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Larken Company's records show the following for the month of January:
Total Retained Earnings at January 1........................................ $400,000 Total Retained Earnings at January 31...................................... 500,000 Total Revenues........................................................................... 670,000 Total Dividends Declared........................................................... 40,000
Total expenses for January were:
a. $740,000.
b. $770,000.
c. $570,000.
d. $530,000.
Imagine you are preparing a business's cash budget, which involves determining the amount of cash to keep on hand. How might the nature of the business affect your decision? Provide specific examples in your response.
Assume Mr. Cobb died after Mrs. Cobb and the land was worth $240,000 at this death. What amout was included in his gross estate?
Logan corporation issue $800,000 of 8% bonds on October 1, 2006, due on October 1, 2011. The interest is to be paid twice a year on April 1 and October 1. The bonds were sold to yield 10% effective annual interest. Logan Corporation closes its boo..
Each bond has twenty detachable warrants. The bonds and warrants were sold at 110. At the time the bond were issued each warrant had a market value to one percent of the face value of one bond.
Using least-squares regression, estimate the variable cost elements of monthly car wash costs.
ABC Inc., a specialized equipment manufacturer, uses a job order costing system. The overhead is allocated to jobs on the basis of direct labor hours. The overhead rate is now $2,000 per direct labor hour.
The company had 110,000 shares of stock outstanding which sold at a price of $56 per share. By how much did the firm's market value and book value per share differ?
Patrice sells a parcel of land for $50,000 cash and the buyer assumes Patrice's liability of $7,000 on the land. Patrice's basis in the land is $40,000. What is the gain or loss she will recognize on the sale?
The following data were taken from the balance sheet accounts of Wickham Corporation on December 31, 2012.
There is also a 40% chance of average demand with cash flows of $30 million per year as well as a 30% chance of low demand with cash flows of only $15 million per year. What is the expected NPV?
How could a tax cut achieve the same result? Would the tax cut have to be larger than the increase in government purchases? Why or why not?
Discuss the differences between temporary and permanent accounts. What will happen if the temporary accounts like revenue, expense and dividend accounts are not closed in the ledger?
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