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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.
The bank now decides it would rather have $75,000 to lend out at 10% than a $100,000 loan on which it only collects 7%. So, the bank notifies Debra that if she pays back $75,000 immediately, they will forgive her $100,000 loan. Illustrate what ar..
Clydes marina has estimated that fixed costs per month are $300,000 and variable cost per dollar of sales is $0.40. Illustrate what is the break -even point per month in sales dollars?
what unit sales volume would its income equal its costs and what price must each stereo be sold for the company to achieve an EBIT of $95,000?
Wahoo Inc. Has fixed costs per unit of $20 when the company produces 25,000 units. At the same level of production, total variable costs are $200,000. Illustrate what is the total cost when Wahoo produces 50,000 units?
Harrier repurchases the stock in 2011. On its 2010 corporate income tax return, Harrier plans to deduct a net capital loss of $3,000. Determine the propriety of Harrier's plans.
If your boss asked you to find the reason for a substantial increase in losses due to uncollectible accounts, illustrate what policies and procedures would you investigate? What suggestions to reduce bad debts would you recommend? Explain your ans..
Property, plant, and equipment is normally audited in a different manner than current asset accounts. Why is this so? Discuss differences in how property, plant, and equipment is audited compared to current assets.
Describe the technique the company is using that can constitute a financial shenanigan. Indicate both the technique used and how auditor should react.
What are your monthly interest rate and annual effective interest rate? If your current outstanding balance is $3000.00 and you skip payments for two months, what would be the total balance two months from now?
Zintel's common stock is traded dynamically and has a current market price of $15 per share. Prepare journal entries on Zintel's books to record the combination.
Explain how can you incorporate this type of analysis and awareness into your professional work in a way that enhances your value to your organization? Which tools covered in this course might most readily translate into expanding your personal an..
Prepare the stockholders’ equity section of the company’s balance sheet at the end of the current year. Assume Resisto Systems’s common stock is trading at $ 24 per share and its preferred stock is trading at $ 107 per share at the end of the curre..
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