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Shauna Washington started a business to sell art supplies and related curricula to home school families. The business grew quickly, with sales doubling three time during a five year-period. At that point, she sold the business because it had grown too large to manage from her home. Under the new owners, sales doubled again during the next two years. Profits, however, did not keep pace with sales. In addition, the firm had borrowed heavily to open a warehouse. Inventory costs and operating expenses at the warehouse were higher than anticipated and the monthly payments on the loan were proving to be burdensome. Recently, the number and amount of past due accounts have risen dramatically. Together, these problems have created a severe cash flow problem. If the cash flow situation does not improve quickly, the firm may have to declare bankruptcy, even though sales are continuing to increase.
Describe some of the information a good AIS could have provided for this firm and that, if provided in a timely manner, could have helped avoid some of its problems.
What is the amount of overstatement or understatement of the retained earnings account at December 31, 2011?
Evaluate the net present value at a 14% required rate of return and evaluate the internal rate of return and the payback period of the investment.
the amount of income taxes paid would be $300 greater if the average cost assumption were used, what would be the amount of income before taxes under the average cost assumption?
Which product costs are reported in the external financial statements? Which costs are used for management decision making? Explain the difference.
part a-a. what is the interest expense for 2013 b. how much equipment was purchased during the year? c. what was the
Elucidate the evidence produced by the performance of procedures and decide whether management's assertions conform to generally accepted accounting principles and reality
Benefit-cost analysis
Prepare a revised aging schedule showing ages of the accounts receivable after the write-offs. Be very careful with your dates. [Hint: Be sure to reflect the write-offs taken in E above, in the correct age category].
Leverage. A firm has a long-term debt-equity ratio of .4. Shareholders' equity is $1 million. Current assets are $200,000, and the current ratio is 2. The only current liabilities are notes payable. What is the total debt ratio?
Prepare the entry to record Farrin's investment in the partnership, assuming the equipment has a fair market value of $5,000.
A company has a minimum required rate of return of 10%. It is considering investing in a project that costs $210,000 and is expected to generate cash inflows of $85,000 at the end of each year for four years. The approximate net present value of t..
Make the necessary adjusting journal entries at December 31, 2007, and December 31, 2008 to record depreciation for each year using straight-line depreciation method.
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