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The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2013 balance sheet reported the following: cash, $1,340,000; prepaid expenses, $400,000; noncurrent assets, $2,800,000; and shareholders' equity, $2,900,000. The current ratio at the end of the year was 2.5 and the debt to equity ratio was 1.5.
Required:
Determine the following 2011 amounts and ratios:
1.Current liabilities.2.Long-term liabilities.3.Accounts receivable.4.The acid-test ratio.
How would you predict that the short-run equilibrium that you have identified in question 1 will change? Illustrate your answer using appropriate diagrams. What will be the long-run equilibrium number of fishing rod manufacturers?
Your client Crimson Corp. (CC) is being audited by the Department of Revenue for the State of New York for the calendar year 2010. CC had been audited by the Internal Revenue Service (IRS) for 2010 and agreed with CC's tax position that the sale o..
compute the ending inventories under the dollar value lifo method for 2011, 2012, 2013. the base period is January 1, 2011, and the beginning inventory cost at the date was $45,000. compute indexes to two decimal places.
What amount, if any, is disclosed in the balance sheet as a liability for future warranty costs as of December 31, 2008, under each method?D.) which method b
During the current year, Hugo sells equipment for $150,000, which it placed in service in 2009. The equipment cost $175,000, and $55,000 of depreciation deductions was allowed. The results of the sale are
The annual interest rate is 8%. What is the amount of taxable interest income that Karen should report for 2010, and the adjusted basis for the bonds at the end of 2010, assuming straight-line amortization is appropriate?
What makes a CPA license valuable? a. Time, effort and education it takes to get the license. b. Continuing education after receiving the license. c. Monopoly on public accounting services.
Identify two ways to finance the remaining $20,000 you will need, so you can pay all of the liabilities when they are due.
Explain the advantages and disadvantages of each set of performance measures. How do they must design the organizational architecture to control the agency problems?
Using the retail method (this method estimates lower-of-average-cost-and-market), compute the ending inventory at cost as of January 31, 2005. Make sure your answer is in good form with clearly labelled amounts.
Examine different types of organizational illegal activities, including cybercrimes and the impact to the organization. Use technology and information resources to research issues in forensic accounting.
What are the provisions in the Sarbanes-Oxley Act 2002 and the New York Stock Exchange listing requirements that are aimed at improving corporate governance and are directly related to audit committees?
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