Questions
Crane Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....

Crane Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Item No. Quantity Cost per Unit Cost to Replace Estimated Selling Price Cost of Completion and Disposal Normal Profit 1320 1,800 $3.58 $3.36 $5.04 $0.39 $1.40 1333 1,500 3.02 2.58 3.92 0.56 0.56 1426 1,400 5.04 4.14 5.60 0.45 1.12 1437 1,600 4.03 3.47 3.58 0.28 1.01 1510 1,300 2.52 2.24 3.64 0.90 0.67 1522 1,100 3.36 3.02 4.26 0.45 0.56 1573 3,600 2.02 1.79 2.80 0.84 0.56 1626 1,600 5.26 5.82 6.72 0.56 1.12 From the information above, determine the amount of Crane Company inventory. The amount of Crane Company’s inventory

In: Accounting

Stellar Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....

Stellar Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis.

Item No.

Quantity

Cost per Unit

Cost to Replace

Estimated Selling Price

Cost of Completion and Disposal

Normal Profit
1320 1,400 $3.30 $3.09 $4.64 $0.36 $1.29
1333 1,100 2.78 2.37 3.61 0.52 0.52
1426 1,000 4.64 3.81 5.15 0.41 1.03
1437 1,200 3.71 3.19 3.30 0.26 0.93
1510 900 2.32 2.06 3.35 0.82 0.62
1522 700 3.09 2.78 3.91 0.41 0.52
1573 3,200 1.85 1.65 2.58 0.77 0.52
1626 1,200 4.84 5.36 6.18 0.52 1.03


From the information above, determine the amount of Stellar Company inventory.

The amount of Stellar Company’s inventory

In: Accounting

Exercise 9-7 Sarasota Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an...

Exercise 9-7

Sarasota Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis.

Item No. Quantity Cost per Unit Cost to Replace Estimated Selling Price Cost of Completion and Disposal Normal Profit
1320 1,500 $3.39 $3.18 $4.77 $0.37 $1.33
1333 1,200 2.86 2.44 3.71 0.53 0.53
1426 1,100 4.77 3.92 5.3 0.42 1.06
1437 1,300 3.82 3.29 3.39 0.27 0.95
1510 1,000 2.39 2.12 3.45 0.85 0.64
1522 800 3.18 2.86 4.03 0.42 0.53
1573 3,300 1.91 1.7 2.65 0.8 0.53
1626 1,300 4.98 5.51 6.36 0.53

1.06

From the information above, determine the amount of Sarasota Company inventory.

The amount of Sarasota Company’s inventory

In: Accounting

E9.7 (LO 2) (Lower-of-Cost-or-Market) Wangerin Company follows the practice of pricing its inventory at the lower‐of‐cost‐or‐market,...

E9.7 (LO 2) (Lower-of-Cost-or-Market) Wangerin Company follows the practice of pricing its inventory at the lower‐of‐cost‐or‐market, on an individual-item basis.

Item No.

Quantity

Cost per Unit

Cost to Replace

Estimated Selling Price

Cost of Completion and Disposal

Normal Profit
1320

1,200

$3.20

$3.00

$4.50

$0.35

$1.25
1333

900

2.70

2.30

3.50

0.50

0.50
1426

800

4.50

3.70

5.00

0.40

1.00
1437

1,000

3.60

3.10

3.20

0.25

0.90
1510

700

2.25

2.00

3.25

0.80

0.60
1522

500

3.00

2.70

3.80

0.40

0.50
1573

3,000

1.80

1.60

2.50

0.75

0.50
1626

1,000

4.70

5.20

6.00

0.50

1.00

Instructions

From the information above, determine the amount of Wangerin Company inventory.

In: Accounting

Crane Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....

Crane Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis.

Item No.

Quantity

Cost per Unit

Cost to Replace

Estimated Selling Price

Cost of Completion and Disposal

Normal Profit

1320

 1,300 $3.23 $3.03 $4.55 $0.35 $1.26

1333

 1,000 2.73 2.32 3.54 0.51 0.51

1426

 900 4.55 3.74 5.05 0.40 1.01

1437

 1,100 3.64 3.13 3.23 0.25 0.91

1510

 800 2.27 2.02 3.28 0.81 0.61

1522

 600 3.03 2.73 3.84 0.40 0.51

1573

 3,100 1.82 1.62 2.53 0.76 0.51

1626

 1,100 4.75 5.25 6.06 0.51 1.01


From the information above, determine the amount of Crane Company inventory.

The amount of Crane Company’s inventory

Enter the dollar amount

$

In: Accounting

Using the Annual Report of Nike: https://finance.yahoo.com/quote/nke/financials/ 1) What is the breakdown of the company's current...

Using the Annual Report of Nike:

https://finance.yahoo.com/quote/nke/financials/

1) What is the breakdown of the company's current liabilities at year end?

2) Calculate the company's times-interest-earned ratio for the year end. What does this tell you about the company?

3) How much was the company's long-term debt at year end?

