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Assume you work as an assistant to the CFO of Fashions First, Ic. The CFO reminds you that the fiscal year end is only weeks away and that he is looking to you to ensure that the company stays in compliance with its loan covenant to maintainm a debt to asset ratio of no more than 75 %. A reviewm pf the genera; ledger indicates that assets total 690,000 and liabiklites are 570,000, Your company has an excess of of cash (300,000) and an equally large balance in accounts payable (270,000) although none of its accoutns payable are due until nest month.
1) determine whenteer the company is currentu in compliance with its loan covenant
2) assuming the level of assets and liabilities remains unchanged until the last day of the fiscal year, evaluate whether Fashion First should pay down the 210,000 oif its accounts payable on the last day of the eyar before thje accounts payable become due.
Both non-deductible contributions to a traditional IRA and contributions to a Roth IRA are similar in the sense that neither provides a tax deduction at the date of contribution. Which of the two types would be most advantageous to taxpayers and why?
What's wrong with not recording revenue when you haven't been paid? What happens if you record the revenue and never receive payment?
Product or service definition - identification and analysis of the market for the product
1. in the past the roils royally engine division roils allocated indirect manufacturing costs based on direct labour
Production in 2012 for California Manufacturing, a producer of high-security bank vaults, was at its highest point in the month of June when 47 units were produced at a total cost of $550,000. The lowest point in production was in January when only 2..
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What types of capital budgeting factors would you look at when deciding whether to do this? What would be the relevant costs that you would consider in this decision?
New equipment purchased during 20x4 totaled $280,000. The 20x4 income statement disclosed equipment depreciation expense of $41,000 and a $9,000 loss on the sale of equipment. Determine the selling price of the equipment sold.
Evaluate Tim's 2012 cost recovery deduction (Consider Tim did not make a section 179 election and elected out of bonus depreciation). Show your work and describe your calculations.
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Abbott Landscaping purchased a tractor at a cost of $40,000 and sold it three years later for $20,300. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $2,500 residual value.
Carmen owns an amusment park that she leases to a corporation that operates it. Rent is not due until the end of the year, at which time it is computed as 15% of gross receipts. On March 31 of the current year, Carmen gifts the park to her sister. Th..
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