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Anthony Gray has been interested in music since he was old enough to sit at the piano. He grew up with music and used his talent to earn his way through college. Anthony has now grown tired of his job at a large music house in Houston and is seriously considering moving back to his hometown in Massachusetts to open a small music shop. In researching this venture, Anthony notices that he must include a projected income statement in his loan application. Using Anthony's target income of $23,000 and the following statistics from Robert Morris Associates' Annual Statement Studies, construct a pro forma income statement for Anthony's proposed music shop. Net sales 100.0% Cost of sales 59.9% Gross profit 40.1% Operating expenses 31.2% Net profit (before taxes) 8.9%
What are the steps in completing the accounting cycle? How do the different steps affect the financial statements?
LBJ Company recorded the following events involving a recent purchase of merchandise.
machinery purchased for 100000 by deer co. in 2010 was originally estimated to have a life of 10 years with a salvage
The variable cost per cake is $12. A special decoration per cake will add another $1 to the cost. Determine the differential income or loss per cake from selling the cakes.
What additional questions should you ask Mr. Gemstone in an attempt to substantiate the deductibility of the above items?
a) Journalize the transaction, events, and closing entries b) Enter the beginning balances in the accounts, and post to the stockholders' equity accounts c) Prepare a retained earnings statement for the year d) Prepare a stockholders' equity section ..
the opportunity to replicate the orignal project at the end of its life. What is the total expected NPV of the two project if both are implemented?
explain the types and payment patterns of notes. provide examples of current types of
Top management notices a variation from budget and an investigation of the difference reveals that the department manager could not be expected to have controlled the variation. Which of the following statements is applicable?
in an essay of 1250-1500 words comprehensively discuss causal factors the implications and possible mitigation
Your goal is to create a two-security portfolio that will have an expected return of 12%. If you have $250,000 to invest today, approximately how much would you invest in Stock A?
USAco, a domestic corporation, is a wholly-owned subsidiary of FORco, a foreign corporation. USAco's only assets are cash of $200,000, accounts receivable of $200,000 and its U.S. manufacturing plant worth $500,000. USAco has no liabilities. FORco se..
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