At December 31 a company's records show the following information $ 10,000 30,000 80,000 Cash Accounts Receivable Inventory Prepaid Insurance Long-term Assets Accounts Payable Notes Payable due in 10 months Wages Payable Long-term Liabilities Stockholders' (Owner's) Equity 6,000 200,000 30,000 25,000 5,000 70,000 196,000 Find the following: 1- The company's working capital 2- The company's current ratio 3- The company's quick ratio

At December 31 a company's records show the following information $ 10,000 30,000 80,000 Cash Accounts Receivable Inventory Prepaid Insurance Long-term Assets Accounts Payable Notes Payable due in 10 months Wages Payable Long-term Liabilities Stockholders' (Owner's) Equity 6,000 200,000 30,000 25,000 5,000 70,000 196,000 Find the following: 1- The company's working capital 2- The company's current ratio 3- The company's quick ratio

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the company’s costing system and “do what you can to help us get better control of our manufacturing overhead costs.” You find that the company has never used a flexible budget, and you suggest that preparing such a budget would be an excellent first step in overhead planning and control. After much effort and analysis, you determined the following cost formulas and gathered the following actual cost data for March: Cost Formula Actual Cost in March Utilities $16,200 + $0.20 per machine-hour $ 21,600 Maintenance $38,100 + $1.70 per machine-hour $ 62,500 Supplies $0.80 per machine-hour $ 14,200 Indirect labor $94,100 + $1.60 per machine-hour $ 123,800 Depreciation $67,900 $ 69,600 During March, the company worked 16,000 machine-hours and produced 10,000 units. The company had originally planned to work 18,000 machine-hours during March.…
Suppose you decide (as did Steve Jobs and Mark Zuckerberg) to start a company. Your product is a software platform that integrates a wide range of media devices, including laptop computers, desktop computers, digital video recorders, and cell phones. Your initial market is the student body at your university. Once you have established your company and set up procedures for operating it, you plan to expand to other colleges in the area and eventually to go nationwide. At some point, hopefully sooner rather than later, you plan to go public with an IPO and then to buy a yacht and take off for the South Pacific to indulge in your passion for underwater photography. With these issues in mind, you need to answer for yourself, and potential investors, the following questions. 9. What is block ownership? How does it affect corporate governance?
Kate has put a lot of time and effort into streamlining the process to design and produce a greet- ing card. She has documented the entire process in a QuickTime video she produced on her iMac. The video takes the viewer through the step-by-step process of selecting hardware and software, and shows how to design and produce the card. Kate has met many people who would like to get into the production of greeting cards, but are overwhelmed by the process. Kate has decided to sell the entire package (hardware, software, and video tutorial) to aspiring card producers. The cost of the entire package to Kate is $4,500 and she plans to mark it up by $500 and sell it for $5,000. John Stevens, an individual Kate met recently at a greeting card conference, would like to buy the pack- age from Kate. Unfortunately, John does not have this much cash and would like for Kate to extend credit. Kate believes that many of her customers will not be able to pay cash and, therefore, she will need to find…
Required information [The following information applies to the questions displayed below.] Johnson and Gomez, Inc., is a small firm involved in the production and sale of electronic business products. The company is well known for its attention to quality and innovation. During the past 15 months, a new product has been under development that allows users improved access to e-mail and video images. Johnson and Gomez code named the product the Wireless Wizard and has been quietly designing two models: Basic and Enhanced. Development costs have amounted to $201,000 and $282,000, respectively. The total market demand for each model is expected to be 53,000 units, and management anticipates being able to obtain the following market shares: Basic, 20 percent; Enhanced, 15 percent. Forecasted data follow. Projected selling price Per-unit production costs: Direct material Direct labor Variable overhead Marketing and advertising (fixed but avoidable) 208,000 Sales commissions* 15% Basic $…
A work element takes 20 hours of labor of a technician. Currently, the technician makes $22.50 per hour. For this project, the overhead charges are 72% of the direct labor charges and 10% personal time was assumed for this work element. a. What would be total direct labor cost to complete the work element? b. What would be the total overhead cost to complete the work element? c. What would be the total personal time cost to complete the work element?
In 3-5 sentences, extending your research question, if you had years of time, unlimited access to data, and the ability to analyze it, what research question would you ask and why?
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You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the company's costing system and "do what you can to help us get better control of our manufacturing overhead costs." You find that the company has never used a flexible budget, and you suggest that preparing such a budget would be an excellent first step in overhead planning and control. After much effort and analysis, you determined the following cost formulas and gathered the following actual cost data for March: Actual Cost in March $ 21,520 Utilities Maintenance Supplies Indirect labor Depreciation Cost Formula $16,300 + $0.18 per machine-hour $38,300 + $1.80 per machine-hour $0.80 per machine-hour $94,700 + $1.70 per machine-hour $68,000 $ 66,300 $ 15,000 $ 127,900 $ 69,700 During March, the company worked 17,000 machine-hours and produced 11,000 units. The company had originally planned to work 19,000 machine-hours during March.…
Northern Defense manufactures radar systems. It has just completed the manufacture of its first newly designed system, RS-32. Manufacturing data for the RS-32 follow: (Click icon to view data) Requirement Calculate the total variable costs of producing 2, 4, and 8 units. Begin by calculating the cumulative total time in labor-hours using the cumulative average-time learning model. (Round the cumulative average time per unit to the nearest whole number.) Cumulative number of Cumulative average time Cumulative total time: per unit: Labor-hours Labor-hours 3700 units 2 4 8 3700 ← Data table Direct material cost Direct manufacturing labor time for first unit Learning curve for manufacturing labor time per radar system Direct manufacturing labor cost Variable manufacturing overhead cost Using the formula for an 85% learning curve, b = In 0.85 In 2 Print = $ $ $ -0.162519 0.693147 81,000 per unit of RS-32 3,700 direct manufacturing labor-hours 85% cumulative average timeª Done 28 per direct…
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