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Axel needs new manufacturing equipment. Two companies can provide similar equipment but under different payment plans:Plan A: MRE offers to let Axel pay $55,000 each year for five years. The payments include interest at 12% per year.Plan B: Westernhome will let Axel make a single payment of $425,000 at the end of five years. This payment includes both principal and interest at 12%.1. Calculate the present value of Plan A.2. Calculate the present value of Plan B.3. Axel will purchase the equipment that cost the least, as measured by present value. Which equipment should Axel select? Why? (Challenge)
Stan and Susan, two calendar year taxpayers, are starting a new business to manufacture and sell digital circuits. They intend to incorporate the business with $600,000 of their own capital and $2 million of equity capital obtained from other inve..
Explain clearly why each of the qualitative characteristics discussed in the IASB conceptual framework is important. Which characteristic or characteristics do you think are the most important? Why?
What was the cost of advertising and warehouse expense allocated to each of the business based on the traditional method? What recommendation would you make in allocating these expenses to each of the business and how much would be allocated to eac..
Cactus does not make any distributions during 2008, but had $200,000 of ordinary income. In 2009, ordinary income was $100,000 and distributions were $100,000. What is Tex's ordinary income for 2009?
The following information is available for completed Job No. 402: Direct materials, $25,000 direct labor, $35,000 manufacturing overhead applied, $20,000 units produced, 8,000 units units sold, 6,000 units. The cost of the finished goods on hand f..
Maggie Sharrer Company borrows $88,500 on Sept. 1, 2008, from Sandwich State Bank by signing an $88,500, 12%, one-year note. What is the accrued interest at Dec. 31, 2008?
A company purchased property for $100,000. The property included a building, a parking lot and land. The building was appraised at $62,000; the land at $45,000 and the parking lot at $18,000. The value of the land to be recorded in the accounting ..
What are the provisions in the Sarbanes-Oxley Act 2002 and the New York Stock Exchange listing requirements that are aimed at improving corporate governance and are directly related to audit committees?
The maximum amount of the stock redemption proceeds under Sec. 303 is determined by summing all of the following except
In deliberations prior to the issuance of SFAS 160, "Noncontrolling Interests in Consolidated Financial Statements," the FASB considers three alternatives for displaying the noncontrolling interest in the consolidated statement of financial positi..
The fair market calue of 747 aircraft at december 31,2009 is 30,500,000. If the midwest chose to sell the aircraft on this date would it record a gain or loss on sale and if so, how much?
Phoenix Corporation has a joint process that produces three products: X, Y, and Z. Each product may be sold at split-off or processed further and then sold. Joint- processing costs for a year amount to $100,000. Other relevant data are as follows:
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