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You are considering opening a kiosk in themall that will sell customizable aprons. You need to borrow money fromt eh bank to get the business started and estimate that you will need approximately $20,000. The bank would like you to prepare an estimated profit statement showing what the expectations of the company are. You will pay $6 for the aprons and will sell them for $10. You estimate that you can sell 1,000 aprons per month. The cost of paint and supplies to customize the shirts aprons will be $1 per apron. The cost of rent of the kiosk will be $500/month. Utilities will be $200/month. Wages of worker will total a $1,000 per month.
a. Calculate the estimated profit of your company for the first year of operation.
Explain the two (2) basic types of analysis that are used to compare accounting information. In addition to above posted explain how Managerial Accounting differs from Financial Accounting (GAAP).
A toffee company discovers that its competitor is producing and selling what appears to be its patented toffee-coated popcorn for a cheaper price.
Determine the market price and related interest expense of an $800,000, ten-year, 10% (pays interest semiannually) bond issue sold to yield an effective rate of 12%.
Evaluate the GASB's views regarding how the total pension liability should be measured and whether or not you support these views? Explain your rationale.
agency funds report assets and liabilities, but not net assets, revenues, or expenses. Briefly explain why this is so. For example, why would an agency fund not have revenue? Why would it not have expenses?
Talmadge Company is acquiring the target Tyler, Inc in a merger. Tyler's market valuation is $6.0 bln , and its equity value on the balance sheet before any adjustments is 3.0 bln.
A purchasing agent makes a purchase and when the item is shipped it is delayed. Which department bears the cost of time lost in the plant due to the delay in shipment and should the plant manager be responsible?
It is estimated that 80% of the coupons will be presented for redemption. Sales for the first period were $700,000, and the coupons redeemed totaled 340,000.
Instead of estimating the uncollectibles at 2% of net sales, assume that 10% of accounts receivable will prove to be uncollectible. Prepare the entry to record bad debt expense.
Explain clearly why each of the qualitative characteristics discussed in the IASB conceptual framework is important. Which characteristic or characteristics do you think are the most important? Why?
The amount of unrealized intercompany profit which should be eliminated in the consolidation process at the end of 2006 is:
Because of Wyatt's loyalty, Julie would like him to have shares in the corporation. What are the relevant tax issues?
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