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Problem (a) Explain what is meant by 'capital expenditure' and by 'revenue expenditure' and how each is treated in the financial records of a company.
Problem (b) Some of the following items should be treated as capital and some as revenue.
For each of them state which classification applies:
(i) The purchase of machinery for use in the business.
(ii) Carriage paid to bring the machinery in (i) above to the works.
(iii) Complete redecoration of the premises at a cost of $1,500.
(iv) A quarterly account for heating.
(v) The purchase of a soft drinks vending machine for the canteen with a stock of soft drinks.
(vi) Wages paid by a building contractor to his own workmen for the erection of an office in the builder's stockyard.
Assume we have two firms (L and U) that are identical expect for capital structure. Firm U is unlevered (holds no debt), and Firm L is levered (holds debt). Assume the EBIT of both firms is $20,000, and both firms are taxed at a 32% rate. Assume Firm..
Using Excel, prepare a vertical analysis of the 2013 income statement and balance sheet of Bank of America. Attach your Excel spreadsheet(s).
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