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Locate the balance sheet, income statement, and statement of cash flows of Home Depot, Inc., in Appendix A of your text. Review those statements and then respond to the following for the year ended January 31, 2010 (fiscal year 2009).
a. Did the company have a net income or net loss for the year? How much?
b. What were the cash balances at the beginning and end of the year? What were the most important causes of the cash decrease during the year? (Treat "cash equivalents" as if they were cash.)
On January 1, 2010, Kentwood Company issued bonds with a face value of $800,000. The bonds carry a stated interest of 7% payable each January 1 and July 1. Prepare the journal entry for the issuance assuming the bonds are issued at 97.
A CPA is interested in testing the fairness of the ending inventory balance at an audit client. He has relatively little experience using statistical sampling methods and, does not like to turn anything over to random chance.
It is sometimes said that in debt service funds, the accounting for interest revenue is inconsistent with that for interest expenditure. Explain. What is the rationale for this seeming inconsistency?
In light of the business scandals of the last few years, does the AICPA's Code of Professional Conduct work? What is the area of greatest concern?
Please include thorough explanation and thorough calculations for each answer chosen. The differential approach is often considered superior to the total project approach to capital budgeting:because it can more easily accommodate multiple investmen..
A trust has net accounting income and distributable net income (DNI) of $60,000, all from taxable sources. The trustee is required to distribute $40,000 of current income to Harry.
What are the chances that a company will have 20 years of losses to actually use a loss carryforward (and still be in business)? How do accounting principles support holding an asset on the balance for this long?
Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas on November 17, 2013. The units have a list price of $500 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/10, n/30. Thomas uses a periodic in..
Company A, a calender year corporation, has a deficit in current E & P of $100,000 and a $290,000 positive balance in accumulated E & P.
Determine the inventory value using both the temporal and current methods. Show how this will be reflected on Royal Tea's statements and the consolidated statements of U.S. Beverages. Use the following information for this calculation:
How many boxes does Dandy Candy have to sell to break even?
The accumulation was motivaated by his thinking that a depression was just around the corner. Tax savings did not enter his mind. Does the accumulated earnings tax apply to T corporation?
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