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Your small remodeling business has two work vehicles. One is a small passenger car used for job-site visits and for other general business purposes. The other is a heavy truck used to haul equipment. The car gets 25 miles per gallon (mpg). The truck gets 10 mpg. You want to improve gas mileage to save money, and you have enough money to upgrade one vehicle. The upgrade cost will be the same for both vehicles. An upgraded car will get 40 mpg; an upgraded truck will get 12.5 mpg. The cost of gasoline is $3.45 per gallon.
Question 1: Suppose you drive the truck 11,940 miles per year. How many miles would you have to drive the car before upgrading the car would be the better choice?
On February 10, 2010, after issuance of its financial statements for 2009, House Company entered into a financing agreement with Lebo Bank, allowing House Company to borrow up to $4,000,000 at any time through 2012. Amounts borrowed under the agreeme..
General Motors and Japanese Convergence vs. Chinese Convergence - prepare different financial reporting standards? What societal values and economic goals have caused the two Asian countries to prepare similar financial reporting standards?
Salem Corporation uses the calendar year as its financial and tax annual accounting period. Management, because of the seasonality of sales, wants to change to a fiscal year beginning April 1st through March 31st.
Imagine that you work for an audit firm and the firm selected you to assess its auditor independence and the potential threats to the firm. Determine at least two (2) potential threats to auditor independence and recommend one (1) strategy for the fi..
Calculate the Economic Life in STB/month for an oil lease with WI = 100%, NRI = 87.5%, lease operating expense = $5,000 per month, price of oil = $15/STB, price of associated gas = $2.25/Mscf, GOR = 500 scf/STB, oil and gas severance taxes = 7.085%. ..
If you put up $45,000 today in exchange for a 6.25 percent, 15-year annuity, what will the annual cash flow be? (Do not round intermediate calculations)
What is competitive advantage all about? Does it apply to non-profit making organizations? Why or why not? Give real life example(s) to support your discussion. ‘Different organizational structure and culture should be designed in order to facilitate..
On February 1, 2016, Cromley Motor Products issued 9% bonds, dated February 1, with a face amount of $60 million. The bonds mature on January 31, 2020 (4 years). The market yield for bonds of similar risk and maturity was 10%. Determine the price of ..
Which of the following inventory costing methods yields the lowest cost of goods sold when costs are rising during the accounting period? A company that uses periodic inventory provides the following information: Under the direct write-off method, a ..
What percentage of total current assets is accounts receivable? Is this figure the total accounts receivable or net accounts receivable? Why or why not?
Sketch the NPV profile for X and Y over a range of discount rates from 0 to 25 percent. What is the crossover for these two projects?
You are given the following information for O'Hara Marine Co.: sales = $44,000; costs = $21,100; addition to retained earnings = $5,750; dividends paid = $1,400; interest expense = $5,100; tax rate = 35 percent. Calculate the depreciation expense.
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