The Jones Company has a very limited return policy for its products, and a customer can only return an item with a store receipt. The Jones Company has established this return policy without any customer satisfaction research. While the Jones Company thinks its policy is fair, many customers do not. A service-providing firm like the Jones Company that does little or no customer satisfaction research is most likely to experience a gap between _______.

Answer:

the customers' wants and what management thinks customers want.

Explanation:

A warranty can be defined as a written promise or guarantee made by a manufacturer, lessor or seller about the identity or quality of goods and services or a property to a purchaser, promising him or her to repair or replace it if necessary within a specified time frame.

An express warranty is typically considered to be an affirmative promise about the quality or characteristics of an item that is being sold to a buyer and as such it is binding and enforceable by law.

It recognized by the Uniform Commercial Code ("UCC") as explicit, stated promises by a manufacturer.

In this scenario, The Jones Company has a very limited return policy for its products, and a customer can only return an item with a store receipt. The Jones Company has established this return policy without any customer satisfaction research. While the Jones Company thinks its policy is fair, many customers do not. A service-providing firm like the Jones Company that does little or no customer satisfaction research is most likely to experience a gap between the customers' wants and what management thinks customers want.

A quality function deployment can be defined as a measure of customer wants or requirements and developing them into processes (how) that each functional area of the manufacturing firm can understand and work with.

Uptown Bank provides lockbox services. They estimate that you can reduce your average mail time by 2.2 days and your combined clearing and processing time by .75 days by implementing their system. Your firm receives 65 checks a day with an average value of $298 each. The current T-Bill rate is .01 percent per day. Assume a 365-day year. The bank will charge your firm $.15 per check. What is the annual net savings from installing this system?

Ace Company purchased 10,000 bonds issued by Jack Company in 2018 for $53 per bond and classified the investment as securities available-for-sale. The value of the Jack investment was $83 per bond on December 31, 2019, and $100 per bond on December 31, 2020. During 2021, Ace sold all of its Jack investment at $148 per bond. In its 2021 income statement, Ace would report: Multiple Choice A gain of $950,000. A gain of $480,000. A gain of $470,000. A gain of $1,420,000.

Assume that a parent company owns a 100% controlling interest in its long-held subsidiary. On December 31, 2013, a parent company sold equipment to the subsidiary for $118,000. The equipment originally cost the parent $180,000, and accumulated depreciation through December 31, 2013 was $36,000. The parent depreciated the equipment for 10 years using the straight-line method and no salvage value. After the transfer, the subsidiary will depreciate the equipment for 8 years with no salvage value. Related to the transferred equipment, which of the following items is true regarding the preparation of the consolidated financial statements for the year ending December 31, 2013?A. The consolidation entries will include a $26,000 debit to "Equipment (gross)"B. The consolidation entries will include a $26,000 credit to "Loss on Sale of Equipment"C. The consolidation entries will include a $26,000 debit to "Gain on Sale of Equipment"D. The consolidation entries will include a $26,000 credit to "Accumulated depreciation"

Which of the following will not create minimum contacts in a state sufficient to find personal jurisdiction on an out-of-state defendant? Group of answer choices A company maintains no physical office within a state and does not send sales personnel in to conduct business, but it target advertises in the forum state, providing special products and discounts for the forum state's residents. A company maintains an office in the forum state that is manned once a week by employees. A company sends sales personnel into the forum state to conduct business but does not maintain an office within the forum state. A company maintains a website that provides information about its products and that provides an address or number that a customer can contact to obtain an order form to purchase products directly from the company.

Started the business when it acquired $61,000 cash from the issue of common stock. Paid $21,300 cash to purchase inventory. Sold inventory costing $12,100 for $27,700 cash. Physically counted inventory; had inventory of $7,400 on hand at the end of the accounting period. Required a. Record the events in the T-accounts provided. b. Prepare an income statement and balance sheet.

