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Ben & Terry's Ice Cream The accountant prepared the following list from the company's accounting records for the year ended December 31, 2013:
Retained Earnings 307,000 Prepaid Expenses $ 50,000Cash $ 77,000Common Stock 400,000Accounts Payable 50,000Accounts Receivable 170,000Land 750,000Notes Payable 450,000Inventory 200,000Salaries Payable 40,000
Prepare a Balance Sheet for Ben & Terry's Ice Cream in Excel.
Evaluate clients financial statement balance for inventory
Explain the action, if any, you would recommend to management in relation to the accounting treatment of every items.
Compute sales level required in both dollars and units to earn $210,000 of after-tax income in 2010 with the machine installed and no change in unit sales price. Assume that the income tax rate is 30%.
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Superior Company owns 40% of the outstanding stock of Bernard Company. During 2013, Bernard paid a $100,000 cash dividend on its common shares. What effect did this dividend have on Superior’s 2013 financial statements?
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