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You are a recent College graduate and you are working in the accounting department of Macy’s. Next week, you are required to attend an inventory meeting for one store. You know this store well because you shop there frequently. One of the managers of the store feels that the men’s shoe department is unprofitable because the selection is poor, there are few sizes available, and there just aren’t enough shoes. The manager is pushing for a very large shoe inventory to make the department more desirable to shoppers and therefore more profitable. Explain in this discussion why it is good or bad to have a large inventory of shoes. 2. Do the terms LIFO, FIFO, and Weighted Average refer to techniques used in determining quantities of the various classes of merchandise on hand? Please explain.
1. What's MACRS? What's the difference between the MACRS approach and the straight-line approach?
The president of Lowell Inc. has asked you to evaluate the proposed acquisition of a new computer. The computer’s price is $60,000 and it falls into the MACRS 3-year class (33% in year 1, 45% in year 2, 15% in year 3, and 7% in year 4). Purchase of t..
Carter Corporation's sales are expected to increase from $5 million in 2012 to $6 million in 2013, or by 20%. Its assets totaled $2 million at the end of 2012. Carter is at full capacity, so its assets must grow in proportion to projected sales. Unde..
On January 2, 2014, Jensen Company borrowed $102,000 from Lyon Country Bank. The terms of the loan agreement specified 4 equal annual payments at 6% annual interest. Compute the amount of each of these payments, assuming, they begin on December 31, 2..
Retirement planning Hal Thomas, a 25-year-old college graduate, wishes to retire at age 65. To supplement other sources of retirement income, he can deposit $2,000 each year into a tax-deferred individual retirement arrangement (IRA). The IRA will ea..
With celebrity bonds, celebritties raise money by issuing bonds to investors. the royalties from sales of the music are used to pay interest and principal on the bonds. In april of 2009, EMI announced that it intended to securitize its back catalogue..
Companies with relatively high assets to sales ratios require a relatively large amount of new assets for any given increase in sales: hence they have a greater need for external financing. there are currently no alternatives for these types of firms..
Two credit cards both state an APR of 10%. First National Bank’s card charges 0.8333% compounded monthly. First United Bank’s card charges 5% compounded semiannually (twice a year). Given these APR’s, what are the effective annual rates charged by th..
If the firm declares a 10 percent stock dividend, what will be the impact on the firm's equity accounts? what is the impact of a 10 percent stock dividend on the wealth position of the firm's existing stockholders?
Miller Corporation has a premium bond making semiannual payments. The bond pays a coupon of 10 percent, has a YTM of 8 percent, and has 16 years to maturity. The Modigliani Company has a discount bond making semiannual payments. Price of Miller Corpo..
Option to Wait Your company is deciding whether to invest in a new machine. The new machine will increase cash flow by $475,000 per year. The cost of the machine will decline by $210,000 per year until it reaches $2,270,000, where it will remain. If ..
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