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S Myra invested $7,500 cash in business during 2009 (the Dec 31, 2008 credit balance of the S Myra Capital Account was $125,100). Myra Co is required to mail a $6,000 payment on its long term notes payable during 2010.
Required:
1) Prepare the income statement and the statement of owner's equity for the calendar year 2009 and the classified balance sheet at Dec 31, 2009.
2) Prepare the necessary closing entries at Dec 31, 2009.
3) Use the information in the financial statements to calculate these ratio's: (a) return on assets (total assets at Dec 31, 2008, were $200,000, (b) debt ratio, (c) profit margin ratio (use total revenues as the denominator), and (d) current ratio.
The income tax rate for 2009 was 35%, but the enacted rate for years after 2009 is 40%. The balance in the deferred tax liability in the December 31, 2009, balance sheet is:
Which of the following is generally considered to be a major reason for establishing an internal audit function?
The equipment will have an initial cost of $400,000 and have a 5 year life. If the salvage value of the equipment is estimated to be $75,000, what is the payback period? Ignore income taxes.
What is the purpose of the chart of accounts? Why are internal controls and audit trails important in a computerized accounting system?
Tax rules are often very precise. For instance, a taxpayer must ordinarily provide "over 50%" of another person's support in order to claim a dependency exemption. Why is the threshold "over 50%" as opposed to "50% or more"? Explain in detail.
Who are the stakeholders in this situation? What are the ethical issues involved? What would you do?
Donaldson Company can acquire a $650,000 machine now that will benefit the firm over the next 9 years. Annual savings in cash operating costs are expected to total $105,000. If the hurdle rate is 12%, the investment's net present value is?
Which of the following ratios gives a perspective on risk in the capital structure?
Compare and contrast an income statement and a balance sheet. What do they measure? Why would a marketing manager find the income statement more useful than the balance sheet?
Mayberry Gas Corp. sells $200,000 of bonds to private investors. The bonds are due in five years, have an 8% coupon rate, and interest is paid semi-annually. The bonds were sold to yield 6%. What proceeds does Mayberry receive from the investors?
Written, Inc. has outstanding xxx,000 shares of $x par common stock and xx,000 shares of no-par x% preferred stock with a stated value of $x. The preferred stock is cumulative and nonparticipating.
Discuss accounting techniques in general as they relate to the profession. Some things to discuss are the different accounting roles and positions that are out there and how you see yourself fitting into those roles based on what you have learned ..
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