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Acme Manufacturing is a decentralized corporation. Divisions are treated as investment centers. In recent years, Acme has been running about 11% ROA for the corporation as a whole, and has a cost of
What is the effect on reported net income for 2010 of this error, assuming straight-line amortization of the discount? What entry is necessary to correct for this error, assuming that the books are
a. Calculate the realized and recognized gain or loss if Sara sells the vehicle for $12,500. b. Calculate the realized and recognized gain or loss if Sara sells the vehicle for $15,000.
A company's January 1 balance in Accounts Receivable is $70,000. The December 31 balance is $80,000. If the company has credit sales of $600,000, what is the accounts receivable turnover ?
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?
A firm has liabilities of $60,000 and stockholders' equity of $180,000. what is the percentage of total liabilities to total assets ?
A firm purchases an asset for $50,000 and estimates that it will have a useful life of five years and a salvage value of $5,000. Under the double-declining-balance method, what is the depreciation e
On January 2, 20--, a firm purchased equipment for $8,500. Depreciation expense for 20--, given the straight-line method, a 5-year useful life, and a what is the salvage value of $1,500, ?
Wells Fargo sells $200,000 of bonds to private investors. The bonds are due in five years, have an 8% coupon rate, and interest is paid semi-annually. The bonds were sold to yield 6%. What proceeds
A firm that sells a single product had a beginning inventory of 4,000 units with a total cost of $16,000. Early in the year, 8,000 units were purchased at $6 each.
Costs of installation (excluding the storage costs) amounted to $800. The amount to be capitalized as the cost of the machine is ??
However, Pearson must classify this as a capital lease if the present value of the minimum lease payments is at least:
For each of the following cases indicating heightened fraud risk, indicate (a) how a professionally skeptical auditor might interpret the data and (b) how a professionally skeptical auditor might a
A firm that sells a single product had a beginning inventory of 4,000 units with a total cost of $28,000. Early in the year, 10,000 units were purchased at $9 each. Using FIFO, what is the value of
On May 1, 20--, a firm purchased a 1-year insurance policy for $1,800 and paid the full premium in advance what is The insurance expense associated with this policy for 20 ?
Lisa Ramos has a regular hourly rate of $10.75. In a week when she worked 40 hours and had deductions of $55 for federal income tax, $26.75 for social security tax, and $6.25 for Medicare tax, what
How much interest will accrue on a $20,000 face value, 60-day note that bears interest at 9 percent a year?
Special assessments levied for debt service of bonds issued for a special assessment capital project will be accounted for by a debt service fund under which of the following situations government i
If a company has cost of sales, is it important to keep a close eye on the company's margins? For example, in a restaurant business, that can be a crucial factor in whether the restaurant can stay i
If a firm had sales of $50,000 during a period and sales returns and allowances of $4,000, what were its net sales ?
What is the major theory behind compensation schemes ? Compensation should be perfectly correlated with outcomes.