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Fishbone Corporation bought a new machine and agreed to pay for it in equal annual installments of $4,000 at the end of each of the next 10 years. Assuming that a prevailing interest rate of 8% applies to this contract, how much should Fishbone record as the cost of the machine?
What impact does corporate taxation have on the accounting profession? What type of role do you see yourself playing with regard to corporate taxation?
For both companies, as of the end of 2009, the existence of a LIFO reserve demonstrates that LIFO inventory is less than it would have been if FIFO had been used. For both companies, compute the ratio of LIFO inventory/FIFO inventory for 2009 endi..
What are the effect of the sale and the payoff of the loan on the accounting equation, i.e. what are the increases and/or decreases in assets, liabilities, and owners' equity?
Assuming that a perpetual inventory system is used, what is the value of ending inventory on a LIFO basis?
Lakewood Fashions must decide how many lots of assorted ski wear to order for its three stores. Information on pricing, sales, and inventory costs has led to the following payoff table, in thousands.
How much overhead is allocated? What is the over/under absorbed overhead?
Fred deals with more than one supplier and often places orders for multiple items at the same time. Fred takes inventory and places orders every Monday.
The bonds were properly carried at $2,134,000 upon issue. On its December 31, Year 1 financial statements, Novastar Corporation would display the following balances:
Johnson alarm systems had $800,000 of retained earnings on December 31, 2004. The company paid dividends of $60,000 in 2004 and had retained earnings of $640,000 on December 31, 2003.
Are there inter-company transactions between Target Corporation and its affiliated companies and did any of their affiliates sell shares of common stock to the public?
On September 1, 2008, Melissa paid $50,000 for 500 shares of WH Inc. common stock. On October 15, 2010, Melissa received a taxable 10% convertible preferred stock dividend (i.e., 50 shares).
The Banner Mattress and Furniture Company wishes to study the number of credit applications received per day for the last 300 days. The information is reported below:
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