In response to accounting scandals and the collapse of Enron at the turn of the century, the U.S. Congress passed the Sarbanes-Oxley Act to establish a system of federal oversight of corporate accounting practices. The purpose of the law is to hold CEOs accountable in matters of financial reporting, and to ensure the truthfulness of statements offered to investors. Despite the law's good intentions, businesses must now spend millions of dollars each year just to comply with the regulations. However, the steep challenges of compliance have created a boom in new accounting firms that specialize in helping companies meet the law's requirements.

Congress passed Sarbanes-Oxley into law as a response to:________

a. Executive CEO pay
b. Financial scandals and corporate fraud
c. Consumer protection violations
d. Globalization

Answer:

Financial scandals and corporate fraud

Explanation:

The Sarbanes-Oxley Act was passed in  2002. The purpose of the act was to protect investors from fraudulent financial reporting by corporations.

Carlise Corp., which manufactures ceiling fans, currently has two product lines, the Indoor and the Outdoor. Carlise has total overhead of $124,916. Carlise has identified the following information about its overhead activity cost pools and the two product lines:

Activity Cost Pools Cost Driver Cost Assigned to Pool Quantity/Amount Consumed by Indoor Line Quantity/Amount Consumed by Outdoor Line
Materials handling Number of moves $18,236 570 moves 370 moves
Quality control Number of inspections $77,420 5,600 inspections 4,200 inspections
Machine maintenance Number of machine hours $29,260 27,000 machine hours 11,000 machine hours

Required:
Suppose Carlise used a traditional costing system with machine hours as the cost driver. Determine the amount of overhead assigned to each product line.

For an accountant, which of the following tasks is the most likely to be done
on spreadsheet software?
A. Performing mathematical formulas
B. Generating account numbers
C. Printing source documents
D. Purchasing bookkeeping systems
SUBMIT

Brad works in purchasing for a manufacturing firm. He has a meeting with a potential supplier at a nice restaurant. The supplier encourages him to order as much as he wants. At the end of the meal, the supplier insists upon paying. Brad is not sure what he should do. He is afraid that, even if he attempts to be unbiased, this free meal will influence his choice of supplier in the future. However, he also doesn't want to be rude to the supplier by turning down his offer. What should Brad do?

Over the last 20 years several family breweries have sprung up, offering new beer products with unique characteristics. This has led to the availability of types of beers such as spontaneously fermented beers and speciality top fermented beers such as ales, white beers and Trappist beers. Trappist beers are top fermented beers and get their names from the places where they are produced namely in abbeys called Trappist monasteries. The beers are produced by monks of the Trappist order and marketed as authentic Trappist products. Tourists make an effort to visit these breweries to buy Trappist beers and to experience the unique culture of speciality beer. The Trappist beer companies need to consider what the future might offer, how this will affect the business and what resources and actions are necessary to prepare for it. This refers to the following management skill​

Lorenzo Peterson was swimming in a swimming pool with a friend at an apartment com­plex. Lorenzo watched his friend swim to the bottom of the pool, slide an unattached drain cover away, and then slide it back. Lorenzo thought his friend had hid­den something inside the drain, so he swam to the bot­tom of the pool. Lorenzo slid the drain cover aside and stuck his arm inside the drain. The 300 to 400 pounds of pull of the drain pump held Lorenzo trapped under­water. At least seven people tried to free Lorenzo to no avail. When the police arrived, they broke down the door to the pool equipment room and turned off the drain pump.Lorenzo was trapped underwater for twelve minutes, which left him irreversibly brain damaged. Evidence at trial showed that Sta-Rite's drain covers are designed to screw down, but often a drain cover becomes loose. Further evidence showed that there had been more than 20 prior suction-entrapment accidents involving Sta-Rite's drain covers and pumps. Evidence showed that others had designed a pool drain pump with a mechanism that would automatically shut off a pool drain pump when it detected that it was pulling more than it should. Sta-Rite did not install such safety fea­tures on its drain pumps, however.Lorenzo, through his relatives, sued Sta-Rite Indus­tries, Inc., the manufacturer of the drain, under the doctrine of strict liability to recover damages for Loren­zo's injuries. The plaintiff alleged that the underwater pool drain was designed defectively because it did not contain a shut-off mechanism. Sta-Rite Industries, Inc. v. Peterson, 837 So.2d 988, 2003 Fla. App. Lexis 1673 (Court of Appeal of Florida, 2003)1. Is there a design defect?2. Did Sta-Rite Industries meet its ethical duty?3. Should Sta-Rite be assessed punitive damages be­cause it knew there were more than 20 prior suction-entrapment accidents?

