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Refer to this chapter's opening feature about Twitter. Assume that the owners decide to open a new Website devoted to micro blogging for accountants and those studying accounting. This new company will be called AccounTwit.Required:
1. AccounTwit obtains a $500,000 loan and the three owners contribute $250,000 in total from their own savings in exchange for common stock in the new company.a. What is the new company's total amount of liabilities plus equity?b. What is the new company's total amount of assets?
2. If the new company earns $80,250 in net income in the first year of operation, compute its return on assets (assume average assets equal $750,000). Assess its performance if competitors average a 10% return.
received contribution of 20000 from each of the two principal owners of the new business in exchange for shares and
Research ethics and professionalism in accounting and auditing and current emerging issues. Ex. Of magazines that will have articles related to ethics and professionalism are (1) CPA- Accounting Journal, (2) CFE - Fraud Magazine, (3) IIA - IA Aud..
The stockholders' equity of a balance sheet is composed of preferred $7 stock, $250,000; discount on preferred stock, $25,000; common stock, $750,000; premium on common stock, $100,000; retained earnings, $190,000; treasury stock, $80,000. What is..
mr. g has 1500 to invest. he is undecided about putting the money into a tax exempt municipal bonds paying 7 annual
200000 shares of cs issued and outstanding at dec. 31 2009. july 1 2010 issued a 10 stock dividend. unexercised stock
Is it possible that a company receives a unqualified opinion from the auditors on the financial report but a qualified one on internal control?
tinbergen cans expects sales next year to be 50000000. inventory and accounts receivable combined will increase 8000000
bonita labs performs steroid testing services to high schools colleges and universities. because the company deals
love theatre inc. owns and operates movie theaters throughout new mexico and utah. love theatre has declared the
A $1,000 bond has an annual coupon of 5 percent and a price of $692. Find the number of years to maturity if comparable bonds yield 10 percent.
at december 31 2011 the end of the first year of operations at star inc. the firms accountant neglected to accrue
Galley Corp., a merchandiser, recently completed its 2011 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all deb..
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