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1.
A firm has an ROI of 15%, turnover of 3, and sales of $6 million. Calculate the firm's margin.Enter your answer as a percentage. For example, if your answer is 9%, then enter in the box below 9%.
2.For each item below, indicate whether a debit or credit is appropriate by entering the number corresponding to your answer in the box provided.
3.
Franklin Co. borrowed $40,000 from a bank on September 1, 2007 and agreed to pay it back in seven months at an interest rate of 15% per year.Calculate the amount of interest expense related to this loan reported in Franklin Co.'s 2008 income statement. Do not use decimals in your answer.
4.
ABC Company began operations on August 1, 2013 and entered into the following transactions during 2013:
1. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed 100,000 from the local bank on a 10-month, 12% note payable
2. On September 1, ABC Company purchased a parcel of land costing $80,000 by paying $20,000 in cash and agreeing to pay the remainder within six months
3. On October 1, ABC Company received $50,000 cash from a customer for services to be performed over the next 10 months
4. On November 15, ABC Company paid its stockholders a dividend totaling $3,000 cash5. On December 1, ABC Company paid $10,000 of the amount owed for the land purchased on September 1
Calculate the amount of net income that ABC Company would report in its 2013 income statement after all the above transactions are recorded and all necessary adjusting entries are made. Do not use decimals in your answer.
5.
Calculate the amount of total assets that ABC Company would report in its December 31, 2013 balance sheet after all the above transactions are recorded and all necessary adjusting entries are made. Do not use decimals in your answer.
6.
Calculate the amount of total liabilities that ABC Company would report in its December 31, 2013 balance sheet after all the above transactions are recorded and all necessary adjusting entries are made. Do not use decimals in your answer.
The auditor gives an audit opinion on the fair presentatation of the financial statements and associates his or her name with it when, on the basis of adequate evidence, the auditor concludes that the financial statements are unlikely to mislead:
Assume that Inventive's tax rate for 2011 is 40 percent. What is the current portion of Inventive's total income tax expense for 2011?
Distinguish between a defined benefit plan and a defined contribution plan. Why does a defined benefit plan present far more complex accounting issues than a defined contribution plan?
Prepare the journal entry on July 1, 2010, for SEK Corp. to record the sale of receivables without recourse. Prepare the journal entry on July 1, 2010, for Mays Finance Corporation to record the purchase of receivables without recourse.
which of the following describes the behavior of the fixed cost per unit?decreases with increasing productiondecreases
How much higher (or lower) would the company's first-year net income have been if absorption costing had been used rather than variable costing? Show computations.
Addtl. Info: Investments were sold at a loss (not extraordinary) of $7,000; no equipment was sold; cash dividends paid were $50,000; and net income was $160,000 Prepare a statement of cash flows for 2010 for Sondegaard Corporation.
Max Company purchased equipment on November 1, 2010 and gave a 16-month, 12% note with a face value of $5,000. Interest will not be paid in cash until the note matures. The December 31, 2010 adjusting entry is ??
When merchandise is returned under the perpetual inventory system, the buyer would credit:
Using the information, prepare an income statement and a balance sheet for the Parsons Corporation.
The company's beta is 1.25, the required return on the market is 10.50%, and the risk-free rate is 4.50%. What is the company's current stock price?
for eckert inc. variable manufacturing overhead costs are expected to be 20000 in the first quarter of 2011 with 4000
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