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Question
On July 10, 2017, Pina Music sold CDs to retailers on account and recorded sales revenue of $635,000 (cost $508,000). Pina grants the right to return CDs that do not sell in 3 months following delivery. Past experience indicates that the normal return rate is 15%. By October 11, 2017, retailers returned CDs to Pina and were granted credit of $82,700.
Prepare Pina's journal entries to record (a) the sale on July 10, 2017, and (b) $82,700 of returns on October 11, 2017, and on October 31, 2017. Assume that Pina prepares financial statement on October 31, 2017.
Scanlin, Inc., is considering a project that will result in initial aftertax cash savings of $1.86 million at the end of the first year, and these savings will grow at a rate of 2 percent per year indefinitely. What is the maximum initial cost the co..
Describe three ways in which you could effectively engage the audience in your chosen field through the use of PowerPoint 2013 presentations.
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Suppose that Facebook is selling at $75 per share. You are bullish on Facebook stock, and want to buy 1000 shares on margin. The initial margin is 50%. You can borrow from your broker at an interest rate of 6%. How much do you invest using your own m..
The Global Advertising Company has a marginal tax rate of 40 percent. What is Global's cost of common stock?
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Suppose Procter and Gamble? (P&G) is considering purchasing $10 million in new manufacturing equipment. If it purchases the? equipment, it will depreciate it on a? straight-line basis over the five? years, after which the equipment will be worthless...
Infinity Designs, an interior design company, has experienced a drop in business due to an increase in interest rates and a corresponding slowdown in remodeling projects. To stimulate business, the company is considering exhibiting at the Home and Ga..
Calculate return on the stock.- Calculate the return on the stock if you had used only personal funds to make the purchase.
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Today is T=1. From a fund of funds perspective, you are trying to evaluate Portfolio Managers A-E for style drift over the past year (from T=0 to T=1)
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