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Southern California Inc., through no fault of its own, lost an entire plant due to an earthquake on May 1, 2011. In preparing their insurance claim on the inventory loss, they developed the following data: Inventory January 1, 2011, $300,000; sales and purchases from January 1, 2011, to May 1, 2011, $1,300,000 and $875,000, respectively. Southern California consistently reports a 40% gross profit.
On june 30, 2012, mackes company issued 5,000,000 face value of 13%, 20 year bonds at $5,376,150, a yield of 12%. Mackes uses the effective-interest method to amortize bond premium of discount. the bonds pay semiannual interest on june 30 and dece..
After applying the net operating losses for 2006, 2009 and 2010 to prior years ( if and where permitted), what amount, if any, is available as a net operating loss to be carried forward to future years?
The Ricardo trust is a simple trust that correctly uses the calendar year for tax purposes. Its income beneficiaries (Lucy and Ethel) are entitled to the trust's annual accounting income in shares of one-half each.
a firm utilizes a strategy of capital rationing which is currently 250000 and is considering the following 2 projects
During the year, we received $7,000 in advance of performing the services. These services will be performed next year in 2009. Can you show the computation of revenue for 2008 on cash basis?
in 2013 chirac enterprises issued at par 75 1020 7 bonds each convertible into 110 shares of common stock. chirac had
assume you had the following sequence shown below of deposits and withdrawals over four years in an account earning 10
1. a company had expenses other than cost of goods sold of 262000. determine sales and gross profit given cost of goods
What are the factors that lead to a valuation of a company's worth compared to that of the financial statements? How do company executives create the most value for all stakeholders?
Greg received a salary of $50,000 in 2010 from his employer, Green Construction Associates, Inc. In July 2010, Green gave each employee $2,500 as a bonus for exceeding the monthly sales goals. employee $2,500 as a bonus for exceeding the monthly s..
Review the roles of management accounting within a company. What is the most important role of management accounting? How is that different than financial accounting?
In the current year, Dave receives stock worth $125,000 from his employer. The stock is restricted and cannot be sold by Dave for seven years. Dave estimates the stock will be worth $300,000 after the seven years. List as many tax research i..
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