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3) You are reviewing the December 31, 2009 financial statements of Ellie's Antiques that is considering an initial public offering of their shares. The following items come to your attention: a. Included in long-term investments is ten-year U.S. Treasury bonds that mature March 31, 2010. The bonds were purchased November 20, 2009. b. The property, plant, and equipment account is stated at cost, except that it includes a parcel of land purchased for investment purposes at a cost of $40,000. Because of rising land prices, the value of the land has been written up to $60,000. The company has an independent appraisal that attests to this amount. c. The accounts receivable account includes $20,000 due in three years from officers and employees and a two-year, 8% note for $25,000 due from a customer. The loan enabled the customer to buy equipment needed to process materials purchased from Ellie's Antiques. Required: Determine the proper balance sheet presentation and amounts for the above items.
Explain the differences between the "Direct Method" and the "Indirect Method" of presentation of the Statement of Cash Flows and how each differs for the reporting classifications.
The automatic lane-cleaning machine. Thecost of repairing the component is $1,850. What is the totalrecorded cost of the automatic scorekeeping equipment?
Compare the break-even points in units. Fill in the table below (in dollars) to illustrate that the break-even points has been achieved.
After all necessary changes what are the totals for Tasha'sCleaning Services long-term assets and long-term liabilities?
Explain what operating leverage, ROE, EVA are and how they measure performance. Pick another performance measure of your choice and explain it as well.
Often Board and other committee volunteers for nonprofit organizaations are compensated for expenses during travel and meetings. Some think that this attracts volunteers for the wrong reasons.
Despite the fancy look, the main purpose of the report is to provide the year's financial data, which comes from the corporation's accounting system.
Calculate the amount of operating expenses incurred by ABC Company during May. Do not use decimals in your answer.
During the last week of August, Apache Arts Company's owner approaches the bank for an $107,500 loan to be made on September 2 and repaid on November 30 with annual interest of 14%, for an interest cost of $3,763.
Identify the primary components of the conceptual framework for business organizations and explain the purpose of each component.
It reported $270,000 cash provided by operating activities. In order to maintain production at 5,200 laptops, Drake invested in $8,000 in equipment. Drake paid $2,000 in dividends. What is Drake's free cash flow?
Which of the following best describes an opportunity cost?
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