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1. What is vertical analysis? When would you use vertical analysis instead of horizontal? Do companies use one or the other? Please explain. What about industry averages? How do people use industry averages for comparative analysis?
2. What are the formulas of the following liquidity ratios and their formulas and what does each ratio tell us?
- Working capital- Current ratio- Current cash debt coverage ratio- Inventor turnover ratio- Days in inventory- Receivables turnover ratio- Receivables turnover ratio- Average collection period
3. A great example of an extraordinary item in accounting is the BP oil explosion and subsequent oil spill. How would this be treated on BP's books? What about the organizations that were affected by the spill, do you think they would also have an extraordinary item to report? For example, what about resorts in the area? What about fishing companies in the area?
4. Changes in accounting principles are mostly reported retroactively by companies, which includes both the current and previous periods. How far back do you have to go? Do you have any reporting requirements for future periods?
Obtain a detailed report which is based on an intensive investigation of the financial position of sales department, production department and research and development department.
Alex owns an office building which the state condemns on January 15, 2010. Alex receives the condemnation award on April 1, 2010. In order to qualify for nonrecognition of gain on this involuntary conversion,
In 2012, Warren sold his personal use automobile for a loss of $9,000. He also sold a personal coin collection for a gain of $10,000. As result of these sales, $1,000 is subject to income tax.
Converse corp sold 100,000 bond at 95 and incurred 3,000 of bond issuance costs. Which of the following statements is correct assuming converge reports under IFRS?
Kyle sold land on the installment basis for $100,000. His basis in the land was $70,000. Kyle received a $40,000 down payment and a real estate installment sale contract calling for $60,000 in additional payments in future years.
Does a non-controlling shareholder have access to any information other than the consolidated financial statements to determine how well the subsidiary is doing?
Salen Company finances some of its current operations by assigning accounts receivable to a finance company. On July 1, 2012, it assigned, under guarantee, specific accounts amounting to $150,000.
Henry's is a chain of 45 coffee shops. The standard amount of ground coffee per cup is .75 ounces. During the month of October, the company sold 320,000 cups of coffee (reported via electronic cash registers), and the 45 shops reported using 15,80..
Prepare the journal entries to record the November 17, 2011 (ignore cost of goods) and collection on November 26, 2011, assuming that the gross method of accounting for cash discounts is used.
Write down a one-half page memorandum (at least 2 paragraphs) to Terrio explaining why the $6,000 loss on sale of Blackhawk stock is
The following transactions involve intangible assets of Penner Co occurring on or near Dec 31, 2004. Write journal entries needed at the date to record the transaction and at December 31, 2005 to record any resultant amortization. Write NA if no e..
Present a position either in favor or against the policy of stating investments at fair market value and that the changes be recognized as either revenues or as expenditures. Please give a few examples.
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