Bramble Company has the following equivalent units of production for July: materials 30200 and conversion costs 23500. Production cost data are:

Materials Conversion
Work in process, July 1 $6400 $2600
Costs added in July 54000 35000

The unit production costs for July are:

Materials Conversion Costs
a. $1.79 $1.60
b. $1.79 $1.49
c. $2.00 $1.49
d. $2.00 $1.60

Your uncle just won the weekly lottery, receiving $375,000, which he invested at a 7.5% annual rate. He now has decided to retire, and he wants to withdraw $35,000 at the end of each year, starting at the end of this year. What is the maximum number of whole payments that can be withdrawn before the account is exhausted, i.e., before the account balance would become negative? (Hint: Round down to the nearest whole number.)

. A building owner charges net rent of $20 in the first year, $21 in the second year, and $22 in the third year, but is providing six months of free rent in the first year as a concession. Using a 10 percent discount rate, what is the effective rent over the three years

High owns 60% of Low. In 2019, Low sold inventory (cost $70,000) to High for $100,000. 40% of this inventory was not sold to third parties by High until 2020. In 2020, Low sold inventory (cost $72,000) to High for $120,000. Of this inventory, $50,000 was not sold to third parties by High until 2021. In 2020, Low reports $70,000 of net income. What is the noncontrolling interest in 2020 income of Low. $24,800 $31,200 $37,200 $46,800

The ideal measure of short-term receivables is the discounted value of the cash to be received in the future. Failure to follow this practice usually does not make the statement misleading because Question 12 options: Most short-term receivables are not interest-bearing The amount of the discount is not material The allowance includes a discount element Most receivables can be sold to a bank or factor

Ataxia Fitness Center is considering an investment in some additional weight training equipment. The equipment has an estimated useful life of 10 years with no salvage value at the end of the 10 years. Ataxia's internal rate of return on this equipment is 8%. Ataxia's discount rate is also 8%. The payback period on this equipment is closest to (Ignore income taxes.):

Sole Purpose Shoe Company is owned and operated by Sarah Charles. The company manufactures casual shoes, with manufacturing facilities in your state. Sarah began the business this year, and while she has a great deal of experience in manufacturing popular and comfortable shoes, she needs some help in evaluating her results for the year, and asks for your help.

Sarah’s first questions for you have to do with the general ideas and terminology used to evaluate variances.

1. Why might Sarah want to use standard costs to compare with her actual costs?

a. Management can evaluate the differences between standard costs and actual costs to focus on correcting the cost variances.
b. Standard costs give management a cost structure for products that is applicable for the entire life of the business.
c. Standard costs allow management to motivate employees by comparing their performance to what it would be under perfect conditions.

2. What are some possible drawbacks to using standard costs that Sarah might consider? Check all that apply.

a. Since standards are impossible to attain, they are a distraction from the work at hand.
b. Since standards never change, they do not reflect reality.
c. Standards limit operating improvements because employees may be discouraged from improving beyond the standards.
d. Employees may focus only on efficiency improvement and their own operations rather than considering the larger objectives of the organization.
e. Standards may become "stale" in a dynamic manufacturing environment.

Assume you are using the dividend growth model to value stocks. If you expect the inflation rate to increase, you should also expect: A. market value of all stocks to decrease, all else equal. B. market value of all stocks to remain constant as the dividend growth will offset the increase in inflation. C. stocks that do not pay dividends to decrease in price while dividend paying stocks maintain a constant price.

Fultz Company has accumulated the following budget data for the year 2020.

1. Sales: 31,480 units, unit selling price $89.
2. Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $12 per hour, and manufacturing overhead $6 per direct labor hour.
3. Inventories (raw materials only): beginning, 10,270 pounds; ending, 15,380 pounds.
4. Selling and administrative expenses: $170,000; interest expense: $30,000.
5. Income taxes: 30% of income before income taxes.

