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Ajax Corp's sales last year were $460,000, its operating costs were $362,500, and its interest charges were $12,500. What was the firm's times-interest-earned (TIE) ratio?a. 9.75
b. 7.80
c. 8.19
d. 7.18
e. 7.72
During 2010, Shirley Nutt, the sole shareholder of a calendar year S corporation, received a distribution of $16,000. On December 31, 2009, her stock basis was $4,000.
Tan Company acquires a new machine (ten-year property) on January 15, 2011, at a cost of $200,000. Tan also acquires another new machine (seven-year property) on November 5, 2011, at a cost of $40,000.
Which of the following statements is correct concerning changes from year 1 to year 2 at Tripe Corp?
What is each partner's outside basis and how much gain (loss) must the partners recognize in 20X9 when Picture Perfect was formed?
Prepare the journal entries necessary in the fund-based and government-wide journals to record each of the following transactions
On December 31, 2010, the fair value of the Ranger stock owned by Howdy Doody had increased to $70,000. How much should Howdy Doody show in the 2011 income statement as income from this investment?
An auditor uses an attribute sampling plan to determine whether large expenditures are being properly approved. The auditor is willing to accept a 2% risk of assessing control risk too low, and has a tolerable rate of 5%.
Roxanne is an aerobics (Jumping Jacks) instructor. She submitted a list of her business expenses to you. The list includes: DVD player $500; CD Music $500; Leotards and Tights $500; Towels $500; Mats $500. Which expenses would you allow?
The lower-of-cost-or-market concept is used in the valuation of inventory. Describe this concept. How does this concept affect your company's profitability, or the profitability of a company with which you are familiar?
Accompanying the bank statement was a debit memo for an NSF check received from a customer. What entry is required in the company's accounts?
What is the purpose of a deposition at the trial phase?
Under the lease agreement, a security deposit of $15,000 is made, with the deposit to be returned at the expiration of the lease, with interest compounded at 10% per year. What amount will the company receive at the time the lease expires?
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