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Presented below is information related to Big Blast Company.
Retained earnings, December 31, 2010 $ 2,350,000 Sales 2,600,000 Selling and administrative expenses 240,000 Earthquake loss (pre-tax) on plant (extraordinary item) 250,000 Cash dividends declared on common stock 53,600 Cost of goods sold 1,000,000 Gain resulting from computation error 520,000 on depreciation charge in 2009 (pre-tax) Other revenue 80,000 Other expenses 50,000 Instructions
Prepare in good form a multiple-step income statement for the year 2011. Assume a 30% tax rate and that 100,000 shares of common stock were outstanding during the year.
Using a tax rate of 34 %, evaluate the minimum price the owner of the division should consider for its sale and Find the maximum price the acquirer should be willing to pay?
In addition, the company had outstanding all year a 10%, 3-year, $4,000,000 note payable and an 11%, 4-year, $7,500,000 note payable. What are weighted-average accumulated expenditures?
During the remainder of the year, Ramirez generates revenues of $600,000 and expenses of $360,000 and paid no dividends. On a December 31 consolidated balance sheet, what amount should be reported as noncontrolling interest?
Does it matter what is generating the cash flow? What if they collect receivables quickly and sit on accounts payable as long as possible?
illustrate how this new system would work. In this example the allocated base its machine-hours. if the company bases its predetermined overhead rate on capacity, by how much was manufacturing overhead under applied or over applied?
Decision on lease or buying the home - Which is the preferred alternative after one year? (Interest payments over the first year would equal $17,852.)
Prepare a multiple-step income statement and a retained earnings statement for the year ended, as well as a classified balance sheet as of December 31, 2010.
Effects of various methods of depreciation - How would using the sum-of-the-years'-digits method of depreciation instead of the double-declining-balance method of depreciation affect a gain or loss on the sale of the plant asset?
Preparation of collection forecast form sales - Find the collection forecast for June?
LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future.
An IRS agent thinks that Color, as an accrual basis taxpayer, should report $1,000 of income in 2011, when the work was done, and then deduct a $200 loss in 2012. Give a memo to Susan Apple, a tax partner for whom you are working, with the recomme..
How have you organised your personal work environment in accordance with ergonomic requirements? Illustrate what resource conservation techniques will you adopt as you plan your work activities?
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