what is durability of money
​

Activity-based Costing—Comprehensive Problem [lo 2] The Riverdale Printing Company prints limited edition art books with production runs of 15,000 to 100,000. It has recently adopted an activity-based costing system to assign manufacturing overhead to products. The following data relate to one product, Art of Design, and the ABC cost pools:
Art of Design:
Annual production 40,000 units
Direct materials $37
Direct labor per unit $8
Manufacturing overhead
cost pools Cost Pool Cost Driver $ 840,000
Materials ordering $840,00 Number of purchase orders
Materials inspection 525,000 Number of receiving reports
Equipment setup 2,500,000 Number of setups
Quality control 1,000,000 Number of inspections
Other 25,000,000 Direct labor cost
Total manufacturing overhead
Annual activity information related to cost drivers:
Cost Pool All Books Art of Design
Materials ordering 120,000 orders 1,200
Materials inspection 2,100receiving reports 315
Equipment setup 125 setups 1
Quality control 5,000 inspections 500
Other $12,500,000 direct labour $320,000
a. Calculate the overhead rate per unit of activity for each of the five cost pools.
b. Calculate the total overhead assigned to the production of the Art of Design. Round to two decimal places.
c. Calculate the overhead cost per unit for the Art of Design.
d. Calculate the total unit cost for the Art of Design.
e. Suppose that Riverdale Printing allocates overhead by a traditional production volume-based method using direct labor dollars as the allocation base and one cost pool. Determine the over- head rate per direct labor dollar and the per unit overhead assigned to the Art of Design. Discuss the difference in cost allocations between the traditional method and the activity-based costing approach.

You purchase a home for $200,000 and borrow the entire amount from Broadway Bank at an APR of 6% with monthly payments. The maturity of your mortgage equals (30+X) years. a. (8 points) Draw a time line that depicts the cash flows from the mortgage payments i. compute the payment and show your inputs and work. ii. Use negative numbers for outflows and positive for inflows. b. (8 points) Compute the outstanding mortgage amount after you have made (10+Y) years of payments. i. Show this point on the time line, and ii. give the inputs to your computations for full credit. (8 points) c. (9 payments) What is the interest and principal component of your mortgage payment on the next mortgage payment made after (10+Y) years in part (b)? Show your computations.

What are the choices made by households and firms that determine what, how, and for whom goods and services are produced? Where in the circular flow model, do these choices appear?

A__________can help you decide if you should buy or lease a new car.
a.
Diagram
c.
Flowchart
b.
Table
d.
Timeline


Please select the best answer from the choices provided

A
B
C
D

Errors not detected by a trial balance

According to your research, the growth rate in dividends for DR Dime for the previous 10 years has been negative 14 percent. If investors feel this growth rate will continue, what is the required return for DR Dime stock?

Match to the best answer. You will not use all the options and you cannot use the same option more than once. A. Risk-Return trade-off G. Crony capitalism F. Marginal benefit - Balance of payments H. Lorenz curve E. Scarcity - Marginal cost A. Safe investments make little money B. Change in total revenue C. CA+NX=0 D. Change in total cost E. When demand exceeds our ability to fulfill those demands F. Change in total benefit G. Capitalism characterized by a government-manipulated economy H. Represents actual distribution of income I. Property rights must be clearly defined and strictly enforced

Why is the equality of marginal revenue and marginal cost essential for profit maximization in all market structures

The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances:

Accounts Debits Credits
Cash $4,000
Accounts Receivable 9,000
Supplies 3,000
Equipment 26,000
Accumulated Depreciation $6,000
Accounts Payable 4,000
Utilities Payable 5,000
Deferred Revenue 0
Common Stock 18,000
Retained Earnings 9,000
Totals $42,000 $42,000

The following is a summary of the transactions for the year:

1. January 24 Provide plumbing services for cash, $15,000, and on account, $60,000.
2. March 13 Collect on accounts receivable, $48,000.
3. May 6 Issue shares of common stock in exchange for $10,000 cash.
4. June 30 Pay salaries for the current year, $32,000.
5. September 15 Pay utilities of $5,000 from 2020 (prior year).
6. November 24 Receive cash in advance from customers, $8,000.
7. December 30 Pay $2,000 cash dividends to stockholders.

