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The Willsey Merchandise Company has budgeted $40,000 in sales for the month of December. The company's cost of goods sold is 30% of sales. If the company has budgeted to purchase $18,000 in merchandise during December, what is the budgeted change in inventory levels over the month of December?
Is the WACC an average concept or a marginal concept in your opinion? Should we use the historical WACC or the marginal WACC as the appropriate rate to use in capital budgeting analyses?
After selling the assets and paying the liabilities, the partnership has cash of $92,000. How much cash will each partner receive in the final liquidation?
Comment on the following items relative to tax planning strategies of a fiduciary entity.
George pays $10,000 for a 20% interest in a general partnership which has recourse liabilities of $20,000. The partners share the economic risk of loss from recourse liabilities in the same way they share partnership losses. George's basis in his ..
Eagle Tools, Inc., the manufacturer of the gun, for product liability, on the ground of strict liability. What are the elements for an action based on strict liability? In whose favor is the court likely to rule?
Marketability Commercial banks use some funds to purchase securities and other funds to make loans. Why are the securities more marketable than loans in the secondary market?
Virginia, who was experiencing financial difficulties, was able to adjust her debts as follows. Determine the tax consequences to Virginia.
JC Accounting performs two types of services, Tax and Consulting. JC's overhead costs consist of computer support, $200,000; and legal support, $100,000. Information on the two services is:
Describe how software companies like PeopleSoft treat software development costs differently from the typical GAAP treatment of research and development costs in other industries. Why is this the case?
Heritage company receives a 4-year, $20,000 note receivable on July 1, 2010 that does not bear interest. Interest on similar notes is 10%. Assuming that the present value of the note is $14,000 on July 1, 2010, the amount of interest that will be ..
On October 1, 2010, Mann Company places a new asset into service. The cost of the asset is $40,000 with an estimated 5-year life and $10,000 salvage value at the end of its useful life. What is the depreciation expense for 2010 if Mann Company use..
If Granberry Enterprises uses the three activity cost pools to allocate overhead costs, what are the activity-cost driver rates for supervision of direct labor, machine maintenance, and facility rent, respectively?
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