Page 1

ACC 543 Assignment New Donor Presentation (modality of your choice)(New Syllabus)

For more course tutorials visit uophelp.com is now newtonhelp.com www.newtonhelp.com

• 10- to 12-slide presentation using a modality of your choice. Your boss request a presentation for new donors. You are to include the following:What is the mission and purpose of your organization? • Differentiate between private and government not-for-profit organizations. • What are the primary sources of funding for the organization? How are the revenues classified? Be sure to include dollar amounts. • What are the primary expenditures for the organization? In other words, how do the organizations get and spend their money. • What reports are required by FASB as far as reporting? • What issues have not-for-profits faced as far as reporting and what changes are being made in the new year? • What are the differences between reporting for governments and not-for-profit organizations? • How successful has your entity been in terms of meeting its mission and staying fiscally solvent?


• What reports or information will show the donors if a not-forprofit entity is financially healthy? The student should use four different sources. Each source should be cited in the text on the slides and there should be a reference slide at the end. All work submitted for grading should be original work of the student that submitted the assignment in this class. ----------------------------------------------------ACC 543 Entire Course

For more course tutorials visit uophelp.com is now newtonhelp.com www.newtonhelp.com

ACC 543 Week 1 Individual Textbook 4.16, 4.18, 4.20 ACC 543 Week 2 Individual Textbook Exercise Ex-5.17, Case 6.55, Ex 7.21, Ex 8-25 ACC 543 Week 3 Individual Textbook Exercise (10.22, 11.16, 11.18, 15.16) ACC 543 Week 3 Team Assignment Capital Budget Recommendation (2 Papers)


ACC 543 Week 4 Individual Textbook Exercise (22.1, 22.2, 22.5, 25.1, 25.2, 25.5) ACC 543 Week 4 Team Assignment (26.1, 26.2, 26.3, 26.7, 27.1, 27.2, 27.4, 27.5, 27.7) ACC 543 Week 5 Individual Textbook Exercise (47.2, 47.3, 47.6, 50.1, 50.6, 50.7, 45.2, 45.5, 45.6, 45.7) ACC 543 Week 5 Team Aspects of Employment and Environment Paper and PowerPoint River-Rafting Location ACC 543 Week 6 Individual Textbook Exercise (29.1, 29.2, 29.4, 30.4,31.1, 31.3, 31.6, 33.3, 33.5, 33.6, 51.1, 51.2, 51.3, 51.4, 51.5 51.6) ACC 543 Week 6 Team Assignment Flexible Budgets ----------------------------------------------------ACC 543 Exercise 18-17B: Process Cost System Cost of Production Report

For more course tutorials visit uophelp.com is now newtonhelp.com www.newtonhelp.com


Exercise 18-17B: Process Cost System Cost of Production Report At the beginning of 2004, Dozier Company had 1,800 units of product in its work in process inventory, and it started 19,200 additional units of product during the year. At the end of the year, 6,000 units of product were in the work in process inventory. The ending work in process inventory was estimated to be 50 percent complete. The cost of work in process inventory at the beginning of the period was $9,000, and $108,000 of product costs was added during the period. Required Prepare a cost of production report showing the following. a. The number of equivalent units of production. b. The product cost per equivalent unit. c. The total cost allocated between the ending Work in Process Inventory and Finished Goods Inventory accounts. ----------------------------------------------------ACC 543 Week 1 Assignment Managerial Accounting for Business Decision Making (New Syllabus)

For more course tutorials visit uophelp.com is now newtonhelp.com www.newtonhelp.com


Q1: Doughton Bearings produces ball bearings for industrial equipment. In evaluating their financial data from the previous year, the accounting manager has determined that their unit sales price is $25 per bearing and their unit variable cost is $18 per bearing. What is the unit contribution margin per unit? Q 2: Felton Paper produces paper for textbooks. Felton plans to produce 500,000 cases of paper next quarter to sell at a price of $100 per case. Each case costs the company $80 to produce. What is the total contribution margin for next quarter? Q 3: Ford Tops manufactures hats for baseball teams. For has fixed costs of $175,000 per quarter and each hat sells for $20. If the variable cost per hat is $10, how many hats must the company sell each quarter to break even? Q 4: The Cobb Clinic treats walk in patients for various illnesses. The accounting manager has estimated they have $5,000 in monthly fixed costs in addition to a $20 cost per patient. If the charge is $30 per visit, ow many visits per month does the clinic need to breakeven? Q 5: Oxicon, Inc. manufactures several different types of candy for various retail stores. The accounting manager has requested that you determine the sales dollars required to break even for next quarter based on past financial data. Your research tells you that the total variable cost will be $500,000, total sales will be $750,000, and fixed costs will be $75,000. What is the breakeven point in sales dollars? Q 6: Williams & Williams Co. produces plastic spray bottles and wants to earn a profit of $200,000 next quarter and have variable costs of $0.50 per bottle, fixed costs of $400,000, and sell the bottles for $1.00 each. How many bottles must they sell to meet this goal?


Q 7: Scott Power produces batteries. Scott has determined its contribution margin to be $8 per battery and their contribution margin ratio to be 0.4. What is the effect on operating profit from the sale of one additional battery? One additional dollar of sales? Q 8: ABC Audio sells headphones and would like to earn after tax profit of $400 every week. Each set of headphones costs $5 and is sold for $10. They also incur costs of $200 for rent and other fixed costs, and their tax rate is 20%. How many headphones must they sell per week to meet this goal? Q 9: Franklin Cards sells greeting cards for $2 each, and plans to sell 100,000 cards every quarter. The accounting manager has determined they must sell 80,000 cards to break even every quarter. What is the margin of safety (MOS), in units and in sales dollars? Q 10: May Clothing is a retail men’s clothing store. May's cost is $20 per shirt. The sales price is $40 per shirt. They plan to sell 400,000 shirts each year, which at this level would result in a before tax profit of $2,500,000. What is their degree of operating leverage (DOL) at this volume level? ----------------------------------------------------ACC 543 Week 1 Individual Textbook 4.16, 4.18, 4.20

For more course tutorials visit uophelp.com is now newtonhelp.com www.newtonhelp.com


Relevant Cost and Decision Making 4.16 Make or buy Yoklic Corporation currently manufactures a subassembly for its main product. The costs per unit are as follows: Regina Corp has contacted Yoklic with an offer to sell it 5,000 subassemblies for $55.00 each. REQUIRED: 1. Should Yoklic make or buy the subassemblies? Create a schedule that shows the total quantitative differences between the two alternatives. 2. The accountant decided to investigate the fixed costs to determine whether any incremental changes would occur if the subassembly were no longer manufactured. The accountant believes that Yoklic will eliminate $50,000 of fixed overhead if it accepts the proposal. Does this new information change the decision? Show your calculations. 3. Ignore the information in part (B). Now suppose Yoklic could use the capacity released under the buy alternative to make a different subassembly that it currently purchases from a vendor for $20. The manufacturing engineer believes that the company can use the existing equipment to manufacture the subassembly for $13 each (direct materials, direct labor, and variable overhead). The firm uses about 5,000 of these subassemblies. Create a schedule that shows the difference between the two alternatives. 4.18 Special order The Cone Head House sells ice cream cones in a


variety of flavors. Data for a recent week appear here: The Cone Head’s manager received a call from a university student club requesting a bid on 100 cones to be picked up in three days. The cones could be produced in advance by the store attendant during slack periods and then stored in the freezer. Each cone requires a special plastic cover that costs $0.05. REQUIRED: 4.20 Outsourcing, business risk Saguaro Systems produces and sells stereo systems for MP3 players. The following information has been collected about the costs related to the systems: The managers are deciding whether to outsource production to a Mexican company that has offered to produce these systems for $48 each. The managers estimate that $260,000 of Saguaro’s fixed costs could be eliminated if they accept the offer. Direct labor employees are guaranteed pay for 40 -----------------------------------------------------

ACC 543 Week 2 AssignmentTracking and Analyzing Costs to Enhance Decision Making (New Syllabus)

For more course tutorials visit uophelp.com is now newtonhelp.com www.newtonhelp.com


1 Tasty Beverage Co. produces soft drinks, specializing in fruit drinks. They produce 5,000 cans of product per batch. Setup cost for each batch is $50 and each drink costs $0.10 to produce. What is the total cost per batch? How much would it cost to fill an order for 100,000 cans? 2 Montross Lumber processes wood to be shipped to construction companies. In order to keep their products uniform, they conduct inspections on 20% of the boards produced. Inspections cost the company $10 per hour and it takes 1 minute to inspect each board. How much would it cost to fill an order for 30,000 boards 3 Orange Inc. grows cabbage. Each package shipped out contains 20 vegetables. It costs Orange $5 to put together each package and $0.10 to clean and process each vegetable. If they are discussing an order for 50 heads of cabbage, how much higher is the cost of producing 60 heads, considering package size? 4 Williams Performance Co. manufactures sports cars. After making a sale, the salesperson sends the car to be detailed before the customer takes it home. Detailing the car takes 30 minutes at a cost of $15 per hour for direct labor and $5 per car for materials. If the average salesperson sells 5 cars per day, what is the average cost per week for detailing cars? 5 Stackhouse Computing produces high performance desktop computers. Annual CGS data shows that the company spent $1,000,000 for 5,000 computers produced, and each computer requires 2 technician hours and 5 hours of direct labor. Direct labor is paid $10 per hour by the company. What is the cost of 1 technician hour?


