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Discussion: Financial Condition
• For this discussion, assume the role of a financial manager in a company, and assume that you have just hired a new bookkeeper to join your team. You want to assess the new hire's understanding of the accounting processes as a whole, so you decide to ask a series of questions. Select three of the six questions listed below to ask your new bookkeeper, and describe the response you expect to hear:
o Define the accounting cycle.o Explain the revenue principle and its implication on the financial statements.o Define the matching principle and why it is critical in the preparation of the accrual-based financial statements.o Compare and contrast a prepaid account and a deferred account. Give an example of each and how each affects the financial statements.o Define and differentiate between the purpose of a journal entry, an adjusting entry, and a closing entry.o Define the difference between a trial balance and a post-closing trial balance.
Looking on yahoo finance I observe a PE ratio of 15. I believe the correct discount rate is 10 percent. What is the market value of the NPVGO?
The board of directors of Weston Company declared a cash dividend of $1.50 per share on 42,000 shares of common stock on July 15, 2007. The dividend is to be paid on August 15, 2007, to stockholders of record on July 31, 2007. The effects of the jour..
Hoctor Industries wishes to determine the profitability of its products and asks the cost accountant to make a comparative analysis of sales, cost of sales, and distribution costs of each product for the year. The accountant gathers the following inf..
Describe the appropriate means of reporting each situation and explain your reasoning and is this practice ethical -Provide arguments both for and against.
At the end of the current year, the owners' equity in Durante Co. is $358,000. During the year, the assets of the business had increased by $66,000 and the liabilities had increased by $117,000. Owners' equity at the beginning of the year must have b..
Jay Vato works at Batwing Industries from midnight until 8:00 AM. His normal wage rate is $17 per hour, while Ben Phillips, who does the same job from 8:00 AM until 4:00 PM makes $15 per hour. Since Ben and Jay have the same seniority within the plan..
Hurren Corporation makes a product with the following standard costs: The company reported the following results concerning this product in June. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases..
Alpha has owned 100% of the share capital of Beta for many years. On 21 October 20x2, Alpha transferred a machine, purchased in June 20x0 for €100,000 to Beta for € 95,000. Both companies charge a full years’ s depreciation on all machinery owned at ..
Distinguish between independent and mutually exclusive capital investment decisions. Explain why NPV (Net Present Value) is generally preferred over IRR (Internal Rate of Return) when choosing among mutually exclusive projects.
On March 1, 2014, Oaken Furniture Co. issued $700,000 of 10 percent bonds to yield 8 percent. Interest is payable semiannually on February 28 and August 31. The bonds mature in 10 years. Oaken Furniture Co. is a calendar-year corporation. Determine t..
Based on the following information, what would be the total on the Credit side of a post- closing trial balance, assuming all accounts have a normal balance?
Rey Company’s single product sells at a price of $222 per unit. Data for its single product for its first year of operations follow. Prepare an income statement for the year using absorption costing. Prepare an income statement for the year using var..
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