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Briefly explain and discuss the following:
a. How is the assumption of liability by transferee from property given by transferor treated by the transferor in a like-kind exchange. Also explain whether the Transferor assumes liability on property received.
b. What requirements must be met for property to qualify for like-kind exchange treatment?
c. How are like-kind exchanges treated under the federal income tax laws?
Discuss the inherent audit risk with the use of account receivable confirmation letters and how this risk can be minimized by the auditing firm.
Burwinkel Corporation is considering a project that would require an investment of $252,000 and would last for 7 years. The incremental annual revenues and expenses generated by the project during those 7 years would be as follows:
What are some reasons why a merchandiser might prefer to use a perpetual inventory system over a periodic inventory system?
The Carlton Corporation has $4 million in earnings after taxes and 1 million shares outstanding. The stock trades at a P/E ratio of 20. THE firm has $3 million in excess cash.
What is the role of social responsibility in finance for Michael Milken, Ivan Boesky and Martha Stewart? Describe how unethical behavior can go undetected by regulators and accountants. What are the implications of this to financial markets?
This year Larry received the first payment from an annuity that promises to pay him $3,000 per month for the rest of his life. The IRS tables indicate that given Larry's age, he should expect to receive 310 monthly payments.
A new computer is purchased that can do the same job in 5 days. How long would it take to do the job with both computers working on it?
What is the importance of the cash budget? Has anyone ever been involved in the budgeting process? Tell us about your experiences.
Michaels Company segments its income statement into its East and West Divisions. The company's overall sales, contribution margin ratio, and net operating income are $620,000, 57%, and $57,000, respectively.
Diane, the tool crib attendant, works eight hours a day, five days a week. Each order is for one small tool and each small tool takes Diane 2 minutes to retrieve from the bins. What is the average waiting time, in minutes?
Security A has an expected return of 12.4% with a standard deviation of 15%, and a correlation with the market of 0.85. Security B has an expected return of 0.73% with a standard deviation of 20%, and a correlation with the market of 0.67. The sta..
Explain the meaning of the increase or decrease in the LIFO reserve during the 2010. What does this tell you about inventory costs for the company? Are they rising or falling? Explain.
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