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The firm's owner quit a job that would have earned him $75,000 annually and invested $750,000 of his own money instead of putting it in savings account which would earn a 10% interest annually.
On September 1, a company purchased a vehicle for $53,000 with a residual value of $3,000. The estimated useful life is 10 years and the company uses the straight-line method. What is the depreciati
Compare and contrast the balance sheet treatment of a car purchased with cash and a car purchased on credit. How is equilibrium of the basic accounting equation maintained in both instances? Clarify
On May 10, Romano Corporation issues 1,000 shares of $10 par value common stock for cash at $18 per share. Journalize the issuance of the stock.
a. if the land sold for 15000, how much cash does each partner receive in a final settlement?
Canoe Company uses a job order cost accounting system and allocates its overhead on the basis of direct labor costs. Canoe Company's production costs for the year were: direct labor, $30,000; direct
Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend declaration of $24,000 which was paid in the cu
answer for Future value of an annuity due. (Tables needed.) If $4,000 is deposited annually starting on January 1, 2010 and it earns 9%, how much will accumulate by December 31, 2019?
As of December 31, 2006, Stoneland Corporation has assets of $3,500 and stockholders' equity of $2,000. What are the liabilities for Stoneland Corporation as of December 31, 2006?
The Shapely Company uses the high-low method to determine its cost equation. The following information was gathered for 2008:
Prepare journal entries required at December 31, 2010, and December 31, 2011, assuming that the inventory is recorded at cost and an allowance account is adjusted at each year-end under a perpetual
Net income for 20x8 amounted to $400,000. what Kallman's earnings per share (rounded to the nearest cent) for 20x8 are ?
Burnwood Tech plans to issue some $60 par preferred stock with a 6% dividend. A similar stock is selling on the market for $70. Burnwood must pay flotation costs of 5% of the issue price. What is th
The company's stock has a beta of 1.2, the risk-free rate is 7.5%, and the market risk premium is 4%. What is your estimate of the stock's current price?
A $500,000 bond issue sold for 98. Therefore, the bonds:
Niceville Company had sales of $400,000, variable costs of $200,000, and direct fixed costs totaling $100,000. The company's operating assets total $800,000, and its required return is 10%. How much
The force of mortality for impaired lives is three times the standard force of mortality at all ages. The standard rates qx of mortality at ages 95, 96, and 97 are respectively 0.3, 0.4, and 0.5 . W
Schnusenberg Corporation just paid a dividend of $0.65 per share, and that dividend is expected to grow at a constant rate of 7.00% per year in the future. The company's beta is 0.95, the required r
Investment income and related expenses amount to 7,000 and 500 respectively. What is Mike and Sally's interest deductions for 2010 tax year?
Issued $100,000 of 30 year bonds at a premium. Prior to maturity, when the carrying value of the bonds was $105,000 scott retired the bonds at 102. Prepare the journal entries for redemption of the
Green corporation currently sells 4000 umbrellas per year at a fairly constant rate. To place an order with their supplier costs $200 and the cost to store it on an annual basis is $2. what is econo
How much expense will be reported on an income statement prepared for the month of December?
One of the four financial statements that a public company is required to prepare and have audited once a year is the Statement of Cash Flows (which did not exist in its present form until 1985). Wh
The sales manager believes that a reduction in the sales price to $2,500 will result in order for 1,200 more components each year. What will the break-even point be if the price is changed? [8,000]
Starling Corporation, a closely held personal service corporation, has $150,000 of active income, $60,000 of portfolio income, and a $165,000 passive loss during the year. How much of the passive lo