Questions
Please answer below two question in your own words and in brief The following passage summarizes...

Please answer below two question in your own words and in brief

The following passage summarizes some of the central points in the debate as to the value of corporations to devote significant resources to corporate social responsibility:

Stakeholders Versus Shareholders

Although corporate social responsibility may appear to be an “apple-pie virtue,” it is quite controversial. Below are some of the chief arguments for and against it:

Proponents will claim that it…

  • BURNISHES A COMPANY’S REPUTATION. In the wake of corporate scandals, corporate social responsibility builds goodwill—and can pay off when scandals or regulatory scrutiny inevitably arise.
  • ATTRACTS TALENT. Many young professionals expect their employers to be active in social issues. Membership in Netimpact.org, a network of socially-conscious MBA graduates, jumped from 4,000 in 2002 to 10,000 in 2004.

On the other hand, Detractors will argue that it…

  • COSTS TOO MUCH. Giving by corporate foundations reached an all-time high of $3.6 billion last year. However, it can come at the expense of other priorities, such as research and development, and is rarely valued by Wall Street.
  • IS MISGUIDED. Many corporate executives believe, as economist Milton Friedman does, that the role of business is to generate profits for shareholders—not to spend others’ money for some perceived social benefit.
  1. What is your view on this issue? Would that view be different if you were a stockholder of a firm?
  2. Do you know of any companies that have engaged in Socially Responsible behavior? Please explain, Please use an example.)

In: Accounting

distinguish between the roles of an internal and an external auditors

distinguish between the roles of an internal and an external auditors

In: Accounting

Use the option quote information shown here to answer the questions that follow. The stock is...

Use the option quote information shown here to answer the questions that follow. The stock is currently selling for $28.

  

Calls Puts
Strike
  Option Expiration Price   Vol. Last    Vol. Last
  Macrosoft Feb 30 86 .33 41 1.33
Mar 30 62 .57 23 1.74
May 30 23 .85 12 2.16
Aug 30 4 1.06 4 2.20

  

a.

Suppose you buy 11 contracts of the February 30 call option. How much will you pay, ignoring commissions?

    

  Cost $   

  

Suppose you buy 11 contracts of the February 30 call option. Macrosoft stock is selling for $31 per share on the expiration date.

   

b-1 How much is your options investment worth?

  

  Payoff $   

  

b-2 What if the terminal stock price is $30?

  

  Payoff $   

   

Suppose you buy 11 contracts of the August 30 put option.

   

c-1 What is your maximum gain?

  

  Maximum gain $   

   

c-2

On the expiration date, Macrosoft is selling for $24 per share. How much is your options investment worth?

  

  Position value $   

  

c-3 On the expiration date, Macrosoft is selling for $24 per share. What is your net gain?

  

  Net gain $   

   

Suppose you sell 11 of the August 30 put contracts.

  

d-1

What is your net gain or loss if Macrosoft is selling for $26 at expiration? (Enter your answer as a positive value.)

  

  (Click to select)GainLoss $   

  

d-2

What is your net gain or loss if Macrosoft is selling For $32 at expiration? (Enter your answer as a positive value.)

  

  (Click to select)LossGain $   

   

d-3

What is the break-even stock price? (Round your answer to 2 decimal places, (e.g., 32.16).)

  

  Break-even $   

In: Accounting

What is involved in job costing? (Hints: You may need to consider, but not be limited...

What is involved in job costing? (Hints: You may need to consider, but not be limited to: (a) the definition of job costing, (b) the purposes of job costing, (c) the basic documents used in the job costing system, (d) the major functions of job costing system, and (e) the fundamental components of job costing.)

In: Accounting

The Terrapin manufacturing Company has the following job cost sheets on file. They represent jobs that...

The Terrapin manufacturing Company has the following job cost sheets on file. They represent jobs that have been worked on during June ofthe current year. This table summarizes information provided on each sheet:

Number Total Cost Incurred Status of job
951 $4,200 Finished And delivered
952 $7,700 Unfinished
953 $9,300 Finished And unsold
954 $11,100 Finished And delivered
955 $3,000 Finished And unsold
956 $5,500 Finished And Delivered
957 $35,000 Unfinished
958 $3,200 Finished And unsold
959 $500 Unfinished
960 $22,110 Unfinished
961 $7,200 Finished And unsold
962 $8,500 Unfinished
963 $11,200 Finished And unsold

Questions:

  1. What is the cost of the goods in process inventory on June30?
  2. What is the cost of the finished goods inventory on June30?
  3. What is the cost of goods sold for the month of June?

