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The following are brief descriptions of several companies in different lines of business.
A. Company A is a construction company. It has recently signed a contract to build a highway over a three-year period. A down payment was collected; the remaining collections will occur periodically over the construction period based upon the degree of completion.
B. Company B is a retailer. It makes sales on a daily basis for cash and on credit cards.
C. Company C is a health spa. It has recently signed contracts with numerous individuals to use its facilities over a two-year period. The contract price was collected in advance.
D. Company D is a land development company. It has recently begun developing a ?oretirement community?? and has sold lots to senior citizens. The sales contract requires a small down payment and periodic payments until completion of the roads and a clubhouse, after which the remainder of the purchase price is due. Prior to this point, a purchaser may cancel the contract and receive a refund of all payments.Required
Describe when revenue should be recognized by each company. If revenue should not be recognized at the time of sale, indicate what method should be used to recognize the revenue. Justify your decision.
Koopman's Chickens, Inc. plans to borrow $275,000 from its bank for one year. The rate of interest is 9 percent, but a compensating balance of 20 percent is required. What is the effective rate of interest?
tom cruise lines inc. issued bonds five years ago at 1000 per bond. these bonds had a 25-year life when issued and the
calculate the required rate of return for management inc. assuming that investors expect a 5 rate of inflation in the
RAH Inc. is not public ally traded, but the P/E ratios of its 4 closest competitors are 15, 15,3,15,7', and 16.5. RAH's current earnings per share are $ 1.50. They are expected to grow at 6% for the next few years. What is a reasonable price for a..
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If net fixed assets increased by $25,000 during the year, what was the addition to net working capital?
Some financial statement users maintain that despite its intrinsic intellectual appeal. Discuss at least three disadvantages of national or international accounting uniformity.
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What is the cost in dollars for the required January purchase of apples?
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You have just purchased a 10-year TIPS with face value $1,000 and a 4% coupon rate. Inflation for the year turns out to be 6%. What will your interest payments be next year? Show work and explain.
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