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estimated useful life of 15 years. Suppose at the end of 15 years this plant and equipment can be salvaged for $4,090,000 (1/10th of its original cost). What will be the book value of this purchase (excluding all other Plant and Equipment) after its first year of use? Use generally accepted (FASB) accounting principles.
All of your teammates are dedicated to the project. They put in the time and effort to complete their individual assignments and to be adequately prepared for team meetings. However, this time and effort does not seem to translate into effectively sharing information. Which of the following actions is most likely to improve your team’s information sharing?
A-Make discussions during team meetings more free-form.
B-Schedule more virtual team meetings.
C-Share less information about each other’s assignments in order to avoid confusion.
D-Structure team discussions to focus on a smaller set of key issues.
One of your team members, Ted, has not been accomplishing his fair share of the work and because of this, your team’s performance is suffering. Which of the following actions would be most effective to get Ted to do his fair share?
A-Ask Ted to make a public commitment to the team at the next meeting.
B-Inform your boss and ask that she talk with Ted directly about his performance.
C-Ask the most senior team member to address the concern with Ted.
D-Express your concerns directly to Ted before the next team meeting.
If Baldwin issued 1000 shares of common stock at last year’s end price, the effect on the balance sheet would be:
A-Retained earnings would increase by $63,846
B-Equity would decrease by $6,385
C-Equity would increase by $63,846
D-Retained earnings would increase by $6,385
Every time your colleague faces a dilemma she is fond of saying, “I believe some principles can’t be sacrificed for anything.” She clearly favors which form of ethical guidance?
You are the lead team member of a warranty claim team within the Andrews Company. Your team has had an average year, with profits remaining generally flat. In effort to boost profits for the year, your manager suggests you postpone processing any existing claims in the 4th quarter until the new fiscal year (some claims are as high as $150,000) but he’s not sure and is open to your opinion, asking “what would you suggest?” Which of the following responses would be the most appropriate step toward making an ethical decision?
A-“Let’s just make sure we cover our tracks so internal audit doesn’t go crazy.”
B-“Since we won’t benefit directly, let’s move forward with this plan.”
C-“Have we done this in the past?”
D-“Perhaps we should explore which stakeholders would stand to win or lose from such a decision.”
What is the Quick Ratio of Chester?
Midyear on July 31st, the Chester Corporation’s balance sheet reported:
Total Liabilities of $51.293 million
Cash of $4.020 million
Total Assets of $82.973 million
Total Common Stock of $2.540 million.
What were the Chester Corporation’s retained earnings?