Required:
a. Prepare a schedule showing the computation of cost of goods sold for 2020.
b. Prepare a budgeted multiple-step income statement for 2020.

Marketers competing on product attributes and image are said to be participating in:

A firm has production function y = f(x1, x2) = x 1^1/3 x 2 ^2/3 , where y is the amount of output, x1, x2 are the amount of input 1 and 2 respectively.
(a) Suppose the firms chooses to produce with inputs x1^0 , x2^0 . Calculate the marginal product with respect to input 1 and input 2. (Express them in terms of x1^0 , x2^0 .)
(b) What’s the firm’s technical rate of substitution given input level x1^0 , x2^0 ?
(c) Suppose the prices for input 1 and input 2 are are respectively w1 = 8, w2 = 2. The market price for the output is p = 50. In order to produce a fixed level of output y 0 = 8, what’s the optimal amount of each input that the firm chooses to use for production?

What steps will allow you to use the Keep Together property to ensure that none of the records are broken between two pages when they are printed?

In 2020, Bertha Jarow had a $28,000 loss from the sale of a personal residence. She also purchased from an individual inventor for $7,000 (and resold in two months for $18,000) a patent on a rubber bonding process. The patent had not yet been reduced to practice. Bertha purchased the patent as an investment. In addition, she had the following capital gains and losses from stock transactions:
Long-term capital loss ($6,000)
Long-term capital loss carryover from 2019 (12,000)
Short-term capital gain 21,000
Short-term capital loss (7,000)
A. Bertha has a net long-term capital loss of $___. Bertha has a net short-term capital gain of $ 14000. As a result, Bertha has an overall net short-term capital gain of $___.
B. Complete the letter to Bertha explaining the tax treatment of the sale of her personal residence. Assume Bertha's income from other sources puts her in the 28% bracket.

What are out-of-order rooms? How do they differ from out-of-inventory rooms

In 2013, Chirac Enterprises issued, at par, 75 $1,060, 8% bonds, each convertible into 200 shares of common stock. Chirac had revenues of $19,100 and expenses other than interest and taxes of $8,860 for 2014. (Assume that the tax rate is 40%.) Throughout 2014, 2,530 shares of common stock were outstanding; none of the bonds was converted or redeemed.(a) Compute diluted earnings per share for 2014. (Round answer to 2 decimal places, e.g. $2.55.)(b) Assume the same facts as those assumed for part (a), except that the 75 bonds were issued on September 1, 2014 (rather than in 2013), and none have been converted or redeemed. (Round answer to 2 decimal places, e.g. $2.55.)(c) Assume the same facts as assumed for part (a), except that 25 of the 75 bonds were actually converted on July 1, 2014. (Round answer to 2 decimal places, e.g. $2.55.)

Lo-crete produces quick setting concrete mix. Production of 200,000 tons was started in April, 190,000 tons were completed. Material costs were $3,152,000 for the month while conversion costs were $591,000. There was no beginning work-in-process; the ending work-in-process was 70% complete. What is the cost of the product that was completed and transferred to finished goods

Ring Me Up Inc. has net income of $143,100 for the year ended December 31, 2019. At the beginning of the year, 36,000 shares of common stock were outstanding. On May 1, an additional 18,000 shares were issued. On December 1, the company purchased 4,300 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares outstanding occurred during the year. During the year, Ring Me Up paid the annual dividend on the 9,000 shares of 4.65%, $100 par value preferred stock that were outstanding the entire year.

Required:
Calculate basic earnings per share of common stock for the year ended December 31, 2019.

