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Busby Corp. uses cash-basis accounting for its records. During 2013, Busby collected $780,000 from its customers, made payments of $420,000 to its suppliers for inventory, and paid $170,000 for administrative costs. Busby wants to prepare accrual-basis financial statements. In gathering information for the accrual-basis financial statements, Busby discovered the following:
1. Customers owed Busby $40,000 at the beginning of 2013 and $36,000 at the end of 2013.
2. Busby owed suppliers $19,000 at the beginning of 2013 and $28,000 at the end of the 2013.
3. Busby’s beginning inventory was $63,000 and its ending inventory was $47,000. What should Busby’s Gross Profit be on accrual basis?
1. If the market portfolio has an expected return of 0.12 and a standard deviation of 0.40, and the risk-free rate is 0.04, what is the slope of the security market line?
It only used $200,000 of the cash and the remaining cash and P stock are distributed to T’s shareholder, who has a basis of $15 million in her stock. What is gain recognized on this reorganization?"
Each journal entry is worth 1.5 marks (1/2 mark for fully correct debit entry, 1/ 2 mark for fully correct credit entry, 1/ 2 mark for reasonable explanation).
Prepare budgeted income statements for each of the months of April, May, and June that show the expected results from implementing the proposed changes. Use a three-column format, with one column for each month.
Need to show work this would help me out a lot. Ernie Inc. has current assets of $12,500, net fixed assets of $12,500, current liabilities of $6,000, and long term debt of $19,000. What is the value of shareholder's equity for the firm? During 2014, ..
What is the current value of Feinstein's Breweries' common stock to an investor requiring a 13% rate of return?
What factors or components go into the balance sheet?
Provide a summary commentary regarding the inventory accounting method, the depreciation method(s), and the overall composition of total assets.
The regression analysis for Cruz Catering gave the following results: Total costs = $3,000 + $1.90 meals + $15 jobs + $100 new products + $50 new customers. What are the estimated total costs in a month in which there are 3,000 meals prepared/sold, 2..
Mallard Company rents a warehouse on a month-to-month basis for the storage of its excess inventory. The company periodically must rent space whenever its production greatly exceeds actual sales. For several years, the company executives have discuss..
Prepare the appropriate journal entry for the redemption of the bonds - The bonds pay annual interest, and the interest payment due on June 30, 2007, has been made and recorded.
Internal controls. Of the presentation of internal controls, internal controls for e-commerce and bank account controls, identify one and explain how it would be implemented and how it would then protect the company's assets.
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