Accounting

|b. |attempts to satisfy the costing objectives of both financial accounting and management accounting. |

California Surf Clothing Company issues 1,300 shares of $7 par value common stock at $22 per share. Later in the year, the company decides to repurchase 130 shares at a cost of $35 per share.

Xilinx, Inc. designs, develops, and markets complete programmable logic solutions, including advanced integrated circuits, software design tools, predefined system functions delivered as intellectual property cores, customer training, field engineering and technical support. Customers are electronic equipment manufacturers primarily in the telecommunications, networking, computing, industrial, and consumer markets. Products are sold globally through a direct sales management organization and through franchised domestic and foreign distributors. (Source: Company 2007 Form 10-K)

3. What was the balance of Walmart’s allowance for doubtful accounts (ADA) as of January 31, 2012?

347 U.S. 483 Argued December 9, 1952 Reargued December 8, 1953 Decided May 17, 1954 APPEAL FROM THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF KANSAS* Syllabus Segregation of white and Negro children in the public schools of a State solely on the basis of race, pursuant to state laws permitting or requiring such segregation, denies to Negro children the equal protection of the laws guaranteed by the Fourteenth Amendment -- even though the physical facilities and other "tangible" factors of white and Negro schools may be equal. (a) The history of the Fourteenth Amendment is inconclusive as to its intended effect on public education. (b) The

15. An individual receiving both stock and short term notes for appreciated property has no recognized gain because of &351. Answer: True

As a result of the option granted to Williams, using the fair value method, Trent should recognize compensation expense for 2010 on its books in the amount of

Verizon Communications Inc., headquartered in New York, is a global leader in providing broadband and

* Publish a vision of sustainable real estate and operations that is aligned with the corporate vision.

|  useful output. (Useful output is one of the basic principles of accounting information systems.)

9. (TCO B) Variable expenses for Alpha Company are 25% of sales. What are sales at the break-even point, assuming that fixed expenses total $150,000 per year:

PROBLEM 15.50 (40 minutes) Customer profitability analysis: manufacturer 1 Customer profitability analysis: Sales revenue Cost of goods sold Gross margin Selling and administrative costs: General selling costs General administrative costs Customer-related costs: Sales activity (8,6 x $1000) Order taking (15, 20 x $200) Special handling (800, 600 x $50) Special shipping (18, 20 x $500) Total selling and administrative costs Operating profit CaesarStream $190 000 80 000 110 000 24 000 19 000 8 000 3 000 40 000 9 000 $103 000 $ 7 000 NeroCom $123 800 62 000 61 800 18 000 16 000 6 000 4 000 30 000 10 000 $84 000 ( $22 200)

Assume that Pittman Company decides to continue selling through agents and pays the 20% commissions rate. Determine the volume of the sales that would be required to generate the same net income as contained in the budgeted income.

If I were to price these boxes any lower than $480 a thousand, said James Brunner, manager of Byrch Paper Company Thompson Division, I’d be countermanding my order of last month for our salesmen to stop shaving their bids and to bid full cost quotations. I’ve been trying for weeks to improve the quality of our business, and if I turn around now and accept this job at $430 or $450 or something less than $480, I’ll be tearing down this program I’ve been working so hard to build up. The division can’t very well show a profit by putting in bids which don’t even cover a fair share of overhead costs, let alone give us a profit.

[pic]s a senior in a professional services firm, you have been assigned to plan the financial statement audit of a private company named Toy Central Corporation (TCC). In addition, the partner on the engagement has asked you to identify business risks that could adversely affect TCC’s sustained profitability, so that they can be brought to the attention of the company’s board of directors. These tasks will require you to draw on your knowledge of supply chain management, marketing, internal controls, audit assertions, and financial accounting.