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Deflated Ball Incorporated (DBI) reported the following information in the Accounts Receivable section of their end of year 2015 financial statements: Accounts Receivable $ 103,000 Allowance for Doubtful Accounts (1,600) During 2016 the following occurred: • Payments on A/R by customers was $ 88,100 • Credit Sales were $ 130,000 • Write-offs of A/R were $ 6,100 • DBI’s NET INCOME was $53,000 ] If the write-offs in 2016 would have been $ 4,500 (instead of 6,100) what would DBI have reported for their 2016 NET INCOME ?
If the cost of goods manufactured during the year amounted to $665,000 and annual sales were $998,000, how much is the amount of gross profit for the year?
Rick Rocker, a citizen and resident of country F, decides to perform a concert in Los Angeles. The U.S. promoter has agreed to pay Rocker $1 million. Rocker himself incurs $200,000 of expenses in connection with the concert. When the promoter pays Ro..
Variable costing allows a manager to classify controllable costs as:
What is the value (in millions) of Wilson Dover's debt if its equity is viewed as an option? If the following is true: Total value = P = $500.0 d1 = 1.910485. Debt = X = $200.0 N(d1) = 0.9720. Volatility (s) = 0.6 d2 = 1.310485
A company had zero Taxable Income in 2010, Taxable Income of $20,000 in 2011, and a Net Operating Loss (NOL) of $40,000 in 2012. This is the company’s first-ever NOL. What is the amount of the Deferred Tax Asset for NOLs at the end of 2012?
Caledonia is considering two additional mutually exclusive projects. The cash flows associated with these projects are as follows.
Evaluate the gross profits to be identifies for each of the three years. If the outcome of the construction contract can't be reliably estimated, evaluate the gross profit for each year be?
Briefly discuss the ways a realistic budget will benefit the owner of Babycakes versus having no budget at all. Be sure to use Babycakes as the company and any specific product details in your explanation.
Describe fully how each of the items above should be reported in the financial statements of Arenes Corporation for the year 2012.
CLASSIFICATION OF CASH FLOWS RELATED TO THE COST OF FINANCING. Under U.S. GAAP, the statement of cash flows classifies cash expenditures for interest expense on debt. Explain this apparent paradox.
Zeff Corporation has 2,000 shares outstanding of cumulative preferred stock and 6,000 shares of common stock. The preferred stock is entitled to an annual dividend of USD 18 per share before dividends are declared on common stock. No preferred divide..
Imagine that you work in an accounting firm and your boss has requested you to present an overview of the tax structure to your organization. Two presentations have been requested. The first is a presentation that explains the differences between the..
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