6 Haywood Printing is processing a job with the following activity rates: Activity Cost Driver Driver Rate Direct Labor Number of Hours $8 Copying Number of Copies $0.05 If this job requires 5 hours for the 1,000 copies, what is the activity based cost of the job? 7 Locke Data Processing reported expenses of $5,000,000 for indirect labor, of which $3,000,000 was for data analysis, and $2,000,000 was for data entry. Locke recorded 30,000 hours of data analysis and 100,000 hours of data entry. What are the activity based rates for each area of direct labor 8 The materials handling charge for ABC corp is $.50 per pound of finished product. What is the materials handling charge for a job that produced 10,000 units and the weight of each product was 6 pounds? -----------------------------------------------------

ACC 543 Week 2 Individual Textbook Exercise Ex 5.17, Case 6.55, Ex 7.21, Ex 825

For more course tutorials visit uophelp.com is now newtonhelp.com www.newtonhelp.com


5.17 Job costing, service sector Consider the following budgeted data for a client job of Bob Crachit’s accounting firm. The client wants a fixed price quotation. Overhead is allocated at the rate of 100% of direct labor cost. REQUIRED: 6.55 Costs of workplace health and safety Britain’s Health and Safety Executive (HSE) is a national regulatory body overseeing workplace health and safety. In its 2007 performance report, HSE reported the following statistics: • 241 workers were killed at work. • 141,350 employees suffered serious injuries at work. • 2 million people were suffering from an illness they believed was caused or made worse by their current or past work. 646,000 of these were new cases in the last 12 months. • 36 million days were lost overall (1.5 days per worker), 30 million due to work-related ill health and 6 million due to workplace injury. • £20 billion (approximately 2% of GDP) is the estimated annual cost to society of work-related accidents and ill health. 8.25 Step-down, direct, and reciprocal methods, accuracy of allocation (Appendix 8A) Software Plus Corporation produces flight and driving simulations and games for personal computers. The president has a complaint about the accounting for support department costs. He points to the following table describing the


use of various support departments in the company and says, “According to this table, every department receives services from all the support departments. But I understand that only some of the support departments are bearing costs from the other support departments. Why is that?� 7.21 ABC, ABM (CMA) Applewood Electronics manufactures two large-screen television models, the Monarch, which has been produced for five years and sells for $900, and the Regal, a new model that sells for $1,140. Applewood’s CEO, Harry Hazelwood, suggested that the company should concentrate its marketing resources on the Regal model and begin to phase out the Monarch model. Applewood currently uses a traditional costing system. The following cost information has been used as a basis for pricing decisions over the past year. -----------------------------------------------------

ACC 543 Week 3 Assignment Budgeting and Controlling Costs (New Syllabus)

For more course tutorials visit uophelp.com is now newtonhelp.com www.newtonhelp.com


RTI Company's master budget calls for production and sales of 18,000 units for $81,000; variable costs of $30,600; and fixed costs of $20,000. The company incurred $32,000 of variable costs to produce and sell 20,000 units for $85,000, and earned $25,000 operating income. Master budget sales volume (units) 18,000 Budgeted total sales revenue $81,000 Budgeted total variable costs $30,600 Budgeted fixed costs $20,000 Actual variable costs incurred $32,000 Actual production/sales volume (units) 20,000 Actual total sales revenue $85,000 Actual operating income $25,000 1. Determine RTI Company’s a. Flexible budget operating income. b. Contribution margin flexible-budget variance. c. Operating income flexible-budget variance. d. Sales volume variance, in terms of contribution margin. e. Sales volume variance, in terms of operating income. 2. Explain why the contribution margin sales volume variance and the operating income sales volume variance for the same period are likely to be identical. 3. Explain why the contribution margin flexible-budget variance is likely to differ from the operating income flexible-budget variance for the same period. -----------------------------------------------------

ACC 543 Week 3 Exam (New Syllabus)


For more course tutorials visit uophelp.com is now newtonhelp.com www.newtonhelp.com

Which one of the following risks is least likely to be mitigated by project diversification? A graph of the relationship between financial risk and expected financial reward would show a curve that has a: Which one of the following identifies the rate of return required by investors to compensate them for deferring current consumption when making an investment? As the perceived risk of an undertaking increases, what would be the expected effect on the risk-free rate of return and the risk premium rate of return? Which one of the following approaches to capital project evaluation is primarily concerned with the relative economic ranking of projects? Major Corp. is considering the purchase of a new machine for $5,000 that will have an estimated useful life of five years and no salvage value. The machine will increase Major's after-tax cash


flow by $2,000 annually for five years. Major uses the straightline method of depreciation and has an incremental borrowing rate of 10%. The present value factors for 10% are as follows: Using the payback method, how many years will it take to pay back Major's initial investment in the machine? Which one of the following is a strength of the payback method of evaluating an investment project? What is the investment's payback period? Capital budgeting is concerned with capital investments that have which one of the following characteristics? A company invested in a new machine that will generate revenues of $35,000 annually for seven years. The company will have annual operating expenses of $7,000 on the new machine. Depreciation expense, included in the operating expenses, is $4,000 per year. The expected payback period for the new machine is 5.2 years. What amount did the company pay for the new machine? Which one of the following is not a technique or approach for evaluating capital budgeting opportunities? Using the information above, which one of the following is the payback period in years for this project? (Ignore income tax.) Which of the following statements is correct regarding the payback method as a capital budgeting technique? Which of the following statements concerning the discounted payback period approach to project evaluation is/are correct?


Which of the following statements concerning the discounted payback period method of evaluating capital projects is/are correct? Which one of the following is the capital budgeting evaluation approach that determines the number of periods required for the discounted cash inflows of a project to equal the discounted cash outflows? The discounted payback period approach to project evaluation is better than the payback period approach because A company purchases an item for $43,000. The salvage value of the item is $3,000. The cost of capital is 8%. Pertinent information related to this purchase is as follows: What is the discounted payback period in years? Which one of the following methods of evaluating potential capital projects would take into account depreciation expense that was non-deductible for tax purposes? Which of the following statements concerning the accounting rate of return approach to evaluating capital projects is/are correct? Lin Co. is buying machinery it expects will increase average annual operating income by $40,000. The initial increase in the required investment is $60,000, and the average increase in required investment is $30,000. To compute the accrual accounting rate of return, what amount should be used as the numerator in the ratio? Phillips Company is considering the acquisition of a new machine that would cost $66,000, has an expected life of 6 years, and an expected salvage value of $16,000. The company expects the machine to provide annual incremental income before taxes of $7,200. Phillips has a tax rate of 30%. If Phillips uses average


values in its calculations, which one of the following will be the average accounting rate of return on the machine? Salem Co. is considering a project that yields annual net cash inflows of $420,000 for years 1 through 5, and net cash inflow of $100,000 in year 6. The project will require an initial investment of $1,800,000. Salem's cost of capital is 10%. Present value information is present below: What was Salem's expected net present value for this project? Yarrow Co. is considering the purchase of a new machine that costs $450,000. The new machine will generate net cash flow of $150,000 per year and net income of $100,000 per year for five years. Yarrow's desired rate of return is 6%. The present value factor for a five-year annuity of $1, discounted at 6%, is 4.212. The present value factor of $1, at compound interest of 6% due in five years, is 0.7473. What is the new machine's net present value? A corporation is considering purchasing a machine that costs $100,000 and has a $20,000 salvage value. The machine will provide net annual cash inflows of $25,000 per year and has a sixyear life. The corporation uses a discount rate of 10%. The discount factor for the present value of a single sum six years in the future is 0.564. The discount factor for the present value of an annuity for six years is 4.355. What is the net present value of the machine? Which of the following is an advantage of net present value modeling? A project should be accepted if the present value of cash flows from the project is: The following information pertains to Krel Co.'s computation of net present value relating to a contemplated project:


Discounted expected cash inflows $1,000,000 Discounted expected cash outflows 700,000 Net present value is: Tam Co. is negotiating for the purchase of equipment that would cost $100,000, with the expectation that $20,000 per year could be saved in after-tax cash costs if the equipment is acquired. The equipment's estimated useful life is 10 years, with no residual value, and would be depreciated by the straight-line method. Tam's predetermined minimum desired rate of return is 12%. Present value of an annuity of 1 at 12% for 10 periods is 5.65. Present value of 1 due in 10 periods at 12% is .322. Net present value is A project's net present value, ignoring income tax considerations, is normally affected by the Smarti Co. has determined the following data in connection with its evaluation of a capital investment project: Smarti uses straight-line depreciation for capital investments of this type. Excerpts from present value tables showed the following: Using the above information, which one of the following is the present value of total estimated future cash inflows and savings? (Ignore income taxes.) An investment in a new product will require an initial outlay of $20,000. The cash inflow from the project will be $4,000 a year for the next six years. The payment will be received at the end of each year. What is the net present value of the investment at 8% using the correct factor from below? Oak Company bought a machine that they will depreciate on a straight-line basis over an estimated life of seven years. The machine has no salvage value. They expect the machine to


generate after-tax net cash inflows from operations of $110,000 in each of the seven years. Oak's minimum rate of return is 12%. Information on present value factors is as follows: Assuming a positive net present value of $12,000, what was the cost of the machine? Which project would provide the largest after-tax cash inflow? Net present value as used in investment decision-making is stated in terms of which of the following options? The calculation of depreciation is used in the determination of the net present value of an investment for which of the following reasons? The decline in the value of the investment should be reflected in the determination of net present value. Given a 10% discount rate with cash inflows of $3,000 at the end of each year for five years and an initial investment of $11,000, what is the net present value? The discount rate is determined in advance for which of the following capital budgeting techniques? Which of the following metrics equates the present value of a project's expected cash inflows to the present value of the project's expected costs? A client wants to know how many years it will take before the accumulated cash flows from an investment exceeds the initial investment, without taking the time value of money into account. Which of the following financial models should be used? Which of the following decision-making models equates the initial investment with the present value of the future cash inflows?


Which of the following events would decrease the internal rate of return of a proposed asset purchase? Polo Co. requires higher rates of return for projects with a life span greater than five years. Projects extending beyond five years must earn a higher specified rate of return. Which of the following capital budgeting techniques can readily accommodate this requirement? Which of the following limitations is common to the calculations of payback period, discounted cash flow, internal rate of return, and net present value? Which of the following rates is most commonly compared to the internal rate of return to evaluate whether to make an investment? If income taxes are ignored, which of the following methods of evaluating capital investment projects includes the use of depreciation expense? Tam Co. is negotiating for the purchase of equipment that would cost $100,000, with the expectation that $20,000 per year could be saved in after-tax cash costs if the equipment is acquired. The equipment's estimated useful life is 10 years, with no residual value, and it would be depreciated by the straight-line method. Tam's predetermined minimum desired rate of return is 12%. Present value of an annuity of 1 at 12% for 10 periods is 5.65. Present value of 1 due in 10 periods at 12% is .322. In estimating the internal rate of return, the factors in the table of present values of an annuity should be taken from the columns closest to


In evaluating the economic feasibility of a capital project, the discount rate (or hurdle rate of return) must be determined in advance when using the: Which of the following capital budgeting techniques, if any, implicitly assumes that all cash inflows are immediately reinvested to earn a return for the company? Which of the following phrases defines the internal rate of return on a project? Neu Co. is considering the purchase of capital equipment that has a positive net present value based on Neu's 12% hurdle rate. The internal rate of return would be: Which of the following characteristics represent an advantage of the internal rate of return technique over the accounting rate of return technique in evaluating a project? I. Recognition of the project's salvage value. II. Emphasis on cash flows. III. Recognition of the time value of money. How are the following used in the calculation of the internal rate of return of a proposed project? Ignore income tax considerations. Which of the following statements about investment decision models is true? When estimating cash flow for use in capital budgeting, depreciation is What is an internal rate of return? Which of the following is a limitation of the profitability index?


