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Some accountants have advocated that a company's human assets be measured and included directly in the financial statements. For example, cost of hiring and training an employee would be recorded as an asset that is amortized over the employee's expected term of service. Do you agree or disagree? Why?
The Morrissey Company's bonds mature in seven years, have a par value of $1,000, and make an annual coupon payment of $70. The market interest rate for the bonds is 8.5%. What is the bond's price?
What is the economic and tax policy rationale regarding corporate formation? When will a transfer be deemed a taxable event? How is basis determined? What if assets are contributed to a corporation by a non shareholder such as a government entity?
The lease is for 6 years and the machine is estimated to have an unguaranteed residual value of $40,000. If the lessor's interest rate implicit in the lease is 12%, the six beginning-of-the-year lease payments would be ??
Palmerin Corporation is preparing its cash budget for November. The budgeted beginning cash balance is $30,000. Budgeted cash receipts total $167,000 and budgeted cash disbursements total $171,000. The desired ending cash balance is $50,000.
Richards makes cash contributions of $35,000 to charitable organizations. What is Richards Corporation's charitable contribution deduction for the current year?
Determine the amount to be added to Allowance for Doubtful accounts in each of the following cases. (a) Balance of $500 in the allowance account just prior to adjustment. Analysis of accounts receivable indicates doubtful accounts of $9,500.
Jay´s Trucking Inc., has issued an 8%, 20 year bond paying interest semiannually. The bond has a face value of $1,000. If the yield of the bond is 10% (effective annual yield), what is the price of the bond?
Assuming the market value of Massey-Ferguson's debt equals 70 percent of book value, calculate the market value of the company on October 31, 1980. (The market value of debt is well below the $2.5 billion book value due to the prospect of bankrupt..
Yola Company manufactures a product with standards for direct labor of 4 direct labor-hours per unit at a cost of $12.00 per direct labor-hour. During June, 1,000 units were produced using 4,100 hours at $12.20 per hour. The direct labor efficienc..
An auditor is required to obtain a sufficient understanding of each of the components of an entity's system of internal control to plan the audit of the entity's financial statements and to assess control risk for the assertions embodied in the ac..
Briefly explain the depreciation and impairment process in relation to approximating the fair value of fixed assets?
During the last month of 2009, the first month of the offer, Funzy sold 12 million boxes of Wheatos and 2.4 million of the coupons were redeemed. What amount should Funzy report as a promotional expense for coupons on its December 31, 2009, income..
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