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Bigelow Industries manufactures swim caps. Their operating leverage is 3. Each cap sells for $10 and has a contribution margin of $6. They expect to sell 37,500 swim caps. Their fixed costs are:
A. $55,000
B. $75,000
C. $112,500
D. $150,000
Tina and Betty formed a partnership. Tina received a 40 percent interest in the partnership in exchange for land with an adjusted basis to her of $60,000 and a fair market value of $80,000.
Differentiate the accrual basis of accounting from the cash-basis of accounting. Determine which method is acceptable for most business enterprises and justify your selection.
A change in estimate was made in 2011 to reflect these additional data. What amount should Wolverine record as the balance of the accumulated depreciation account for this machine at December 31, 2011?
In your own words, what are the benefits of a decision tree plan that displays decision alternatives? As it is, there are expected values of decision alternatives As I understand it, it is beneficial for decision analysis problems.
The CFO for a corporation deliberately misstates expenses on the income statement purely out of a sense of loyalty to his CEO and the company. The CFO will receive no financial incentive for this misstatement. In fact, he risks losing his job by d..
The Working Families Tax Relief Act of 2004 changed the definition of a qualifying dependent. Why was this changed? What other provisions were included in this Act? How did the provision impact working families?
Hendrickson Corporation reported net income of $50,000 in 2012. Depreciation expense was $17,000. The following working capital accounts changed.
How much goodwill will be reported in the consolidation financial statements on December 31, 2012, at the end of Allen's fiscal year? What is the excess amortization expense for the period ending December 31, 2012?
What is the major difference between the current ratio and the acid-test ratio? Why is inventory removed from the acid-test ratio?
Kinnion Medical Clinic has budgeted the following cash flows, Kinnion Medical had a cash balance of $8,000 on January 1. The company desires to maintain a cash cushion of $5,000. Funds are assumed to be borrowed, in increments of $1,000,
Peanut corporation exchanged land and cash of $6,500 for equipment. the land had a book value of $45,000 and a fair value of $34,000. assume the exchange has commercial substance. compute the gain or loss?
How realistic do you feel the criteria are for determining whether a lease is "capital" or "operating"? Can't a lease just be negotiated at 79% of the economic life, or 89% of the present value of payments? Has FASB taken any action to address thi..
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