The following information is available for the adjusting entries.

Depreciation for the year on the machinery is $6,000. Plumbing supplies remaining on hand at the end of the year equal $1,000. Of the $8,000 paid in advance by customers, $6,000 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,000.

Required:
Complete the full accounting cycle.

Below are several transactions for Crimson Tide Corporation. A junior accountant, recently employed by the company, proposes to record the following transactions.

External Transaction Accounts Debit Credit
1. Pay cash dividends of $800 to stockholders. Cash 800
Dividends 800
2. Provide services on account for customers, $3,400. Cash 3,400
Service Revenue 3,400
3. Pay a $500 utilities bill for the current period. Utilities Expense 500
Cash 500
4. Receive cash of $400 from previously billed customers. Cash 400
Service Revenue 400
5. Pay for supplies previously purchased on account, $1,200. Supplies Expense 1,200
Cash 1,200

Required:
Provide a correct entry for each of the transactions classified as incorrect

The real GDP of the U.S. economy was $19,222.0 billion at the end of 2019.

a. Calculate the real GDP in 5 years time if (1) growth is 3% per year, and (2) growth is 2% per year.
b. What is the difference in GDP between a growth rate of 2% and one of 3% over those 5 years?

Based on your understanding of the impact of macroeconomic factors, identify which of the following statements is true or false.

a. The larger the federal deficit, other things held constant, the higher are interest rates.
b. If the Fed injects a huge amount of money in the markets, inflation is expected to decline, and long-term interest rates are expected to rise.
c. In November 2008, the yields on U.S. Treasuries were actually negative. This means that investors were willing to lose money on their investment in U.S.
d. Treasuries as long as most of their invested capital was safe.
e. The Federal Reserve’s ability to use monetary policy to control economic activity in the United States is limited because U.S. interest rates are highly dependent on interest rates in other parts of the world.

Hakara Company has been using direct labor costs as the basis for assigning overhead to its many products. Under this allocation system, product A has been assigned overhead of $21.86 per unit, while product B has been assigned $13.35 per unit. Management feels that an ABC system will provide a more accurate allocation of the overhead costs and has collected the following cost pool and cost driver information:

Cost Pools Activity Costs Cost Drivers Activity Driver Consumption
Machine setup $360,000 Setup hours 4,000
Materials handling 85,000 Pounds of materials 17,000
Electric power 50,000 Kilowatt-hours 25,000

The following cost information pertains to the production of A and B, just two of Hakara's many products:

A B
Number of units produced 4,000 10,000
Direct materials cost $39,000 $38,000
Direct labor cost $22,000 $27,000
Number of setup hours 100 200
Pounds of materials used 2,000 2,000
Kilowatt-hours 2,000 4,000

Required:
Use activity-based costing to determine a unit cost for each product.

Kitto Electronics Data Kitto Electronics expects an EBIT of $200,000 for Year-1. EBIT is expected to grow at 6% thereafter. The tax rate is 25%. In order to support growth, Kitto must reinvest 20% of its EBIT in net operating assets. Kitto has $300,000 in 8% debt outstanding, and a similar company with no debt has a cost of equity of 11%. Refer to data for Kitto Electronics. Using the compressed adjusted present value model, what is the value of Kitto's tax shield

Orange Inc., an orange juice producer with a current debt-to-equity ratio of 2, is considering expanding its operations to produce toothpaste. Unsurprisingly, the toothpaste industry faces a different set of risks than the orange juice industry. However, the executives at Orange Inc. observe that Paste Inc., a toothpaste company, has a cost of equity of 12%, a cost of debt of 6%, and a debt-to-value ratio of 40%. Orange Inc. plans to finance its expansion into toothpaste production with 50% debt and 50% equity. The cost of debt for Orange Inc. is also 6%, and the corporate tax rate is 25%.

Required:
Solve for the discount rate that Orange Inc. should use when evaluating whether to go forward with the expansion.

