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Grunewald Industries sells on terms of 2/10, net 40. Gross sales last year were $4,562,500 and accounts receivable averaged $437,500. Half of Grunewald's customers paid on the 10th day and took discounts. What are the nominal and effective costs of trade credit to Grunewald's nondiscount customers? (Hint: Calculate sales/day based on a 365-day year, then calculate average receivables of discount customers, and then find the DSO for the nondiscount customers.)
with no residual value. At the beginning of 2011, a decision was made to change to the straight-line method of depreciation for this machine. Assuming a 30% tax rate, the cumulative effect of this accounting change, net of tax, is
Does a non-controlling shareholder have access to any information other than the consolidated financial statements to determine how well the subsidiary is doing?
Discuss in detail the requirements of incorporating the business, the advantages and disadvantages, and provide JJ with recommendations.
What is the asset represented by share of capital stock that have not yet been issued?
Calculate the total drill and blast cost based on the blasting costs
What is the rate structure of the U.S. federal income tax? Analyze the progressive nature of the U.S. tax system and its consequences.
Prepare journal entries for investments using the fair value and the equity method. How does it relate to the practice of accounting and its uses in business?
The Container Store currently sells a “Bento Salad Bowl,” which it is currentlymanufacturing in South Carolina. A representative from a company in Vietnam is offering to sell them for 15% less than the manufactured cost.
Depreciation expense should be charged in the appropriate governmental funds, and reported in the governmental activities accounts.
Determine if you should open the retail shop in this vacant space. Include the break-even transactions, CM%, and the break-even dollar amount. Explain your answer (include rationale if your answer is yes or no).
Balance sheet format: Selected financial statement information and additional data for Johnston Enterprises is presented below. Prepare a statement of cash flows for the year ending December 31,2010,
Publicly traded companies are required to report earnings per share data on the face of the income statement. compare and contrast basic earnings per share with diluted earnings per share for each of the following:
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