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At the beginning of the year, an audio engineer quit his job and gave up a salary of $175,000 per year in order to start his own business, Sound Devices, Inc. The new company builds, installs, and maintains custom audio equipment for businesses that require high-quality audio systems. A partial income statement for Sound Devices, Inc, is shown below: 2010 Revenues Revenue from sales of product and services $970,000 Operating costs and expenses Cost of products and services sold 355,000 Selling expenses 155,000 Administrative expenses 45,000 Total operating cost and expenses $555,000 Income from operations $415,000 Interest expense (bank loan) 45,000 Legal expenses to start business 28,000 Income taxes 165,000 Net income $177,000 To get started, the owner of Sound Devices spent $100,000 of his personal savings to pay for some of the capital equipment used in the business. In 2010, the owner of Sound Devices could have earned a 15 percent return by investing in stocks of other new businesses with risk levels similar to the risk level at Sound Devices. What is total explicit cost in 2010?
Michelle owns appreciated property and she wants to use this property to start a business with her son, Lance. Michelle is considering making a contribution of the property to a newly organized corporation in exchange for 100 percent of the corporate..
What was the variable overhead spending variance for the month and what was the variable overhead efficiency variance for the month?
Determine the accounting rate of return on this investment for the first year. Assume straight-line depreciation. Based on this analysis, would the investment be made? Explain your answer.
Held for Sale and Discontinued Operations requires companies to disclose results for both continuing and discontinued operations - Prepare for Vroom plc a Comprehensive Income Statement for the year ended 31 March 2011
Assume that you are the president of High Power Corporation. At the end of the first year of operations (December 31), the following financial data for the company are available: Prepare an income statement for the year ended December 31. Prepare a s..
Use information provided below on AGI, Family Structure and Filing Status, Itemized Deductions (relative to the Standard deduction), Withholdings, Tax Credits, and the tax rates to compute the average and marginal tax rate for a taxpayer.
Set up a Ledger accounts for these and accounts and enter balances
An oil drilling project costs us, $60,000 for sinking a well, $150,000 to purchase equipment and $50,000 to install them. Also, the pumping equipment will entail annual on-going operating and monitoring cost of $100,000 per year. At t = 0, what is th..
Perez, CPA, has been asked by a nonpublic company audit entity to perform a nonrecurring engagement involving implementing an IT information and control system. The entity requests that, in setting up the new system and during the period prior to con..
review whole foods market incs 2010 annual report company information and investor informationsee the link whole foods
On January 1, Staff Corporation had 80,000 shares of no-par common stock issued. 5,000 shares are held as treasury stock. The stock has a stated value of $5 per share. During the year, the following transactions occurred. Apr. 1 Issued 12,000 additio..
You should assume that the company that is a reporting entity and that the date the annual report (including the financial report) is authorised for issue is the 1st September 2014.
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