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You are CFO of Goforit, Inc., a wholesale distribution company specializing in emerging technologies. Your CEO is a brilliant marketer, but relies on you to explain issues and choices in accounting and finance. She has heard from other members of a CEO organization to which she belongs that a company's net income can vary widely depending on which accounting choices are made from the "GAAP menu."
Assuming the goal is to maximize net income, choose an accounting treatment from each of the following scenarios, and explain to your CEO why the choice will produce the desired effect on reported Net Income for the current year. Include in your answer the effect of the choice on both the income statement and balance sheet.
a. Goforit carries significant electronics inventory in a competitive environment where prices are actually falling. Which inventory valuation method would you choose-LIFO, FIFO, or average cost? Assume that unit purchases exceed unit sales.
b. Goforit has a large investment in warehouse equipment including conveyor belts, forklifts, and automated packaging systems. Which depreciation method would you choose: Straight line (SL) or double declining balance.
Prepare a statement of cash flows using the indirect method.
Using the data classification scheme presented in this chapter, identify and classify the information contained in your personal computer or personal digital assistant. Based on the potential for misuse or embarrassment, what information would be ..
An investor purchased 500 shares of common stock, $25 par, for $21,750. Subsequently, 100 shares were sold for $47.50 per share. What is the amount of gain or loss on the sale?
jodi horton president of the retailer crestline products has just approached the companys bank with a request for a
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In addition, due to a bearish stock market, the value of the entity's investment portfolio has declined 15% from its purchase price. What issues must you consider in advising Amy and the corporate trustee?
Determine the (a) price variance, (b) quantity variance, and (c) cost variance - Diamond Company produces a chair that requires 5 yds. of material per unit.
from the e-activity in terms of which takes precedence and provides the most information evaluate the potential
By reducing labor and other operating costs, the machine would provide annual cost savings of $59,000. The company requires a minimum pretax return of 12% on all investment projects. The net present value of the proposed project is closest to:
When a fast food chain store, say Wendy's, chooses to acquire the largest cattle ranch in Nebraska, this is said to be a clear example of vertical integration. The reason why this is clear, is because this illustrates a move by Wendy's to own its ..
holiday card company a producer of specialty cards has asked you to complete several calculationsincome tax rate
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