Cooper Industries had a piece of equipment that cost $56,000 and had accumulated depreciation of $25,000. Requirement 1. Record the disposition of the equipment assuming the following independent situations: a. Cooper discarded the equipment, receiving $0. b. Cooper sold the equipment for $34,000 cash. c. Cooper traded the equipment in on a new piece of equipment costing $58,000. Cooper was granted a $34,500 trade-in allowance for the old equipment and paid the difference in cash. d. Cooper traded the equipment in on a new piece of equipment costing $55,000. Cooper was granted a $26,500 trade-in allowance for the old equipment and signed a note payable for the difference.
Cooper River Glass Works (CRGW) produces four different models of desk lamps as shown in Figure. The operations manager knows that total monthly demand exceeds the capacity available for production. Thus, she is interested in determining the product mix which will maximize profits. Each model’s price, routing, processing times, and material cost is provided in Figure. Demand next month is estimated to be 200 units of model Alpha, 250 units of model Bravo, 150 units of model Charlie, and 225 units of model Delta. CRGW operates only one 8-hour shift per day and is scheduled to work 20 days next month (no overtime). Further, each station requires a 10 percent capacity cushion. a. Which station is the bottleneck? ? b. Using the traditional method, which bases decisions solely on a product’s contribution to profits and overhead, what is the optimal product mix and what is the overall profitability? c. Using the bottleneck-based method, what is the optimal product mix and what is the overallprofitability?
Copeland Antiques reported a net loss of $33,200 for the year ended December 31, 2012. The following items were included on Copeland s balance sheets at December 31, 2012 and 2011: 12/31/12 12/31/11 Cash…………………………………$ 65,300……..$ 46,100 Trade accounts payable………………123,900………93,700 Inventories……………………………192,600…….214,800 Copeland uses the indirect method to prepare its statement of cash flows. Copeland does not have any other current assets or current liabilities and did not enter into any investing or financing activities during 2012. Required 1. Prepare Copeland s 2012 statement of cash flows. 2. Draft a brief memo to the president explaining why cash increased during such an unprofitable year.
Copeland Antiques reported a net loss of $33,200 for the year ended December 31, 2017. The following items were included on Copeland s balance sheets at December 31, 2017 and 2016: _____________________ 12/31/17 __________ 12/31/16 Cash …………………… $ 65,300 ……………. $ 46,100 Trade accounts payable … 123,900 …………….. 93,700 Inventories ……………… 192,600 …………… 214,800 Copeland uses the indirect method to prepare its statement of cash flows. Copeland does not have any other current assets or current liabilities and did not enter into any investing or financing activities during 2017. Required 1. Prepare Copeland s 2017 statement of cash flows. 2. Draft a brief memo to the president explaining why cash increased during such an unprofitable year.
Copies Express was incorporated on November 20, 2009, and began operating on January 2, 2010. The balance sheet as of the beginning of operations is shown in Exhibit 1. In preparing financial statements for the first year of operations, the accountant reviewed the record of cash receipts and cash disbursements for Copies Express. This information appears in Exhibit 2 In addition, the accountant examined certain other information relative to operations. These additional items appear in Exhibit 3. EXHIBIT 1 Copies Express, Inc. EXHIBIT 2 Copies Express, Inc. EXHIBIT 3 Other Information Relative to Operations 1. At the end of 2010, Copies Express owed $9,875 to suppliers for the purchase of photocopy supplies for which it had not yet paid. 2. The yearly depreciation expense on the buildings and equipment was $15,000. 3. At the end of 2010, Copies Express was owed $11,000 for copying services by customers who had not yet paid. Copies Express expected that all of these customers would pay within 30 days. 4. An inventory taken of the supplies at year-end revealed that the year s cost of supplies was $60,250. 5. Income taxes for 2010 were expected to be $11,593. They were unpaid as of December 31, 2010. Questions 1. Prepare an income statement for 2010 and a balance sheet as of December 31, 2010. 2. Be prepared to explain the derivation of each number on these financial statements.
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