What is the formula for calculating the profitability index of a project? If it is determined that a project investment is expected to generate $1.20 in present value for each $1.00 invested, which one of the following was most likely used to reach that conclusion? Disco is considering three capital projects that have the following costs and net present values (NPV): Which one of the projects, if any, is not economically feasible? Using the profitability index, which project, if any, would be ranked as the most desirable? Which one of the following represents the formula used to calculate the profitability index for ranking projects? Which one of the following methods of evaluating investment projects is most likely to be least acceptable for making project ranking decisions? Which of the following methods should be used if capital rationing needs to be considered when comparing capital projects? Which of the following statements is correct regarding financial decision making? Which one of the following methods of evaluating investment projects is most likely to be used to rank projects competing for limited capital investment funds? On August 31, Year 1, Ashe Corp. adopted a plan to accumulate $1,000,000 by September 1, Year 5. Ashe plans to make four equal annual deposits to a fund that will earn interest at 10% compounded annually.


Ashe will make the first deposit on September 1, Year 1. Future value and future amount factors are as follows: Which one of the following would be the amount of annual deposits Ashe should make (rounded)? On November 1, Year 1, a company purchased a new machine that it does not have to pay for until November 1, Year 3. The total payment on November 1, Year 3 will include both principal and interest. Assuming interest at a 10% rate, the cost of the machine would be the total payment multiplied by what time value of money concept? Which one of the following kinds of tables most likely would be used to determine the current worth of five equal amounts to be received at the end of each of the next five years. Pole Co. is investing in a machine with a 3-year life. The machine is expected to reduce annual cash operating costs by $30,000 in each of the first 2 years and by $20,000 in year 3. Present values of an annuity of $1 at 14% are: Using a 14% cost of capital, what is the present value of these future savings? Which of the following changes would result in the highest present value? Which one of the following sets of interest (or discount) rates will give the greater present value of $1.00 and greater future value of $1.00? On June 30, 2012, a company is preparing the cash budget for the third quarter. The collection pattern for credit sales has been 60% in the month of sale, 30% in the first month after sale, and the rest in the second month after sale. Uncollectible accounts are negligible. There are cash sales each month equal to 25% of total sales. The total sales for the quarter are estimated as follows: July,


$30,000; August, $15,000; September, $35,000. Accounts receivable on June 30, 2012, were $10,000. What amount would be the projected cash collections for September? The regression analysis results for ABC Co. are shown as y = 90x + 45. The standard error (S ) is 30 and coefficient of determination (r ) is 0.81. The budget calls for production of 100 units. What is ABC’s estimate of total costs? The difference between standard hours at standard wage rates and actual hours at standard wage rates is referred to as which of the following types of variances? The production volume variance is due to Which of the following scenarios would encourage a company to use short-term loans to retire its ten-year bonds that have five years until maturity? Harvey Co. is evaluating a capital investment proposal for a new machine. The investment proposal shows the following information: If acquired, the machine will be depreciated using the straight-line method. The payback period for this investment is A company purchases an item for $43,000. The salvage value of the item is $3,000. The cost of capital is 8%. Pertinent information related to this purchase is as follows: What is the discounted payback period in years? The Bread Company is planning to purchase a new machine which it will depreciate on a straight-line basis over a 10-year period. A full year’s depreciation will be taken in the year of acquisition. The machine is expected to produce cash flow from


operations, net of income taxes, of $3,000 in each of the 10 years.; The accounting (book value) rate of return is expected to be 10% on the initial increase in required investment. The cost of the new machine will be Assume that Trayco’s marginal tax rate is 30% and all cash flows come at the end of the year. In evaluating the decision how is the additional investment in working capital considered? Which of the following decision-making models equates the initial investment with the present value of the future cash inflows? The company has $2,000,000 of financing available for new investment projects. The investment project with the highest excess profitability index is Which one of the following methods of evaluating investment projects is most likely to be used to rank projects competing for limited capital investment funds? Axel Corp. is planning to buy a new machine with the expectation that this investment should earn a discounted rate of return of at least 15%. This machine, which costs $150,000, would yield an estimated net cash flow of $30,000 a year for 10 years, after income taxes. In order to determine the net present value of buying the new machine, Axel should first multiply the $30,000 by which of the following factors? ----------------------------------------------------ACC 543 Week 3 Individual Textbook Exercise (10.22, 11.16, 11.18, 15.16)

For more course tutorials visit


uophelp.com is now newtonhelp.com www.newtonhelp.com

Static and flexible budgets for decision making: Exercise 10.22 Standard costs and variance analysis: Exercise 11.16 Direct Material Variance Exercise 11.18 Agency theory and responsibility accounting: Exercise 15.16 -----------------------------------------------------

ACC 543 Week 3 Team Assignment Capital Budget Recommendation (2 Papers)

For more course tutorials visit uophelp.com is now newtonhelp.com www.newtonhelp.com


This Tutorial contains 2 Papers Capital Budget Recommendation Guillermo Furniture, a company that manufactures midgrade and high-end sofas, has just hired you as an accountant. The owner, Guillermo Navallez, has assigned you the tasks of determining which decisions provide the greatest returns. Read the Guillermo Furniture Scenario and review the Guillermo Furniture Data Sheets on your student Web site. Enter your name in cell A3 of the Income Information tab in the Guillermo Furniture Data Sheets. Submit the exact name you entered to your instructor. Obtain the number that is shown as a result for total assets on the Assets, Liabilities, and Equity In tab. Submit the number for total assets to your instructor. Differentiate among the various capital budget evaluation techniques. Explain how these different techniques would help you make your recommendation to Guillermo. Recommend a course of action based on a capital budget evaluation technique and include present value calculations as part of your recommendation. Submit your assignment as an attachment of no more than 1,050 words. ----------------------------------------------------ACC 543 Week 3 Team Memo Managing earnings, denominator capacity level and ethics (New Syllabus)

For more course tutorials visit uophelp.com is now newtonhelp.com www.newtonhelp.com


Explain how manufacturing overhead rates are constructed in conventional cost accounting systems. Speak separately about fixed versus variable overhead application rates. What key choices must be made in establishing these rates? In answering this question, you might want to discuss differences (if any) between current IRS (income tax) requirements and internal reporting purposes, and between financial reporting requirements, i.e., applicable GAAP (FASB ASC 330-10-30, previously SFAS No. 151, available using the FASB link and internal reporting purposes. Your company uses a standard cost system. As such, at the end of each period, it must "clean up" the accounts by disposing of any standard cost variances that occurred for the period. You need to educate members of the board about how the variances for fixed manufacturing overhead are disposed of at the end of the period. In your answer, pay particular attention to the following two financial-reporting issues: The requirements of FAS151 How, under absorption costing, reported earnings can be "managed" by choice of the denominator volume used to establish the fixed overhead application rate. Search the Internet for the Institute of Management Accountant's Statement of Ethical Professional Practice. Which of the stated "standards" relate directly to the issue of setting (fixed) overhead application rates and the decision as to how any resulting


production volume variances are disposed of for financialreporting purposes? Be specific. -----------------------------------------------------

ACC 543 Week 4 Exam (New Syllabus)

For more course tutorials visit uophelp.com is now newtonhelp.com www.newtonhelp.com

On February 15, 1993, P.D. Stone obtained the following instrument from Astor Co. for $1,000.Stone was aware that Helco, Inc., disputed liability under the instrument because of an alleged breach by Astor of the referenced computer purchase agreement. On March 1, 1993, Willard Bank obtained the instrument from Stone for $3,900. Willard had no knowledge that Helco disputed liability under the instrument.The reverse side of the instrument is indorsed as follows:The instrument is Under the Negotiable Instruments Article of the UCC, an instrument will be precluded from being negotiable if the instrument


Which of the following negotiable instruments is subject to the UCC Negotiable Instruments Article? On February 15, 1993, P.D. Stone obtained the following instrument from Astor Co. for $1,000. Stone was aware that Helco, Inc. disputed liability under the instrument because of an alleged breach by Astor of the referenced computer purchase agreement. On March 1, 1993, Willard Bank obtained the instrument from Stone for $3,900. Willard had no knowledge that Helco disputed liability under the instrument.The reverse side of the instrument is indorsed as follows:The instrument is a Which of the following negotiable instruments is subject to the provisions of the UCC Negotiable Instruments Article? Below is a copy of a note Prestige Properties obtained from Tim Hart in connection with Hart's purchase of land located in Hunter, MT. This note is a Which of the following conditions, if present on an otherwise negotiable instrument, would affect the instrument's negotiability? Under the Negotiable Instruments Article of the UCC, which of the following instruments is classified as a promise to pay? Under the Negotiable Instruments Article of the UCC, the proper party to whom a check is presented for payment is Under the Negotiable Instruments Article of the UCC, which of the following documents would be considered an order to pay? A $5,000 promissory note payable to the order of Neptune is discounted to Bane by blank indorsement for $4,000. King steals the note from Bane and sells it to Ott who promises to pay King $4,500.After paying King $3,000,Ott learns that King stole the note. Ott makes no further payment to King. Ott is


Under the Negotiable Instruments Article of the UCC, which of the following circumstances would prevent a person from becoming a holder in due course of an instrument? Under the Negotiable Instruments Article of the UCC, which of the following requirements must be met for a transferee of order paper to become a holder? Ashley needs to indorse a check that had been indorsed by two other individuals prior to Ashley's receipt of the check. Ashley does not want to have surety liability, so Ashley indorses the check "without recourse." Under the Negotiable Instruments Article of the UCC, which of the following types of indorsement did Ashley make? On February 15, 1993, P.D. Stone obtained the following instrument from Astor Co. for $1,000.Stone was aware that Helco, Inc. disputed liability under the instrument because of an alleged breach by Astor of the referenced computer purchase agreement. On March 1, 1993, Willard Bank obtained the instrument from Stone for $3,900.Willard had no knowledge that Helco disputed liability under the instrument.The reverse side of the instrument is indorsed as follows:Which of the following statements is correct? Under the Negotiable Instruments Article of the UCC, when an instrument is indorsed "Pay to John Doe" and signed "Faye Smith," which of the following statements is(are) correct? Under the Negotiable Instruments Article of the UCC, an indorsement of an instrument "for deposit only" is an example of what type of indorsement? The following note was executed by Elizabeth Quinton on April 17, 1990, and delivered to Ian Wolf:


