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An audit trial balance enables a person to trace a source document to its ultimate effect on the financial statement or work back from financial statement amounts to source documents. Describe in DETAIL the audit trail for the following: a) Purchases of inventory. b) Sales of inventory. c) Employee payroll.
Marty is a 40% owner of MB Partnership. Marty has decided to sell his interest in the business to Emilio for $120,000 cash plus the assumption of his share of MB's liabilities. Assume Marty's inside and outside basis in MB are equal. What is the amou..
Describe fully the alternatives that are available to you in this situation. Express your personal opinion as to the appropriate course of action and provide reasoning to support your opinion.
Determine the outstanding loan balance as of September 30, after any repayments have been made.
Bessrawl Corporation reported income in 2014 of $1,000,000 and stockholder’s equity at December 31, 2014, of $8,000,000. Prepare a reconciliation schedule to convert 2014 income and December 31, 2014, stockholders’ equity from a U.S. GAAP basis to IF..
Stock A has an expected return of 17%, its beta is 1.5, and the risk-free rate is 5%. What must be the market risk premium? Useful to know:
Matt recently deposited $31,250 in a savings account paying a guaranteed interest rate of 5.5 percent for the next 10 years. How much will he have in the account after four years? How much will he have in the account after seven years?
Woodrow`s legal fees were $4,900 and Eileen`s were $6,200. Determine all of the tax effects to Woodrow and Eileen.
Bonds usually sell at a price that is different from the bond's face value. When this happens, the bonds are sold at a discount or premium. Discuss the market forces that would cause a bond to sell at a price that is different from its face value.
During the month of April, Riley Co. had cash receipts from customers of $680,000. Expenses totaled $624,000, and accrual basis net income was $168,000. There were no gains or losses during the month.
Pure Water Products produces two types of water filters. One attaches to the faucet and cleans all water that passes through the faucet. The other is a pitcher-filter that only purifies water meant for drinking. Calculate the margin of safety reporte..
First place LTD is authorized to issue $2 million of 4% 10 year bonds payable. On December 31, 2014 when the market interest rate is 8% the Company issues $1.6 million of the bonds. First place LTD amortizes bond discount by the effective interest me..
Orange Inc. offers a discount on an extended warranty on its iPhone when the warranty is purchased at the time the iPhone is purchased. The warranty normally has a price of $150, but Orange offers it for $120 when purchased along with an iPhone.
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