Condensed financial data of Granger Inc. follow.
Granger Inc.
Comparative Balance Sheets
December 31
Assets 2017 2016
Cash $ 80,800 $ 48,400
Accounts receivable 87,800 38,000
Inventory 112,500 102,850
Prepaid expenses 28,400 26,000
Long-term investments 138,000 109,000
Plant assets 285,000 242,500
Accumulated depreciation (50,000) (52,000)
Total $682,500 $514,750
Liabilities and Stockholders' Equity
Accounts payable $ 102,000 $ 67,300
Accrued expenses payable 16,500 21,000
Bonds payable 110,000 146,000
Common stock 220,000 175,000
Retained earnings 234,000 105,450
Total $682,500 $514,750
Granger Inc.
Income Statement Data
For the Year Ended December 31, 2017
Sales revenue $ 388,460
Less:
Cost of goods sold $ 135,460
Operating expenses, excluding depreciation 12,410
Depreciation expense 46,500
Income tax expense 27,280
Interest expense 4,730
Loss on disposal of plant assets 7,500 233,880
Net income $ 154,580
Additional information:
1.New plant assets costing $100,000 were purchased for cash during the year.
2.Old plant assets having an original cost of $57,500 and accumulated depreciation of $48,500 were sold for $1,500 cash.
3.Bonds payable matured and were paid off at face value for cash.
4.A cash dividend of $26,030 was declared and paid during the year. Further analysis reveals that accounts payable pertain to merchandise creditors.
Prepare a statement of cash flows for Granger Inc. using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Answer:

Granger Inc

Statement of cash flows for the year ended December 31 2017

Cashflow from Operating Activities

Cash Received from customers                                                 $338,660

Cash Paid to Suppliers and Employees                                   ($129,720)

Cash Generated from Operations                                             $208,940

Interest expense paid                                                                   ($4,730)

Income tax expense paid                                                           ($27,280)

Net Cash from Operating Activities                                            $176,930

Cashflow from Investing Activities

Purchases of New Plant                                                           ($100,000)

Proceeds from Sale of Old Plants                                                 $1,500

Purchases of Long term investments                                       ($29,000)

Net Cash from Investing Activities                                           ($127,500)

Cashflow from Financing Activities

Repayments of Bonds                                                               ($36,000)

Cash Dividends                                                                          ($26,030)

Issue of Shares                                                                            $45,000

Net Cash from Financing Activities                                            ($17,000)

Movement in Cash and Cash Equivalent                                $32,400

Cash and Cash Equivalents at the Beginning of the year    $48,400

Cash and Cash Equivalents at the End of the year               $80,800

Explanation:

Working 1

Cash Paid to Suppliers and Employees calculation :

Cost of goods sold                                                    $135,460

Add Operating Expenses                                            $12,410

                                                                                   $147,870

Adjustment of Working Capital items :

Increase in Inventory                                                   $9,650

Increase in Prepaid expenses                                     $2,400

Increase in Accounts payable                                  ($34,700)

Decrease in Accrued expenses payable                   $4,500

Cash Paid to Suppliers and Employees                   $129,720

Working 2

Cash Received from Customers :

Sales revenue                                                           $388,460

Less Increase in Accounts receivable                     ($49,800)

Cash Received from customers                              $338,660

[The following information applies to the questions displayed below.
Consider the following narrative describing the process of registering a car with the DMV:
Heide lives in California and it is time to renew her automobile registration. The California DMV sends her a renewal form and indicates that she needs a smog check for her automobile. She takes her car to the smog check station. She completes the smog check. If the smog check is successful, she can then go to the DMV website and renew her registration, paying with a credit card. Two weeks later she receives a new registration form and tags for her license plates. She puts the registration in the glove box of her car and places the tags on her license plates.
Required: c. Consider the same narrative as described in the beginning, except include data objects. The renewal form is created when Heide receives mail from the DMV. She uses the renewal form information at the smog check station. The smog check station then provides her a smog check certificate. She uses the certificate information and her renewal form to update her registration on the DMV website.
For each step in the diagram from the beginning, list the data object used or created during that step. Steps 1 and 2 are filled in for example.
Select from the following data objects
a. Renewal forms
b. Smog certificate
c. New registration and tags
(If there is no appropriate label for a particular step, select 'None! If more than one data object is appropriate for a given step, select the choice that represents all possible choices.) Step Data Object Used Symbol(s) Start Message Event Task Data Object Crea None 1 None 2 3 Task Label(s) None Complete Smog Check Submit Renewal Receive New Documents None Place registration in glove box, Put tags on license None Task None New registration and t 6 Parallel Gateway Task, task End Event 7

. Suppose this year you buy 5% coupon rate, $100 face value bond for $90 that has 3 years left till maturity. Suppose next year market interest rates decrease to 2% and you decide to sell it your bond that year.a) Calculate the selling price of your bond next year. In another words, what price would make your bond competitive when market yields are at 2.0%?

