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1.Review the opening feature of this chapter dealing with ash & dans and the entrepreneurial owners, Ashley Cook and Danielle Dankner.Required:1. Assume that ash & dans sells a $300 gift certificate to a customer, collecting the $300 cash in advance. Prepare the journal entry for the (a) Collection of the cash for delivery of the gift certificate to the customer and (b) Revenue from the subsequent delivery of merchandise when the gift certificate is used.2. How can keeping less inventory help to improve ash's profit margin?3. Ashley Cook and Danielle Dankner understand that many companies carry considerable inventory, and they are thinking of carrying additional inventory of merchandise for sale. Ashley and Danielle desire your advice on the pros and cons of carrying such inventory. Provide at least one reason for and one reason against carrying additional inventory.
What does full disclosure mean? How does full disclosure affect financial reporting? Are there any ethical implications to what must be reported in order to comply with full disclosure? Explain. What recommendations would you make to management regar..
John Smith, age 31, is single and has no dependents. At the beginning of 2014, John started his own excavation business and named it Earth Movers. John lives at 1045 Center Street, Lindon, UT, and his business is located at 381 State Street, Lindon, ..
Due to the recent beef recall, southern steakhouse is considering incorporating. Bill, the owner wants to protect his personal assets in the event the restaurant is sued. Which advantage of incorporating is most applicable?
Bee Wood, Inc., a construction company, decides to build a new warehouse. The following information is applicable to the project: In 2017, expenditures of $340,000 occurred on February 1, and the project was completed on July 1, 2017. How much intere..
Company A entered into a five-year lease on January 1, Year 1 with Company B for customized planes. Company B will provide a customized plane for Company A with specialized design. The following are the terms of the lease agreement: Fair value of the..
hardly a day goes by without an article appearing on the crises affecting many of our financial institutions in the
On January 1, Staff Corporation had 80,000 shares of no-par common stock issued. 5,000 shares are held as treasury stock. The stock has a stated value of $5 per share. During the year, the following transactions occurred. Apr. 1 Issued 12,000 additio..
Universal Semiconductors estimates warranty expense as 2% of credit sales. After a review during 2013, Universal determined that 3% of credit sales is a more realistic estimate of its payment experience. Credit sales in 2013 are $300 million. The eff..
The Wessels Corporation is considering installing a new conveyor for materials handling in a warehouse.
Analyze the fine points of portfolio theory and determine which single point is the most difficult for investors to understand, and then explain it in a way that your grandmother would understand (assuming she is not a financial analyst).
a. What is the difference between a firm's cash cycle and its operating cycle? b. How will a firm's cash cycle be affected if a firm increases its inventory, all else being equal? c. How will a firm's cash cycle be affected if a firm begins to take t..
how much will you have in the account in 5 years? In 10 years? In 20 years and Calculating Annuity Future value.
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