In sequence, beginning with Wolf's receipt of the note, this note is properly characterized as what type of commercial paper? Under the Negotiable Instruments Article of the UCC, which of the indorser's liabilities are disclaimed by a "without recourse" indorsement? Train issued a note payable to Blake in payment of contracted services that Blake was to perform. Blake indorsed the note "pay to bearer" and delivered it to Reed in satisfaction of a debt owed Reed. Train refused to pay Reed on the note because Blake had not yet performed the services. Under the Negotiable Instruments Article of the UCC, must Train pay Reed? Ball borrowed $10,000 from Link. Ball, unable to repay the debt on its due date, fraudulently induced Park to purchase a piece of worthless costume jewelry for $10,000. Ball had Park write a check for that amount naming Link as the payee. Ball gave the check to Link in satisfaction of the debt Ball owed Link. Unaware of Ball's fraud, Link cashed the check. When Park discovered Ball's fraud, Park demanded that Link repay the $10,000. Under the Negotiable Instruments Article of the UCC, will Link be required to repay Park? Under the Negotiable Instruments Article of the UCC, which of the following requirements must be met for a person to be a holder in due course of a promissory note? The holder must be the payee of the note. The following indorsements appear on the back of a negotiable promissory note payable to Lake Corp.Which of the following statements is correct?


Jacobs gave the check to his son as a gift, who transferred it to Anchor for $78.00. Which of the following statements is correct? Under the Negotiable Instruments Article of the UCC, what kind of indorsement is made by the use of the words "Lee Louis"? West Corp. received a check that was originally made payable to the order of one of its customers, Ted Burns. The following indorsement was written on the back of the check:Which of the following describes the indorsement? Janice owes Jake $120,000. Jake cashes the check 45 days after receiving it. Janice's bank fails. The FDIC will cover $100,000. Janice Horton wrote a check for $50,000 to Wallace who in turn indorsed it to Halbert. When Halbert presented the check to the bank it was dishonored because of insufficient funds. Which of the following statements is correct? Bart presented a negotiable demand note supposedly signed by Alice as maker to Alice for payment. Alice claimed the note was a forgery and refused to pay it. Which of the following is correct? Under the Negotiable Instruments Article of the UCC, which of the following parties has secondary liability on an instrument? Which of the following parties has (have) primary liability on a negotiable instrument? To the extent that a holder of a negotiable promissory note is a holder in due course, the holder takes the note free of which of the following defenses?


Cobb gave Garson a signed check with the amount payable left blank. Garson was to fill in, as the amount, the price of fuel oil Garson was to deliver to Cobb at a later date. Garson estimated the amount at $700, but told Cobb it would be no more than $900. Garson did not deliver the fuel oil, but filled in the amount of $1,000 on the check. Garson then negotiated the check to Josephs in satisfaction of a $500 debt with the $500 balance paid to Garson in cash. Cobb stopped payment and Josephs is seeking to collect $1,000 from Cobb. Cobb's maximum liability to Josephs will be A maker of a note will have a valid defense against a holder in due course as a result of any of the following conditions except On February 15, 1993, P.D. Stone obtained the following instrument from Astor Co. for $1,000. Stone was aware that Helco, Inc., disputed liability under the instrument because of an alleged breach by Astor of the referenced computer purchase agreement. On March 1, 1993, Willard Bank obtained the instrument from Stone for $3,900. Willard had no knowledge that Helco disputed liability under the instrument.The reverse side of the instrument is indorsed as follows:If Willard Bank demands payment from Helco and Helco refuses to pay the instrument because of Astor's breach of the computer purchase agreement, which of the following statements would be correct? Robb, a minor, executed a promissory note payable to bearer and delivered it to Dodsen in payment for a stereo system. Dodsen negotiated the note for value to Mellon by delivery alone and without indorsement. Mellon indorsed the note in blank and negotiated it to Bloom for value. Bloom's demand for payment was refused by Robb because the note was executed when Robb was a minor. Bloom gave prompt notice of Robb's default to Dodsen and Mellon. None of the holders of the note were aware


of Robb's minority. Which of the following parties will be liable to Bloom? Under the Negotiable Instruments Article of the UCC, in a nonconsumertransaction, which of the following are real defenses available against a holder in due course? A seller and buyer enter into an international contract for the sale of goods involving a large amount of money. They agree to finance the sale by a letter of credit. Which of the following is correct? Which of the following statements concerning a letter of credit is correct? Under the Documents of Title Article of the UCC, which of the following statements is(are) correct regarding a common carrier's duty to deliver goods subject to a negotiable, bearer bill of lading? Under a nonnegotiable bill of lading, a carrier who accepts goods for shipment must deliver the goods to Under the Documents of Title Article of the UCC, a negotiable document of title is "duly negotiated" when it is negotiated to Burke stole several negotiable warehouse receipts from Grove Co. The receipts were deliverable to Grove's order. Burke indorsed Grove's name and sold the warehouse receipts to Federated Wholesalers, a bona fide purchaser.In an action by Federated against Grove, Under the Documents of Title Article of the UCC, which of the following terms must be contained in a warehouse receipt?


Which of the following statements is correct concerning a bill of lading in the possession of Major Corp. that was issued by a common carrier and provides that the goods are to be delivered "to bearer"? Which of the following statements is correct concerning a common carrier that issues a bill of lading stating that the goods are to be delivered "to the order of Ajax"? Creditor A agreed to loan Debtor D the money for the purchase of inventory. Debtor D signed a security agreement on October 1. Creditor A filed a financing statement on the goods on October 2. The inventory was shipped FOB place of shipment on October 5. When did the security interest attach? Under the Secured Transactions Article of the UCC, all of the following are needed to create enforceable security interest except Under the Secured Transactions Article of the UCC, which of the following security agreements does NOT need to be in writing to be enforceable? Under the Secured Transactions Article of the UCC, which of the following statements is correct regarding a security interest that has not attached? Under the Secured Transactions article of the UCC, when does a security interest become enforceable? Under the UCC Secured Transactions Article, which of the following events will always prevent a security interest from attaching?


Under the UCC Secured Transactions Article, when collateral is in a secured party's possession, which of the following conditions must also be satisfied to have attachment? Under the Secured Transactions Article of the UCC, what secured transaction document must be signed by the debtor? Under the Secured Transactions Article of the UCC, which of the following requirements is necessary to have a security interest attach? Grey Corp. sells computers to the public. Grey sold and delivered a computer to West on credit. West executed and delivered to Grey a promissory note for the purchase price and a security agreement covering the computer. West purchased the computer for personal use. Grey did not file a financing statement.Is Grey's security interest perfected? Which of the following requires a filing for perfection? Sun, Inc., manufactures and sells household appliances on credit directly to wholesalers, retailers, and consumers.Sun can perfect its security interest in the appliances without having to file a financing statement or take possession of the appliances if the sale is made by Sun to Which of the following transactions would illustrate a secured party perfecting its security interest by taking possession of the collateral? Under the UCC Secured Transactions Article, which of the following must be included in the financing statement? Mars, Inc., manufactures and sells VCRs on credit directly to wholesalers, retailers, and consumers. Mars can perfect its


security interest in the VCRs it sells without having to file a financing statement or take possession of the VCRs if the sale is made to The Smiths are remodeling their kitchen and want to purchase new appliances: a large refrigerator-freezer, microwave oven, dishwasher, garbage disposal, and stove-oven. Z Bank has advertised a special consumer loan rate, and AP Appliances has great discount rates on appliances. The Smiths can only pay AP Appliances 20% of the purchase price. AP Appliances' credit rates are higher than Z Bank's consumer loan rates. The Smiths sign a security agreement putting up the to-be-purchased listed appliances as security, and Z Bank issues a check for the balance payable to AP Appliances and the Smiths. Which of the following statements is correct? Under the Secured Transactions Article of the UCC, which of the following items can usually be excluded from a filed original financing statement? Jones lives in Oklahoma and is the owner of a large number of valuable antiques. Treasures Delight, located in Arkansas, is a seller of antiques. Treasures Delight is owned by Sally Delight. Delight offers to purchase all of the antiques owned by Jones paying 60% of the agreed price and, by agreement, signs a security agreement for the balance putting up her entire inventory as security. The security agreement provides for monthly payments. Which of the following is correct? Under the UCC Secured Transactions Article, what is the order of priority for the following security interests in store equipment? Under the UCC Secured Transactions Article, which of the following after-acquired property may be attached to a security agreement given to a secured lender?


On July 8, Ace, a refrigerator wholesaler, purchased 50 refrigerators. This comprised Ace's entire inventory and was financed under an agreement with Rome Bank that gave Rome a security interest in all refrigerators on Ace's premises, all future acquired refrigerators, and the proceeds of sales. On July 12, Rome filed a financing statement that adequately identified the collateral. On August 15, Ace sold one refrigerator to Cray for personal use and four refrigerators to Zone Co. for its business.Which of the following statements is correct? Under the UCC Secured Transaction Article, what is the effect of perfecting a security interest by filing a financing statement? Vista is a wholesale seller of microwave ovens. Vista sold 50 microwave ovens to Davis Appliance for $20,000. Davis paid $5,000 down and signed a promissory note for the balance. Davis also executed a security agreement giving Vista a security interest in Davis' inventory, including the ovens. Assuming Vista is a partnership, which of the following statements is correct? Wine purchased a computer using the proceeds of a loan from MJC Finance Company. Wine gave MJC a security interest in the computer. Wine executed a security agreement and financing statement, which was filed by MJC. Wine used the computer to monitor Wine's personal investments. Later, Wine sold the computer to Jacobs for Jacobs' family use. Jacobs was unaware of MJC's security interest. Wine now is in default under the MJC loan.May MJC repossess the computer from Jacobs? Noninventory goods were purchased and delivered on June 15. Several security interests exist in these goods.Which of the following security interests has priority over the others?


