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Hart Nance and Jason Symington operate gift boutiques inshopping malls. The partners split profits and lossesequally, and each takes an annual drawing of $80,000. Inpreparing for his daughter's wedding, Symington took inventory thatcost $10,000. He recorded the transation as follows:
Cost of Goods Sold debited $10,000
Inventory credited $10,000
How should Symington have recorded this transaction? Anddiscuss ethical aspects of Symington's action.
Suppose you bought an 8 percent coupond bond one year ago for 1090. the bond sells for 1056 today. If the inflation rate last year was 3 percent, what was your total real rate of return on the investment?
In its first month of operations, Quirk Company made three purchases of merchandise in the following sequence: (1) 328 units at $7, (2) 438 units at $8, and (3) 219 units at $9. Assuming there are 394 units on hand, compute the cost of the ending ..
Vial-tek has an existing loan in the amount of 3.5 million with an annual interest rate of 9.5%. The company provides an internal company prepared financial statement to the bank under the loan agreement.
Outdoor expo provides guided fishing tours. The company charges $200 per person but offers a 10% for parties of four or more. Consider the following transactions during the month of May.
Its investment banker plans to sell an issue of common stock to the public for $40 per share, less a spread of 5%. How much must Newdex's after-tax income increase to prevent dilution of EPS?
Forecast the separate financial statements of Parent, Inc. Using Ms. Franklin's assumptions and Parent's 2008 financial statements, prepare pro forma 2009 financial statements for Parent, Inc., assuming that the acquisition is not attempted.
Identify two ways to finance the remaining $20,000 you will need, so you can pay all of the liabilities when they are due.
Locate the balance sheet, income statement, and statement of cash flows of Home Depot, Inc., in Appendix A of your text. Review those statements and then respond to the following for the year ended January 31, 2010 (fiscal year 2009).
Mars Corporation has three departments. Condensed income statement data are as follows:
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:
Greenspan Company management predicts $500,000 of variable costs, $800,000 of fixed costs, and a pretax income of $100,000 in the next period. Management also predicts that the contribution margin per unit will be $60.
What is the difference between provisions that have a cash effect and those that do not have a cash effect? How would you define provisions that do not have a cash effect?
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