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Progressive Company reported the following asset values in 2014 and 2015: Cash 2015-$50000 2014-$45000 Accounts receivable 2015-$300000 2014-$220000 Inventory 2015-$650000 2014-$510000 Land 2015-$600000 2014-$400000 Buildings 2015-$900000 2014-$800000 Equipment 2015-$350000 2014-$250000 In addition, in 2015, Progressive had sales of $4,800,000; cost of good sold for the year was $2,900,000. As of the end of 2014, the fair value of Progressive's total assets was $3,000,000. Of the excess of fair value over book value, $100,000 resulted from the fact that Progressive uses LIFO for inventory valuation. As of the end of 2015, the fair value of Progressive's total assets was $3,800,000, and Progressive's LIFO reserve was $150,000. 1. Compute Progressive's fixed asset turnover ratio for 2015. 2. Using the fair value of fixed assets instead of their book values, recompute Progressive's fixed asset turnover ratio for 2015. State any assumptions that you make.
A state run monthly lottery can sell 13,111 tickets at $4 a piece. A ticket wins $100,000 with probability 0.00002, $100 with probability 0.006, and $10 with probability 0.08. On average, how much can the state expect to profit from the lottery pe..
the holiday card company a producer of specialty cards has asked you to complete several calculations based upon the
What will be the incremental profit if the order is accepted and what is the expected level of profit
What is the reason behind the FASB requiring the Allowance method for Bad Debt accounting? Why not use the Direct Write-Off method?
simpson construction entered into a contract to construct a floating bridge across a lake. the contract price for the
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Carson, Letterman, and O'Brien are partners who share profits and losses 50%, 30%, and 20%, respectively. Their capital balances are $116,000, $69,000, and $34,000, respectively.
provide an example of a direct cost and indirect cost from your workplace or an organization with which you are
1). 830 bonds, 1000 face value, 8% stated rate, 10 year semi annual interest payment. Assuming the market rate of interest is 10% calculate the selling price for each bond issued. Answer to nearest dollar.
Determination of Beneficiary's Income. A trust is authorized to make discretionary distributions of income and principal to its two beneficiaries, Roy and Sandy. Separate shares are not required.
The primary reason for preparing a reconciliation between interest-bearing obligations outstanding during the year and interest expense in the financial statements is to:
Escatel Corporation bases its predetermined overhead rate on the estimated labor hours for the upcoming year. Data for the most recently completed year appear below.
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