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1. Why are pro-forma financial atatements important to the financial planning process?
2. How can break-even analysis help an entrepreneur planning th launch a business?
The beginning work in process inventory had a balance of $2,000. There were $42,000 of product costs added to work in process during the period. The amount of cost in ending work in process inventory is ??
The Sarbanes-Oxley Act of 2002 (SOX) was the catalyst for significant changes in the accounting profession and financial world. One objective of SOX was to deter fraudulent activity within an organization.
(a) a note payable for $100,000 due in 2 years, (b) a 10-year mortgage payable of$200,000 payable in ten $20,000 annual payments, (c) interest payable of $15,000 on the mortgage, and (d) accounts payable of $60,000. For each obligation, indicate w..
If Fama Company, with a break-even point at $360,000 of sales, has actual sales of $480,000, what is the margin of safety expressed (1) in dollars and (2) as a percentage of sales? Round the percentage to the nearest whole number.
Determine Hassell's and Lawson's participation in the year's net income of $312,000 under each of the independent assumptions above.
Projected sales for December, January, and February are $60,000, $85,000 and $95,000, respectively. The February expected cash receipts from all current and prior credit sales is ?
Using the appropriate interest table, compute the present values of the periodic amounts, due at the end of the designated periods.(a) $53,340 receivable at the end of each period for 8 periods compounded at 12%
They sold the house in May for $795,000. Broker's commissions and other selling expenses amounted to $45,000. Since they both are age 68, they decide to rent an apartment. They purchase an annuity with the net proceeds from the sale. What is the r..
John Smith started a consulting business and completed the following transactions. Prepare all journal entries related to these transactions.
On March 1, 2010, Freeze Company hires a new employee who will start to work on March 6. The employee will be paid on the last day of each month. Should a journal entry be made on March 6? Why or why not?
Describe how influential you believe the IASB is over FASB. Describe whether or not you support the U.S. adopting International Financial Reporting Standards for publicly traded companies.
Although all bonds have some common characteristics, they do not always have the same contractual features. For example, most corporate bonds have provisions for early repayment (call features), but these provisions can be quite different for diff..
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