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2017

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A company started the year with accounts receivable of $15,00 and an allowance for uncollectable accounts of $(1,500). During the year, sales (all account) were $110,000 and cash collections for sales amounted to $105,000. Also, $1,000 worth of uncollectable accounts were specifically identified and written off. Then, at year-end, the company estimated that 10% of ending accounts receivable would be collected. A. What amount will be shown on the year-end income statement for bad debt expense? B. What is the balance in the allowance for uncollectable accounts after all adjustments have been made?

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Pearce Manufacturing Inc. incurred the following costs in February: Direct Labor $40,000 Indirect Labor $15,000 Administrative Salaries $8,000 Raw materials purchased $10,000 Indirect materials used $4,000 Advertising Costs $1,000 Factory Rent $4,000 Factory Depreciation $2,000 Administrative Rent $3,000 Administrative Depreciation $1,000 In addtion,the following information is also available Beginning / Ending Raw Materials $2,000 / $4,000 Work-in-process $25,000 / $18,000 Finished Goods $4,000 / $12,000 Number of units produced 10,000 units Number of units sold (sales price of $25 per unit) 9,000 units A) Calculate total period costs. B) Calculate raw material used. C) Calculate cost of goods manufactured.

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Classify the following events as mostly systematic or mostly unsystematic and tell us why. Is the distinction clear in each case? a) Short term interest rates increase unexpectedly b) The interest rate a company pays on its short term debt borrowing is increased by its bank. c) Oil prices unexpectedly decline d) An oil tanker ruptures, creating a large oil spill e) A manufacturer loses a multimillion dollar product liability suit f) A Supreme Court decision substantially broadens producer liability for injuries suffered by product users.

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Earnings announcements by companies are closely followed by, and frequently result in, share price revisions. Two issues should come to mind. First, earnings announcements concern past periods, If the market values stocks based on expectations of the future, why are numbers summarizing past performance relevant? Second, these announcements concern accounting earnings. Going to chapter 2 in the Ross text, such earnings may have little to do with cash flow – so, again, why are they relevant?

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Assess the financial position of the Netflix 2011 financial statement in comparison to Redbox their competitor. The emphasis is on cash flow for this analysis. 1. Compute the return on assets, profit margin and asset utilization rate of both companies. 2. Assess Netflix’s competitive financial position. 3. Compute the free cash flow of both companies. 4. Assess Netflix’s relative cash position and comment on its receipt and use of cash during the year. Please also provide links to all sources of financial information.

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The Everglades Marine Company has the followng inventory balances at the beginning of January: Raw Materials Inventory $71,568 Work-in-Process Inventory $109,788 Finished Goods Inventory $92,757 During January Everglades incurred $106,806 in overhead costs and direct labor cost of $193,200. Materials costing $51,891 were entered into production, and materials costing $65,541 were purchased. At the end of the month, the following inventory balances remained: Raw Materials Inventory $85,218 Work-in-Process Inventory $17,640 Finished Goods Inventory $10,017 What was Everglade Marine’s Cost of Goods Sold for January?