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The controller of Ruiz Co. believes that the yearly allowance for doubtful accounts for Ruiz Co. should be 2% of net credit sales. The president of Ruiz Co., nervous that the stockholders might expect the company to sustain its 10% growth rate, suggests that the controller increase the allowance for doubtful accounts to 4%. The president thinks that the lower net income, which reflects a 6% growth rate, will be a more sustainable rate for Ruiz Co.
Instructions:
a. Who are the stakeholders in this case?
b. Does the president's request pose an ethical dilemma for the controller?
c. Should the controller be concerned with Ruiz Co.'s growth rate? Explain your answer.
The annual net operating income from the project would be $135,000, which includes depreciation of $37,000. The scrap value of the project's assets at the end of the project would be $25,000. The payback period of the project is closest to:
Describe what is likely to occur if company personnel erroneously recorded a sales transaction for the wrong customer. What if a cahs receipt were applied to the wrong customer? Identify Internal control that would detect or prevent thid from occurri..
You recently invested $12,000 of your savings in a security issued by a large company. The security agreement pays you 7 percent per year and has a maturity two years from the day you purchased it.
Assume that the before tax required rate of return for Deer Valley is 14%. Compute the before tax NPV of the new lift and advise the managers of Deer Valley about whether adding the lift will be a profitable investment.
Discuss the similarities and differences between the indicators of finance leases under IFRS and the criteria for capitalizing leases under U.S. GAAP.
Suppose that nominal accounts are not closed out at the end of the fiscal period. Explain how this affects account data for the next fiscal period. Use a company or industry to help explain your answer.
Banks have receivables that are the result of investing activities rather than sale or trade. We call these signed documents notes receivable.
The typical skier makes two ski runs per day (uses the lift twice). Ski resorts operate their lifts 8 hours per day, 120 days per year. Gold Mountain plans to sell one-day lift tickets for $60 per skier per day; no season passes will be offered.
On 20 March, Batavia's petty cash fund of $100 is replenished when the fund contains $9 in cash and receipts for postage $51, freight-out $25, and travel expense $10. Prepare the journal entry to record the replenishment of the petty cash fund.
Research and development costs for projects other than software development should be:
A company paid $37,800 plus a broker's fee of $525 to acquire 8% bonds with a $40,000 maturity value. The company intends to hold the bonds to maturity. The cash proceeds the company will receive when the bonds mature equal:
Discuss the financial impact of SOX and consider its effect on economic growth and enterprise.
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