The greatest economic consequence of the trans-continental railroad was that it:______.
Immersive Reader (1 Point) spread the U.S. population across the whole continent allowed people from farms and small towns to visit big cities united the nation into a single integrated national market made it possible for some immigrants to settle in the West developed a skilled industrial workforce

Based on the statement, explain FIVE (5) reasons why customer relationship is important for business
success.

For each of the following accounts, indicate the effect of a debit or credit on the account and the normal balance.
Debit Effect Credit Effect Normal Balance
a. Bonds Payable.
b. Unearned Service Revenue.
c. Depreciation Expense.
d. Common Stock.
e. Buildings.
f. Rent Revenue.

A company which uses austenitic nickel chromium ions to manufacture resistance heating wire is considering a new annealing drawing process to reduce cost. If the new process will cost $1.75 million dollars now, how much must be saved each year to cover the investment in ten years at an interest rate of 12%

Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine each of the following:
Required:
1. The topic number (Topic XXX) that provides the accounting for earnings per share.
2. The specific eight-digit Codification citation (XXX-XX-XX-X) that describes the additional information for earnings per share that must be included in the notes to the financial statements.
3. The specific eight-digit Codification citation (XXX-XX-XX-X) that requires disclosure of transactions affecting the number of common shares outstanding that occur after the most recent reporting period but before the financial statements are issued.

Frances Newberry is the payroll accountant for Pack-It Services of Jackson, Arizona. The employees of Pack-It Services are paid semimonthly. An employee, Glen Riley, comes to her on November 6 and requests a pay advance of $1,650, which he will pay back in equal parts on the November 15 and December 15 paychecks. Glen is married with eight withholding allowances and is paid $58,640 per year. He contributes 3 percent of his pay to a 401(k) and has $25 per paycheck deducted for a Section 125 plan.

Required:
Compute his net pay on his November 15 paycheck.

Team managers need to monitor and reward the team’s progress. How can the manager of a virtual team best do this? Check all that apply. Post targets and progress reports in a shared online workspace. Analyze electronic communication patterns. Have online recognition ceremonies to celebrate accomplishments. Wait to tell people they’re doing a good job until an in-person meeting can occur.

Explain in your own words the process of Accounting cycle. Marks will be only given if written in own words and is not copy pasted.

The Sisyphean Company's common stock is currently trading for $25.00 per share. The stock is expected to pay a $2.50 dividend at the end of the year and the Sisyphean Company's equity cost of capital is 14%. If the dividend payout rate is expected to remain constant, then the expected growth rate in the Sisyphean Company's earnings is closest to:

To increase tax revenue, the U.S. government imposed a 2-cent tax on checks written on bank account deposits in 1932 (in today's dollars, about 34 cents per check). Complete the following statements on the impact of this tax on the money multiplier and the money supply.

a. The tax on written checks would make people ___________ likely to write checks. Thus, people might start holding more money as__________ . This would____________ the currency-deposit ratio.
b. Under this check tax, the money supply would have:

1. decreased, because the currency-deposit ratio increased, which in turn decreases the money multiplier.
2. increased, because the currency-deposit ratio increased, which in turn decreases the money multiplier.
3. decreased, because the currency-deposit ratio increased, which in turn increases the money multiplier.
4. not changed, because the check tax would not impact the money supply or the money multiplier.
5. increased, because the currency-deposit ratio increased, which in turn increases the money multiplier.

c. Many economists believe that the sharp decline in the__________ in the early 1930s was at least partially responsible for the severity of the Great Depression.

Cullumber Co. invested $1,100,000 in Riverbed Co. for 25% of its outstanding stock. Riverbed Co. pays out 30% of net income in dividends each year. Use the information in the following T-account for the investment in Riverbed to answer the following questions. Investment in Riverbed Co. 1,100,000 108,000 32,400
(a) How much was Cullumber Co.’s share of Sub Co.’s net income for the year?
Net income $Cullumber Co. invested $1,000,000 in Sub Co. for
(b) How much was Cullumber Co.’s share of Sub Co.’s dividends for the year?
Dividends $Cullumber Co. invested $1,000,000 in Sub Co. for
(c) What was Sub Co.’s total net income for the year?
Total net income $Cullumber Co. invested $1,000,000 in Sub Co. for
(d) What was Sub Co.’s total dividends for the year?
Total Dividends $Cullumber Co. invested $1,000,000 in Sub Co. for

Air United, Inc. manufactures two products: missile range instruments and space pressure gauges. During April, 50 range instruments and 200 pressure gauges were produced, and overhead costs of $97,045 were estimated. An analysis of estimated overhead costs reveals the following activities.

