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You own an automobile parts company and have been approached by a leading car manufacturer to supply parts to thecompany. How would you determine that the car manufacturer has agood record of servicing sales and paying its customers? What are the signs you would look out for in the financial statements for the possibility of bad debts? Give reasons for your answers.
Discuss the four criteria used for determining if a lease is to be treated as a capital lease. How does the distinction affect the timing of the lessor's gross investment in the lease, interest income and profit?
Flint Co. records purchase discounts lost and uses perpetual inventories. Prepare journal entries in general journal form for the following: (a) Purchased merchandise costing $900 with terms 2/10, n/30. (b) Payment was made thirty days after the p..
Did any of the internal service funds report significant operating surpluses or deficits for the year? Were any accumulated significant net asset balances over the years not invested in capital assets?
Explorer, Inc., manufactures lanterns for camping. The company's direct labor rates have been set by the terms of the current labor contract. Direct labor rate standards have been assigned for each job classification.
The total budgeted manufacturing overhead for the year was $2,000,000, of which $1,600,000 was variable and $400,000 was fixed.
Folding Squid Technologies initiated a just-in-time inventory system in 2007. Now the production manager, Chan Ziaou, wants to apply the same principles to the entire production process. His recommendation is the firm adopt a:
Learned Corporation recorded the following transactions for the just completed month.
Set up an amortization schedule for a $25,000 loan to be repaid in equal installments at the end of each of the next 3 years. The interest rate is 10 percent, compounded annually.
Schoomer Corp. paid $200,000 to purchase 30 percent of the stock of Shape, Inc. this year. At the end of the year, Shape reported net income of $50,000 and declared and paid dividends of $20,000.
Regarding the gift splitting provision of 2513, comment on the following.
When a multi product factory operates at full capacity, decisions must be made about what products to emphasize. In making such decisions, products should be ranked based on multi choice:
What measures should Tucson consider if it expects its current excess foreign tax credit position to persist in the long-run?
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