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Alabama Corporation and California Corporation have the same sales and profits as follows:
Alabama California
Sales $1,000,000 $1,000,000
Variable Costs 600,000 400,000
Contribution Margin 400,000 600,000
Fixed Costs 200,000 400,000
Profit 200,000 200,000
Using an operating leverage analysis, determine how much profits would increase for each company if each experienced a 10% increase in sales.
Define the term "contingent liability" and discuss the criteria used to classify these events or conditions. Provide some examples of contingent liabilities.
Sketch a flow chart that illustrates the steps in the accounting cycle. Include any other relevant information in the chart that would apply within the steps
Prepare the December adjusting entry to estimate bad debts, assuming uncol-lectible accounts are estimated to be 8% of net credit sales.
calculation of final contract price.a 500000 fixed price economic price adjustment contract contains a provision
Assume the original facts except that they also incurred a loss of $5,000 on the sale of some of their investment assets. Illustrate what effect does the $5,000 loss have on their taxable income?
What would you pay for a $130,500 debenture bond that matures in 15 years and pays $13,050 a year in interest if you wanted to earn a yield of: Assuming annual compounding of interest, what rate of interest is being paid on the loan?
Gibbs, Cook, and Chan are partners and share income and loss in a 5:1:4 ratios. The partnership's capital balances are as follows: Gibbs, $606,000; Cook, $148,000; and Chan, $446,000. Gibbs decides to withdraw from the partnership, and the partners a..
In addition, Willow assumed the $150,000 mortgage on Tree’s building. What are Willow and Tree realized gains or losses on properties exchanged, respectively?
On January 1, 2015, Fisher Corporation paid $2,290,000 for 35 percent of the outstanding voting stock of Steel, Inc., and appropriately applies the equity method for its investment. Any excess of cost over Steel's book value was attributed to goodwil..
During the quarter ended 3/31/2015, Clarke Biscuits Inc. collected $100 of cash from customers, paid $60 of cash to suppliers, paid $30 of cash to employees and other creditors, and recorded a $5 loss on sale of equipment. There were no other cash fl..
IASB The Conceptual Framework for Financial Reporting, Chapter 4, paragraph 4.4(b): "A liability is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of reso..
Prepare a reconciliation schedule to reconcile 2011 net income and December 31, 2011 stockholders 2019 equity from a U.S. GAAP basis to IFRS. Ignore income taxes. Prepare a note to explain each adjustment made in the reconciliation schedule.
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