Suppose you interview someone for the job of receptionist. He or she makes this statement: "I am usually in a very good mood. I consider myself to be upbeat and optimistic Which element of individual behavior might this predict, and would this be important for the job as described? a. Selective perception; unimportant for job b. Machiavellianism; unimportant for job c. Positive affectivity; important for job d. Low openness; important for job

An increase in the expected price level shifts a. the short-run aggregate supply curve to the left but does not affect the long-run aggregate supply curve. b. the long-run aggregate supply curve to the left but does not affect the short-run aggregate supply curve. c. neither the long-run aggregate supply curve nor the short-run aggregate supply curve to the left. d. both the short-run and long-run aggregate supply curves to the left.

NEED HELP ASAP!! 30 points AND I WILL MARK YOU BRAINLIEST!!

1. How does the business cycle directly impact the level of employment within an economy? Please discuss how each part of the business cycle would directly impact the need to employ workers.

2. How does GDP represent the health of an economy? Please list two ways that a GDP is representative of the overall strength or weaknesses of an economy.

Daguio Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the total estimated manufacturing overhead was $224,580. At the end of the year, actual direct labor-hours for the year were 18,200 hours, manufacturing overhead for the year was underapplied by $12,100, and the actual manufacturing overhead was $219,580. The predetermined overhead rate for the year must have been closest to: _________.
A. $11.40 per machine-hour
B. $12.34 per machine-hour
C. $12.06 per machine-hour
D. $10.53 per machine-hour

According to the law of supply, when prices increase, the quantity of suppliers create _____.

Which option identifies the law represented in the following scenario?
Bauer comes out with a new hockey skate, and last year’s model sits on the shelves. The local hockey shop places last year’s model on sale for half price.


law of demand

law of diminishing marginal utility

law of supply and demand

law of supply

On October 1, 20X1, Bullseye Company sold 250,000 gallons of diesel fuel to Schmidt Co. at $3 per gallon. On November 8, 20X1, 150,000 gallons were delivered; on December 27, 20X1, another 50,000 gallons were delivered; and on January 15, 20X2, the remaining 50,000 gallons were delivered. Payment terms are 10% due on October 1, 20X1; 50% due on first delivery; 20% due on the next delivery; and the remaining 20% due on final delivery.

Required:
a. Do each of the three deliveries represent a distinct performance obligation, or is there a single performance obligation requiring three deliveries?
b. What amount of revenue should bullseye recognize from this sale during 2018?

Sanyo Corporation manufactures a popular model of business calculators in a suburb of Seoul, South Korea. The production process goes through two departments: assembly and testing. The following information (in thousands of South Korean currency, the won) pertains to the testing department for the month of July.

Work-in-Process Inventory, July 1 6,000 units
Transferred-in costs 94,900 won (100% complete)
added in July Direct materials 33,970 won (100% complete)
Conversion 46,880 won (80% complete)

During the month of July, 15,000 units were transferred in from the assembly department at the cost of 148,700 won, and the testing department added costs of 209,940 won, as follows:

Direct materials 96,440 won
Conversion 113,500 won

During the month, 18,000 units were completed and transferred to the warehouse. At July 31, the completion percentage of Work-in-Process was as follows:

Direct materials 90%
Conversion 60%

Required
Prepare the production cost report of the testing department for the month of July using weightedaverage process costing.

BioMorphs Corporation produces three products in a monthly joint production process. During the first stage of the process liquids and chemicals costing $60,000 are heated and three different compounds emerge: 3,000 gallons of Molecue worth $22 per gallon are created from the steam; 10,000 gallons of Borphue worth $15 are drained from the tank; and 1,000 gallons of the tank residue, labeled as Polygard, are sold as fertilizer for $5.50 per gallon. Before Molecue is sold, it must be purified in another process that costs $10,000, and before the Polygard fertilizer is sold, it must be bottled at a price of $1.50 per gallon.

Required:
a. What is the profitability of the joint process?
b. Is it profitable to process Molecue further if it can be sold at split-off for $9 per gallon?
c. BioMorphs has an offer to buy Polygard bulk at the split-off point without bottling for $3,400 per month. What is the incremental profit (loss) for the month to BioMorphs if it accepts the offer?