation of the service department costs to the two manufacturing departments. Square footage of area served is used to allocate the maintenance department costs while percentage of power usage is used to allocate the power department costs. Department costs and operation data are as follows: Service Department Production Department Assembly Plating Costs: Maintenance Power 180,000 60,000 Labor 540,000 $1,440.000 Overhead $ 720,000 $1,500,000 Total costs Operating Data 6,000 24,000 1,500 6,000 Square feet Percent of Usage: 35% 60% 5% Long-run capacity Expected actual use 26% 70% 4% 02. The allocation method which can provide the theoretically best allocation of service department costs would be a. A dual-rate allocation method allocating variable cost on expected actual usage and fixed costs on long-run capacity usage. b. The step-down allocation method. c. The direct allocation method. d. The reciprocal (or linear algebra) allocation method. 03. Assume that the firm employs the step-down method to allocate service department costs. If the costs of maintenance department is first allocated, how much maintenance plating department? to department cost would be directly charged d. $ 90.000 c. $115,200 b. $120,000 a. $144,000 D20 000x 6,00 6,0004 00421.00 Charging Costs by Behavior
Derrick Wells decided to start a dental practice. The first flve transactions for the business follow. 1. Derrick Invested $82,000 cash in the business. 2. Paid $22,000 in cash for equipment. 3. Performed services for cash amounting to $8,200. 4. Paid $3,000 in cash for advertising expense. 5. Paid $2,200 ln cash for supplies. (1) Select which two accounts are affected in each of the above transactions. (2
Part A (7 marks) Below are the financial statements of Bayview Ltd. Statements of Financial Position 2016 and 2017 2016 $ 20,000 45,000 85,000 2017 $ 25.000 50,000 90,000 75,000 400,000 $640,000 Assets Cash Accounts receivable (net) Other current assets… Investments.. Property, plant and equipment 70,000 370,000 $590,000 Total assets ww****** Liabilities and Equity Current liabilities Debentures Share capital Retained earnings Total liabilities and equity $ 80,000/ 85,000 300,000 125,000 $ 75,000 80,000 340,000 145,000 $640,000 $590,000 Income Statement For the year ended 31 December 2017 $700,000 420,000 280,000 (236,000) $ 44,000 Net sales Cost of sales Gross profit Operating Expenses including Profit after tax tax expense. Additional information: Assume all sales were on account. Required: Compute the following ratios for Bayview Ltd for 2017: Profit margin, return on assets, debt to total assets, and receivables turnover. Please show all formulae. e) Debt to total assets
19. The acid test ratio does not include A. cash. B. accounts receivable. C. inventoryy D. supplies.
Which of the following conditions must be met before revenue is recognized? a) goods and/or services must be delivered to the customer b) the amount to be collected must be objectively measurable c) the customer must be happy with the service d) there can be no possibility that the customer will not pay the bill
Master Budgeting the third quarter, the quarter in which peak sales of Supermix occur. To keep production and sales moving smoothly, the company has the following inventory requirements: The finished goods inventory on hand at the end of each month must be equal to 3,000 units of Supermix plus 20% of the next month’s sales. The finished goods inventory on June 30 is budgeted to be 10,000 units. The raw materials inventory on hand at the end of each month must be equal to one-half of the following month’s production needs for raw materials. The raw materials inventory on June 30 te budgeted to be 54,000 cc of solvent H300. C. The company maintains no work in process inventories. A sales budget for Supermix for the last six months of the year follows. Budgeted Sales in Units July . . 35,000 40,000 50,000 August… September October. 30,000 20,000 10,000 November December.. Required: 1Prepare a production budget for Supermix for the months July, August, September, and October 2Examine the production budget that you prepared in (1) above. Why will the company pro- duce more units than it sells in July and August, and fewer units than it sells in September and October? 3. Prepare a direct materials budget showing the quantity of solvent H300 to be purchased for July, August, and September, and for the quarter in total
Itemized Deductions (LO. 4) Rebecca and Irving incur the following medical expenses during the current year: Medical insurance premiums $4,285 Hospital 985 2,080 Doctors Dentist 580 205 Veterinarian Chiropractor 200 Cosmetic surgery 1,380 Over-the-counter drugs 150 Prescription drugs 220 Crutches 100 They receive $4,005 in reimbursements from their insurance company of which $275 is for the cosmetic surgery. Refer to Exhibit 8-2 to answer the following questions. What is their medical expense deduction if their adjusted gross income is the following: a. Adjusted gross income of $43,000. Their medical expense deduction is $ b. Adjusted gross income of $55,000. Their medical expense deduction is $
The charges to Work follows. All direct materials are placed Process-Assembly Department for a period, together with information concerning production, are process at the beginning of production. Work in Process-Assembly Department 17,440 275,500 Bal., 1,600 units, 35% completed To Finished Goods, 29,600 units Direct materials, 29,000 units $9.50 Direct labor 84.600 Factory overhead Bal. ? units, 45% completed 39,258 Determine the following: a. The number of units work in process inventory at the end of the period. units b. Equivalent units of production for direct materials and conversion. If an amount is zero or a blank, enter in “0” Work in Process-Assembly Department Equivalent Units of Production Direct Materials and Conversion Costs Equivalent Units Direct Materials |uivalent Units Conversion Whole Units X process, beginning 1,600 Inventory X 28.000 Started and completed Transferred to finished goods Inventory in process, ending Total units c. Costs per equivalent unit for direct materials and conversion. Costs Per Equivalent Unit Direct Materials Conversion d. Cost of the units started and completed during the period.
