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How do you account for financial losses in order to maintain quality customer service, for example, a restaurant that gives a free meal to an upset customer or a company that gives repeat customers a discount? From the viewpoint of a management accountant, how would this cost be classified and how would it figure into a company's financial statements?
This must be a 200 word response, but I'm not looking for you to write 200 words.
Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. The rent is prepaid for three months at $1,200 per month.
Wenger Company reported income before taxes of $600,000 and an extraordinary loss of $150,000. Assume that the company's tax rate is 30%. What amounts will be reported on the income statement for income before irregular items and extraordinary ite..
The MedView brochure said, "Only 45 scans per month to cover the monthly equipment rental of $18000." *The footnote at the bottom of the brochure read: *"Assumes a reimbursable fee of $475 per scan."
The cash register tape for Leprechaun Industries reported sales of $7,783.12. Record the journal entry that would be necessary for each of the following situations: (a) Cash to be accounted for exceeds cash on hand by $52.60.
An oil and gas investor is considering the acquisition of two fields.
Dixie Corporation distributes $31,000 to its sole shareholder, Sally. At the time of the distribution, Dixie's E&P is $25,000 and Sally's basis in her Dixie stock is $10,000. Sally's basis in her Dixie stock after the distribution is ??
Explain the consequences of NOT eliminating a sale and purchase of a fixed asset between two companies within the group. Assume that the sale and purchase has resulted in a loss on sale.
The owner has asked that you do not make the adjusting entry to take the current portion from the long-term liabilities. You know if you make the adjusting entry Biker's Business' loan will need to be repaid immediately (or the loan called). What ..
Ratzlaff Company issues $2.2 million, 10-year, 8% bonds at 97, with interest payable on July 1 and January 1. Prepare the journal entry to record the sale of these bonds on January 1, 2008
The equipment will provide cost savings of $7,300 and will be depreciated straight-line over its useful life with no salvage value. Cleaners requires a 10% rate of return. What is the approximate net present value of this investment?
Define the concepts of present value, payback method, internal rate of return, or net present value and elaborate on your interpretation of their value as assessment tools for an accountant or operator (include an example).
What is the difference between the cash basis of accounting and the accrual basis of accounting? Which one would you select for a company that has inventory and why?
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