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Foster's Repair Shop has a monthly target operating income of $10,500. Variable expenses are 50% of sales, and monthly fixed expenses are $7,000.Requirements1. Compute the monthly margin of safety in dollars if the shop achieves its income goal.2. Express Foster's margin of safety as a percentage of target sales.3. What is Foster's operating leverage factor at the target level of operating income?4. Assume that the company reaches its target. By what percentage will the company's operating income fall if sales volume declines by 9%?
A change in an accounting estimate is: how much depreciation expense should the company recognize on December 31, 2010?
Why would you use the percentage of sales method for calculating doubtful accounts as opposed to the percentage of receivables method?
Describe the three broad types of IRS audits. Give an example of an issue that each type of audit might address, and indicate how frequently such audits are conducted by the IRS.
Three important pieces of information are (a) the cost of inventory on hand, (b) the cost of sales, and (c) the cost of inventory purchases. Identify or compute each of these items for Foot Locker, Inc. at the end of its fiscal year 2007.
Prepare a comparative condensed income statement for 2001 under FIFO and LIFO. Which cost flow method (FIFO or LIFO) produces the most meaningful inventory for the balance sheet? Why? Which cost flow method produces the most meaningful net income? Wh..
White Water issues $500,000 of 6% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year.
Cash dividends of $85,000 were declared during the year. Cash dividends payable were $10,000 and $15,000 at the beginning and end of the year, respectively. The amount of cash for the payment of dividends during the year is ?
On their joint tax return, their taxable income is $100,000. How much of a marriage penalty or benefit will Maria and Tony experience in 2010?
A company is considering the purchase of a new piece of equipment for $90,000. Predicted annual cash inflows from this investment are $36,000 (year 1), $30,000 (year 2), $18,000 (year 3), $12,000 (year 4) and $6,000 (year 5). The payback period is..
What are the advantages of loan agreements that contain covenants tied to accounting numbers? Are there any disadvantages? Please explain.
The statement of cash flows and related disclosures would be of the least assistance in helping a potential investor assess:
Make journal entries to record the receivable from the sales transaction and the forward contract on April 1. Make journal entries to record collection of the receivable and settlement of the forward contract on May 30
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