In: Accounting

The following data were taken from the books of Powell Construction Ltd: 2020 $ Aug 01...

The following data were taken from the books of Powell Construction Ltd:

2020

$

Aug

01

Debit balance as per Sales Ledger

44 000

Credit balance as per Sales Ledger

760

Credit balance as per Purchases Ledger

24 440

Debit balance as per Purchases Ledger

450

2020

Aug.

31

Total credit purchases

248 000

Total cash purchases

13 000

Total credit sales

329 600

Total cash sales

36 000

Returns inwards

2 345

Returns outwards

3 450

Discounts received

3 200

Discounts allowed

2 400

Bad debts

4 350

Bad debts recovered

1 500

Cash and cheques received, including bad debts recovered

321 000

Cash and cheques paid to suppliers

246 400

Interest charged to debtors

875

Increase in provision for bad debts

789

Transfer from Purchases Ledger to Sales Ledger

1 765

Credit balance in Sales Ledger on 31 Aug. 2020

1 680

Debit balance in Purchases Ledger on 31 Aug 2020

1 380

           

REQUIRED:

Prepare in the general ledger of Powell Construction Ltd for the month of August 2020:

a.       the Sales Ledger Control Account            (15 marks)

b.      Purchases Ledger Control Account            

Total 25 marks

In: Accounting

Auditors have assessed inherent risk for a particular assertion at 80% and control risk at 5%....

Auditors have assessed inherent risk for a particular assertion at 80% and control risk at 5%. In addition they have performed audit procedures that they believe have a 25% risk of failing to detect a material misstatement in the assertion. Calculate the audit risk and explain what the audit risk means

In: Accounting

Melanie is employed full-time as an accountant for a national hardware chain. She also has recently...

Melanie is employed full-time as an accountant for a national hardware chain. She also has recently started a private consulting practice, which provides tax advice and financial planning to the general public. For this purpose, she maintains an office in her home. Expenses relating to her home for 2020 are as follows:

Real property taxes $6,750
Interest on home mortgage 8,100
Operating expenses of home 1,688

Melanie's residence cost $397,000 (excluding land) and has living space of 2,000 square feet, of which 35% (700 square feet) is devoted to business. The office was placed in service in February 2019, and under the Regular Method, Melanie had an unused office in the home deduction of $300 for 2019. Assume there is sufficient net income from her consulting practice.

Click here to access the depreciation table to use for this problem. Round your final answer to nearest dollar.

a. What amount can Melanie claim this year for her office in the home deduction under the Regular Method?
$fill in the blank f953e6faefc3fa1_1

b. What is Melanie's office in the home deduction under the Simplified Method?
$fill in the blank e9035cf27fa504b_1

In: Accounting

Explain the amortization of a bond premium. Identify and describe the amortization methods available

Explain the amortization of a bond premium. Identify and describe the amortization methods available

In: Accounting

According to Chapter 16, how many sections the Statements of Cash Flows? Give a brief description...

According to Chapter 16, how many sections the Statements of Cash Flows? Give a brief description of these.

In: Accounting

Benson Brands, Inc. Benson, presents its statement of cash flows using the indirect method. The following...

Benson Brands, Inc. Benson, presents its statement of cash flows using the indirect method. The following accounts and corresponding balances were drawn from Benson’s 2017 and 2016 year-end balance sheets:

Account Title 2017 2016
Accounts receivable $ 20,000 $ 30,000
Merchandise inventory 56,000 49,600
Prepaid insurance 16,500 24,700
Accounts payable 26,800 18,500
Salaries payable 4,700 4,000
Unearned service revenue 1,000 2,900

The 2017 income statement is shown below:

Income Statement
Sales $ 610,000
Cost of goods sold (380,000 )
Gross margin 230,000
Service revenue 4,900
Insurance expense (39,000 )
Salaries expense (157,000 )
Depreciation expense (4,100 )
Operating income 34,800
Gain on sale of equipment 3,600
Net income $ 38,400

Required

  1. Prepare the operating activities section of the statement of cash flows using the direct method.

  2. Prepare the operating activities section of the statement of cash flows using the indirect method.

Prepare the operating activities section of the statement of cash flows using the direct method. (Cash outflows should be indicated with minus sign.)