A debtor purchased an LCD television from Best Buy for $1,000. BestBuy financed the transaction. With finance charges, the total cost of the financing is $1,200. After the debtor has paid $600, he defaults on the payment and BestBuy repossesses the TV. BestBuy has decided to keep the TV as a floor display model. The debtor believes it would be best if BestBuy sold the TV. A debtor is in default. The collateral consists of 100 cows described in the security agreement. Thirty cows were stolen through no fault of the debtor. Which of the following statements is correct concerning the secured party's rights due to the debtor's default? Under the UCC Secured Transactions Article, if a debtor is in default under a payment obligation secured by goods, the secured party has the right to Under the Secured Transactions Article of the UCC, which of the following remedies is available to a secured creditor when a debtor fails to make a payment when due? Drew bought a computer for personal use from Hale Corp. for $3,000. Drew paid $2,000 in cash and signed a security agreement for the balance. Hale properly filed the security agreement. Drew defaulted in paying the balance of the purchase price. Hale asked Drew to pay the balance. When Drew refused, Hale peacefully repossessed the computer.Under the UCC Secured Transactions Article, which of the following remedies will Hale have? In what order are the following obligations paid after a secured creditor rightfully sells the debtor's collateral after repossession? Under the UCC Secured Transactions Article, which of the following statements is correct concerning the disposition of collateral by a secured creditor after a debtor's default?


Edwards Corp. lent Lark $200,000. At Edwards' request, Lark entered into an agreement with Owen and Ward for them to act as compensated co-sureties on the loan in the amount of $200,000 each.If Edwards releases Ward without Owen's or Lark's consent, and Lark later defaults, which of the following statements is correct? Mane Bank lent Eller $120,000 and received securities valued at $30,000 as collateral. At Mane's request, Salem and Rey agreed to act as uncompensated co-securities on the loan. The agreement provided that Salem's and Rey's maximum liability would be $120,000 each. Mane released Rey without Salem's consent. Eller later defaulted when the collateral held by Mane was worthless and the loan balance was $90,000.Salem's maximum liability is Lane accepted the commitments of the sureties and made the loan to Turner. After paying ten installments totaling $100,000, Turner defaulted. Clark's debts, including the surety obligation to Lane on the Turner loan, were discharged in bankruptcy. Later, Rivers properly paid the entire outstanding debt of $140,000.What amount may Rivers recover from Zane? Which of the following rights does one cosurety generally have against another cosurety? Sorus and Ace have agreed, in writing, to act as guarantors of collection on a debt owed by Pepper to Towns, Inc. The debt is evidenced by a promissory note.If Pepper defaults, Towns will be entitled to recover from Sorus and Ace unless Ivor borrowed $420,000 from Lear Bank. At Lear's request, Ivor entered into an agreement with Ash, Kane, and Queen for them to act as co-sureties on the loan. The agreement between Ivor and the co-sureties provided that the maximum liability of each co-


surety was: Ash, $84,000; Kane, $126,000; and Queen, $210,000. After making several payments, Ivor defaulted on the loan. The balance was $280,000.If Queen pays $210,000 and Ivor subsequently pays $70,000, what amounts may Queen recover from Ash and Kane? Camp orally guaranteed payment of a loan Camp's cousin Wilcox had obtained from Camp's friend Main. The loan was to be repaid in 10 monthly payments. After making 6 payments, Wilcox defaulted on the loan and Main demanded that Camp honor the guarantee. Regarding Camp's liability to Main, Camp is Nash, Owen, and Polk are co-sureties with maximum liabilities of $40,000, $60,000, and $80,000, respectively. The amount of the loan on which they have agreed to act as co-sureties is $180,000. The debtor defaulted at a time when the loan balance was $180,000. Nash paid the lender $36,000 in full settlement of all claims against Nash, Owen, and Polk.The total amount that Nash may recover from Owen and Polk is A party contracts to act as a surety for the collection of the debts of another. As a result of the suretyship agreement, which of the following statements is correct? Wright cosigned King's loan from Ace Bank. Which of the following events would release Wright from the obligation to pay the loan? State refused to renew the loan unless Green provided an acceptable surety. Green asked Royal, a friend, to act as surety on the loan. To induce Royal to agree to become a surety, Green fraudulently represented Green's financial condition and promised Royal discounts on merchandise sold at Green's store. Royal agreed to act as surety and the loan was renewed. Later, Green's


obligation to State was discharged in Green's bankruptcy. State wants to hold Royal liable. A distinction between a surety and a co-surety is that only a cosurety is entitled to Which of the following acts will always result in the total release of a compensated surety? Which of the following defenses would a surety be able to assert successfully to limit the surety's liability to a creditor? Ingot Corp. lent Flange $50,000. At Ingot's request, Flange entered into an agreement with Quill and West for them to act as compensated co-sureties on the loan in the amount of $100,000 each. Ingot released West without Quill's or Flange's consent, and Flange later defaulted on the loan.Which of the following statements is correct? Which of the following rights does a surety have? Batch Department store sold a refrigerator to Conrad for his home. Conrad agreed to installment payments and Batch had him sign a security agreement. Batch did not file a financing statement. After having the refrigerator in his home for a time, Conrad quit making payments and sold it to Backus for use in her home. Backus was unaware that Conrad still owed Batch for the refrigerator. Batch is now seeking to get paid for the balance owed or to repossess the refrigerator. Which of the following statements is correct? Under the Secured Transactions Article of the UCC, a secured party generally must comply with each of the following duties except:


Acorn Marina, Inc. sells and services boat motors. On April 1, Acorn financed the purchase of its entire inventory with GAC Finance Company. GAC required Acorn to execute a security agreement and financing statement covering the inventory and proceeds of sale. On April 14, GAC properly filed the financing statement pursuant to the UCC Secured Transactions Article. On April 27, Acorn sold one of the motors to Wilks for use in his charter business. Wilks, who had once worked for Acorn, knew that Acorn regularly financed its inventory with GAC. Acorn has defaulted on its obligations to GAC. The motor purchased by Wilks is Under certain conditions, perfection of a security interest is accomplished by completing attachment with no further steps required. Which of the following qualify? Hoover is a holder in due course of a check which was originally payable to the order of Nelson or bearer and has the following endorsements on its back: Which of the following statements about the check is correct? Under the Negotiable Instruments Article of the UCC, which of the following statements is(are) correct regarding the requirements for an instrument to be negotiable? Under the Negotiable Instruments Article of the UCC, which of the following defenses generally may be used against all holders of negotiable instruments? On November 10, Cutter, a dealer, purchased 100 lawnmowers. This comprised Cutter’s entire inventory and was financed under an agreement with Town Bank which gave the bank a security interest in all lawnmowers on the premises, all future acquired lawnmowers, and the proceeds of sales. On November 15, Town Bank filed a financing statement that


adequately identified the collateral. On December 20, Cutter sold one lawnmower to Wills for family use and five lawnmowers to Black for its gardening business. Which of the following is correct? Cara Fabricating Co. and Taso Corp. agreed orally that Taso would custom manufacture a compressor for Cara at a price of $120,000. After Taso completed the work at a cost of $90,000, Cara notified Taso that the compressor was no longer needed. Taso is holding the compressor and has requested payment from Cara. Taso has been unable to resell the compressor for any price. Taso incurred storage fees of $2,000.If Cara refuses to pay Taso and Taso sues Cara, the most Taso will be entitled to recover is On February 15, Mazur Corp. contracted to sell 1,000 bushels of wheat to Good Bread, Inc., at $6.00 per bushel with delivery to be made on June 23. On June 1, Good advised Mazur that it would not accept or pay for the wheat. On June 2, Mazur sold the wheat to another customer at the market price of $5.00 per bushel. Mazur had advised Good that it intended to resell the wheat.Which of the following statements is correct? Under the UCC Sales Article, which of the following legal remedies would a buyer not have when a seller fails to transfer and deliver goods identified to the contract? Gray Fabricating Co. and Pine Corp. agreed orally that Pine would custom manufacture a processor for Gray at a price of $80,000.After Pine completed the work at a cost of $60,000, Gray notified Pine that the processor was no longer needed. Pine is holding the processor and has requested payment from Gray. Pine has been unable to resell the processor for any price. Pine incurred storage fees of $1,000.If Gray refuses to pay Pine and Pine sues Gray, the most Pine will be entitled to recover is


In an action for breach of contract, the statute of limitations time period would be computed from the date of the Under the Sales Article of the UCC, which of the following rights is available to a seller when a buyer materially breaches a sales contract? Under the Sales Article of the UCC, which of the following statements regarding liquidated damages is(are) correct? Eagle Corporation solicited bids for various parts it uses in the manufacture of jet engines. Eagle received six offers and selected the offer of Sky Corporation. The written contract specified a price for 100,000 units, delivery on June 1 at Sky's plant, with payment on July 1, Sky refused to deliver claiming the contract price was too low. Eagle was unable to cover in a reasonable time. Its production lines were in danger of shutdown because the parts were not delivered. ----------------------------------------------------ACC 543 Week 4 Individual Textbook Exercise (22.1, 22.2, 22.5, 25.1, 25.2, 25.5)

For more course tutorials visit uophelp.com is now newtonhelp.com www.newtonhelp.com


22.1 Note 22.2 Negotiable Instrument 22.5 Order to Pay 25.1 Cashier’s Check 25.2 Overdraft ----------------------------------------------------ACC 543 Week 4 Team Assignment (26.1, 26.2, 26.3, 26.7, 27.1, 27.2, 27.4, 27.5, 27.7)

For more course tutorials visit uophelp.com is now newtonhelp.com www.newtonhelp.com

26.1 Mechanic’s Lien Ironwood Exploration, Inc. 26.2 Foreclosure Atlantic Ocean Kampgrounds, Inc. 26.3 Redemption 26.5 Consumer Leasing Joyce 26.7 Fair Debt Collection Stanley 27.1 Financing Statement C&H Trucking, Inc. 27.2 Priority of Security Agreements World Wide Tracers, Inc 27.4 Priority of Security Interests


