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Great Southern Furniture Ed Koehler started Great Southern Furniture five years ago to assemble prefabricated bedroom furniture for large hotel chains. Hotels purchase furniture from manufacturers who ship the furniture to the hotels unassembled. Koehler sends a site supervisor and a small crew of employees to the hotel. The site supervisor first hires additional local employees to help assemble the furniture and then trains them. The locally hired employees along with the small crew of Great Southern employees assemble the furniture at the hotel. This significantly reduces the shipping charges and damage to the furniture.
Before sending a crew to the site, Koehler has a crew in his office assemble several sets to make sure there are no problems and also to estimate the expected time required to assemble the particular furniture. The 500-room Hyatt opens in Tampa and Koehler sends a crew to assemble the 500 bedroom sets. He establishes that 4.5 hours are required to assemble one complete room and the estimated cost per hour is $22. Upon completing the job, the crew reports they had total wages of $49,693 for 2,170 hours worked. Required: Write a report evaluating the performance of the crew at the Hyatt in Tampa
Calcuate the depreciation expense using the double-declining balance method for the first two years the equipment is owned.
How would you use portfolio management to assess the risk and return of an investment? Predict how the results would be different based on different risk preferences. In the concept of managerial accountability, what legal compliance issues could com..
A company acquires a subsidiary and will prepare consolidated financial statements for exteral reporting purposes. For internal reporting purposes, the company has decided to apply the initial value method. Why might the company have made this dec..
Which of the following items would be classified as operating revenue or expense on an income statement of a manufacturing firm?
preferred stock 8 50 par value 300000 150000 common stock 10 par value 80000 shares authorized 80000 shares issued
Discuss why a buyer may want to order on a bill and hold basis. Why might a seller want to classify an order as bill and hold if it does not meet the above criteria?
To determine whether accounts payable are complete, an auditor performs a test to verify that all merchandise received has been recorded. The population for this test consists of all:
Pirate, Inc. leased equipment from Shoreline Enterprises under a four-year lease requiring equal annual payments of $180,000, with the first payment due at lease inception.
what are the major components of an internal control system? are these components always
A state run monthly lottery can sell 13,111 tickets at $4 a piece. A ticket wins $100,000 with probability 0.00002, $100 with probability 0.006, and $10 with probability 0.08. On average, how much can the state expect to profit from the lottery pe..
The concept of materiality is important in the context of auditing. Materiality is a function of the time, the situation, and the people involved. What is material from the point of view of a bank that lends money to the firm?
James receives a gift of rare books valued at $10,000. The books have an adjusted basis of $6,000 to the donor. Several months later, James sells the books to a professional collector for $9,000. What is James‘s gain or (loss) on the sale?
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