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Point 1: DEF Industries, a private company, is considering a change to the cash basis of accounting from the accrual basis of accounting. This year, DEF reported $140,000 of total accrual basis expenses on the income statement. At the beginning of the year, DEF had of $21,000 of accrued expenses and $8,000 of prepaid expenses. At the end of the year, DEF had $18,000 of accrued expenses and $4,000 of prepaid expenses. DEF also reported $12,000 of depreciation expense for the year, but paid no cash for PP&E during the year.
Question 1: What would be the difference in net income if DEF reported the current year expenses on the cash basis, instead of the accrual basis?
The balance sheet for Miley Consulting reports the following information on July 1, 2014. Long-term liabilities Bonds payable $1,040,000 Less: Discount on bonds payable 83,200 $956,800 Miley decides to redeem these bonds at 101 after paying semiannua..
Huang Automotive is presently operating at 75% of capacity. The company recently received an offer from a Korean truck manufacturer to purchase 26,500 units of a power steering system component for $195 per unit.
Calculate the after-tax cost of preferred stock for Marriot Hotel Corporation, which is planning to sell $200 million of $4.15 cumulative preferred stock to the public at a price of $48 per share. Flotation costs are $2.50 per share. Marriot has a ma..
Compute the Office Products Division's residual income for the most recent year; also compute the residual income as it would appear if the new product line is added.
Prepare the entries on the books of Procter related to the intercompany sale of land for the year ended December 31, 2014, and December 31, 2015.
A company is considering the purchase of a new machine that will cost the company $30,000 and will be worth zero at the end of 3 years. Their current tax rate is 20% and they will depreciate the machine $10,000 over the next 3 years. The cost of capi..
Kroger Company had the following transactions for 2014, the first year of operations: What are total assets at the end of 2014? What is the balance of the cash account at the end of 2014? What is total retained earnings at the end of 2014?
Nadal declared and paid a cash dividend of $36,000. On December 31, Nadal reported a net income of $85,000 for the year. Create all necessary journal entries in 2010 for both situations.
Apply GAAP for revenue recognition; account for accounts receivable, uncollectible accounts, and notes receivable; show how to speed up cash flow from receivables) Answer these questions about receivables and uncollectibles. For the true-false questi..
What amount of Bad Debt Expense would the company record as an end-of-period adjustment?
multiple-step income statement, single-step income statement, and statement of retained earnings, In the space below, prepare the following statements for the year ended June 30, 2014:
On June 30, 2013 Blue inc leased a machine from Big leasing corporation the lease agreement qualifies as a capital lease and calls for blue to make semi annual lease payments of 281,454 over a three year lease term, payable each June 30 and December ..
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