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You have recently been hired by Davis & Company, a small public accounting firm. One of the firm's partners, Alice Davis, has asked you to deal with a disgruntled client, Mr. Sean Pitt, owner of the city's largest hardware store. Mr. Pitt is applying to a local bank for a substantial loan to remodel his store. The bank requires accrual based financial statements but Mr. Pitt has always kept the company's records on a cash basis. He does not see the purpose of accrual based statements. His most recent outburst went something like this: "After all, I collect cash from customers, pay my bills in cash, and I am going to pay the bank loan with cash. And, I already show my building and equipment as assets and depreciate them. I just don't understand the problem."
Draft a memo to the client to explain the importance of accrual based financial statements, make sure you: explain the difference between a cash basis and an accrual basis measure of performance, describe why, in most cases, accrual basis net income provide a better measure of performance than net operating cash flow, and explain the purpose of adjusting entries as they relate to the difference between cash and accrual accounting.
mike dreskin manages a large los angeles movie theater complex called cinema i ii iii and iv. each of the four
Identify and briefly discuss two important concepts ( Prediction and Regression/ Correlation or Regression) applicable to analytical methodology.
Determine the probability of a positive economic trend given an increasing employment. Are employment and economic trend independent?
Markups on Supertrex seen at other local stores range from 20% to 45%, Kruger decides that its markup had best be in this range as well. Formulate as an LP Problem.
We considered Mary's interest in doing a study to see if learning of 6th graders on a math lesson is affected by background noise level. She was planning to use 2 noise conditions and then analyze her outcomes using a t-test for independent groups..
A random sample of 21 nickels measured with a very accurate micrometer showed a mean diameter of 0.834343 inches with a standard deviation of 0.001886 inches. Why would nickeldiameters vary
Chrysler Corporation agrees to allow you to randomly select 40 of its new Dodge Caravans to test the highway mileage. Chrysler claims that the caravans get 28mpg on the highway.
A real estate broker hoped to develop an equation that could be used to predict the sales price of homes in a certain suburb. It seemed to him that the most important variable
She wants to be 90% confident and be accurate within 5% of the true proportion. Find out the minimum sample size necessary.
Annual family dental expenses for the families of a random sample of ten employees of a company are given below. You can assume the family dental expenses for the employees of the company are normally distributed.
the monthly incomes for 12 randomly selected people each with a bachelors degree in economics are shown on the
If a simple random sample of 75 MBA graduates is to be taken. What is the probability that the sample mean salary will exceed $82,500?
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