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Oliver Co. uses the installment-sales method. When an account had a balance of $8,400, no further collections could be made and the dining room set was repossessed. At that time, it was estimated that the dining room set could be sold for $2,400 as repossessed, or for $3,000 if the company spent $300 reconditioning it. The gross profit rate on this sale was 70%. The gain or loss on repossession was a
Gore Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2008, Gore reacquired 100 shares at $85 per share. On September 1, Gore reissued 60 shares at $90 per share.
Kim Co. reported bonds payable of $35,000 at December 31, 2010 and $32,000 at December 31,2011. During 2011, Kim issued $20,000 of bonds payable in exchange for equipment.
What is the dollar value of the widget inventory at the end of the year using variable costing?
Ralite Company had net income for the year of $20 Million. It had 2 Million shares of comon stock outstanding, with a year-end market price of $82 a share. Dividends during the year were $5.74 a share.
Winkler Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments.
During the course of the audit of FF Financial, you find that some accounting entries have been altered. You believe this may be the result of management fraud and you have determined that the effect of this could be material to the financial stat..
Skipper, Inc., earns pretax book net income of $500,000 in 2011. Skipper acquires a depreciable asset in 2011, and first-year tax depreciation exceeds book depreciation by $80,000.
"It is impossible to use DCF methods for evaluating investments in research and development. There are no cost savings to measure, and we don't even know what products might come out of our R&D activities."
Assume cash paid to suppliers for the current year is $350,000, merchandise inventory increased by $5,000 during the year, and accounts payable decreased by $10,000 during the year. What was the cost of goods sold for the current year?
a. Does Erin and Kyle's decision deal with excess supply or excess demand? b. What should Erin and Kyle do?
Linda is a qualifying widow in 2010. In 2010, she reported $75,000 of taxable income (all ordinary). What is her gross tax liability using the tax rate schedules?
Francisca wants to give its sales staff a $60,000 increase in salary but still wants to make the same net operating income. If Francisca gives this increase, by how much would sales at Francisca have to increase in order for the company to maintai..
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