Bruno Company has decided to expand its operations…

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Question: Bruno Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented below in order to obtain additional funds for expansionBRUNO COMPANY Statement of Financial PositionDecember 31, 2010 Current assetsCash $260,000Accounts receivable (net) 340,000Inventories at lower-of-average-cost-or-net realizable value 401,000Trading securities-at cost (fair value $120,000) 140,000Property, plant, and equipmentBuilding (net) 570,000Office … Read more

Classify each of the following goods using these terms: nonrival, non-excludable

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Question: Classify each of the following goods using these terms: nonrival, non-excludable, private good, club good, public good, and common resource. a. Hamburgerb. Lighthousec. Flood controld. Swimming poole. Parkf. Broadcast televisiong. Cellular telephone serviceh. Computer software Answer:

The number N of US cellular phone subscribers (in millions) is shown in the table

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Question: The number N of US cellular phone subscribers (in millions) is shown in the table. (Midyear estimates are given.) (a) Find the average rate of cell phone growth between the following years. (Round your answers to one decimal place.) (i) from 1998 to 2004 (million phones/yr) (ii) from 2002 to 2004 (million phones/yr) (b) Estimate the … Read more

Paul Polishan apparently dominated Leslie Fay’s accounting and financial reporting…

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Question: Paul Polishan apparently dominated Leslie Fay’s accounting and financial reporting functions and the individuals who were his subordinates. What implications do such circumstances pose for a company’s independent auditors? How should auditors take such circumstances into consideration when planning an audit? Answer: Finding the implications, if one individual dominates a company’s reporting and accounting: … Read more

Interpreting the statement of cash flow relations…

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Question: Interpreting the statement of cash flow relations. Exhibit 6.34 presents statements of cash flow for eight companies for the same year:a. American Airlines (airline transportation)b. American Home Products (pharmaceuticals)c. Interpublic Group (advertising and other marketing services)d. Procter & Gamble (consumer products)e. Reebok (athletic shoes)f. Texas Instruments (electronics)g. Limited Brands (speciality retailing)h. Upjohn (pharmaceuticals)Discuss the … Read more

Wurtz Inc. has sponsored a noncontributory, defined benefit pension…

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Question: Wurtz Inc. has sponsored a noncontributory, defined benefit pension plan for its employees since 20X0. Prior to 20×8, cumulative net pension expense recognized equalled cumulative contributions to the plan. Other relevant information about the pension plan on January 1, 20X8, is as follows. The company has 200 employees. All these employees are expected receive … Read more

The trial balance before adjustment for Martinez Company shows the following balances…

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Question: The trial balance before adjustment for Martinez Company shows the following balances. Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) Answer: Working Notes; For case (3.) Amount of allowance to be ($84700 x 7 / 100) = $5929 + $2700 debit balance … Read more

Consider the following process flow diagram for bread-making…

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Question: Consider the following process flow diagram for bread-making. The raw material is made into bread (at a speed of 40 breads/hr) and then packed (at a speed of 30 breads/hr) and put in finished goods inventory. There is a work-in-process (WIP) buffer with unlimited space between Bread-making and Packing. a. What is process bottleneck … Read more