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Question 1
In 2011, Jeffrey Company disposed of a segment of its business and incurred a pretax loss on the disposal of $40,000. In the same year, a flood caused $15,000 of damages to the building. The flood damage qualified as an extraordinary item. Income from continuing operations before taxes was $100,000 for 2011 and the 20 percent tax rate applied to all of the items above. Prepare a partial income statement starting with income from continuing operations before taxes for the year 2011 and concluding with net income.
Question 2
Carolina Company computed the following ratios for a two year period:(refer to image) Required: Comment on the trend of each of the ratios from 2009 to 2010. State concerns or possible implications for the future of each.
Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales and compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost.
Did the foreign currencies increase or decrease in dollar value from the date of the transaction to the settlement date?
Illustrate what is the normal journal entry for recording bad expense under the allowance method? a)Debit allowance for doubtful accounts, credit accounts receivable.
Calculate Oriole Company's effective tax rate. Provide a reconciliation of Oriole Company's effective tax rate with its hypothetical tax rate of 34%.
Illustrate what adjusting entry would you need to make, assuming you decided to allow the maximum amount of revenues for 2009, using modified accrual accounting?
What is wrong with the president's calculation and What are the fixed and variable costs of operating the university?
Imagine the consumer does not consume anything in period 2 and consumes everything in period 1 (including any loan amount). What is the maximum size of a loan this consumer can take out? Denote the size of the loan in period 1 dollars as x a) x = ..
During March, it made 5,000 service calls. How much will Byters on Call’s profit increase if 160 more service calls are made?
Assuming that Jumper decided to use the partial equity method, prepare a schedule to show balance in the investment account at the end of 2011.
Prepare the journal entry to record the purchase of treasury stock by the cost method and 9000 shares of treasury stock are reissued at $33 per share. Prepare the journal entry to record the reisssuance by the cost method.
purchase of a $43,000 machine that would reduce operating costs in its warehouse by $6,200 per year. At the end of the machine’s 10-year useful life, it will have no scrap value. The company’s required rate of return is 12%.
Discuss ramifications and implications of Section 1031 exchanges and Section 121 exclusions, considering the impact of the recent increase in housing prices and the initial decline in housing today.
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