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Topic: Colleen Fernandez, president of Rhino Enterprises, applied for a $175,000 loan from First Federal bank. The bank requested financial statements from Rhino Enterprises as a basis for granting the loan. Colleen has told her accountant to provide the bank with a balance sheet. Colleen has decided to omit the other financial statements because there was a net loss during the pastyear
1. What do you think of Colleen's ac?ons?
2. What types of information about their businesses would owners be willing to provide bankers? What types of information would owners not be willing to provide?
3. What types of information about a business would bankers want beforee extending a loan?
Compute the following (a) the margin of safety in dollars and (b) the margin of safety ratio.
campbell runs a clothing store and has produced the following trial balance for the year ended 31stnbsp march 2012. the
Maack Corporation's contribution margin ratio is 17% and its fixed monthly expenses are $50,000. If the company's sales for a month are $311,000, what is the best estimate of the company's net operating income? Assume that the fixed monthly expenses ..
Explain what is meant by consumable and bearer biological assets, giving one example for each. Give five examples of biological assets
On July 4, Avalon Restaurant accepts a Visa card for a $200 dinner bill. Visa charges a 3% service fee. Prepare the entry on Avalon's books related to this transaction.
Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of
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What was the depreciation for the first year and determine the gain or loss on sale of the equipment
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Discuss the accounting treatment for the life membership fee received and the amount of RM200,000 received from the funfair to buy additional sports equipment.
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