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JetFly Airways instituted a frequent flyer program in which passengers accumulate points toward a free flight based on the number of miles they fly on the airline. One point was awarded for each mile flown, and a minimum of 750 miles was awarded for any one flight. Because of competition in 2014, the company began a bonus plan in which passengers receive triple the normal mileage points. In the past, about 1.5 percent of pas- senger miles were flown by passengers who had converted points to free flights; with the triple mileage program, JetFly expects that the rate will increase to 2.5 percent.
During 2014, the company had passenger revenues of $966.3 million and passenger transportation operating expenses of $802.8 million before depreciation and amorti- zation. Operating income was $86.1 million. What is the appropriate rate to use to estimate free miles? What effect would the estimated liability for free travel by frequent flyers have on 2014 net income? Describe several ways to estimate the amount of this liability. Be prepared to discuss the arguments for and against recognizing this liability.
Albertville has a material standard of 1 pound per unit of output. Each pound has a standard price of $26 per pound. During July, Albertville paid $132,200 for 4,950 pounds, which they used to produce 4,700 units. What is the direct materials price v..
Identify the total current assets and the total current liabilities of your company and calculate the current ratio for the most current two year ends. What does this tell you about the company?
Desert Trading Company has issued $100 million worth of long-term bonds at a fixed rate of 7%. The firm then enters into an interest rate swap where it pays LIBOR and receives a fixed 6% on notional principal of $100 million. What is the firm’s overa..
Truck Leasing Company (TLC) buys trucks for leasing to various delivery companies. On April 1, 2010, TLC leases a truck to Showman Delivery Company. The cost of the truck of $289,875 and its fair value were the same. Determine the rate implicit in th..
Variable cost per visit=$10. Annual direct fixed costs=$50. Allocation of overhead costs=$20,000 and expected utilization= 1,000 visits. What price per visit must be set if the SC wants to make an annual profit of $10,000 on the service?
Describe what you understand by the above statement and explain briefly the alternative liability measurement approaches using examples from your selected annual report.
the obama healthcare bill changes the tax situation for certain "cadillac" health plans. exactly what is the tax law now on health care provided by employers? how will the proposed chages affect taxpayers? how much revenue will this provide for t..
Prepare the general journal entries required to record the acquisition and payment in each of the independent cases above. Round to the nearest dollar.
Sherry just received her $15,000 payment for 2011. How much of the $15,000 must Sherry include in income?
You want to retire in 20 years from today and then start making withdrawals from your savings every year, with the first withdrawal coming one-year after retirement (or 21 years from today) for 25 total annual withdrawals. How much money must you hav..
Analyzing the statement based on trend analysis - The purpose of this assignment is to compute a trend analysis and interpret the results.
Preparation of balance sheet from given data and financial statements of Texas Instruments
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