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1. Accounts officers at Xerox corporation discovered that significant errors have been made in the valuation of inventory and are worried that it might have significant impact on the net income and earnings per share. What are the possible top three effects of the errors on net income? What could have been the top two reasons behind incorrect valuation of the inventory?
2.The net income of Reliable Provision company decreased sharply during 2007. Clay Rollins, owner of the store, anticipates the need for a bank loan in 2008. Late in 2007, he instructed the accountant to record a $70,000 sale of recreational gear to the Smith family, even though the goods will not be shipped from the manufacturer until January 2008. Rollins told the accountant not to make the following adjusting entries:
Salary owed to employees: $1,000
Expired prepaid insurance: $500
Is income overstated or understated? Why did Rollins take these actions? Are they ethical? Give reasons for your answer. As a friend, what advice would you give the accountant?
Regal Flair Enterprises has two product lines: jewellery & women's apparel. Cost & revenue data for every product line for current month are as follows;
An investment scheme pays 200 dollar at the end of each of the next four years, $400 at the end of year five, dollar 300 at the end of year six and $500 at the end of year seven.
Suppose that MM's theory holds with taxes. There is no growth, & $40 of debt is expected to be permanent. Suppose a 40% corporate tax rate.
Estimate your management financial performance during the last two years, using financial ratios. Determine the ratios for each year:
Rising jet fuel rates recently led most major United State airlines to raise fares by approximately fifteen percent.
You are taking out a 100,000 mortgage loan to be repaid over 25 years in 300 monthly payments
What unique challenges would a health care organization face when attempting to compute a true ROI?
Assume that Jong used the equity method of accounting for its investment in Nye instead of the cost method. Calculate the balance of its "Investment in Nye" account.
Based on the sustainable growth model, if a company finances its assets with 75 percent debt and 25 percent equity, and retains 3 million dollar in earnings in a given year,
A firm is considering to invest $75,000 in a personnel training program. The $75000 outlay will be charged off as an expense by the firm this year.
The following information based on the operation of the plan for the year 2010 in which no profits were paid.
Piedmont Enterprises currently pays a dividend of $1 per share. This dividend is expected to grow at a 20% per year for the next two years, after which it is expected to grow at 6% per year for the foreseeable future.
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