BENSON BRANDS, INC.
Statement of Cash Flows (Operating Activities)
For the Year Ended December 31, 2017
Cash flows from operating activities:
Cash collections from customers for sales
Cash collections from customers for services
Cash payments for:
Net cash flow from operating activities $0

Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)

BENSON BRANDS, INC.
Statement of Cash Flows (Operating Activities)
For the Year Ended December 31, 2017
Cash flows from operating activities:
Add:
Deduct:
Add: noncash expenses
Net cash flow from operating activities $0

In: Accounting

Troy Engines, Ltd., manufactures a variety of engines for use in heavy equipment. The company has...

Troy Engines, Ltd., manufactures a variety of engines for use in heavy equipment. The company has always produced all of the necessary parts for its engines, including all of the carburetors. An outside supplier has offered to sell one type of carburetor to Troy Engines, Ltd., for a cost of $35 per unit. To evaluate this offer, Troy Engines, Ltd., has gathered the following information relating to its own cost of producing the carburetor internally:

Per Unit 20,000 Units
Per Year
Direct materials $ 17 $ 340,000
Direct labor 11 220,000
Variable manufacturing overhead 3 60,000
Fixed manufacturing overhead, traceable 3 * 60,000
Fixed manufacturing overhead, allocated 6 120,000
Total cost $ 40 $ 800,000

*One-third supervisory salaries; two-thirds depreciation of special equipment (no resale value).

Required:

1. Assuming the company has no alternative use for the facilities that are now being used to produce the carburetors, what would be the financial advantage (disadvantage) of buying 20,000 carburetors from the outside supplier?

2. Should the outside supplier’s offer be accepted?

3. Suppose that if the carburetors were purchased, Troy Engines, Ltd., could use the freed capacity to launch a new product. The segment margin of the new product would be $200,000 per year. Given this new assumption, what would be the financial advantage (disadvantage) of buying 20,000 carburetors from the outside supplier?

4. Given the new assumption in requirement 3, should the outside supplier’s offer be accepted?

In: Accounting

The following data are accumulated by Geddes Company in evaluating the purchase of $92,700 of equipment,...

The following data are accumulated by Geddes Company in evaluating the purchase of $92,700 of equipment, having a four-year useful life:

Net Income Net Cash Flow
Year 1 $30,000 $50,000
Year 2 18,000 39,000
Year 3 9,000 29,000
Year 4 (1,000) 20,000
Present Value of $1 at Compound Interest
Year 6% 10% 12% 15% 20%
1 0.943 0.909 0.893 0.870 0.833
2 0.890 0.826 0.797 0.756 0.694
3 0.840 0.751 0.712 0.658 0.579
4 0.792 0.683 0.636 0.572 0.482
5 0.747 0.621 0.567 0.497 0.402
6 0.705 0.564 0.507 0.432 0.335
7 0.665 0.513 0.452 0.376 0.279
8 0.627 0.467 0.404 0.327 0.233
9 0.592 0.424 0.361 0.284 0.194
10 0.558 0.386 0.322 0.247 0.162

a. Assuming that the desired rate of return is 10%, determine the net present value for the proposal. Use the table of the present value of $1 presented above. If required, round to the nearest dollar.

Present value of net cash flow $
Amount to be invested $
Net present value $

In: Accounting

When the American system was being created, the office of the President was not the center...

When the American system was being created, the office of the President was not the center and most important role (if anything was, on the federal level, it as Congress). Now, however, the POTUS occupies the center of American governance, attention (think about voting behavior), and politics. Why do you think that is? Why do you think the presidency has grown to the role in now plays in American politics?

CLASS- POLI 1

In: Accounting

Discuss from your perspective the advantages and disadvantages of the Uniform Commercial Code. 

Discuss from your perspective the advantages and disadvantages of the Uniform Commercial Code. 

In: Accounting