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ACCT 212 : FaithGroupProject (1)docx - Stewardship Jesus has taught 17-18homework help

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amramr328
25 Mar 2023
School
Liberty University
Department
Accounting
Course
ACCT 212
Professor

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Document Summary

Jesus has taught us to be stewards before his second coming. 25:14-30 where jesus tells the parable of the talents. The first two were rewarded and the last was thrown into jail for not using the portion his master gave him for the good of his kingdom. It is important to realize that even though this is a parable it is still relatable to modern day life. This parable that jesus uses also teaches us that we need to be able to manage our finances effectively. In the parable, jesus stated that each servant was given the talents according to their ability (matt. There is a clear notion in this parable that the servant that was given one talent was not capable of doing anything more with it. The master entrusted each of these servants with the talents according to their ability, the same as god entrusts us with the finances that he provides.

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Related Questions

#16

Part U16 is used by Mcvean Corporation to make one of itsproducts. A total of 13,000 units of this part are produced andused every year. The company's Accounting Department reports thefollowing costs of producing the part at this level ofactivity:

Per Unit
Direct materials $ 2.90
Direct labor $ 7.50
Variable manufacturingoverhead $ 8.00
Supervisor's salary $ 3.40
Depreciation of specialequipment $ 1.80
Allocated general overhead $ 7.00

An outside supplier has offered to make the part and sell it tothe company for $29.80 each. If this offer is accepted, thesupervisor's salary and all of the variable costs, including thedirect labor, can be avoided. The special equipment used to makethe part was purchased many years ago and has no salvage value orother use. The allocated general overhead represents fixed costs ofthe entire company, none of which would be avoided if the part werepurchased instead of produced internally. In addition, the spaceused to make part U16 could be used to make more of one of thecompany's other products, generating an additional segment marginof $25,000 per year for that product. The annual financialadvantage (disadvantage) for the company as a result of buying partU16 from the outside supplier should be:

Multiple Choice

$25,000

$14,600

($35,400)

($79,000)

#17

One of the employees of Davenport Corporation recently wasinvolved in an accident with one of the corporation's deliveryvans. The corporation is either going to repair the damaged van orsell it as is and buy a comparable used van. Information related tothis decision is provided below:

Initial cost of the damagedvan $ 30,000
Accumulated depreciation to dateon van $ 18,000
Salvage value of van immediatelybefore crash $ 9,000
Salvage value of van immediatelyafter crash $ 1,000
Cost to repair damaged van $ 5,000
Cost of a comparable usedvan $ 10,000

Based on the information above, Davenport would be financiallybetter off:

Multiple Choice

$2,000 by buying the comparable van.

$2,000 by repairing the damaged van.

$4,000 by repairing the damaged van.

$1,000 by buying the comparable van.

John Ford starts a firm Bestafer andBob Strong is the venture capitalist. The situation is asfollows: John Ford, CEO of Bestafer, Inc., sought toraise $5 million in a private placement of equity in his earlystage dairy products company. Ford conservativelyprojected net income of $4 million in year 5, and knew thatcomparable but more mature companies traded at a price earningsratio of 20x. The venture capitalist, Bob Strong, has a50% target rate of return. Ford has 1,000,000shares. (There is expected to be no debt or availablecash at the investment horizon.)

But now: Bob Strong ofKennebunk Capital liked Ford's plan, but thought it naive in onerespect: to recruit a senior management team, he feltFord would have to grant generous stock options in addition to thesalaries projected in his business plan. From pastexperience, he felt management should have the ability to own atleast a 15% share of the company by the end of year 5 (att=5). That is, management will be rewarded with stockoptions that Strong feels will result in these managers (notincluding Ford) owning 15% of all shares as oft=5. (Those shares will not be issued at t=0)

Given these beliefs, how many sharesshould Strong insist on today if his target rate of return is50%? (The assumption here is that a wise venturecapitalist will anticipate this 15% management pool at the time ofthe financing.) Assume that $5 million must be investednow.

You are a recently-hired accountant at Greenwood Company, asmall corporation that does a seasonal business of selling snowremoval equipment, with most of its sales to retailers occurring inthe last two quarters of the calendar year. Production isparticularly heavy during the second quarter, in preparation forthese sales. In the process of preparing Greenwood Company’s 2015’sfirst quarter interim report, you noticed and inquired about anaccount titled Miscellaneous Factory Assets for $140,000. Thecontroller asked you to include it in long-term assets althoughthat was the amount spent on repairs and maintenance during thefirst quarter. The controller didn’t want to show a loss, which iswhat would happen if the $140,000 were expensed in quarter 1.Instead, Greenwood would book the expense in the quarter it willhave the least effect on net income. The controller argued that itmakes no difference, since the company’s total yearly income is thesame regardless of the quarter repairs and maintenance expense isreported. Respond to the controller’s explanation from financialreporting and ethical perspectives.