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Question: The Video Store Co. is owned and operated by Todd Shovic. The following is an excerpt from a conversation between Todd Shovic and Susan Mastin, the chief accountant for The Video Store. Todd: Susan, I've got a question about this recent balance sheet. Susan: Sure, what's your question? Todd: Well, as you know, I'm applying for a bank loan to finance our new store in Three Forks, and I noticed that the accounts payable are listed as $110,000. Susan: That's right. Approximately $90,000 of that represents amounts due our suppliers, and the remainder is miscellaneous payables to creditors for utilities, office equipment, supplies, etc. Todd: That's what I thought. But as you know, we normally receive a 2% discount from our suppliers for earlier payment, and we always try to take the discount. Susan: That's right. I can't remember the last time we missed a discount. Todd: Well, in that case, it seems to me the accounts payable should be listed minus the 2% discount. Let's list the accounts payable due suppliers as $88,200, rather than $90,000. Every little bit helps. You never know. It might make the difference between getting the loan and not. How would you respond to Todd Shovic's request?
Prepare a schedule showing the computation of the cost of inventory on hand at December 31, 2009, based on the conventional retail method.
What characteristics must debt ratings have in order to be useful to the capital markets? (See Understand Risk: The Truth About Credit Ratings.)
Finley had 10,000,000 shares of common stock outstanding during 2012. Prepare a partial income statement for Finley beginning with income from continuing operations.
Can interest costs on construction of a new warehouse be included in the cost of the new warehouse? Provide an example chart.
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on a federal income tax return filed five years ago andy inadvertently omitted a large amount of gross income. a. andy
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Which one of the following contracts most likely would NOT require contract performance reporting by a Contract Performance Report (CPR)?
The break-even point in sales dollars for the entire company
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in april 2011 dan is audited by the irs for the year 2009. during the course of the audit the agent discovers that
using the following data prepare a classified balance sheet for blanchard company as of december 31 2015.cashnbspnbsp
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