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A firm reports operating income before tax in its income statement of $73.4 million on sales of $667.3 million. After net interest expense of $20.5 million and taxes of $18.3 million, its net income is $34.6 million. The following items were included as part of operating income:
Start-up cost for new venture $4.3 million
Merger-related charge $13.4 million
Gains on disposal of plant $3.9 million
The firm also reports a currency translation gain of $8.9 million as part of other comprehensive income. Calculate the firm's core operating income (after tax) and core percentage profit margin. The firm's marginal tax rate is 39 percent.
Tex's applies an overhead rate of $10/unit based on 200 units. If Tex's produces 210 units and has a flexible overhead budget of $1,900, the overhead volume variance is:
Ashton Fleming has decided to document and analyze the accounts payable process at S&S so the transition to a computerized system will be easier.
How does a customer benefit by our spending $50,000 on a supposedly better accounting system?" How should the controller respond?
What are the equivalent units of production with respect to direct labor at the end of the month, assuming the weighted average method is utilized?
Which one of the following statements concerning net working capital is correct?
What are cheverolets 4 main financial statements? Can you show them on a flow chart? What are the expenses and revenues in the Chevy business?
Which of the following is accounted for as a change in accounting principle?
Many states base their estate tax laws on the federal tax system. Since the end of 2004 some states have decoupled from the federal estate tax.
Raymond provides the following information related to assets used in a trade or business which have been sold in 2011. All assets have been held for over one year.
Using the percentage of net sales method. uncollectible accounts expense for the year is $54000, balance of allowance for uncollectible is 18000 creedit befor adjustments what is the balance after adjustments?
A company has 10%, 20-year bonds outstanding with a par value of $500,000. The company calls the bonds at 96 when the unamortized discount is $24,500. Calculate the gain or loss on the retirement of these bonds.
Winkler Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments.
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