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Howie Long has just learned he has won a $500,000 prize in the lottery. The lottery has given him 2 options for receiving the payments:
1) If Howie takes all the money today, the state and federal governments will deduct taxes at a rate of 46% immediately.
2) Alternatively, the lottery offers Howie a payout of 20 equal payments of $36,000 with the first payment occurring when Howie turns in the winning ticket. Howie will be taxed on each of these payments at a rate of 25%.
Instructions:
Assuming Howie can earn an 8% rate of return (compounded annually) on any money invested during this period, which payout option should he choose?
Evaluate the length of the firm's cash conversion cycle and Cash Conversion cycle Based On Balance Sheet
Identify and describe the deficiencies in the balance sheet prepared by the company's accountant. Include in your answer items that need additional disclosure, either on the face of the statement or in a note. Your answer to this question may be p..
Determine the amount reported as net receivables using the percentage of sales method
Examine the accounting requirements for the business combination and discuss challenges in preparing the financial statements for the consolidation of subsidiaries on the date of acquisition.
Evaluate the length of the inventory conversion period and Determine the length of the receivables conversion period.
What should Campbell record as a net deferred tax asset or liability for the year ended Dec 31 2011 assuming that the enacted tax rates in effect are 40% in 2011 and 35% in 2012?
Describe the appropriate means of reporting each situation and explain your reasoning and is this practice ethical -Provide arguments both for and against.
With permission of owner, Winn made structural modifications to the building before occupying the space at a cost of $180,000. The useful life of building and the structural modifications were predictable to be 30 years with no residual value.
Using the high low method, evaluate utility costs. In addition, evaluate the variable costs per unit and total fixed costs. and evaluate the breakeven point in number of oil changes and sales dollars.
Might this report be different if the report was for your manager? Might this report be different if the owner of a business was your client?
What is the amount of write-down (if any) required using US GAAP? Calculate the write-down on both an individual and a total inventory basis.
In the following calculations that involve variances, indicate whether a variance is favorable (F) or unfavorable (U) and determine the direct labor rate variance and the direct labor efficiency variance for the year.
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