4) Compute the company's debt to equity ratio at year end. How does it compare to the industry?

5) What does this tell you about the company?

In: Accounting

1) The loss of consumer benefits when a tariff imposed on imported consumer good is called:...

1) The loss of consumer benefits when a tariff imposed on imported consumer good is called: a) Consumer surplus
b) Net-welfare gain
c) Consumer deadweight cost
d) Producer deadweight cost

2) Which one is not true about countries of the world?
a) Only large countries involve in an international trade
b) Openness of countries to international trade vary between countries
c) Countries produce, exchange, and consume goods and services
d) Economic development of countries is little affected by the extent of their engagement in international trade
e) a and d

3) Suppose that Company Z in UAE imports 10,000 metric tonnes of orange from USA at a price of 1,500 US$ per tonne. If company Z pays specific import tariff of 0.25 Dirham per kilogram of orange, how much total tariff duty does the company pay?
a) 2, 500,000 US$
b) 15,000,000 US$
c) 2,500,000 AED
d) No answer is given

4) Consider two countries: P and Q. Both countries produce Rice and Chocolates. Country P needs 6 labour hours to produce 1 unit of Rice and 10 labour hours to produce 1 unit of Chocolates. Country B needs 15 labour hours to produce 1 unit of Rice and 5 labour hours to produce 1 unit of Chocolates. Which statement is true?
a) Country P has absolute advantage in Chocolates
b) Country Q has absolute advantage in Rice
c) Country P must specialize in production of Rice while country B in Chocolates
d) Neither country P and nor country Q has absolute advantage in any of the two
products

5) When the supply of a product matches with or equals to its demand in the market, we call this market situation:
a) a consumer surplus
b) a producer surplus
c) a market equilibrium
d) all of the above

In: Economics

G. Stanley Hall founded the first American psychology lab in ________. Hall introduced Americans to the...

  1. G. Stanley Hall founded the first American psychology lab in ________. Hall introduced Americans to the famous Austrian psychologist _____________    _____________.
  2. James emphasized topics such as: a. emotions   b. consciousness    c. responses to stimuli    d.   a and b
  3. Wundt and his followers criticized James because:
    1. he used animals in his experiments
    2. he wasn’t scientific
  4. Wundt advocated the study of psychophysics, or:
    1. how we react to stimuli
    2. how we respond emotionally to stress

In: Psychology

UAE thinking of increasing import tariffs on Algerian products. which is NOT an import tariff Specific...

  1. UAE thinking of increasing import tariffs on Algerian products. which is NOT an import tariff
  1. Specific tariff
  2. Non
  3. Compound tariff
  4. AD valorem tariff

  1. UAE has allowed only 100000 cars from Japan to enter its territory. This type of barrier is called
  1. Quota
  2. Import tariff barrier
  3. Quota rate tariff
  4. Export tariff barrier

  1. UAE has applied NTBs on products coming from Algeria NTB is
  1. Non-tariff barrier
  2. Non terminal barrier
  3. Non
  4. Non-tariff blocade

4. UAE has decided to use quota on sugar that comes from India. What does it mean?

  1. Price of sugar will go up in UAE and the local producer of sugar will be a winner
  2. The price of sugar will go down in the UAE and the local producer of sugar will be a winner
  3. Non
  4. The price of cookies in UAE will go down

5. UAE has increased its import tariffs on bottle of water coming from abroad who is the lose?

  1. Employees of massafi
  2. The consumers who live in UAE
  3. All
  4. Al Ain water company

6. The company of Al Aghahia has opened a branch in Turkey in order to produce water there According to the concept of product life cycle this means that Al Aghdhia company product become

  1. Standardize product
  2. Non
  3. Mature product
  4. New product

7. UAE has a comparative advantage in producing Creamics but not in producing computers what this means that

In: Economics

Rolt Company began 2016 with a $120,000 balance in retained earnings. During the year, the following...

Rolt Company began 2016 with a $120,000 balance in retained earnings. During the year, the following events occurred:

  1. The company earned net income of $80,000.
  2. A material error in net income from a previous period was corrected. This error correction increased retained earnings by $9,800 after related income taxes of $4,200.
  3. Cash dividends totaling $13,000 and stock dividends totaling $17,000 were declared.
  4. One thousand shares of callable preferred stock that originally had been issued at $110 per share were recalled and retired at the beginning of 2016 for the call price of $120 per share.
  5. Treasury stock (common) was acquired at a cost of $20,000. State law requires a restriction of retained earnings in an equal amount. The company reports its retained earnings restrictions in a note to the financial statements.

Required:

1. Prepare a statement of retained earnings for the year ended December 31, 2016.

ROLT COMPANY
Statement of Retained Earnings
For Year Ended December 31, 2016
Retained earnings, as previously reported, January 1, 2016 $
Adjusted retained earnings, January 1, 2016 $
$
$
Retained earnings, December 31, 2016 $

In: Accounting