Planning, organizing, and controlling

Define planning, organizing, and controlling and then explain why the phases of planning, organizing, and controlling are referred to as a continuous cycle?

Financial statements users (internal and external)

Describe financial statements users (internal and external) . Who will benefit the most from accounting?

Responsibilities to the sales force

Accounts receivable are too high for Branch A in Exhibit 12.16. One sales analyst recommends giving credit and collection responsibilities to the sales force. Sales reps would be provided with delinquency objectives aimed at reducing accounts receivables by 20 percent. Those meeting their objectives would earn an additional 1 percent of sales for commission. Will this work? Another analyst contends that since the sales force has no training in credits and collections, accounts receivable should be excluded from ROAM calculations. Do you agree? What would happen to Branch A’sBranch A’s ROAM if accounts receivable were excluded?

Use job-order costing

Why do Boeing and Bechtel use job-order costing?

Work-in-process inventory in the Weaving department

How do I calculate Cost of the September 30 Work-in-process inventory in the Weaving department? I am providing all of the information I have.

Savannah Textiles Company manufactures a variety of natural fabrics for the clothing industry. The following data pertain to the Weaving Department for the month of September.

Equivalent units of direct material (weighted-average method) 55,000

Equivalent units of conversion (weighted-average method) 45,000

Units completed and transferred out during September 42,000

The cost data for September are as follows:

Work in process, September 1

Direct material $ 105,240

Conversion 45,948

Costs incurred during September

Direct material $ 158,760

Conversion 237,552

There were 15,000 units in process in the Weaving Department on September 1 (100% complete as to direct material and 40% complete as to conversion).

Required:

Compute each of the following amounts using weighted-average process costing.

1. Cost of goods completed and transferred out of the Weaving Department.

2. Cost of the September 30 work-in-process inventory in the Weaving Department.

Major source of the change in net assets

(200 words) – What is the major source of the change in net assets that occurred in 2007 from the change that occurred in 2008? In your opinion, is this trend likely to continue? Why/why not?

Analyze these ratios versus industry

For Home Depot: Analyze these ratios versus industry:

Profit as percent of sales

Current ratio

Debt to equity ratio

Return on Equity (ROE)

Discuss how these ratios depict the financial health of this company as compared to the industry average and what the company might do to get better in each area.

Profit change when sales change

How does profit change when sales change? Give a specific examples (with dollar amount) to show the relationship of costs and sales volume on profitability.

Job-order costing system

Identify three firms from 2009 FSB 100 that need a job-order costing system. Explain why they would most likely use a job-order costing system.

Chicken Tacos Beef Enchiladas

Rocky Mountain Catering Company. The budget data for 20X5 are as follows: (Use Excel to answer these.)

Chicken Tacos Beef Enchiladas

Selling price to restaurants $5 $7

Variable Expenses $3 $4

Contribution Margin $2 $3

Number of meals 250,000 125,000

The company prepares the items in the same kitchens, delivers them in the same trucks, and so forth. Therefore, decisions about the individual products do not affect the fixed costs of $735,000.

1. Compute the planned net income for 20X5.

2. Compute the break even point in units, assuming that the company maintains its planned sales mix.

3. Compute the break even point in units if the company sells only tacos and if it sells only enchiladas.

4. Suppose the company sells 78,750 units of enchiladas and 236,250 units of tacos, for a total of 315,000 units. Compute the net income. Compute the new break-even point with this new sales mix. What is the major lesson of this problem?

Compute current ratio for both years

Halfway Company: See the attachment for the full information.

1a Compute current ratio for both years.

1b Compute quick ratio for both years.

1c Comment briefly on Halfway’s liquidity position.

1d Identify the chief weakness of current ratio as an analytical tool.

2a Compute days sales in accounts receivable for 2012 and 2011, and comment briefly on the change.

2b Identify two possible causes of the change noted in 2a.

2c For each item in 2b, identify a possible course of action for Halfway to address the situation.

3a Distinguish briefly between accounts payable and accrued liabilities.

3b Give one possible example of each.

4a What is meant by “noncontrolling interest”?

4b Why does this item appear on the 2012 balance sheet, but not 2011?

5a Compute inventory turnover for 2012.

5b Identify two additional important pieces of information you would like to have in order to meaningfully interpret the turnover computed in 5a. Explain briefly.

6a Define “goodwill”.

6b What type of transaction would account for the increase in Halfway’s goodwill in 2012?

6c Explain why goodwill is considered a risky asset when analyzing financial statements.

7a Compute the debt ratio for 2012 and 2011.

7b Compute debt to tangible net worth for 2012 and 2011.

7c Comment briefly on Halfway’s long-term solvency.

8a Halfway had restructuring charges of $200,000 in 2012. Where on the income statement are those charges found?

8b Give an example of the type of cost included in restructuring charges.

9 What amount would you expect to appear on the Statement of Cash Flows as “dividends paid”? Explain.

10 Halfway’s holdings of securities appear in two different places on the balance sheet. What rule is followed in classifying securities under one heading or the other?

11 The only transaction affecting Halfway’s contributed capital was the exercise of stock options. What was the total amount paid to Halfway for these shares?

The requirements provided in your book

PROBLEM 9-2: Instructions: Complete exercise following the requirements provided in your book.

The following items are classified as current liabilities on Burger King Holdings, Inc.’s balance sheets as of June 30, 2010, and June 30, 2009:

6/30/2010 6/30/2009 (in Millions) Current liabilities: Accounts and drafts payable $106.9 $127.0 Accrued advertising $71.9 $67.8 Other accrued liabilities $200.9 $220.0 Current potion of long-term debt & capital leases $93.3 $67.5 Total current liabilities $473.0 $482.3 Term debt, net of current portion $667.7 $755.6 Capital leases, net of current portion $65.3 $65.8 Otherξ liabilities $344.6 $354.5 Deferred income taxes, net $68.2 $74.1 Total liabilities $1,618.8 $1,732.3 Required: 1. Burger King uses the indirect method to prepare its statement of cash flows.ξ Prepare the Operating Activities section of the cash flow statement, which indicated how each item will be reflected as an adjustment to net income.

Government accounting for a business person

Evaluation of a Comprehensive Annual Financial Report for a government entity

Prepare an overview of government accounting for a business person, using the State of Georgia as an example.ξ Describe the entity and evaluate the Management Discussion & Analysis (MD&A) section.

Accounting Information Systems (AIS)

Of all the business processes in the Accounting Information Systems (AIS), which do you think is the hardest to control and why? Be specific in your discussion of internal controls.

Increase selling

Tutoring:

Trimble Company sells an electronic toy for $40. The variable cost is $24 per unit and the fixed cost is $32,000 per year. Management is considering the following changes:

Alternative #1

Lease a new packaging machine for $4,000 per year, which will reduce variable cost by $1 per unit.

Alternative #2

Increase selling price 10 percent to counteract an expected 25 percent increase in fixed cost.

Alternative #3

Reduce fixed cost by 25 percent by moving to a lower rent location. This would have the effect of increasing variable costs by 10 percent.

Required:

Answer each of the following questions independently, showing your calculations.ξ Also, provide a few sentences explaining your answers:

Determine the current break-even point in units and dollars. Determine the expected profit assuming alternative #1 and sales of 3,200 units. Determine the break-even point in units and dollars assuming alternative #2. Determine the break-even point required in units and dollars assuming alternative #3. Determine the volume of sales required to earn $23,600 assuming alternative #3.

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