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How Business Create Value
You are considering opening a shop in a nearby mall that willsell specilaty T-shirts. T-shirts, containing designs and words selected by customers, will be produced for customers on order. You will need to borrow $25,000 to begin operations. A local bank has agreed to consider a loan and has asked for a summary plan to demonstate the performance you expect from your company and your ability to repay the loan. You will pay $5.50 for T-shirts and will sell them for $8. The cost of paint and supplies will be .50 per shirt. An examination of similar stores at other malls indicates that you should be able to sell an average of 1,000 shirts per month. Rent for your store will be $300 per month. Utilities will be $150 per month, on average. Wages will be $800 per month.
Calculate the expected profit of your company for the first year of operation.
Explain how a bank loan officer may use your profit projections to help make the lending decisions.
Listed below are transactions dealing with various stock benefit plans of Fortune-Time Corporation during the period 2009-2011. The market price of the stock is $45 at January 1, 2009. Prepare the Journal entries that Fortune-Time recorded for each..
Retained earnings at 1/1/06 was $150,000 and at 12/31/06 it was $200,000. During 2006, cash dividends of $50,000 were paid and a stock dividend of $40,000 was issued. Both dividends were properly charged to retained earnings.
Compute the (a) inventory turnover, defined as cost of goods sold divided by average inventory, and (b) days' sales in inventory, defined as 365 times ending inventory divided by cost of goods sold, for both its raw materials inventory and its fin..
Regarding the gift splitting provision of 2513, comment on the following.
During the year, Baskett reports net income of $90,000 while paying dividends of $30,000. What is the Investment in Baskett Company balance (equity method) in Ace's financial records as of December 31?
Determine the number of statues that must be sold in order to have a profit of at least $2000. Show all supporting work (graphs, etc.).
There are four important purposes of analytical procedures. Identify one of these four purposes and give a specific example of an analytical procedure that an auditor might perform.
Andrea's Hobbies produces and sells a luxury animal pillow for $40.00 per unit. In the first month of operation, 3,000 units were produced and 2,250 units were sold. Actual fixed costs are the same as the amount budgeted for the month. Other infor..
A business taxpayer sells depreciable business property with an adjusted basis of $400,000 for $32,000. The taxpayer held the property for more than a year. The taxpayer has an $8000 long term capital loss.
Swan a calendar year corporation has a deficit in current E & P of 200,000 and a %580,000 positive balance in accumulated E&P. If Swan determines that a $1 million distribution to its shareholders is appropriate at some point during the year, what..
The company has an incremental borrowing rate of 12%. It must close its books and prepare third-quarter financial statements on September 30, 2010. Prepare journal entries for the forward contract and firm commitment.
Interest was payable semiannually on July 1 and January 1. On July 1, 2011, Goll called all of the bonds and retired them. Bond premium was amortized on a straight-line basis. Before income taxes, Goll's gain or loss in 2011 on this early extingui..
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