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Tim often uses the home for entertaining customers, suppliers, and employees. The fair market value of comparable housing is $9,000 per month. Tim is also provided with free parking at his company's office. The value of the parking is $350 per month. Calculate the amount associated with the company-provided housing and free parking that Tim must include in his gross income.
Your company has been offered credit terms of 4/30, net 90 days. What will be the nominal annual percentage cost of its nonfree trade credit if it pays 120 days after the purchase? (Assume a 365-day year.) show your calculation.
simon enterprises applies variable overhead at a rate of 1.50 per direct labor hour and fixed overhead at a rate of
murray glass company beginning of year retained earnings balance was 113200. the corporation declared and paid 77600
Briefly explain why the owners investment and revenuesincreased owner's equity, while withdrawals and expenses decreasedowner's equity.
Explain why the short-term project might be higher ranked under the NPV criterion if the cost of capital is high whereas the long-term project might be deemed better if the cost of capital is low. Would changes in the cost of capital ever cause a ..
on april 1 2011 warm universe issued 8 bonds dated april 1 2011 with a face amount of 10000000. the bonds mature in
madlem inc. produces and sells a single product whose selling price is 240.00 per unit and whose variable expense is
the wellesley corporation makes printed cloth in two departments weaving and printing. currently all product first
snake creek company has one trusted employee who as the owner said handles all of the book-keeping and paperwork for
your firm is contemplating the purchase of a new 794500 computer-based order entry system. the system will be
Thrifty Co. reported net income of $465,000 for its fiscal year ended January 31, 2011. At the beginning of that fiscal year, 200,000 shares of common stock were outstanding.
(a) Prepare the journal entry to record the previous transaction, under the following conditions.
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