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The Smith Corporation disclosed $1.2 million as extraordinary loss on its internal income statement this year. The footnotes to the financial statements disclose the following occurrences this year:1. Accounts receivable of $85,000 were written off2. A loss of $125,000 was incurred when a storage facility in Louisiana was damaged in a hurricane.3. A loss of $325,000 was incurred when a warehouse in northern New Mexico was damaged by a flood.4. The company lost $365,000 when Smith sold one of its operating divisions.5. A loss of $300,000 was incurred when a manufacturing facility in Washington state was damaged by an explosive device placed by a disgruntled ex-husband of an employee.
Required:a. Are the items above extraordinary items for external reporting purposes? Discuss.b. Show how the extraordinary items section of the income statement should have been reported (the tax rate is 30 percent).
You and 2 other classmates have decided to start your own business; much like Bill Gates and Steve Jobs did with their friends. After graduation you decide to buy a company that is for sale.
Explain why the inventory forecast of $1,100,000 might be too high - Percent of sales forecasting method.
The Microsoft antitrust trial has been one of the biggest investigations of antitrust behavior since the turn of the century. Divide your group into two sides: one that supports the government side, and one that support's Microsoft's side.
Galaxy Company is holding a stockholders' meeting next month. Mr. Starr is the president of the company and has the support of the existing board of directors.
Describe the five principles of crisis action planning in organizational crisis management.
You hold a diversified portfolio consisting of a $5,000 investment in each of 20 different common stocks. The portfolio beta is equal to 1.15.
Calculate Dahl's 20X6 consolidated net income and identify the amount attributable to Dahl's shareholders and to the non-controlling interest. Be sure to show all your calculations. You are not required to prepare a consolidated income statement.
Assume nominal rate is 14.62% and inflation rate is 5.49%. Solve for the real rate.
Upon completion of her introductory finance course Marla lee was so pleased with the value of useful and interesting knowledge she gained that she convinced her parents,
Beryl's Iced Tea currently rents a bottling equipment for $50,000 per year, including all maintenance expenses. It is planning buying a machine instead, and is comparing two options:
Senior management of Baldwin meets to estimate their investment plan for the year. They decide to fully fund a plant and machine buy through issuing 50,000 shares of stock plus a new bond issue.
How many shares must be sold to net $30 million. If the stock price closes on day one at $22. per share how much will the firm have left on the table? What are the firms total costs for the IPO?
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