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Molly, a CPA in public practice is on the board of directors of a local bank. One of Molly's clients has a $100,000 ninety day loan from the bank. Molly, while preparing the clients tax return finds that the client's revenues from their business is down significantly. Any further deterioration may very well result in the client's bankruptcy. At a meeting of the banks' directors Molly finds out that her client has requested that the bank renew their loan of $100,000 for another ninety days. From the comments of the other board members in discussing the client's request it is obvious that they are unaware of the client's current business conditions. Just before the vote is taken as to renew the loan the chairman who is aware of Molly's relationship to the client turns to her and asks her for her comments. What are Molly's responsibilities? What are the issues here? Advise Molly on what she should do and why. Remember you need to have solid research to defend your position.
Prepare a fixed budget income statement for the planned level of sales and production. Prepare a fixed budget income statement for the actual level of sales and production.
What amount of dividends must the company pay the preferred shareholders in 2009 if they wish to pay the common stockholders a dividend?
Please discuss the value of the accounting cycle to a company including: Normal length of the cycle-Integration with required governmental reporting
On September 11, the customer who had been billed on August 18 complained about being overcharged and was granted a credit of $350.
Assume that the company follows the practice of allocating all maintenance department costs incurred each month to the divisions in proportion to the actual machine-hours recorded in each division for the month. On this basis, how much cost would ..
On January 1, 2010, Parabolic Company issued 8% bonds with a face amount of $72.9 million, dated January 1. The bonds mature in 2025 (15 years). The market yield for bonds of similar risk and maturity is 10%. Interest is paid semiannually.
Using the successful efforts method of accounting for oil and gas exploration costs, how much exploration expense would be shown in Exploratory's income statement for 2013?
The following information has been obtained for the Kerdyk Corporation. Compute taxable income and income tax payable for 2007.
During the past year, a company completed the following transactions related to the acquisition of property and the construction thereon of a new factory:
Mary has a three-stock portfolio and is interested in estimating its overall return next year. She has $25,000 invested in Orange Corp-Calculate the portfolio beta and then apply the SML.
The books of Conchita Corporation carried the following account balances as of December 31, 2010. Prepare the journal entries required for the dividend declaration and payment assuming that they occur simultaneously.
During 2012, Lorraine sold the following assets: business equipment for a $8,000 loss, stock investment for a $10,000 loss, and her principal residence for a $26,000 loss. how much of these losses may Lorraine claim on her 2012 return?
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