Gallatin Carpet Cleaning is a small, family-owned business operating out of Bozeman, Montana. For its services, the company has always charged a flat fee per hundred square feet of carpet cleaned. The current fee is $28.00 per hundred square feet. A cost of $21.50 per square foot by taking $430,000/20,000 hundred square feet $21.50 per hundred square feet. However, there is some question about whether the company is actually making any money on jobs for some customers particularly those located on remote ranches that require considerable travel time. The owner’s daughter, home for the summer from college, has suggested investigating this question using activity-based costing. After some discussion, a simple system consisting of four activity cost pools seems to be adequate. The activty cost pools and their activity computed was measures appear below. Activity Cost pool Cleaning carpets Travel to jobs Job support Activity for the year 2,000,000 square feet 60,000 miles Activity measure Square feet cleaned Miles driven Number of jobs Hours of work 2,000 jobs 50,000 hours Other The total cost of operating the company for the year is $430,000, which includes the following costs: Exhibit 1-Total Costs of the Company Wages Cleaning supplies Cleaning equipment depreciation Vehicle expenses Office expenses 150,000 40,000 20,000 80,000 60,000 Presidents’ compensation 80,000 Total Cost 430,000 Since the business is small, workers that clean carpets also do other activities. The vehicles are used for cleaning carpets and other activities. The president will help with job support and administrative activities. Job support consists of receiving calls from potential customers at the home office, scheduling jobs, billing, resolving issues, and so on. Because of this, allocates all costs. Therefore, the entire $430,000 needs to be allocated. The distribution of costs by Activity Cost Pool is as follows: Exhibit 2-Distribution of Costs by Activity Cost Pool Travel Cleaning Carpet Job to Jobs Support Other Total Wages Cleaning supplies Cleaning equipment depreciation Vehicle expenses Office expenses Presidents’ compensation 70% 20% 10% 100% 100% 100% 20% 80% 100% 100% 60% 40% 45% 55% 100% 40% 60% 100% Requirement #1: Using the percentages from Exhibit 2 and the costs from Exhibit 1, compute the costs of each of the four cost pools Actual Costs by Activity Cost Pool Cleaning Carpet 105,000 Travel Job to Jobs Support Other Total Wages Cleaning supplies Cleaning equip. depreciation Vehicle expenses Office expenses Presidents’ compensation 30,000 15,000 150,000 40,000 40,000 4,000 16,000 20,000 48,000 32,000 80,000 27,000 32,000 33,000 60,000 48,000 80,000 430,000 Total Costs 161,000 78,000 59,000 132,000 Requirement 2 Compute the Allocation rate for each of the activities: Indirect Total Activity Per Activity 2,000,000 Activity Cost Pool Cost Rate Ratio 0.08 square feet 1.30 miles Cleaning carpets Travel to jobs Job support Other 161,000 78,000 60,000 2,000 50,000 29.50 jobs 59,000 132,000 2.64 hours 430,000 Total Indirect Costs The company recently completed a 500-square foot carpet cleaning job at the Flying N Ranch- a 75-mile round trip journey from the company’s offices in Bozeman. 500 75 1 10 Requirement 3: Assume that the Flying Ranch Job took 10 hours Compute the indirect costs of this job using the activity rates computed in part 2 above Flying N Ranch Job Actual Activity Activity Rate Cost Cleaning carpets Travel to jobs Job support Other 0.08 500 40.25 1.30 75 97.50 29.50 1 29.50 2.64 10 26.40 193.65 Total indirect costs Requirement 4 Compute the profit for the Flying Ranch Job: Using the original Using ABC costing method 140.00 Revenue: 140.00 Total Costs 193.65 107.50 Profit (53.65) 32.50 Requirement 5: Specifically, which activities accounted for the difference in cost between original costing and ABC? Requirement 6 What advice would you give the president concerning pricing jobs in the future?
Four grams of musk oil are required for each bottle of Mink Caress, a very popular perfume made by a small company in western Siberia. The cost of the musk oil is $1.60 per gram. Budgeted production of Mink Caress is given below by quarters for Year 2 and for the first quarter of Year 3 Year 2 Year 3 First 90,000 Second 120,000 Third 180,000 First 100,000 Fourth Budgeted production, in bottles 130,000 Musk oil has become so popular as a perfume ingredient that it has become necessary to carry large inventories as a precaution against stock-outs. For this reason, the inventory of musk oil at the end of a quarter must be equal to 20 % of the following quarter’s production needs. Some 72,000 grams of musk oil will be on hand to start the first quarter of Year 2. t Required: Prepare a direct materials budget for musk oil, by quarter and in total, for Year 2. (Round “Unit cost of raw materials” answers to 2 decimal places.) Mink Caress Direct Materials Budget- Year 2 Quarter Third First Second Fourth Year Required production in units of finished goods 90,000 120,000 520,000 180,000 130,000 Units of raw materials needed per unit of finished goods 4 4 4 4 4 Units of raw materials needed to meet production 480,000 360,000 720,000 520,000 2,080,000 Add: Desired units of ending raw materials inventory 96,000 144,000 104.000 80,000 80,000 Total units of raw materials needed 456,000 624,000 824,000 600,000 Less: Units of beginning raw materials inventory 72,000 96,000 144,000 (72,000) 104.000 Units of raw materials to be purchased 528,000 384,000 680,000 496,000 2,088,000 Unit cost of raw materials 1.60 $ 614.400 $ 1.60 $ 1.60 1.60 1,60 Cost of raw materials to purchased $ 844,800 $ 3,340,800 1,088,000 793,600
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