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The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2011 balance sheet reported the following: cash, $1,300,000; prepaid expenses, $360,000; noncurrent assets, $2,400,000; and shareholders' equity, $2,500,000. The current ratio at the end of the year was 2.0 and the debt to equity ratio was 1.4. Required: Determine the following 2011 amounts and ratios: 1.Current liabilities. 2.Long-term liabilities. 3.Accounts receivable. 4.The acid-test ratio.
The journal entry required on the company's books to record the note payable on July 1, 2009 would include a
John Fillmore's lifelong dream is to own his own fishing boat to use in his retirement. Jack has recently come into an inheritance of $400,000.
Consider the following economy: Write numerical formula for IS curve. Write numerical formula for LM curve. What is equilibrium level of r?
Bateman Corporation sold an office building that it used in its business for $800,000. Bateman bought the building ten years ago for $600,000 and has claimed $200,000 of depreciation expense. What is the amount and character of Bateman's gain or l..
On September 30, Silver Corporation, a calendar year taxpayer, sold a parcel of land (basis of $400,000) for a $1 million note. The note is payable in five installments, with the first payment due next year. Because Silver did not elect out of the in..
Natali Vision sells 5,000 pairs of sunglasses per month at $40 each with a desired profit margin of 25%. Fixed costs are $20,000. What is the variable cost per unit?
Analyze three (3) key factors that must be discussed with the potential partners involved in forming a partnership and the likely implications of these factors on tax obligations. Based on your analysis, suggest when it is most favorable to use a ..
a. Prepare an incremental analysis for the decision to make or buy the wheels. b. Should Collier Bicycles buy the wheels from the outside supplier? Justify your answer.
If Serenity is single and has taxable income from other sources of $75,000, what is the impact of her capital gains and losses on her income tax liability?
Assume AirJet Best Parts has also a preferred stock issue. The most recent dividend per share paid on the stock was also $1.50, the same as the common stock. Which one would you think has a higher price, the preferred stock or the current stock? E..
Determine the top five mergers and acquisitions (M&A) for the current year up to the date of this assignment. Provide a list including the name of the acquirer, the target, the value of the deal, and the type of reorganization involved.
Ludwig, Inc., which owes Giffin Co. $2,400,000 in notes payable, is in financial difficulty. To eliminate the debt, Giffin agrees to accept from Ludwig land having a fair value of $1,830,000 and a recorded cost of $1,350,000.
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