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ABC Inc. has just entered into the business of selling antique cars. The company management decided to lease the premises for the business instead of buying the office premises. They ended up paying an advance rent of $5 million dollars for the initial period of five years. The entire amount was recorded as an asset in the form of prepaid expense. When questioned by the auditors, the CFO of ABC Inc. mentioned, "An asset is just an expense waiting to happen." Discuss the validity and implications of this statement.
Discuss in general the ethical issues when employees are tempted to defraud their employer or when companies defraud the public.
Calculate the number of sweatshirts Henry's Hoodies must sell to break even. Round your answer to the nearest whole number.
What steps are needed to solve problems using present value techniques to evaluate alternative investment opportunities?
Materiality is a function of the time, the situation, and the people involved. What is material from the point of view of a bank that lends money to the firm?
Past experience indicates that the allowance should be 10% of the balance in receivables (percentage of receivable basis). If the accounts receivable balance at December 31 was $200,000 what is the required adjustment to the Allowance for Doubtful..
what is the potential impact of the increased fines on the content of the accounting reports of firm in the pharmaceutical industry, particularly in relation to accounting information? (case study: drugs code set to get tougher by Emma Connors)
Tosco Co. paid $540,000 for 80% of the stock of Martz Co. when the book value of Martz's net assets was $600,000. For all of Martz's assets and liabilities, book value and fair value were approximately equal.
A company has 75% equity and 25% debt, the rate paid to bondholders is 8%, while cost of equity capital is 12%. Using these figures, please determine the WACC (weighted average cost of capital).
Calculate the combined total net income if the company accepts the offer to sell additional units at the reduced price of $13 per unit (Normal value? Additional value? Combined value?)
If a business had a capacity of $10,000,000 of sales, actual sales $6,000,000, break-even sales of $4,500,000, fixed costs of $1,800,000, and variable costs of 60% of sales, what is the margin of safety expressed as a percentage of sales?
Tree Frog Company is organized as a LLC and pays no income taxes. The company has fixed interest expense of $5,750, Sales of $253,000 and variable expenses of $189,750. What is the company's times interest earned ratio?
Assume that Procter and Gamble had a 10% increase in sales in 2007 and that there was no change in costs except for increases associated with the higher volume of sales, compute the predicted 2007 oparating income for procter and gamble its percen..
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