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Suppose you and two friends each invested $100,000 in an oil and gas partnership. The general partner, XYZ Gamble, Inc., invests no cash but makes all operating decisions for the partnership, including where and how deep to drill for oil. Drilling costs plus a management fee are charged against the $300,000 of cash you and your friends invested. If oil is found, you each get 15% of partnership net income with the remaining 55% going to XYZ Gamble. But if the wells are dry, you get nothing except any cash that remains.
What is an agency relationship, and what are agency costs? How do these concepts apply to your investment in the oil and gas partnership?
Edison Company manufactures wool blankets and accounts for production costs using process costing. The following information is available regarding its May inventories. Compute the cost of (a) products transferred from production to finished goods ..
Compute pension expense and prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2010.
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Compare and contrast how production analysis is performed and capable to evaluate production situations using economy of scale, elasticity and other analytic tools.
Perez Company retires its delivery equipment, which cost $41,000. Accumulated depreciation is also $41,000 on this delivery equipment. No salvage value is received.
Universal Company has made changes in its inventory handling policies that are expected to increase turnover from 7 to 8 times per year.
What are intangible assets? Can you provide a few examples? Why are these important, and how are they recorded?
Discuss the allowance method and the direct write-off method of accounting for bad debts. When is the expense for uncollected accounts receivable recognized under each method? Respond to at least two of your classmates' postings.
The corporation owns a building with a $160,000 adjusted basis and a $120,000 fair market value. The company has earnings and profits of $200,000.
Elaine owns an unincorporated manufacturing business. In 2011, she purchases and places in service $250,000 of qualifying five-year equipment for use in her business. Her taxable income from the business before any section 179 deduction is $70,000..
Gilkey Construction Company writes of the account of Arthur Blanks of $78,000. The journal entry to record this under the direct write off method is:
A company purchased and installed a machine on January 1, 2004 at a total cost of $72,000. Straight-line depreciation was calculated based on the assumption of a five-year life and no salvage value. The machine was disposed of on July 1, 2007.
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