8) Healthy Foods just paid its annual dividend of $1.62 a share. The firm recently 8) announced that all future dividends will be increased by 2.1 percent annually. What is one share of this stock worth to you if you require a rate of return of 15.7 percent

6. Ruben earned a salary of $60,000 in 2001 and $80,000 in 2006. The consumer price index was 177 in 2001 and 221.25 in 2006. Ruben's 2001 salary in 2006 dollars is Ruben earned a salary of $60,000 in 2001 and $80,000 in 2006. The consumer price index was 177 in 2001 and 221.25 in 2006. Ruben's 2001 salary in 2006 dollars is

Dwayne Wade Company recently signed a lease for a new office building, for a lease period of 10 years. Under the lease agreement, a security deposit of $12,000 is made, with the deposit to be returned at the expiration of the lease, with interest compounded at 5% per year.
What amount will the company receive at the time the lease expires?

Apedwa Inc. recently purchased a new delivery truck. The new truck costs $25,000 and is expected to generate net after-tax operating cash flows, including depreciation, of $7,000 at the end of each year. The truck has a 5-year expected life. The expected abandonment values (salvage values after tax adjustments) at different points in time are given below. The firm's cost of capital is 10 percent. What is ithis project's optimal economic life?

Year Annual Operating Cash Flow Salvage Value
0 ($20,000) $20,000
1 7,000 16,000
2 7,000 14,000
3 7,000 12,000
4 7,000 8,000
5 7,000 0

Luzadis Company makes furniture using the latest automated technology. The company uses a job-order costing system and applies manufacturing overhead cost to products on the basis of machine-hours. The predetermined overhead rate was based on a cost formula that estimates $1,152,000 of total manufacturing overhead for an estimated activity level of 72,000 machine-hours.During the year, a large quantity of furniture on the market resulted in cutting back production and a buildup of furniture in the company's warehouse. The company's cost records revealed the following actual cost and operating data for the year:,Machine-hours 67,000Manufacturing overhead cost $551,000 Inventories at year-end: Raw materials $13,000 Work in process (includes overhead applied of $37,520) $139,300 Finished goods (includes overhead applied of $101,840) $378,100 Cost of goods sold (includes overhead applied of $396, 640) $1,472,600Required: 1. Compute the underapplied or overapplied overhead. 2. Assume that the company closes any underapplied or overapplied overhead to Cost of Goods Sold. Prepare the appropriate journal entry. 3. Assume that the company allocates any underapplied or over appliedoverhead proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the appropriate journal entry. 4. How much higher or lower will net operating income be if the underapplied or overapplied overhead is allocated to Work in Process, Finished Goods, and Cost of Goods Sold rather than being closed to Cost of Goods Sold?

Falcon Co. produces a single product. Its normal selling price is $26 per unit. The variable costs are $16 per unit. Fixed costs are $18,900 for a normal production run of 5,000 units per month. Falcon received a request for a special order that would not interfere with normal sales. The order was for 1,470 units with a special price of $21 per unit. Falcon has the capacity to handle the special order, and for this order, a variable selling cost of $2 per unit would be eliminated. If the order is accepted, what would be the impact on net income

Pine Corp. produces three products, and currently has a shortage of machine hours since one of its two machines is down. The selling price, costs, and machine time requirements of the three products are as follows: Product A Product B Product C Selling price$5.00 $3.00 $5.00 Variable cost per unit$3.50 $2.00 $2.00 Machine hours per unit 0.75 0.25 1 Pine has unlimited demand for all its products. Which product/s should Pine Corp. produce to maximize profit while the machine is down

Aspen Ski Resorts has 100 employees, each working 40 hours per week and earning $19 an hour. Although the company does not pay any health or retirement benefits, one of the perks of working at Aspen is that employees are allowed free skiing on their days off. Federal income taxes are withheld at 15% and state income taxes at 5%. FICA taxes are 7.65% of the first $118,500 earned per employee and 1.45% thereafter. Unemployment taxes are 6.2% of the first $7,000 earned per employee.
Required:
1. Compute the total salary expense, the total withholdings from employee salaries, and the actual direct deposit of payroll for the first week of January.
2. Compute the total payroll tax expense Aspen Ski Resorts will pay for the first week of January in addition to the total salary expense and employee withholdings calculated in Part 1.