e works in finance for a small manufacturing company and is working on next year’s budget. She has been doing research to compare the cost of outsourcing some upcoming jobs versus the cost of purchasing the equipment to keep the jobs in-house. In what step in financial planning is Shanice involved? Multiple Choice O. developing financial statements for outside investors O. forecasting short-term financial needs O. establishing financial controls and tax poli

e works in finance for a small manufacturing company and is working on next year’s budget. She has been doing research to compare the cost of outsourcing some upcoming jobs versus the cost of purchasing the equipment to keep the jobs in-house. In what step in financial planning is Shanice involved? Multiple Choice O. developing financial statements for outside investors O. forecasting short-term financial needs O. establishing financial controls and tax poli

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

ChapterMB: Model-building Problems

Section: Chapter Questions

Problem 15M

See similar textbooks

Similar questions

Shanice works in finance for a small manufacturing company and is working on next year’s budget. She has been doing research to compare the cost of outsourcing some upcoming jobs versus the cost of purchasing the equipment to keep the jobs in-house. In what step in financial planning is Shanice involved?
Assume that you are nearing graduation and that you have applied for a job at a local bank. As part of the bank’s evaluation (interview) process, you have been asked to take an exam that covers several financial analysis techniques. The hiring decision depends on how you would answer the following questions: Part I: TVM Analysis. The first section of the test addresses time value money analysis.John andMaryareayoungcouple, who want to put their finance in order. Boththehusbandandthe wifeare27yearsagoandinstableemployment. They want to manage their savings and earnings to achieve a better return and reduce the risks. You want to help them with their financial planning by answering a series of questions as follows: ThegreatAlbertEinsteinoncesaid“Compoundinterestistheeighthwonderofthe world. He who understands it earns it...he who doesn't...pays it.” Whatisthefuture value of an initial $500 after 30 years if it is invested in an account paying 15 percent annual interest? What is the…
Lenny is setting her investment journey. What is the first step she should take to reach her financial goals? Make a list of her goals and prioritize them List down available financial products. automate insurance Evaluate her financial position and budget.
Suppose that you have been given a summer job as an intern at Issac Aircams, a company that manufacturessophisticated spy cameras for remote-controlled military reconnaissance aircraft. The company, which isprivately owned, has approached a bank for a loan to help it finance its growth. The bank requires financialstatements before approving such a loan. You have been asked to help prepare the financial statements andwere given the following list of costs:1. Depreciation on salespersons’ cars.2. Rent on equipment used in the factory.3. Lubricants used for machine maintenance.4. Salaries of personnel who work in the finished goods warehouse.5. Soap and paper towels used by factory workers at the end of a shift.6. Factory supervisors’ salaries.7. Heat, water, and power consumed in the factory.8. Materials used for boxing products for shipment overseas. (Units are not normally boxed.)9. Advertising costs.10. Workers’ compensation insurance for factory employees.11. Depreciation on chairs…
You should use a financial calculator and Excel to solve the problems. Discuss the differences between efficiency and effectiveness. Why is it important for small business owners to understand the difference between profit and profitability? What financial ratio is used to determine profitability? Sam quit a $30,000-a-year job with a local heating and air conditioning firm to go into business for himself. After his first year in business, his accountant showed him an income statement that indicated Sam’s firm had a profit of $40,000. During this year Sam had drawn a salary of $20,000. What was Sam’s accounting profit, his entrepreneurial profit, and his opportunity cost? Explain the difference between accounting and entrepreneurial profit. Discuss the differences between operating and financial leverage. You are going to open a business making custom cabinets. You can sell each cabinet for $80. It takes a cabinet-maker approximately 45 minutes to make one cabinet. Each…
You work as an accountant for a small land development company that desperately needs additionalfinancing to continue in business. The president of your company is meeting with the manager of alocal bank at the end of the month to try to obtain this financing. The president has approached youwith two ideas to improve the company’s reported financial position. First, he claims that because abig part of the company’s value comes from its knowledgeable and dedicated employees, you shouldreport their “Intellectual Abilities” as an asset on the balance sheet. Second, he claims that by reporting the company’s land on the balance sheet at its cost, rather than the much higher amount that realestate appraisers say it’s really worth, the company is understating the true value of its assets.Required:1. Thinking back to Chapter 1, why do you think the president is so concerned with the amountof assets reported on the balance sheet?2. What accounting concept introduced in Chapter 2 relates to the…
Many of us apply the time value of money in our personal lives – for example when we invest dollars in a young child’s bank account earmarked for his or her eventual college education. Share an explanation of the time value of money in your own words. What criteria do accountants use to decide whether to use present or future values in accounting statements?
You are tasked to manage your family’s financial resources. How would you practice money management? You may list down here the sources of your family’s income as well as the expenses incurred in one month. Then analyze and make some suggestions to improve your financial status.
Kate is considering expanding and bringing in several employees. To do this she will need a larger facility and to purchase more equipment. Which means additional financing. Answer this: look at the financial statements as if you were a banker considering her for a loan comment on your findings and use calculations to support your answer.
Imagine that you are a financial manager researching investments for your client. Think of a friend or a family member as a client. Define their characteristics and goals such as an employee or employer, relatively young (less than 40 years) or close to retirement, having some savings/property, a risk taker or risk averter, etc. Next, use Nexis Uni at the Strayer University library, located at Nexis Uni, click on “Company Dossier” to research the stock of any U.S. publicly traded company that you may consider as an investment opportunity for your client. Your investment should align with your client’s investment goals. (Note: Please ensure that you are able to find enough information about this company in order to complete this assignment. You will create an appendix, in which you will insert related information.) Provide a rationale for the stock that you selected, indicating the significant economic, financial, and other factors that led you to consider this stock. Suggest the…
What are the short and long term goals for a finance student hoping to get an internship in consulting
Suppose that you have been given a summer job as an intern at Issac Aircams, a company that manufactures sophisticated spy cameras for remote-controlled military reconnaissance aircraft. The company, which is privately owned, has approached a bank for a loan to help finance its growth. The bank requires financial statements before approving the loan. Required: Classify each cost listed below as either a product cost or a period cost for the purpose of preparing financial statements for the bank. 8 00-45-49 Costs Product Cost / Period Cost 1. Depreciation on salespersons' cars. 2. Rent on equipment used in the factory. 3 lubricants used for machine maintenance Salaries of personnel who work in the finished goods warehouse 5. Soap and paper towels used by factory workers at the end of a shift. 6. Factory supervisors' salaries. 7. Heat, water, and power consumed in the factory. 8. Materials used for boxing products for shipment overseas. (Units are not normally boxed.) 9. Advertising…