The grocery industry has an annual inventory turnover of about 14 times. Organic Grocers, Inc., had a cost of goods sold last year of $11,570,000; its average inventory was $1,016,440. What was Organic Grocers' inventory turnover, and how does that performance compare with that of the industry? a) What was Organic Grocers' inventory turnover? times […]
Mutual Funds on page 24) In The Business of Life: Controlling Costs in Mutual Funds feature, the importance of keeping expenses down is discussed. The Financial Industry Regulatory Authority website provides an easy way to compare two mutual funds. Go to the website, http://apps .finra.org/fundanalyzer/1/fa.aspx, then enter Vanguard 500 Index Fund Investor Class (you will […]
Paper instructions: Treasure We Seek. Two cases in our Christian Ethics text consider our obligations to those who live here and those made to distant neighbors. Homeless people are seen sleeping in corners or near shelters that are over-filled. On the other hand our distant neighbors in Haiti suffer from a lack of food and basic […]
Problem:1040 From Samantha A. Cranston, age 37, is single and lives with her dependent mother at 426 Grouse Avenue, Allentown, PA 18105. Her Social Security number is 111-21-1113. Samantha is a licensed hairstylist. She owns and operates a salon called Turning Heads, located at 480 Laurel Street, Allentown, PA 18105. Samantha’s business activity code is […]
Describe the apparent differences in the order of presentation of the components of the balance sheet between IFRS as applied by Air France-KLM (AF) and a typical balance sheet prepared in accordance with U. S. GAAP.
Telephone Sellers Inc. sells prepaid telephone cards to customers. Telephone Sellers then pays the telecommunications company, TeleExpress, for the actual use of its telephone lines. Assume that Telephone Sellers sells $4,000 of prepaid cards in January 2012. It then pays TeleExpress based on usage, which turns out to be 50% in February, 30% in March, […]
Toney Company uses the FIFO method to compute equivalent units. It has unit costs of $10 for materials and $30 for conversion costs. If there are 2,500 units in ending work in process, 100% complete as to materials and 40% complete as to conversion costs, the total cost assignable to the ending work in process […]
Holes ‘R’ Us, a blasting services company, has the following information available on December 31, the last day of the company’s fiscal year. Each item involves an adjusting entry that must be made before financial statements can be prepared and the books closed for the year. Show how these adjusting entries would be entered into […]
Financial planning models do not always ask the right questions. A primary reason is that they tend to rely on accounting relationships and not financial relationships. In particular, the three basic elements of firm value tend to get left out, namely, cash flow size, risk, and timing. Because of this, financial planning models sometimes do […]
Rosa Langley Fashions tags its inventory with retail prices, but does not keep thorough inventory records. The lax system makes it very costly for the company to determine the cost of store inventory. The cost of Rosa Langley Fashions’ merchandise is typically 40% to 60% of retail price, so the company determines cost of ending […]
