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Ziebart Corp.'s EBITDA last year was $390,000 (= EBIT + depreciation + amortization), its interest charges were $9,500, it had to repay $26,000 of long-term debt, and it had to make a payment of $17,400 under a long-term lease. The firm had no amortization charges. What was the EBITDA coverage ratio?
What conditions/factors cause a business to have a high degree of operating leverage as compared to others?
What issues will create variances within a company? What other information can we derive from our variance analysis? What expenses would you imagine to be fixed in nature?
What is a contingent liability? Describe the three ranges of loss contingencies outlined in SFAS No. 5, including a brief summary of the accounting and disclosure requirements ?
All adjustments affect one balance sheet account and on income statement account. For each of these situations, Preparation of a Work Sheet, Financial Statements, and Adjusting and Closing Entries.
Most companies use historical cost to value property, plant, and equipment assets. What components make up historical cost? Provide an example of an asset's historical cost.
The following information has been obtained for the Kerdyk Corporation. Compute taxable income and income tax payable for 2007.
During the year, Mac withdrew $93,000 from the business for his personal living expenses. Assuming MACS is a sole proprietorship, how do these transactions affect Mac's taxable income for the year?
Write a 2- to 3-page memo to the file, evaluating the merits of the position taken by the IRS. Use the IRAC Tax memo format: Issue, Ruling, Analysis, and Conclusion.
Hess, Inc. sells a single product with a contribution margin of $12 per unit and fixed costs of $74,400 and sales for the current year of $100,000. How much is Hess's break even point.
If the auditor obtains sufficient competent evidence on the client's accounts receivable balance by alternative procedures because it is impractical to confirm accounts receivable, the auditor's opinion should be unqualified and could be expected ..
When the balance sheet was prepared, the value of the equipment later rose to $22,000. What is the relevant measure of the value of the equipment?
The cost formula for the maintenance department of Rainbow, Ltd., is $12,600 per month plus $4.50 per machine hour used by the production department.
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