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Apple Inc. accumulates large amounts of excess cash throughout the year. It typically invests these funds in marketable securities until they are needed. The company’s most recent financial statements revealed a nearly $160 million unrealized gain on short-term investments. Footnotes to the financial statements disclosed that Apple Inc. reports its short-term investments at fair value.
a. Explain the meaning of the company’s unrealized gain on short-term investments.
b. How does the unrealized gain impact the company’s financial statements?
c. Is the unrealized gain included in the computation of the company’s taxable income? Explain.
d. Evaluate fair value accounting from the perspective of the company’s creditors.
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Chipco paid $15 million of foreign taxes on its foreign-source manufacturing profits and $2 million of foreign taxes on its foreign- source passive investment income. Assume that the U.S. tax rate is 35%. Calculate Chipco’s total foreign tax credit..
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Red Bush and Green Tree are equal partners in Arbor Partnership. Each partner has contributed capital of $60,000 to the partnership and this is also their adjusted cost base for the partnership interest. Blue Grass wants to join the partnership as an..
Determine the company's return on investment (ROI) and residual income (RI).
Compare resultsfor the three cost flow assumptions. What cost flow resultsin the lowest inventory value.
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Prepare a multiple-step income statement - Prepare a single-step income statement.
Balance sheet relations. Selected balance sheet amounts for Kajima Corporation, a Japanese construction firm, are shown in the following table for four recent years -
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