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The chief executive officer of Ginny's Fashions has included the following financial statements in a loan application submitted to Priority Bank. The company intends to acquire additional equipment and wishes to finance the purchase with a long-term note.
Assume that you, a bank loan officer, review the financial statements, and recommend whether Ginny's Fashions should be considered for a loan. Support your recommendation with financial ratios. Assume a tax rate of 30 percent. Interest expense is $2,000 in 2012 and $2,000 in2011.
Cubicle Solutions sells productivity software such as word processors, spreadsheets, and personal information managers. Cubicle prides itself on customer support and maintains a large call center where customers can call in with technical question..
Beatty, Weber, and Yu (2008) analyzed a sample of U. S. firms with debt covenants that required the firm to maintain a specified level of net worth. Almost two-thirds of these covenants contained income escalators, whereby the required level of net w..
Basic transaction processing. On November 1 of the current year, Richard Simmons established a sole proprietorship. The following transactions occurred during the month: Record each transaction on a separate line. After all transactions have been rec..
Describe advantages and disadvantages of organizing your scuba diving school as a: 1. Sole proprietorship 2. Corporation, and give your opinion about which form of organization would be best.
Partnership agreement of Nieto, Keller, and Pickert provides for the subsequent income ratio
Jane Botosan operates a bed and breakfast hotel in a resort area near Lake Michigan. Depreciation on the hotel is $60,000 per year. Jane employs a maintenance person at an annual salary of $32,000 and a cleaning person at an annual salary of $24,000...
What entities are included in the financial statements? List three initiatives undertaken by the AICPA during the fiscal year. What was the amount of total net assets for the current year?
borders group inc. presented this information in its 10-ksrequireda. compute the following liquidity ratios for 2009
Allowances are made for significant increases in costs and volume if any. 2014 actual overhead costs included $1,500,000 of fixed costs and $600,000 of variable costs.Compute the overhead rate to be used for 2015.
if this budget is formally integrated into the accounting records, illustrate what journal entry is required at the beginning of the year? What later entry is required?
A check was issued for 98.05 to replenish the petty cash fund. A total of 1.95 is all that remains in the petty cash box at this time. All of the receipts have been accounted for and the summary below shows the following expenditures have been made f..
What is the meaning of the following sentence: "Amortization affects the amount of interest expense." How does amortization of premium affect the amount of interest expense? How does amortization of discount affect the amount of interest expense?
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