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Swanson Corporation issued $8,200,000 of 20-year, 8 percent bonds on April 1, 2009, at 102. Interest is due on March 31 and September 30 of each year, and all of the bonds in the issue mature on Mar
1. Which of the following is least likely to result in explanatory language being added to an unqualified auditor's report on the financial statements of a client that sells jewelry through a retail
A machine has estimated annual net cash flows of $22,000 for four years and is estimated to cost $70,000. Assume the company’s minimum acceptable rate of return is 12%. Using the net present v
Lingstat Company is trying to decide how many units of merchandise to order each month. The company's policy is to have 15% of the next month's sales in inventory at the end of each month.
Evaluate the evidence produced by the performance of procedures and decide whether management's assertions conform to generally accepted accounting principles and reality
Using the values from the amortization schedules, compute the worksheet adjustment for a December 31, 2011, consolidation of Place and Sassano to reflect the effective retirement of the Place bonds.
Assume that Anasazi Earth Clothing is committed to the current policy of issuing cash refunds without a receipt. What changes could be made in the store's procedures regarding customer refunds in o
Control as it relates to a section 351 transaction is strictly defined to be 80 percent or more of the voting power of the stock of the corporation to which property is transferred.
Boomerang Computer Company sells computers with an unconditional right to return the computer if thcustomer is not satisfied. Boomerang has a long history selling these computers under this returns
The Mayfair Department Store in Davenport, Iowa, is trying to determine the amount of sales lost while it was shut down during July and August because of damage caused by Mississippi River flood.
Torres Company began operations this year. During this first year, the company produced 100,000 units and sold 80,000 units. The absorption costing income statement for its first year of operation f
Mike D. Gullible is an airline pilot. While Mike never graduated from college, he does have several professional pilot licenses. For 10 years, Mike filed tax returns properly reporting his W-2 wages
Mondial Corporation's financial accounting records show it had gross revenue of $980,000, cost of goods sold of $420,00, operating expenses of $380,000 and $4,000 of dividends received from a 40% ow
Anticipated revenues are $9.8 million; anticipated transfers from other funds are $1.2 million; anticipated expenditures and encumbrances are $10 million; anticipated transfers to other funds are??
An appraisal showed that the fair market value of inventory was $300,000 and that the fair market value of the plant assets was $1,250,000. The fair market value of the receivables is equal to book
On January 1, 2006, Von Company entered into two noncancelable leases for new machines to be used in its manufacturing operations. The first lease does not contain a bargain purchase option; the lea
Determine the balances that would appear on consolidated financial statements for 2011 for Buildings (net) ;Operating Expenses ;Noncontrolling Interest in Subsidiary's Net Income
Consolidated net income increases $5,000; noncontrolling interest in net income decreases $15,000.
The controller of JoyCo has requested a quick esitmate of the manufacturing supplies needed for the month of July when production is expected to be 470,000 units. Below are actual data from the prio
How should Strickland report the gain or loss on the disposition of machine and on restructuring of debt in its 2012 income statement?
On January 1, 2012, Osborn Company sold 12% bonds having a maturity value of $800,000 for $860,651.79, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2012, and matur
Information related to plant assets, natural resources, and intangibles at the end of 2010 for Spain Company is as follows: buildings $1,100,00; accumulated depreciation--buildings $650,000; goodwil
If Kator wishes to make an after tax profit of $350,000, how many units of KB-96 must it sell (note that all numbers above are pre-tax)? Assume a tax rate of 30 percent.
Management expects per unit data and total fixed costs to remain the same in 2012. The president of Felde Company is under pressure from stockholders to increase net income by $214,830 in 2012