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Lem Lumberjack sells 100 shares (basis of $5,000) of Redwood Corporation common stock on March 8, 2008 for $4,000. On March 29, 2008, Lem purchases 50 shares of Redwood Corporation common stock for
The sales, income from operations, and invested assets for each division of Salem Company are as follows:
Proposals M and N each cost $800,000, have 6-year lives, and have expected total cash flows of $1,200,000. Proposal M is expected to provide equal annual net cash flows of $200,000, while the net ca
The minimum desired rate of return for net present value analysis is 12%. The present value of $1 at compound interest of 12% for 1, 2, 3, and 4 years is .893, .797, .712, and .636, respectively. D
Prepare a comparative balance sheet, with horizontal analysis, for December 31, 2011 and 2010. (Round percents to one decimal place.)
Prepare a comparative income statement, with vertical analysis, stating each item for both 2011 and 2010 as a percent of sales.
The company can purchase the 1,000 robots externally for $120,000. The avoidable fixed costs are $5,000 if the units are purchased externally. What is the cost savings if the company makes the robot
Illustrate the effects on the accounts and financial statements of each of the following transactions for a company using a job order cost system:
Matt Industries manufactures toys. Matt uses a job order cost system. The time tickets from September jobs are summarized below.
A company has a process that results in 15,000 pounds of Product X that can be sold for $8 per pound. An alternative would be to process Product X further at a cost of $100,000 and then sell it for
The following items are reported on a company's balance sheet:Determine the (a) current ratio and (b) quick ratio. Round your answer to one decimal place.
Determine the (a) accounts receivable turnover and (b) number of days' sales in receivables. Round your answers to one decimal place.
The net advantage (disadvantage) of replacing the old equipment with the new equipment is:
The payroll costs for the year were $100,000, and the accounting costs for the year totaled $50,000. The departments and the average cost of store equipment and average cost of inventory for each a
The treasurer of Unisyms Company has accumulated the following budget information for the first two months of the coming year:
If Vann Co. uses the FIFO cost flow method and sold 850 units of inventory during the period, the amount of cost of goods sold was:
The start up division made 80% of 1/2 of the established division. The start up division's growth was 1/3 greater than the established division's. If the divisions made $280,000 combined, how much d
Name an important characteristic of an effective overhead allocation base, and tell us why you think this characteristic is important.
Williams Electric Corp sells $50,000 of bonds to private investors. The bonds have an 8% coupon rate and interest is paid semi-annually. The bonds were sold to yield 9%. What periodic interest payme
If this division is eliminated, the fixed expenses will be allocated to the company's other divisions. What is the incremental effect on net income if the division is dropped?
Patton Company purchased $400,000 of 10% bonds of Scott Co. on January 1, 2011, paying $376,100. The bonds mature January 1, 2021; interest is payable each July 1 and January 1. The discount of $23,
An advantage of the corporate form of business is that:
Compare the total tax burden for Carol and the corporation with and without the S election. Consider both income and employment taxes. Carol is single and does not itemize her deductions. She plans
Dr. Stephanie White, the Chief Administrator of Uptown Clinic, a community mental health agency, is concerned about the dilemma of coping with reduced budgets next year and into the foreseeable futu
What is the estimated fair value of the trade name? Killroy determines that the appropriate discount rate for this estimation is 9%. (Round answer to zero decimal places, e.g. 2,250,250