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A company had net income of $242,000. Depreciation expense is $26,000. During the year, accounts receivable and inventory increased $15,000 and $40,000, respectively. Prepaid expenses and accounts payable decreased $2000 and $4000, respectively. There was also a loss on the sale of equipment of $3000.
Olga's sole proprietorship earned a net profit of $95,000 during the year and she withdrew $70,000 of this profit. Olga must report $70,000 net income from the sole proprietorship on her individual income tax return (form 1040).
Which of the following statements concerning the impairment of fixed assets is true under US GAAP?
One drawback of the payback criterion for evaluating projects is that this method does not properly account for the time value of money. Why do you think this is a correct statement?
The consolidated cash flow from operations of Jones corporation and its subsidiary short manufacturing for 2012 decreased quite substantially from 2011 despite the fact that consolidated net income increase slightly in 2012.
Do you believe this reduction in costs has substantially impaired the ability of these industries to meet the needs of their customers?
Simon is the majority shareholder and managing director of Slowgo Pty Ltd which operates a chain of discount stores.
How do companies assure compliance with regulations? How does your company comply? Any thoughts on how to streamline the regulatory process over accounting and finance?
prepare the journal entry (if any) to record the sale on January 2, 2012 shaw prepares an income statement for the first quarter of 2012, ending on March 31, 2012. How much revenue should Shaw recognize related to its sale to ricard?
Analyze the above information and prepare an income statement for the year 2012, starting with income from continuing operations before income tax. Compute earnings per share as it should be shown on the face of the income statement.
Write down a one-half page memorandum (at least 2 paragraphs) to Terrio explaining why the $6,000 loss on sale of Blackhawk stock is
Overhead applied to Standard using traditional costing using direct labor hours is
Tucker Drillin Corp. plans to borrow $200,000. Northern National Bank will lend the money at one-half percentage point over the prime rate of 8.5% (9 percent total) and requires a compensating balance of 20 percent.
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