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Lang Enterprises was started when it acquired $4000 cash from creditors and $6000 from owners. The company immediately purchased land that cost $9000. a. Record the events under an accounting equati
On January 2, 2011, Mize Co. (Morton) issued at par $300,000 of 9% convertible bonds. Each $1,000 bond is convertible into 30 shares. No bonds were converted during 2007.
Moonshine Enterprises hired an accountant at the rate of $1 000 per week. The person is to commence duty on 1 February. On 1 February, does the business have a liability in respect of the accountant
Describe how total variable costs and unit variable costs behave with changes in the level of activity. If fixed costs increase, what would be the impact on the contribution margin and income from o
A client comes to you thinking about starting a consulting business. Your client is specifically interested in what type of entity should be created for this new business.
Inventory at the 31 october 2013 was 395000. include inventory costing 17000 which was found to be defective . the scrap value for this defective inventory is estimated at 11000 and it will cost 190
Assume the same facts as part (a), except that the warrants had a fair value of $6. Prepare the entry to record the issuance of the bonds and warrants.
Assume the asset will continue to be used in the future and has 4 years useful life remaining. a: prepare journal entry to record impairment at 12/31/12
Discuss issues the company should consider and techniques the company should employ to determine whether to continue pursuing this project.
From the e-Activity, examine the importance of the audit committee oversight related to the quality of the internal controls of an organization. Analyze the audit committee's responsibilities regard
loss on sale of 1224 small business stock acquired 3 years ago (62,000) Casualty loss on long-term business property (12,500) ; Determine the Adjusted Gross Income for 2013.
What are the differences between the discount rate (WACC), IRR and NPV when looking at capital budgeting decisions?
The Kennedy Corporation uses Raw Material Z in a manufacturing process. Information as to balances on hand, purchases and requisitions of Raw Material Z is given below:
Choose a publically held company that you are interested in. Find that company's most recent annual report. Look over the disclosures and find one that appears to be confusing or not as clear and co
It is the policy of WoodGrain to charge customers a price of 150% of total manufacturing costs for all jobs. Calculate the amount of gross profit earned by WoodGrain from the sale of the 60 units. D
Create an argument indicating that the statement of cash flows contains the most valuable information related to a company's performance for users of financial statement information. Provide support
The maturity date on these bonds is January 1, 2024. The firm uses the effective -interest method of amortizing discounts and premiums. The bonds were sold to yield an effective interest rate of 8%.
What is the company's net operating income (loss) under variable costing? (Input the amount as a positive value.)
Garza Company owns 40% interest in the stock of Kenney Corporation. During the year, Kenney pays $30,000 in dividends to Garza, and reports $150,000 in net income. Garza Company's investment in Kenn
Judith has some reservations about this because the higher reported income will also cause income taxes to be higher than they would be if a correct allocation of the purchase price is made. What a
Assuming that no dividends were declared or paid during the period, calculate the following profitability ratios from the above information:
a. Determine the effect on operating income if the company produces the special order. b. Should the company produce the special order?
Discuss the impact of the Sarbanes-Oxley Act on financial reporting and disclosure and assess whether or not you believe it helps provide accurate information to users of financial statements.
Assume that the company evaluates performance using residual income and that the minimum required rate of return for any division is 16%. Compute the residual income for each division.
a man invests $10 000 now for the college education of his 20-year old son. if the fund earns 14% effective, how much will the son get each year starting his 18th to the 22nd birthday?