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Tones Company purchased a warehouse in a downtown district where land values are rapidly increasing. Gerald Carter, controller, and Wilma Ankara, financial vice president, are trying to allocate the cost of the purchase between the land and the building. Noting that depreciation can be taken only on the building, Carter favors placing a very high proportion of the cost on the warehouse itself, thus reducing taxable income and income taxes. Ankara, his supervisor, argues that the allocation should recognize the increasing value of the land, regardless of the depreciation potential of the warehouse. Besides, she says, net income is negatively impacted by additional depreciation and will cause the company's stock price to go down.
Respond to the following questions:
1. What stakeholder interests are in conflict?2. What ethical issues does Carter face?3. How should these costs be allocated?
Prepare common size balance sheets to be used for vertical analysis for 2009 and 2008. Prepare common income statements to be used for horizontal analysis for Matt's Hats for 2007 to 2009.
Boxollie Company had 150,000 shares of common stock outstanding at January 1, 2014. On March 31, 2014, an additional 36,000 shares were issued for cash. Boxollie also had $12,000,000 of 6% convertible bonds outstanding throughout the year. Compute ba..
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The following information was available for Pete Company at December 31, 2013: beginning inventory $90,000; ending inventory $70,000; cost of goods sold $656,000; and sales $900,000. Pete's inventory turnover ratio in 2013 was
performing an analysis of the financial statements of a publicly traded company. Once you have obtained your company's financial statements, it is time begin your analysis.
Draft the appropriate audit opinion provided the subsequent scenarios.
Suppose a group of British investors finances the construction of a plant to manufacture skateboards in St. Louis, Missouri. How will the construction of the plant affect GDP?
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Prepare the essential journal entries What is the Dollar Value of Cost of Goods Sold at January 31? What is the Dollar Value of Ending Inventory at January 31?
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