27.5 Purchase Money Security Interest Prior Brothers, Inc 27.7 Buyer in the Ordinary Course of Business

26.1 Mechanic’s Lien Ironwood Exploration, Inc. (Ironwood) owned a lease on oil and gas property located in Duchesne County, Utah. Ironwood contracted to have Lantz Drilling and Exploration Company, Inc. (Lantz), drill an oil well on the property. Thereafter, Lantz rented equipment from Graco Fishing and Rental Tools, Inc. (Graco), for use in drilling the well. Graco billed Lantz for these rentals, but Lantz did not pay. Graco filed a notice of a mechanic’s lien on the well in the amount of $19,766. Ironwood, which had paid Lantz, refused to pay Graco. Graco sued to foreclose on its mechanic’s lien. Who wins? Graco Fishing and Rental Tools, Inc. v. Ironwood Exploration, Inc., 766 P.2d 1074, 98 Utah Adv. Rep. 28, Web 1988 Utah Lexis 125 (Supreme Court of Utah) 26.2 Foreclosure Atlantic Ocean Kampgrounds, Inc. (Atlantic) borrowed $60,000 from Camden National Bank (Camden National) and executed a note and mortgage on property located in Camden, Maine, securing that amount. Maine permits strict foreclosure. Atlantic defaulted on the loan, and Camden commenced strict foreclosure proceedings pursuant to state law. After the one-year period of redemption, Camden National sold the property to a third party in an amount in excess of the mortgage and costs of the foreclosure proceeding. Atlantic sued to recover the surplus from Camden National. Who wins? Atlantic Ocean Kampgrounds, Inc. v. Camden National Bank, 473 A.2d 884, Web 1984 Me. Lexis 666 (Supreme Judicial Court of Maine)


26.3 Redemption Elmer and Arletta Hans, husband and wife, owned a parcel of real property in Illinois. They borrowed $100,000 from First Illinois National Bank (First Illinois) and executed a note and mortgage to First Illinois, making the real estate security for the loan. The security agreement authorized First Illinois to take possession of the property upon the occurrence of a default and required the Hanses to execute a quitclaim deed in favor of First Illinois. The state of Illinois recognizes the doctrine of redemption. When the Hanses defaulted on the loan, First Illinois filed a lawsuit, seeking an order requiring the Hanses to immediately execute a quitclaim deed to the property. Must the Hanses execute the quitclaim deed before the foreclosure sale? First Illinois National Bank v. Hans, 143 Ill. App.3d 1033, 493 N.E.2d 1171, Web 1986 Ill. App. Lexis 2287 (Appellate Court of Illinois)

26.5 Consumer Leasing Joyce Givens entered into a rental agreement with Rent-A-Center, Inc. (Rent-A-Center), whereby she rented a bar and an entertainment center. The agreement provided that she must pay in advance to keep the furniture for periods of one week or one month. Givens could terminate the agreement at any time by making arrangements for the furniture’s return. Givens made payments for four months. After that, she failed to make any further payments but continued to posses the property. When Rent-A-Center became aware that Givens had moved and taken the furniture with her, in violation of the rental agreement, it filed a criminal complaint against her. Thereafter, Givens agreed to return the furniture, and Rent-A-Center dropped the charges. After Rent-A-Center recovered the furniture, Givens sued the company, claiming that the agreement she had signed


violated the Consumer Leasing Act. Who wins? Givens v. Rent-ACenter, Inc., 720 F.Supp. 160, Web 1988 U.S. Dist. Lexis 16039 (United States District Court for the Southern District of Alabama) 26.7 Fair Debt Collection Stanley M. Juras was a student at Montana State University (MSU). During his four years at MSU, Juras took out several student loans from the school under the National Direct Student Loan program. By the time Juras left MSU, he owed the school more than $5,000. Juras defaulted on these loans, and MSU assigned the debt to Aman Collection Services, Inc. (Aman), for purposes of collection. Aman obtained a judgment against Juras in a Montana state court for $5,015 on the debt and $1,920 in interest and attorneys’ fees. Juras, who at the time lived in California, still refused to pay these amounts. Subsequently, a vice president of Aman, Mr. Gloss, telephoned Juras twice in California before 8:00 A.M. Pacific Standard Time. Gloss told Juras that if he did not pay the debt, he would not receive a college transcript. Juras sued Aman, claiming that the telephone calls violated the Fair Debt Collection Practices Act. Gloss testified at trial that he made the calls before 8:00 A.M. because he had forgotten the difference in time zones between California and Aman’s offices in South Dakota. Who wins? Juras v. Aman Collection Services, Inc., 829 F.2d 739, Web 1987 U.S. App. Lexis 12888 (United States Court of Appeals for the Ninth Circuit)

27.1 Financing Statement C&H Trucking, Inc. (C&H), borrowed $19,747.56 from S&D Petroleum Company, Inc. (S&D). S&D hired Clifton M. Tamsett to prepare a security agreement naming C&H as the debtor and giving S&D a security interest in a new Mack truck. The security agreement prepared by Tamsett declared that the collateral also secured:


any other indebtedness or liability of the debtor to the secured party direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, including all future advances or loans which may be made at the option of the secured party. Tamsett failed to file a financing statement or the executed agreement with the appropriate government office. C&H subsequently paid off the original debt, and S&D continued to extend new credit to C&H. Two years later, when C&H owed S&D more than $17,000, S&D learned that (1) C&H was insolvent, (2) the Mack truck had been sold, and (3) Tamsett had failed to file the security agreement. Does S&D have a security interest in the Mack truck? Is Tamsett liable to S&D? S&D Petroleum Company, Inc. v. Tamsett, 144 A.D.2d 849, 534 N.Y.S.2d 800, Web 1988 N.Y.App. Div. Lexis 11258 (Supreme Court of New York) 27.2 Priority of Security Agreements World Wide Tracers, Inc. (World Wide), sold certain of its assets and properties, including equipment, furniture, uniforms, accounts receivable, and contract rights, to Metropolitan Protection, Inc. (Metropolitan). To secure payment of the purchase price, Metropolitan executed a security agreement and financing statement in favor of World Wide. The agreement, which was filed with the Minnesota secretary of state, stated that “all of the property listed on Exhibit A (equipment, furniture, and fixtures) together with any property of the debtor acquired after” the agreement was executed was collateral. One and one-half years later, State Bank (Bank) loaned money to Metropolitan, which executed a security agreement and financing statement in favor of Bank. Bank filed the financing statement with the Minnesota secretary of state’s office one month later. The financing statement contained the following language describing the collateral: “All accounts receivable and contract rights owned or hereafter acquired. All equipment now owned


and hereafter acquired, including but not limited to, office furniture and uniforms.” When Metropolitan defaulted on its agreement with World Wide six months later, World Wide brought suit, asserting its alleged security agreement in Metropolitan’s accounts receivable. Bank filed a counterclaim, asserting its perfected security interest in Metropolitan’s accounts receivable. Who wins? World Wide Tracers, Inc. v. Metropolitan 27.4 Priority of Security Interests Paul High purchased various items of personal property and livestock from William and Marilyn McGowen. To secure the purchase price, High granted the Mc-Gowens a security interest in the personal property and livestock. Two and one-half months later, High borrowed $86,695 from Nebraska State Bank (Bank) and signed a promissory note, granting Bank a security interest in all his farm products, including but not limited to all his livestock. Bank immediately perfected its security agreement by filing a financing statement with the county clerk in Dakota County, Nebraska. The McGowens perfected their security interest by filing a financing statement and security agreement with the county clerk three months after the Bank filed its financing statement. Three years later, High defaulted on the obligations owed to the McGowens and Bank. Whose security interest has priority? McGowen v. Nebraska State Bank, 229 Neb. 471, 427 N.W.2d 772, Web 1988 Neb. Lexis 290 (Supreme Court of Nebraska) 27.5 Purchase Money Security Interest Prior Brothers, Inc. (PBI) began financing its farming operations through Bank of California, N.A. (Bank). Bank’s loans were secured by PBI’s equipment and after-acquired property. Bank immediately filed a financing statement, perfecting its security interest. Two years later, PBI contacted the International Harvester dealership in Sunny-side, Washington, about the purchase of a new tractor. A retail installment contract for a model 1066 International Harvester tractor was executed. PBI took delivery of the tractor “on approval,” agreeing that if it decided to purchase the tractor,


it would inform the dealership of its intention and would send a $6,000 down payment. The dealership received a $6,000 check. The dealership immediately filed a financing statement concerning the tractor. Subsequently, when PBI went into receivership, the dealership filed a complaint, asking the court to declare that its purchase money security interest in the tractor had priority over Bank’s security interest. Does it? In the Matter of Prior Brothers, Inc., 29 Wn.App. 905, 632 P.2d 522, Web 1981 Wash.App. Lexis 2507 (Court of Appeals of Washington) 27.7 Buyer in the Ordinary Course of Business Heritage Ford Lincoln Mercury, Inc. (Heritage) was in the business of selling new cars. Heritage entered into an agreement with Ford Motor Credit Company (Ford), whereby Ford extended a continuing line of credit to Heritage to purchase vehicles. Heritage granted Ford a purchase money security interest in all motor vehicles it owned and thereafter acquired and in all proceeds from the sale of such motor vehicles. Ford immediately filed its financing statement with the secretary of state. When the dealership experienced financial trouble, two Heritage officers decided to double finance certain new cars by issuing dealer papers to themselves and obtaining financing for two new cars from First National Bank & Trust Company of El Dorado (Bank). The loan proceeds were deposited in the dealership’s account to help with its financial difficulties. The cars were available for sale. When the dealership closed its doors and turned over the car inventory to Ford, Bank alleged that it had priority over Ford because the Heritage officers were buyers in the ordinary course of business. Who wins? First National Bank and Trust Company of El Dorado v. Ford Motor Credit Company, 231 Kan. 431, 646 P.2d 1057, Web 1982 Kan. Lexis 280 (Supreme Court of Kansas) ----------------------------------------------------ACC 543 Week 5 Exam (New Syllabus)


For more course tutorials visit uophelp.com is now newtonhelp.com www.newtonhelp.com

Which of the following deeds will give a real property purchaser the greatest protection? Which of the following factors help determine whether an item of personal property has become a fixture? Sklar, Rich, and Cey own a building as joint tenants with the right of survivorship. Sklar gave Sklar's interest in the building to Marsh by executing and delivering a deed to Marsh. Neither Rich nor Cey consented to this transfer. Rich and Cey subsequently died. After their deaths, Marsh's interest in the building would consist of Rich purchased property from Sklar for $200,000. Rich obtained a $150,000 loan from Marsh Bank to finance the purchase, executing a promissory note and a mortgage. By recording the mortgage, Marsh protects its On August 15, 1994, Tower, Nolan, and Oak were deeded a piece of land as tenants in common. The deed provided that Tower owned 1/2 the property and Nolan and Oak owned 1/4 each. If Oak dies, the property will be owned as follows:


