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Question 1: Fifo Inc. raises $4 million dollars by issuing shares of common stock. The market rate of interest is 10% at the time of issue. Assuming a corporate income tax rate of 30%, 100,000 common shares issued, and an increase in net income of $1,000,000 due to the additional resources, what is the effect on earnings per share?
If you were to pick the single most important factor that drives the fluctuation in the short term stock market prices, what would that factor be, and why do you think that it is the chief factor that drives short term fluctuations?
If Costello uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Costello determines that L. Dole's $2,500 balance is uncollectible.
Sally has taxable income of $160,000 as of November 30 of this year. She wants to sell a Rodin sculpture that has appreciated $90,000 since she purchased it six years ago, but she does not want to pay more than $15,000 of additional tax on the transa..
Eaton Metal Fabricators Inc.'s Fabrication Department incurred $72,000 of factory overhead cost in producing gears and sprockets. The two products consumed a total of 3,600 direct machine hours. Of that amount, sprockets consumed 1,700 direct machine..
Prepare multistep income statements for 2013 and 2014 showing percentages of net sales for each component (e.g., cost of goods sold divided by net sales).
For June, Sales Revenue, and Selling Expenses are as follows:Sales Revenue is $600,000. Selling Expenses are: sales commissions are 3.5% of sales; the sales manager's salary is $56,000; advertising expenses are $70,000; shipping expenses total 2% of ..
chain eastern airlines corporation limited arranges a set of financial statements in accordance with ifrs. until 2007
What three most popular methods are used to determine the accuracy of any given forecasting method? And in what circumstances would they be used.
Sales Returns and Allowances $20,600; and Sales Discounts $15,100. Prepare the sales section of the income statement.
Net income is $83,642.30 (Gross profit - operating expenses) and gross profit is $217,715; therefore the net margin ratio should be 0.38? Is this correct?
Southwest Hospital has fixed costs of $100 million per year. Variable costs represent approximately 80% of the total revenue. There are 50,000 patient-days estimated for next year. What is the break-even point expressed in total revenue? What is the ..
Pearl Corporation’s accumulated depreciation—furniture account increased by $8,400, while $3,080 of patent amortization was recognized between balance sheet dates. Reconcile a net income of $120,400 to net cash flow from operating activities. Refer t..
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