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Burger Corp has $500,000 of assets, and it uses only common equity capital (zero debt). Its sales for the last year were $600,000, and its net income after taxes was $25,000. Stockholders recently voted in a new management team that has promised to lower costs and get the return on equity up to 15%. What profit margin would Burger need in order to achieve the 15% ROE, holding everything else constant?
A company has installed a piece of machinery for a total of $76,000. In its third month of operation, repairs of $1,300 had to be made on the machine. This $1,300 would be:
What is an intangible asset? Should all intangible assets be subject to amortization? Explain why or why not. Why are some intangible assets not amortized? What is the implication to the financial statements?
Audit working papers are an integral part of an examination in accordance with generally accepted auditing standards. a) Describe three major functions of the audit working papers. b) Distinguish between the permanent working paper file and the curre..
During 2013, Rachel Parkins, president of Mathieson Company, was paid a semimonthly salary of $6,800. Compute the amount of FICA taxes that should be withheld from her:
If the company were to buy the component, the machine would no longer be rented. The rent on the machine, in relation to the decision to make or buy the component, is:
What is the book value of its liability? If an affiliated company purchases half the bonds in the market at 98, what is the gain or loss? Is the gain or loss actual or constructive?
Alex owns an office building which the state condemns on January 15, 2010. Alex receives the condemnation award on April 1, 2010. In order to qualify for nonrecognition of gain on this involuntary conversion,
MBA 640 Exam 1, Spring 1, 2014 Suppose that Smith follows a strategy of one of its competitors which is to spend $200,000 on advertising so that there is more brand awareness.
Which of the following is not one of the functions of the Securities and Exchange Commission? a. Providing government-backed insurance to purchasers of securities.
Greene Sisters has a DSO of 20 days. The company's average daily sales are $20,000. What is the level of its accounts receivables? Assume there are 365 days in a year.
An acquired entity has a long-term operating lease for an office building used for central management. the terms of the lease are very favorable relative to current market rates.
Briefly discuss how the reasonable compensation issue applies to S-corporations. Briefly explain the double taxation problem and how paying large salaries to owners avoids it.
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