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Nancy Tercek, the financial vice president, and Margaret Lilly, the controller, of Romine Manufacturing Company are reviewing the financial ratios of the company for the years 2012 and 2013. The financial vice president notes that the profit margin on sales ratio has increased from 6% to 12%, a hefty gain for the two- year period. Tercek is in the process of issuing a media release that emphasizes the efficiency of Romine Manufacturing in controlling cost. Margaret Lilly knows that the difference in ratios is due primarily to an earlier company decision to reduce the estimates of warranty and bad debt expense for 2013. The controller, not sure of her supervisor's motives, hesitates to suggest to Tercek that the company's improvement is unrelated to efficiency in controlling cost. To complicate matters, the media release is scheduled in a few days.
Instructions:
Give all eliminating entries needed to prepare a consolidation workpaper for 2010 assuming that New Co. uses the fully adjusted equity method to account for its investment in Old Company.
Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Stallman report as its December 31 inventory?
Wilma is a widow, age 80 and blind, who is claimed as a dependent by her son. During 2009, she received $4,800 in Social Security benefits, $2,200 in bank interest, and $1,800 in cash dividends from stocks. Wilma's taxable income for 2009 is:
At the beginning of the year, Downtown Athletic had an inventory of $200,000. During the year, the company purchased goods costing $800,000. If Downtown Athletic reported ending inventory of $300,000 and sales of $1,050,000, their cost of goods so..
The strategy the company, is it: to increase profit through eliminating the perverse incentive or no focus on the profit as the question asking to focus on other 3 perspective not the financial perspective.
Different transactions related to materiality. Explain whether you would classify these transactions as material.
On October 1, 2009, Donald Anderson exchanged an apartment building, having an adjusted basis of $375,000 and subject to a mortgage of $100,000, for $25,000 cash and another apartment building with a fair market value of $550,000 and subject to a ..
Research a specific company in one of the business sectors that interests you and describe how you imagine it might be to work there. Use 100 to 150 words for your description.
What percentage is the coupon rate that ram would have to pay on the convertible, callable bond?" 6%, greater or less than 6%, or 8%
Assume a firm's inventory level of $13,500 represents 37 days' sales. What is the inventory turnover ratio? (Use 365 days in a year. Do not round intermediate calculations. Round your answer to 2 decimal places.)
In November and December 2010, Lane Co., a newly organized magazine publisher, received $90,000 for 1,000 three-year subscriptions at $30 per year, starting with the January 2011 issue. Lane included the entire $90,000 in its 2010 income tax retur..
total cost 100000 total volume 1000 average cost 100 payer volumes medicare payment rate 95 400 medicaid payment rate
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