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1. Explain what is meant by "qualitative characteristics of accounting information"? Example
2. What are the four basic assumptions that underlie the financial accounting structure? Explain.
If an investor is offered an opportunity to invest $500,000 in a new restaurant and he calculates the present value of this investment to be $400,000 using his standard discount rate of 15%, the IRR on this potential investment would be:
During 2001, Company A actually repaired 4,100 players at an average cost of $11.50. What is te amount of product warranty expense that Company A should recognize in 2008?
Randall Company makes and distributes outdoor play equipment. Last year sales were $2,400,000, operating income was $600,000, and the assets used were $3,000,000.The return on investment (ROI) is:
Blacken Company manufactures motorcycles. The company's management accountant wans to calculate the fixed and variable costs associated with utility cost incurred by the factory. Data for the past five months were collected.
Which of the following statements is true regarding inventory transfers between a parent and its subsidiary, using the initial value method?
Prepare the appropriate adjusting entries for Brooks as of December 31, 2010, to reflect the application of the "fair value" rule for both classes of securities described above.
On January 1 , 2011 , Paxton Company purchased a 70% interest in Sagon Company for $1,300,000, at which time Sagon Company had retained earnings of $500,000 and capital stock of $1,000,000.
Compute variance for the following items and indicate whether each variance is favorable or unfavorable.
The subsidiary has a net operating loss carryover of $400,000 generated four years ago. The parent acquires the net operating loss carryover.
A company has unlimited funds to invest at its discount rate. The company should invest in all projects having:
Assume Green Leaf Nursery anticipated sales of $500 in the first quarter. Accounts receivable at the beginning of the year was $300. Assuming a collection period of 30 days, which is the approximate beginning balance for the second quarter?
If a parent company and outside investors purchase shares of a subsidiary in relation to existing stock ownership (ratably).
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