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The Smith Corporation disclosed $1.2 million as extraordinary loss on its internal income statement this year. The footnotes to the financial statements disclose the following occurrences this year:1. Accounts receivable of $85,000 were written off2. A loss of $125,000 was incurred when a storage facility in Louisiana was damaged in a hurricane.3. A loss of $325,000 was incurred when a warehouse in northern New Mexico was damaged by a flood.4. The company lost $365,000 when Smith sold one of its operating divisions.5. A loss of $300,000 was incurred when a manufacturing facility in Washington state was damaged by an explosive device placed by a disgruntled ex-husband of an employee.
Required:a. Are the items above extraordinary items for external reporting purposes? Discuss.b. Show how the extraordinary items section of the income statement should have been reported (the tax rate is 30 percent).
Explain the objectives involved in the management of a bank's overall liquidity position and the costs to the bank of poor liquidity management.
Jean Splicing will receive $50,000 in 50 years or $2,000 today. If long-term rates are 7 percent, what choice would you recommend? Find out the current value of the future payments
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Bath Corporation holds 85% of the common stock of Mark Company. Bath also holds a 75% interest in the voting common stock of Stow, Incorporated. On December 31, 2002, Mark Company purchased 10% of the stock of Bath;
Computation of cost of capital and compute the cost of capital of investing in a project with a beta of 0.8
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Adelaide qualified profit sharing plan
Given some amount to be received numerous years in future, if the interest rate increases, the present value of the future amount will be (pick the best answer)
You can either spend spring break working at home in Alabama for dollar 100 a day for 5 days, or you can spend the week in Costa Rica where travel expenses will total dollar 800.
There is often a number of people in the world that do not actually see the value of a dollar anymore. The fact that a person can go up to an ATM and withdraw any amount of cash.
Paul Stone can get 3/15, net 65 from his suppliers. Paul would like to delay paying the suppliers as long as possible because his cash account balance is very low-An increase in current asset must be accompanied by a corresponding increase in a cur..
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