Activities Cost Drivers Total Cost
1. Materials handling Number of requisitions $40,000
2. Machine setups Number of setups 21,500
3. Quality inspections Number of inspections 33,000
$94,500
The cost driver volume for each product was as follows:
Cost Drivers Instruments Gauges Total
Number of requisitions 400 600 1,000
Number of setups 200 300 500
Number of inspections 200 400 600

Required:
a. Determine the overhead rate for each activity.
b. Assign the manufacturing overhead costs for April to the two products, using activity-based costing.

Green Day Corporation has outstanding 500,000 shares of $10 par value common stock. The corporation declares a 70% stock dividend when the fair value of the stock is $45 per share. Prepare the journal entries for Green Day Corporation for both the date of declaration and the date of distribution.

You need an inexpensive, reliable network for about twenty-five computers, all of which will be in two rooms. It is important that the network not entirely depend on one hub or one node. However, nodes will regularly be added and removed from the network, so flexibility is essential. Which topology should you use?

a.bus
b.mesh
c.star
d.ring​

As of December 31, 2019, Sheffield Corp. had $3000 of raw materials inventory. At the beginning of 2019, there was $2500 of materials on hand. During the year, the company purchased $375000 of materials; however, it paid for only $322500. How much inventory was requisitioned for use on jobs during 2019

9. Physical and mental examinations:
A. are not legitimate forms of discovery because such information is privileged.
B. are permissible forms of discovery if physical or mental condition of the party is relevant and requires a court
order.
C. are legitimate forms of discovery without court order.
D. are not permissible because it is an invasion of one's privacy.

Decisions about pricing strategies should be set in conjunction with other marketing decisions about product design, packaging, branding, distribution, and promotion. All these marketing decisions are interrelated. Prices must be related to the cost of producing the product and prices are usually set somewhere above cost. But price and cost aren't always related. There are three major approaches to pricing strategy: cost-based, demand-based (target costing), and competition-based. Other pricing strategies include skimming price strategy, penetration strategy, everyday low pricing (EDLP), high-low pricing strategy, bundling, psychological pricing, and demand-oriented pricing. Match each scenario to the strategy it best illustrates.
1. When the Mays family went to Europe, they used a travel agent who worked out a trip that included airfare, hotels, and some tours all for one price.
2. Marquis Suites shows movies in a "living room" atmosphere with comfortable chairs and food and beverage service. It deliberately charges more than other theaters for this experience.
3. Chad is a do-it-yourself guy. He shops at Home Depot because, although they don’t usually run sales, he knows the store will offer the lowest price around on the tools he needs.
4. A major national retailer charges "full retail" for most of the lines it carries but runs "special sales" during which the company lowers its price.
5. When Walmart enters a new geographic area, the company undersells its more well-established competitors and eventually raises its prices once it has a loyal customer base.
6. When Aaron was looking for mortgage lenders, he noticed that one major lender lowered their rates, and several others did the same within a few days.
7. Larry Dietzel, a real estate agent, advised his clients to price their home at $199,900 when they listed with his agency.
8. Overture Audio home theater systems can run as high as $100,000 but there are only a few companies offering the systems.
9. Toyota’s approach to entering the U.S. market was to set a certain net profit margin, then determine what price the company had to offer to get Americans to buy its cars instead of domestic cars.
A. Psychological pricing
B. Bundling
C. Target costing
D. Penetration pricing
E. High-low pricing
F. Competition-based pricing
G. Price leadership
H. Skimming price
I. Everyday low pricing (EDLP)

The following are the typical classifications used in a balance sheet:

a. Current assets f. Current liabilities
b. Investments and funds g. Long-term liabilities
c. Property, plant, and equipment h. Paid-in-capital
d. Intangible assets i. Retained earnings
e. Other assets
Required:
For each of the following 2016 balance sheet items, use the letters above to indicate the appropriate classification category.
1. Equipment
2. Accounts payable
3. Allowance for uncollectable accounts
4. Land held for investment
5. Notes payable due in 5 years
6. Deferred rent revenue for the next 12 months
7. Notes payable due in 6 months
8. Income less dividend accumulated
9. Investment in xyz corporation
10. Inventories
11. Patents
12. Land in use
13. Accrued liabilities
14. Prepaid rent for next 9 months
15. Common stock
16. Cash
17. Building in use
18. Taxes payable

