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1. If you won $1,000,000 in the state lottery and had a choice between receiving $50,000 a year for 20 years or getting a one-time payment of $560,000, which would you take? What factors are important to consider? Let us assume that for #1 above, you are indifferent to receiving the money now, or over a period of 20 years. Meaning, you have no immediate use that would require a large sum of money now, and you are not in a situation where you would need a cash flow for 20 years. And the interest rate is 6% How about if the interest rate is 7% 2. What might a declining balance of long term debt mean to the company? 3. Maverick Company sold 1,000 Rollomatics during 2014 at a total price of $6,000,000 with a warranty guarantee that the product was free of any defects (this is included in the sales price of , $6,000,000). The cost of Rollomatics sold is 4,000,000. The term of the assurance warranty is 2 years, with an estimated cost of $30,000. In addition, Maverick sold extended warranties related to 400 Rollomatics for 3 years beyond the 2 year period for $12,000. What are the Journal Entries Maverick Company should make in 2014 related to the sale & the related warranties?
What types of industries have unearned revenue? Why is unearned revenue considered a liability? When is the unearned revenue recognized in the financial statements?
CalCount pays a weekly payroll of $85,000 that includes federal taxes withheld of $12,700, FICA taxes withheld of $7,890, and 401(k) withholdings of $9,000. What is the effect of assets and liabilities from this transaction?
Flyaway Travel Company reported net income for 2009 in the amount of $90,000. During 2009, Flyaway declared and paid $2,125 in cash dividends on its nonconvertible preferred stock.
Sara Shoppe has invested $100,000 in an account at her local bank. The bank will pay her a constant amount each year for 6 years, starting one year from today, and the account's balance will be 0 at the end of the sixth year. If the bank has promi..
Bo Vonderweidt, the production manager for Sportway Corporation, had requested to have lunch with the company president. Vonderweidt wanted to put forward his suggestion to add a new product line
Spoiled Baby Corp sells baby buggies and has begun an equipment replacement project. You are required to determine the Book Value of each of its fixed assets and make decisions regarding the purchases, trades, and disposition of various assets.
pitman chemical company manufactures and sells goody a product that sells for 10 per pound. the manufacturing process
Zhang incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation's stock. The property transferred to the corporation had the following fair market values an..
If Kelly deposits $10,000 into an account that pays 8 percent interest, compounded annually, and she makes no further deposits or withdrawals, how much will Kelly have in her account at the end of 5 years?
Profit, charges, and break-even without and with overhead. A number of years ago, at the request of its employees, Jack Winslow and Company converted one of its small rooms to house a small pharmacy for its employees in which they can buy a few po..
What are the combined total department costs for the producing departments after allocating the service department costs?
Prepare a schedule of cash collections for January, February, and March and for the quarter in total, Prepare a production budget for January, February, and March and for the quarter in total.
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