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During 2011, Company X sells 500,000 units for $8 each. Sales discounts are $100,000 and sales returns and allowances are $300,000. The company reported a total of $710,000 in fixed assets on January 1, 2011 and $890,000 in fixed assets on December 31, 2011.
a. Calculate net sales revenue.
b. Calculate average fixed assets.
c. Calculate the fixed asset turnover ratio.
d. Assume the 2011 fixed asset turnover ratio was lower than the 2010 ratio. Describe one circumstance where this change would indicate bad news and one circumstance where this change would be consistent with good news.
Present a position either in favor or against the policy of stating investments at fair market value and that the changes be recognized as either revenues or as expenditures. Please give a few examples.
Short Term Financial Policy
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Tom Hughes died in 2009 with a gross estate of $3.9 million and debt of $30,000. He made post-1976 taxable gifts of $100,000, valued at $80,000 when he died. His estate paid state death taxes of $110,200. What is his estate tax base?
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