Below is the balance sheet for Glucose Control Company as of Dec. 31, 2015. The company reported an annual net income of $86,000 for the following year, 2016, but did not change its or tiabilities, unless otherwise noted.
Assets Liabilities and Equity
Cash 8000 Accounts payable 16000
Marketable securities2,000 Notes payable 6000
Accounts receivable 6,000 Current liabilities 22000
Inventory 45000 Long term debt 95000
Current assets 61000 Total liabilities 117000
Machines 34000 Paid in capital 20000
Real estate 800000 Reatained earnings 38000
Fixed assets 114000 Equity 58000
Total assets 175000 Total liab. & equity 175000
a. If the company distributed its entire net income as dividends, what would be the value of total equity on Dec. 31, 2016?
b. If the company distributed half of its net income as dividends and used the rest to invest in nevw machines, what would be the value of total equity on Dec. 31, 2016?
c. If the company didn't pay any dividends, but used the entire net income to pay back long-term debt, what would be the value of total equity on Dec. 31, 2016?
d. If the company distributed half of its net income as dividends, used the rest to invest in new machines and sold all its marketable securities to pay back some long-term debt, what would be the value of total equity on Dec. 31, 2016?

As diversity grows in both society and the workplace, interacting and communicating with your coworkers will present specific challenges and rewards. It is important to be sensitive to the diverse backgrounds of your coworkers and to understand how to navigate an increasingly diverse workplace. Which of the following are appropriate strategies for communication in diverse workplaces?
A. Understand the value of difference.
B. Seek training.
C. Use stereotypes to understand others.
D. Focus on cultural differences.
E. Practice ethnocentrism.
F. Develop healthy bias.
G. Build on similarities.

Kingbird, Inc. reported net sales of $267,000, cost of goods sold of $160,200, operating expenses of $48,900, net income of $42,720, beginning total assets of $532,300, and ending total assets of $618,100. Calculate profit margin and gross profit rate. (Round answers to 1 decimal place, e.g. 10.2%.)

Focus groups an example of what type of research

Explain
What an
organization High- uncertainty is

Name at least 4 of the sources of ethical issues

The tangible assets of an organization include
A. Company reputation
B. Patents
C. Real estate
D. Technical knowledge

Custom Metal Works produces castings and other metal parts to customer specifications. The company uses a job-order costing system and applies overhead costs to jobs on the basis of machine- hours. At the beginning of the year, the company used a cost formula to estimate that it would incur S4,320,000 in manufacturing overhead cost at an activity level of 576,000 machine-hours. The company had no work in process at the beginning of the year. The company spent the entire month of January working on one large order—Job 382, which was an order for 8,000 machined parts. Cost data for January follow:

a. Raw materials purchased on account, $312,000.
b. Raw materials used in production, $254,000 (80% direct materials and 20% indirect materials).
c. Labor cost accrued in the factory, $171,000 (one-third direct labor and two-thirds indirect labor).
d. Depreciation recorded on factory equipment, $64,000.
e. Other manufacturing overhead costs incurred on account, $84,200.
f. Manufacturing overhead cost was applied to production on the basis of 40,670 machine-hours actually worked during the month.
g. The completed job for 12,400 custom-made machined parts was moved into the finished goods warehouse on January 31 to await delivery to the customer. (In computing the dollar amount for this entry, remember that the cost of a completed job consists of direct materials, direct labor, and applied overhead.)


Required:
1. Prepare journal entries to record items (a) through (f) above. Ignore item (g) for the moment.
2. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant items from your journal entries to these T-accounts.
3. Prepare a journal entry for item (g) above.
4. Compute the unit product cost that will appear on the job cost sheet for Job 382.

Precilla Company uses a standard costing system that allows 2 pounds of direct materials for one finished unit of product. During July, the company purchased 40,000 pounds of direct materials for $210,000 and manufactured 12,000 finished units. The standard direct materials cost allowed for the units manufactured is $120,000. The performance report shows that Pricilla has an unfavorable direct materials usage variance of $5,000. Also, the company records any price variance for materials at time of purchase. The actual number of pounds (AQ) of direct materials used to produce July's output was: ___________

a. 20,000 pounds.
b. 25,000 pounds.
c. 12,000 pounds.
d. 40,000 pounds.
e. 24,000 pounds.

Recording Transactions Using Journal Entries and T-Accounts Receive $40,000 cash in exchange for common stock. Purchase $4,000 of inventory on credit. Sell inventory for $6,000 on credit. Record $4,000 for cost of inventory sold in 3. Collect $6,000 cash from transaction 3. Acquire $10,000 of equipment by signing a note. Pay wages of $2,000 in cash. Pay $10,000 on a note payable that came due. Pay $4,000 cash dividend.