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Flo Choi owns a small business and manages its accounting. Her company just finished a year in which a large number of borrowed funds were invested in a new building addition, as well as in equipment and fixture additions. Choi's banker requires her to submit semiannual financial statements so he can monitor the financial health of her business. He has warned her that as profit margins erode, this might raise the interest rate on borrowed funds to reflect the increased loan risk from the bank's point of view. Choi knows that profit margins are likely to decline this year. As she prepares year-end adjusting entries, she decides to apply the following depreciation rule: all asset additions are considered to be in use on the first day of the month. (The previous rules assume that assets are in use on the first day of the month nearest to the purchase dates.) In your response, address the following: Identify decisions that managers like Choi must make in applying decision methods. Is Choi's rule an ethical violation, or is it a legitimate choice for computing depreciation? How will Choi's new depreciation rule affect the profit margin of her business?
who prepares the internal control structure report? when is this report prepared?what types of audit opinions can the
Identify account balances which are at risk of misstatement and identify two internal control weaknesses relating to each account balance identified
siburo company issued 300000 11 10-year bonds on january 1 2011 for 318694. this price resulted in an
problem 14-1a comparative statement data for lionel company and barrymore company two competitors appear below. all
fionnula co. uses a periodic inventory system. its records show the following for the month of may in which 65 units
What is the difference between accrual-basis accounting and cash-basis accounting? Why would politicians prefer the cash basis over the accrual basis?
during 2011 gorilla corporation has net short-term capital gains of 70000 net long-term capital losses of 195000 and
What is its new target variable cost per skier / snowboarder? Compare this to the current variable cost per skier / snowboarder. Comment on your results.
EBV is considering a $5M Series A investment in Newco. EBV proposes to structure the investment as 6M shares of convertible preferred stock.
Which format income statement is most useful for CVP analysis?
One of your wealthy clients, Cecile, invests $100,000 for sole ownership of an electing S corporation's stock. The corporation is in the process of developing a new food product.
Last year, Abby loaned Pat $10,000 as a gesture of their friendship. Although Pat had signed a note payable that contained interest payments and a maturity date, the loan had not been repaid this year when Pat died insolvent.
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