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1)Assume that you and two friends are debating whether to open an automotive and service retail chain that will be called Auto-Mart. Initially, Auto-Mart will open three stores locally, but the business plan anticipates going nationwide within 5 years. Currently, you and your future business partners are debating whether to focus Auto-Mart on a "do-it-yourself" or "do-it-for-me" business. A do-it-yourself business emphasizes the sale of retail auto parts that customers will use themselves to repair and service their cars. A do-it-for-me business emphasizes the offering of maintenance and service for customers. -Discuss whether to implement a do-it-yourself or do-it-for-me business emphasis. List the advantages of each emphasis and arrive at a conclusion as to which emphasis to implement. -Provide examples of real-world businesses that do-it-yourself or do-it-for-me business emphases. -How have they been useful in your personal experience? Explain. -Should they consider a mix of the two concepts? answer with 500 words
2)On February 5, 2010, Tropical Connection Company, a garden retailer, purchased $25,000 of seed, terms 2/10, n/30, from Midwest Seed Co. Even though the discount period had expired, Lydia DeLay subtracted the discount of $500 when she processed the documents for payment on March 16, 2010. -Discuss whether Lydia Delay behaved in a professional manner by subtracting the discount, even through the discount period had expired. -What would you do? -How should Midwest handle this payment and the irregular use of the discount? answer with 500 words.
The following transactions involve intangible assets of Penner Co occurring on or near Dec 31, 2004. Write journal entries needed at the date to record the transaction and at December 31, 2005 to record any resultant amortization. Write NA if no e..
At the end of the sixth year, the account balance was transferred to a bank paying 10%, and annual deposits of $80,000 were made at the end of each year from the seventh through the tenth years. what was the account balance at the end of the tenth..
What is the Uniform Partnership Act of 1997 and what is the relevance to partnership accounting and what types of items are typically included in the partnership agreement? Explain.
What is Governmental Accounting Standards and what are Financial Accounting Standards Board. What are the objectives of the GASB and the FASB. What are their similarities and what are their differences.
The Ness Company sells $5,000,000 of five-year, 10% bonds on January 1, 2011. The bonds have an effective yield of 9%.
Assuming that a perpetual inventory system is used, what is the value of ending inventory on a LIFO basis?
A house worth $70,000 is purchased with a down payment of $20,000 and a mortgage amortized over 20 years. If the interest rate is 14% compounded semi- annually;
Should any overhead costs be added to Job Q at the end of the year?
What is the difference between the auditor's approach in verifying sales returns and allowances and sales? Why is there a difference?
Write down the journal entry that is needed in order to record the acquisition of the bonds on January 1, 2005. Make sure to use the NET method.
Compare and contrast the deductive, inductive and pragmatic research methods. Discuss human information processing research and the consequences of its findings on accounting.
Questions about accounting problems on payroll, reciepts and sales.
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