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Describe how the following business transactions affect the three elements of the accounting equation.
a. Issued capital stock forcash
b. Purchased land for cash
c. Received cash forservices performed
d. Borrowed cash at local bank
e. Paid for utilities usedin the business
If an investor is offered an opportunity to invest $500,000 in a new restaurant and he calculates the present value of this investment to be $400,000 using his standard discount rate of 15%, the IRR on this potential investment would be:
The fair market calue of 747 aircraft at december 31,2009 is 30,500,000. If the midwest chose to sell the aircraft on this date would it record a gain or loss on sale and if so, how much?
It is discovered in 2011 that ending inventory from 2009 is understated. What accounts will be affected by this understatement, and how will they be affected? This is a situation that really happens. Start with the 2009 inventory being understated..
Show how the amounts related to Accoutns Receivable and Bad Debt Expense would be reported on the balance sheet and income statement for 2009.
Isaac Company has a selling price of $10 per unit and expects to maintain ending inventories equal to 25 percent of the next month's sales. Calculate the budgeted beginning balance in units for finished goods inventory on November 1?
Provide one reason for instituting performance-based pay at an organization and one reason why it might not be appropriate. Select a company, and explain how you recommend that the Chief Executive Officer (CEO) be compensated. Is your recommendati..
Give the entry for the issuance assuming the par value of the common was $5 and the market value $30, and the par value of the preferred was $40 and the market value $50.
The maximum amount of the stock redemption proceeds under Sec. 303 is determined by summing all of the following except
a. Calculate the number of hours of direct labor used in November. b. Actual Manufacturing overhead costs incurred during November totaled $166,425. Calculate the amount of over or underapplied overhead for November.
How much goodwill did World Media purchase as part of the acquisition of The Dandy Dime?
The company has no beginning or ending inventories. A total of 20,000 units were produced and sold last month. How many units would the company have to sell to attain the target profit of $150,000?
On june 1, 2009, norm leases a taxi and places it in service. the lease payments are $1,000 per month. assuming the dollar amount from the irs table is $241, determine norm's inclusion amount.
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