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Yearly anutomobile inspections are required for residents of the state of Pennsylvania.Suppose that 18% of all inspected cars in Pennsylvania have problems that need to be corrected. Unfortunately, pennsylvania state inspections fail to detect these problems 12% of the time. On the other hand, an inspection never detects a problem when there is no problem. Consider a car that is inspected and is found to be free of problems. What is the probability that there is indeed something wrong that the inspection has failed to uncover?
Sigfried Company borrows $60,000 on July 1 from the bank by signing a $60,000, 10%, one-year note payable. Prepare the journal entry to record the proceeds of the note.
Williams Inc reports total net income of $130,000 during 2012. This includes $10,000 of income from 5.5% Orange County municipal bonds. Thus the Corporation's taxable income is equal to $120,000.
What should an accountant do if the guidance for a particular transaction or event is not specified within the FASB ASC?
What are the purposes of accounting codes? How are they used? What are some examples of codes used by manufacturing firms, accounting firms, and merchandising firms?
Wood Incorporated factored $150,000 of accounts receivable with Engram Factors Inc. on a wotkout-recourse basis. Engram assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 6% of accounts receivable for ..
What is vertical analysis? When would you use vertical analysis instead of horizontal? Do companies use one or the other? Please explain. What about industry averages? How do people use industry averages for comparative analysis?
What is the major source of the change in net assets that occurred in 2007 from the change that occurred in 2008? In your opinion, is this trend likely to continue? Why/why not?
Discuss cash dividends and stock dividends. How is each recorded? When each is issued, what is the affect may it have on assets, liabilities and owner's equity?
Fulfil all required journal entries for each of the long-term activities, which took place during 20x7. Keep in mind to account for the appropriate depreciation expense for the year on any of the long-term assets.
Examine key factors that impact a company's decision of whether to pay a dividend and evaluate what you believe is the most significant driver of the decision.
Suppose her marginal tax rate is 40 % this year and next year, and that she can earn an after-tax rate of return of 8% on her investments.
What bodies provide authoritative support for GAAP? What elements comprise the FASB's conceptual framework?
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