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Use the basic accounting equation to answer these questions. (a) The liabilities of Cummings Company are $90,000 and the stockholders' equity is $230,000. What is the amount of Cummings Company's total assets? (b) The total assets of Haldeman Company are $170,000 and its stockholders' equity is $90,000. What is the amount of its total liabilities? (c) The total assets of Dain Co. are $800,000 and its liabilities are equal to one-fourth of its total assets. What is the amount of Dain Co.'s stockholders' equity?
Prepaid expenses- insurance - Use the horizontal model or write the journal entry to record the payment of a one-year insurance premium of 3,000 on March 1.
Assuming Howie can earn an 8% rate of return (compounded annually) on any money invested during this period, which payout option should he choose?
Assuming the company uses variable costing, calculate Sele’s manufacturing cost per unit for 2010. Prepare a variable costing income statement for 2010.
net profit margins and working capital to sales ratios stay constant." What pattern of return on equity is implied by these assumptions? Is this reasonable?
Identify and describe the deficiencies in the balance sheet prepared by the company's accountant. Include in your answer items that need additional disclosure, either on the face of the statement or in a note. Your answer to this question may be p..
Graham must work in the chemistry labs during the summer. What amount must Graham include in his gross income?
A machine costs $500,000 and is expected to yield an after-tax net income of $15,000 each year. Management predicts this machine has a 10-year service life and a $100,000 salvage value, and it uses straight-line depreciation. Calculate this machin..
The Swiss franc had an average daily value of $0.50 during Year 1, $0.65 during Year 2, and was worth $0.60 at the end of Year 1, and $0.75 at the end of Year 2. What are US tax consequences of the branch’s activities in Year 1and Year 2?
Aaron was reimbursed $1,300 by his insurance company for the medical expenses attributable to the skiing accident. Calculate Aaron’s deduction for medical expenses in 2011.
Compute the average cost per serving at each of the following monthly volumes: 1,500; 2,000; 3,000; and 5,000, and find out the monthly volume at which the average cost per serving is $1.00.
The Taxpayer Compliance Measurement Program has been controversial. Illustrate what public service do you think it provides? Should it be discontinued or changed in any way? If yes, in what ways and why? If not, why not?
Fifty-four thousand units were transferred out of the department and the ending inventory consisted of 2,500 units that are 20% complete with respect to conversion. Illustrate what is the conversion cost per equivalent unit?
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