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Question - Regal Farms Ltd has sales of £2.5 million, a gross profit of £1.7 million and expenses of £800,000. Regal has paid interest of £72,000 and has to provide for Corporations Tax of £310,000 and dividends of £300,000. Calculate the EBIT, profit after tax and retained profits for the year.
Protom Company, which began operations in2009, invest its idle cash in trading securities. Prepare journal entries to record these short-term investment
For each of the following alternatives, calculate the minimum account receivable payment (to the closest dollar) that would make a lockbox system profitable.
Compute the number of flags Sanchez must sell each year to break even. Prepare Sanchez's contribution margin income statement for the year June
What two taxes are components of the FICA tax? What programs do they fund?
Advise Nathan if there is a valid contract with Dubious Connections Pty Ltd, and any remedies that may be available to him. (Make reference to relevant case law and support your answer).
You started a new business one year ago. You've been very busy dealing with so many problems that you haven't had time to sit down and look at whether you made a profit or not.
Will Truman & Associates, LLC is a successful Columbus-based law firm. Worker productivity at the firm is measured in billable hours, which vary between partners and associates.
on january 1 durkin limited issues 9 20 year bonds payable with a maturity value of 70000. the bonds sell at 97 and
This project gives a company's starting balance sheet, and lists 18 transactions. Prepare a trial balance showing what the ending ledger balances would be after the 18 transactions. Prepare an income statement for the year
A potential project requires the purchase of $612,000 of equipment. The equipment will be depreciated straight-line to a zero book value over the three-year life of the project.
Browne and Red, both C corporations, formed the BR Partnership on January 1, 2009. Neither Browne nor Red is a personal service corporation, and BR is not a tax shelter. BR's gross receipts were $4.6 million, $5 million, $6 million, and $7 million..
Give the eliminating entries needed at December 31, 2008, to prepare consolidated financial statements.
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