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Cameron Bly is a sales manager for an automobile dealership. He earns a bonus every year based on revenue from number of autos sold in year less related warranty expenses. Actual warranty expenses have varied over the prior 10 years from a low of 3 percent of an automobile's selling price to a high of 10 percent. In the past, Bly has tended to approximation warranty expenses on high end to be conservative. He must work with dealership's accountant at year-end to turn up at warranty expense accrual for cars sold each year.
Required
1. Does warranty accrual decision create any ethical dilemma for Bly?
2. Since warranty expenses vary, what % do you think Bly could select for the current year? Justify your response.
A company issues $20,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2007. Interest is paid on June 30 and December 31. The proceeds from the bonds are $19,604,145. What is interest expense for 2008, using straight-line amortization?
Actual cost of direct materials purchased and used, $176,000 Unfavorable direct-material quantity variance, $9,400The direct-material price variance is:
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At the time of the notification, the note had a balance due of $15,500. What is the amount of loss, with respect to the note, that Hank's Auto may claim on the current year tax return?
Compute the following ratios in Excel for two years.
On January 1, 2009 Gucci Brothers Inc. started the year with a $500,000 credit balance in retained earnings and $600,000 balance in capital stock. During 2009, the company earned net income of $100,000, declared a dividend of $15,000, and issued m..
You determine that $104,000 of the current and accumulated earnings and profits for the year is required for the reasonable needs of the business. The allowable accumulated earnings credit for the year is?
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