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Omicron Co. made a justifiable change in its method of accounting for long-term contracts. The cumulative effect of this change in accounting principle should be reported in comparative financial statements:
a) Net of tax after discontinued operations and extraordinary items.
b) As a component of income from continuing operations.
c) As an adjustment of the beginning balance of retained earnings for the current period.
d) By retrospective application if practicable.
The Piedmont School of Music has hired you as a consultant to help in analyzing the behavior of the school's costs.
The contribution margin ratio for Sporting Goods is 30%, while for Sports Gear it is 50%. What will sales be for the Sporting Goods Division at the break-even point?
Which of the following circumstances would cause the gifted property to be included in the donor's gross estate?
Provide and show all answers and step by step work to obtain the answer, not skipping any steps. Show all equations, acronyms (ie ETC, ACWP, etc), and if applicable, a description of how you came to the answer.
On December 31, 2010, Krypton reported a net income of $735,000 for the year. National Star uses the equity method in accounting for its investment in Krypton Labs.
Network Communications has total assets of $1,400,000 and current assets of $600,000. It turns over its fixed assets 4 times a year. It has $300,000 of debt. Its return on sales is 5 percent. What is its return on stockholders' equity?
A private-purpose trust fund sold investments in securities having a carrying value of $23,000 for $26,000, resulting in a $3,000 gain on the change in value. If there are no trust provisions to the contrary, the gain is generally??
Discuss the four elements of the budgeting cycle. What are the human aspects of budgeting? Do you have a budget for personal expenses? Does it work?
What is the definition of externality? Distinction between positive externalities (positive spillover costs) and negative externalities (negative spillover costs)? Why do externalities exist?
What role(s) does corporate social responsibility play in the development of a safety-first culture? What documents and strategies can management adopt to ensure that a corporate safety-first culture exists?
Prepare a pro forma balance sheet dated December 31, 2008. Discuss the financing changes suggested by the statement prepared in part A.
Select an Initial Public Offering (or a Secondary Offering) completed in the last 10 years in U.S. capital markets, and discuss and analyze this IPO in 7-8 pages, double-spaced.
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