A purchaser who obtains real estate title insurance will Which of the following is a defect in marketable title to real property? Which of the following interests in land conveys the greatest ownership rights? Which of the following provisions must be included in a residential lease agreement? Which of the following elements must be contained in a valid deed? Which of the following can enforce the anti-trust laws? A small computer software firm wishes to sue Microsoft for monopolizing its market. What must the firm establish in order to win the case? What are examples of non-price predation that might be relevant in an intent-to-monopolize case? Which of the following are defenses to a Robinson-Patman Act price-discrimination charge? Which of the following is (are) true? Carlos writes a novel about an accountant that is published on January 1, 2010. Carlos files his novel with the U.S. copyright office on January 1, 2015. Carlos dies on January 1, 2020. Carlos' family wishes to know when the copyright will expire. It will expire immediately before:


The Accounting Syndicate Publishing Co. (ASPC) wants an accounting textbook on IFRS for the university market. It hires Ed, a retired college professor, to write the book, on the understanding that the copyright would belong to ASPC. Ed finishes the book on January 1, 2010. ASPC is unenthusiastic about the book and does not publish it until January 1, 2018. Meanwhile, Ed has died on January 1, 2011. When does ASPC's copyright expire? Tim is a songwriter. One morning, he is sitting in a coffee shop, whistling some notes that he thinks might ultimately become part of a song he was working on. He forgot about the notes, until he heard them on the radio one day as part of a song written and recorded by Julie. It turns out Julie had been in the coffee shop that day and really liked what Tim was whistling. Tim sues Julie for copyright infringement. What will happen? Lanny files for a utility patent on January 1, 2011. The patent is granted on January 1, 2015. The patent will expire just before January 1: Sam patents a "rat zapper," a shoe-box-sized device that uses bait to lure in a rat and then kills it with an electrical charge. Lon files a patent application for a "gopher zapper," a slightly bigger device that uses bait to lure in a gopher and then kills it with an electrical charge. What is true regarding Lon's application? A long-lost relative of Albert Einstein's recently filed for a patent for Einstein's famous formula, E = MC2. Which of the following is true? Money-laundering statutes forbid which of the following: The Masonne company engages in the following activities. Which is (are) an example of illicit money-laundering activity?


S, a CPA, conspires with P and others to file false individual federal income-tax returns for P's mistress, Pam. These returns generate $800,000 in undeserved tax refunds and Pam gives most of the money to P. S, P, and others then prepared a $4.5mn loan application on Pam's behalf to improve a 30,000-square-foot home. Pam receives $4.5mn from one bank and $1.5mn from a second bank. She transfers the money to P. P and S transfer more than $1mn back to Pam by disguising the payments as payroll checks, rental payments and other miscellaneous payments. Then P and his wife refinance the same property and received a $12mn loan, which is used to pay off Pam's obligations to the banks. Which of the following is true? Green and Nunn own a 40-acre parcel of land as joint tenants with the right of survivorship. Nunn wishes to sell the land to Ink. If Nunn alone executes and delivers a deed to Ink, what will be the result? Which of the following statements pertaining to a mortgage on a building is incorrect? Eddy Sun created a new solar power light bulb that was substantially less expensive than any other light bulbs in the marketplace. As a result of the low cost of the bulb and the low cost to use the bulb, Sun's bulb soon gained 80% of the light bulb market. Sun's market share was a direct result of consumers simply demanding Sun's light bulb because it was the most cost efficient bulb available. Nevertheless, one of Sun's competitors has sued Sun for engaging in monopolization, a violation of Section 2 of the Sherman Act. What is the likely outcome of the lawsuit? Crudweiser Inc. and Borona Ltd. are two companies that produce beer. Crudweiser wants to acquire Borona through a merger. The merger:


Brush is a professor of accounting at a large university. He wishes to hand out copies of a two-page article that can be found both in a book in the library and through some software purchased by the university. Both are copyrighted. Which of the following is(are) correct? Datam Corporation purchased some software for use in its business from Softcompute Company. Softcompute claims that the software has been legally copyrighted. Which of the following is correct? Lanny files for a utility patent on January 1, 2011. The patent is granted on January 1, 2015. The patent will expire just before January 1: ----------------------------------------------------ACC 543 Week 5 Individual Textbook Exercise (47.2, 47.3, 47.6, 50.1, 50.6, 50.7, 45.2, 45.5, 45.6, 45.7)

For more course tutorials visit uophelp.com is now newtonhelp.com www.newtonhelp.com


47.2 Mislaid 47.3 Bailment 47.6 Abandoned Property 50.1 Exclusion from Insurance 50.6 Malpractice Insurance 50.7 Duty to Defend 45.2 Clean Air Act 45.5 Hazardous Waste 45.6 Nuclear Waste 45.7 Endangered Species 47.2 Mislaid Property Alex Franks was a guest staying at a Comfort Inn in Searcy, Arkansas, while he was working on a highway project. Franks found a bundle of money in plain view in the left part of the left drawer in the dresser in his room. Franks notified the hotel manager, who notified the police. The police took custody of the money and discovered that the carefully wrapped bundle contained $14,200 in cash—46 $100 bills and 480 $20 bills. Franks sued to recover the cash. J.K. Kazi, the owner of the hotel, joined the lawsuit, also claiming the money. Franks argued that the money was lost property and therefore he, as the finder, was entitled to the money. Kazi argued that the money was mislaid property and that he, as the owner of the premises on which the money was found, was entitled to the money. The trial court held that the money had been mis-laid and awarded the money to Kazi, the hotel owner. Franks appealed. Was the money mislaid or lost property? Who receives the property? Franks v. Kazi, 88 Ark.App. 243, 197 S.W.3d 5, Web 2004 Ark. App. Lexis 771 (Court of Appeals of Arkansas) 47.3 Bailment The Sisters of Charity of the Incarnate Word, d.b.a. St. Elizabeth Hospital of Beaumont, operates a health and wellness center. Phil Meaux was a paying member of the health center. The rules of the center, which Meaux had been given, state, “The Health & Wellness Center is not responsible for lost or stolen items.” A sign stating, “We cannot assure the safety of your valuables” was posted at the check-in desk. The wellness


center furnished a lock and key to each member but had a master key to open lockers in case a member forgot or lost his or her key. One day, Meaux went to the wellness center and placed his clothes, an expensive Rolex watch, and a money clip with $400 cash in the locker assigned him. Upon returning from swimming, Meaux discovered that his locker had been pried open, and his watch and money had been stolen by some unknown person. Meaux sued the Sisters of Charity, alleging that a bailment had been created between him and the Sisters and that the Sisters, as bailee, were negligent and therefore liable to him for the value of his stolen property. The trial court held in favor of Meaux and awarded him $19,500 as the value of the stolen property, plus interest and attorneys’ fees. The Sisters of Charity appealed. Was a bailment created between Meaux and the Sisters of Charity? Who wins? Sisters of Charity of the Incarnate Word v. Meaux, 122 S.W.3d 428, Web 2003 Tex. App. Lexis 10189 (Court of Appeals of Texas) 47.6 Abandoned Property Police officers of the city of Miami, Florida, responded to reports of a shooting at the apartment of Carlos Fuentes. Fuentes had been shot in the neck and shoulder, and shortly after the police arrived, he was removed to a hospital. In an ensuing search of the apartment, the police found assorted drug paraphernalia, a gun, and cash in the amount of $58,591. The property was seized, taken to the police station, and placed in custody. About nine days later, the police learned that Fuentes had been discharged from the hospital. All efforts by police to locate Fuentes and his girlfriend, a co-occupant of Fuentes’s apartment, were unsuccessful. Neither Fuentes nor his girlfriend ever came forward to claim any of the items taken by the police from his apartment. About four years later, James W. Green and Walter J. Vogel, the owners of the apartment building in which Fuentes was a tenant, sued the city of Miami to recover the cash found in Fuentes’s apartment. The state of Florida intervened in the case, also claiming an interest in the money. Who wins? State


of Florida v. Green, 456 So.2d 1309, Web 1984 Fla.App. Lexis 15340 (Court of Appeal of Florida) 50.1 Exclusion from Insurance Policy Richard Usher’s home was protected by a homeowners’ policy issued by National American Insurance Company of California. The policy included personal liability insurance. A provision in the policy read: “Personal liability and coverage do not apply to bodily injury or property damage arising out of the ownership, maintenance, use, loading, or unloading of a motor vehicle owned or operated by, or rented or loaned to any insured.” Usher parked a Chevrolet van he owned in his driveway. He left the van’s side door open while he loaded the van in preparation for a camping trip. While Usher was inside his house, several children, including 2-year-old Graham Coburn, began playing near the van. One of the children climbed into the driver’s seat and moved the shift lever from park to reverse. The van rolled backward, crushing Coburn and killing him. Coburn’s parents sued Usher for negligence. Is the accident covered by Usher’s homeowners’ policy? National American Insurance Company of California v. Coburn, 209 Cal. App.3d 914, 257 Cal.Rptr. 591, Web 1989 Cal.App. Lexis 356 (Court of Appeal of California) 50.6 Malpractice Insurance Donald Barker, a wealthy Oregon resident, went to the law firm Winokur, Schoenberg, Maier, Hamerman& Knudson to have his estate planned. An attorney at the firm repeatedly told Barker that he could convey half of his $20-million estate to his wife tax free under Oregon’s marital deduction. Barker had his will drawn based on the law firm’s advice. It was not until after Barker died three years later that Barker’s family learned that Oregon does not recognize the marital deduction. As a result, the will’s beneficiaries were subject to significant estate taxes. The beneficiaries sued the law firm for negligence, and the case was settled for $2 million. At the time Barker was being advised by the law firm, it had a professional malpractice insurance policy with the Travelers Insurance Company (Travelers) that covered “all sums which the


