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Word has gotten around that you know accounting and can explain it well. Jim, another of your friends has a unique business. During the summer he buys hats that cost $5.00 each and sells them at the beach for $12.00 each. Other than the cost of the hat, his only other expense last summer was $120 for parking. He sold 78 hats last summer. His accountant prepared a financial statement for him and he has several questions about the income statement. He asks:
Question 1: What does the cost of goods sold and gross profit mean?
Question 2: How much gross profit do make on each hat?
Question 3: Why show both gross profit and net income?
Question 4: If have hats returned or a give a discount, how will that be shown on the income statement?
Determine Deer Park's net income for 2011 and prepare a balance sheet for Deer Park as of December 31, 2011.
Faraz Corporation has provided the following production and total cost data for two levels of monthly production volume. The company produces a single product. The best estimate of the total cost to manufacture 5,300 units is closer to:
Livingston Company pays utilities of $2,500 in cash. A company pays cash for utilities. How would this transaction be recorded?
The firm has a 75% chance if it invests -$1,500 a return of $500 for 7-years, and a 25% chance of returning $25 for 7-years. Based on the above data, what is the project's net present value?
Cash Flow Classifications:For each of the following items, indicate whether it would be classified and reported under the operating activities (OA), investing activities (IA), or financing activities (FA) section of a statement of cash flows:
Review the adjustment/correction process including sophisticated topics from accounting and prepare all of the financial statements in proper form - The lease payments are $10,000 each. Dillard guarantees a residual value of $10,000. An incremental ..
American Food Services, Inc., leased a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2013. Prepare an amortization schedule for the four-year term of the lease. Prepare the..
The company uses the LIFO inventory method for external reporting and for income tax purposes but maintain its internal records using FIFO
Evaluate critically the differences between control and significant influence relating to consolidation of financial statements.How a company may still control
Estimate the stock price for year's two and three, assuming that the current PE multiple remains constant for each of the two forecasted years. )
If the HDTVs are marked down to $650, how many would each store have to sell this year to make the same total gross profit as last year?
What is meant by the "pure play" approach to estimating the required return on an investment? Determine the hurdle rate for the entire company.
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