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LeCompte Corp. has $312,900 of assets, and it uses only common equity capital (zero debt). Its sales for the last year were $620,000, and its net income after taxes was $24,655. Stockholders recently voted in a new management team that has promised to lower costs and get the return on equity up to 15%. What profit margin would LeCompte need in order to achieve the 15% ROE, holding everything else constant?
a) 7.57%
b) 7.95%
c) 8.35%
d) 8.76%
e) 9.20%
In 2013 Conlin suffered a net operating loss of $491,700, which it elected to carry back. The 2013 enacted tax rate is 29%. Prepare Conlin's entry to record the effect of the loss carryback.
If management decides to buy part I50 from the outside supplier rather than to continue making the part, what would be the annual impact on the company's overall net operating income?
Discuss the steps involved in setting the preliminary judgment about materiality. Class, the concept of materiality is important in the context of auditing. Materiality is a function of the time, the situation, and the people involved.
Lewis Production is planning to sell 220 boxes of bricks and produce 200 boxes of bricks during May. Each box of bricks requires 20 pounds of brick mix and a half hour of direct labor.
Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows:
Compute net cash provided by operating activities,the net change in cash during the year, and free cash flow.
Periodically reconciling the physical counts of inventory to total counts reflected in accounting records by using someone who does not handle inventory or record purchases is considered to be:
John-Bob's share of losses from Partnership Z during 2010 was $60,000. How much is John-Bob at risk for Partnership Z on January 1, 2011?
A company changes from straight-line to an accelerated method of calculating depreciation, which will be similar to the method used for tax purposes. The entry to record this change should include a
Suppose the National Bank of Commerce has excess reserves of $12,000 and outstanding checkable deposits of $150,000. If the reserve ratio is 20 percent, what is the size of the bank's actual reserves?
For the longest time, companies offered the employees who stayed with the company for many years a defined pension plan for to help them retire when it was time. That time has since passed and companies now offer a defined contribution plan instea..
Some people have more taxes withheld from their paychecks than is needed in order to get a refund every spring. Why would they do this? Do you agree with this strategy for a taxpayer?
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