insured shall become legally obligated to pay as damages because of any act or omission of the insured arising out of the performance of professional services for others in the insured’s capacity as a lawyer.” The policy expired one year prior to Barker’s death. Is Travelers liable for the $2 million settlement? Travelers Insurance Company v. National Union Fire Insurance Company of Pittsburgh, 207 Cal. App.3d 1390, 255 Cal.Rptr. 727, Web 1989 Cal.App. Lexis 130 (Court of Appeal of California) 50.7 Duty to Defend When Michael A. Jaffe, a child psychiatrist practicing in California, was accused of Medi–Cal fraud and theft, he requested that his malpractice insurer, Cranford Insurance Company (Cranford), provide his criminal defense. Cranford refused to defend Jaffe, citing the terms of Jaffe’s malpractice insurance policy. The policy describes the insured risk as “psychiatrist’s professional liability in respect of insured’s practice of psychiatry.” Another clause of the policy states that Cranford “agrees to pay such damages as may be awarded in respect of professional services rendered by Jaffe, or which should have been rendered by him, resulting from any claims or suits based solely upon malpractice, error, or mistake.” After Cranford refused to defend him, Jaffe hired his own criminal defense lawyer. The case went to trial, and Jaffe was found innocent of all charges. After his acquittal, Jaffe demanded that Cranford reimburse him for the expenses incurred during trial. When Cranford refused this request, Jaffe sued. Who wins? Jaffe v. Cranford Insurance Company, 168 Cal.App.3d 930, 214 Cal.Rptr. 567, Web 1985 Cal.App. Lexis 2153 (Court of Appeal of California) 45.2 Clean Air Act Pilot Petroleum Associates, Inc., and various affiliated companies distributed gasoline to retail gasoline stations in the state of New York. Pilot owned some of these stations and leased them to individual operators who were under contract to purchase gasoline from Pilot. The EPA took samples of gasoline from five different service stations to which Pilot had sold


unleaded gasoline. These samples showed that Pilot had delivered “unleaded gasoline that contained amounts of lead in excess of that permitted by the Clean Air Act and EPA regulations.” The United States brought criminal charges against Pilot for violating the act and EPA regulations and sought fines from Pilot. Who wins? United States v. Pilot Petroleum Associates, Inc., 712 F.Supp. 1077, Web 1989 U.S. Dist. Lexis 6119 (United States District Court for the Eastern District of New York) 45.5 Hazardous Waste Douglas Hoflin was the director of the Public Works Department for Ocean Shores, Washington. During a period of seven years, the department purchased 3,500 gallons of paint for road maintenance. As painting jobs were finished, the 55-gallon drums that had contained the paint were returned to the department’s yard. Paint contains hazardous substances such as lead. When fourteen of the drums were discovered to still contain unused paint, Hoflin instructed employees to haul the paint drums to the city’s sewage treatment plant and bury them. The employees dug a hole on the grounds of the treatment plant and dumped in the drums. Some of the drums were rusted and leaking. The hole was not deep enough, so the employees crushed the drums with a front-end loader to make them fit. The refuse was then covered with sand. Almost two years later, one of the city’s employees reported the incident to state authorities, who referred the matter to the EPA. Investigation showed that the paint had contaminated the soil. The United States brought criminal charges against Hoflin for aiding and abetting the illegal dumping of hazardous waste. Who wins? United States v. Hoflin, 880 F.2d 1033, Web 1989 U.S. App. Lexis 10169 (United States Court of Appeals for the Ninth Circuit) 45.6 Nuclear Waste Metropolitan Edison Company owned and operated two nuclear-fueled power plants at Three Mile Island near Harrisburg, Pennsylvania. Both power plants were licensed by the NRC after extensive proceedings and investigations, including the preparation of the required environmental impact statements. When one of the power plants was shut down for


refueling, the other plant suffered a serious accident that damaged the reactor. The governor of Pennsylvania recommended an evacuation of all pregnant women and small children, and many area residents did leave their homes for several days. As it turned out, no dangerous radiation was released. People Against Nuclear Energy (PANE), an association of area residents who opposed further operation of the nuclear power plants at Three Mile Island, sued to enjoin the plants from reopening. They argued that the reopening of the plants would cause severe psychological health damage to persons living in the vicinity and serious damage to the stability and cohesiveness of the community. Are these reasons sufficient to prevent the reopening of the nuclear power plants? Metropolitan Edison Company v. People Against Nuclear Energy, 460 U.S. 766, 103 S.Ct. 1556, 75 L.Ed.2d 534, Web 1983 U.S. Lexis 21 (Supreme Court of the United States) 45.7 Endangered Species The red-cockaded woodpecker is a small bird that lives almost exclusively in old pine forests throughout the southern United States. Its survival depends on a very specialized habitat of pine trees that are at least thirty, if not sixty, years old, in which they build nests and forage for insects. The population of this bird decreased substantially as pine forests were destroyed by clear-cutting. The U.S. secretary of the interior has named the red-cockaded woodpecker an endangered species. The U.S. Forest Service manages federal forests and is charged with duties to provide recreation, protect wildlife, and provide timber. To accomplish the charge of providing timber, the Forest Service often leases national forest lands to private companies for lumbering. When the Forest Service proposed to lease several national forests in Texas, where the red-cockaded woodpecker lives, to private companies for lumbering, the Sierra Club, an environmental organization, sued. The Sierra Club sought to enjoin the Forest Service from leasing these national forests for lumbering. Who wins? Sierra Club v. Lyng, Secretary of


Agriculture, 694 F.Supp. 1260, Web 1988 U.S. Dist. Lexis 9203 (United States District Court for the Eastern District of Texas) ----------------------------------------------------ACC 543 Week 5 Team Aspects of Employment and Environment Paper and PowerPointRiver Rafting Locations

For more course tutorials visit uophelp.com is now newtonhelp.com www.newtonhelp.com

Aspects of Employment and Environment Paper and PowerPoint You are an accountant at a small accounting firm. One of your clients is looking to open a small river-rafting business. Your client will run the business operations from a mobile home office on a piece of land on the riverbank. Your client must decide the best location to start this business and has asked you to explain the accounting advantages of choosing the best location. Your client is also wondering if the business should build a permanent structure on the land, or use the mobile home they already own. Additionally, your client wants to know the insurance implications of this decision. How would the insurance implications of the location decision change the company’s risks and how might your client use insurance to better manage those risks? As a team, conduct research on three locations and select a


location that your client will use to start this business. The locations should be in states where your at least one of your team members lives Address the following for each location, based on research of the three sites located in three states: Evaluate the legal aspects of acquiring, holding, and disposing of real property. Evaluate the legal aspects of acquiring, holding, and disposing of personal property. Analyze the business use of insurance for various risks. Identify environmental issues and regulations related to the site. Discuss which location you will suggest to your client to run the business from, and why this location is advantageous relative to your discussion of real and personal property and the use of insurance. Submit a paper of no more than 1,400 words with your research results and recommendations for the client. Create a 10- to 15-slide MicrosoftÂŽ PowerPointÂŽ presentation for the client. ----------------------------------------------------ACC 543 Week 5 Team Project Analysis Sales Projection (Hillside Furniture Company) (New Syllabus)

For more course tutorials visit uophelp.com is now newtonhelp.com www.newtonhelp.com


Hillside Furniture Company makes outdoor furniture from recycled products, including plastics and wood by-products. Its three furniture products are gliders, chairs with footstools, and tables. The products appeal primarily to cost-conscious consumers and those who value the recycling of materials. The company wholesales its products to retailers and various mass merchandisers. Because of the seasonal nature of the products, most orders are manufactured during the winter months for delivery in the early spring. Michael Cain, founder and owner, is dismayed that sales for two of the products are tracking below budget. The following chart (in the Team Assignment 2 worksheet) shows pertinent year-to-date data regarding the company's products. Certain that the shortfall was caused by a lack of effort by the sales force, Michael has suggested to Lisa Boyle, the sales manager, that the company announce two contests to correct this situation before it deteriorates. The first contest is a trip to Hawaii awarded to the top salesperson if incremental glider sales are attained to close the budget shortfall. The second contest is a golf weekend, complete with a new set of golf clubs, awarded to the top salesperson if incremental sales of chairs with footstools are attained to close the budget shortfall. The Hawaiian vacation would cost $16,500 and the golf trip would cost $12,500. Explain whether either contest is desirable or not. Supplement your analysis by determining the total contribution margin for Gliders and for Table-and-Chair sets under each of the following assumptions: actual sales volume at actual selling price, actual resource usage, and actual costs; and, actual sales volume at budgeted selling prices, budgeted resource usage, and budgeted costs. Explain the strategic issues guiding your choice about these contests


Explain whether either contest is desirable or not. Supplement your analysis by determining the total contribution margin for Gliders and for Table-and-Chair sets under each of the following assumptions: 2 - actual sales volume at actual selling price 3 - actual resource usage, and actual costs; 4 - actual sales volume at budgeted selling prices, budgeted resource usage, and budgeted costs. . ----------------------------------------------------ACC 543 Week 6 Individual Textbook Exercise (29.1, 29.2, 29.4, 30.4,31.1, 31.3, 31.6, 33.3, 33.5, 33.6, 51.1, 51.2, 51.3, 51.4, 51.5 51.6)

For more course tutorials visit uophelp.com is now newtonhelp.com www.newtonhelp.com

29.1 Creation of an Agency 29.2 Independent Contractor 29.4 Apparent Agency 30.4 Independent Contractor


31.1 Workers’ Compensation 31.3 Occupational Safety 31.6 Unemployment Benefits 33.3 Sex Discrimination 33.5 National Origin Discrimination 33.6 Religious Discrimination 51.1 Audit Opinion 51.2 Auditor’s Liability to Third Party 51.3 Auditor’s Liability 51.4 Accountant’s Liability to Third Party 51.5 Ultramares Doctrine 51.6 Section 10(b) ----------------------------------------------------ACC 543 Week 6 Team Assignment Flexible Budgets

For more course tutorials visit uophelp.com is now newtonhelp.com www.newtonhelp.com

Flexible Budgets Team Paper Write a paper of no more than 1,050 words in which you discuss flexible budgets. Explain the relationship between fixed and variable costs used in a flexible


budget. Discuss the differences between static and flexible budgets and how a flexible budget lends itself to a cost-volumeprofit analysis. Format your paper consistent with APA guidelines -----------------------------------------------------

Acc 543  

For more course tutorials visit uophelp.com is now newtonhelp.com www.newtonhelp.com • 10- to 12-slide presentation using a modality of...

Acc 543  

For more course tutorials visit uophelp.com is now newtonhelp.com www.newtonhelp.com • 10- to 12-slide presentation using a modality of...

Advertisement