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You have been hired as the CFO of a new company and are determining the company's accounting needs.
• Explain to your staff at least 2 ways in which accounting data are used to make business decisions.
• Explain at least 3 related accounting terms or theories.
Prepare the journal entries to record the transaction on the books of Berry Corporation at December 31, 2011. (Assume that the effective interest method is used. Use the interest tables below and round to the nearest dollar.)
Discuss the current events in recent industrial history to reduce the usefulness of direct labor as the primary basis for allocating overhead to products. What is your view of this practice?
What are the potential benchmarks that you could use to compare a company's financial ratios? What are the pros and cons of these alternatives?
The FCPA requires that a system of internal accounting control:
Compute the quick and current liquidity ratios, the DuPont ratio, profit margin, asset utilization, and financial leverage for your chosen company.
The proper amount to be reported on Imperial Foods' balance sheet for cash at December 31, year 1 is:
The static budget fixed costs for 2,000 units is $18,000. What would the fixed costs in the flexible budget reflect for 2,200 units?
Prepare a budget showing the quantity of switches to be purchased each month for January, February, and March and in total for the quarter.
Over the last two years, Ed had spent nearly $600,000 in attorney fees. Ed had even offered his brother-in-law 50% of the winnings. How and where would you deduct the attorney fees?
Record on Foster's books the July 1,2008 journal entry detailing the sale of the fax machine to Eagle.
SDJ, Inc. has net working capital of $1,570, current liabilities of $4,380, and inventory of $1,875. What is the current ratio? What is the quick ratio?
Finco is a wholly owned Finnish manufacturing subsidiary of Winco, a domestic corporation that manufactures and markets residential window products throughout the world.
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