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A company has taxable income of $1,760 with a tax rate of 38 percent. Owners equity is: $400 in stock, $200 in capital surplus, and $200 in retained earnings. What is the return on equity (ROE)?
a) 130%
b) 125%
c) 123%
d) 136%
For the following four cases, use the expanded accounting equation to compute the missing quantity.
Compute the efficiency variances for direct labour and direct materials. Provide likely explanations for variances. Do you have reason to be concerned about you performance evaluation? Explain.
Sam pays $10,000 for the business's goodwill and another $10,000 for the seller's covenant not to compete for the next five years. Compute Sam's amortization deduction for the year of purchase.
What is goal incongruence? How can using the metric "return on investment" for performance evaluation lead to goal incongruence?
Assuming that the company's tax rate is 30%, what amount will be reported for this loss on the income statement?
The firm uses the effective interest method of amortising discounts and premiums. The bonds were sold to yield an effective interest rate of 10%.
Answer the following questions based on Scottsdale, AZ CAFR year ending June 30, 2012.
Which of the following is not acceptable in estimating uncollectible accounts receivable under GAAP?
Cameron Bly is a sales manager for an automobile dealership-Does the warranty accrual decision create any ethical dilemma for Bly? Since warranty expenses vary, what percent do you think Bly should choose for the current year? Justify your response.
Assume that Smith & Smith CPAs audited Apollo shoes. Inc last year Now CEO Larry Lancaster wishes to engage Anderson, Olds, and Watershed, CPAs (HOW) to audit its annual financial statements.
What is meant by the forensic-type fieldwork phase of an audit?
In recent years, the treatment of the intangible asset "goodwill" has undergone significant change as a result of the implementation of FASB 142. Goodwill is the value of a going concern. You cannot touch it.
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