Accounting for a Troubled Debt Restructuring Ludwig, Inc., which owes Giffin Co. $2,400,000 in notes payable, is in financial difficulty. To eliminate the debt, Giffin agrees to accept from Ludwig land having a fair value of $1,830,000 and a recorded cost of $1,350,000. Required: Show computation and details. a. Compute
McDonald's Corporation Break-Even Analysis and Planning Prepare a realistic flexible budget for next year for the McDonald's Corporation using economic and company trends. Use three different growth rates (low, average and high) for sales and adjust the expenses based on whether you assume that they vary with the sales activ
What does the box scores mean (file attached)? Explain the categories of operational performance, capacity and financial performance.
A client has engaged you to advise her on how she is doing with her preparation for retirement. She is a well-paid professional with a current salary of $150,000. She has 15 years until her full retirement age and wants to be able to retire at that time. She expects that her salary will increase about 3.5% each year until retire
Please see attached document.
Assist with Firm E and Firm F's Turnover and Average total assets. Can you explain how you got your answer? a. Firm E has net income of $67,000, sales of $1,300,000, and ROI of 15%. Calculate the firm's turnover and average total assets. (Round your "turnover" to 1 decimal place. (e.g., 32.1)) Turnover: Average
You have two investment opportunities. One will have a 9.0% rate of return on an investment of $590; the other will have an 12.0% rate of return on principal of $860. You would like to take advantage of the higher yielding investment but have only $590 available. What is the maximum rate of interest that you would pay to borr
What are the steps of conducting an evaluation for an organization's internal control system?
Simon Blfpstk Construction Company has two divisions. The president (Simon) manages the roofing division. Simon delegated authority and responsibility for management of the modular manufacturing division to John Gault. The company has a competent accounting staff and a full-time internal auditor. Unlike Simon's procedures, ho
P7-3 (Bad-Debt Reporting—Aging) Manilow Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Manilow's Accounts Receivable account was $555,000 and the Allowance for Doubtful Accounts had a credit balance of $40,000 The year-end balance re
The balance of Accounts receivable is $275,000. Net credit sales for the year were $771,000 and cash sales were $68,000. An analysis of accounts receivable identifies $21,400 of receivables that will NOT be collected. The company uses the direct write-off method of accounting for uncollectible accounts. Prepare the adjust
Please find some information from 10K. which is: 1 Name and Description of Company (what does it do: provide a service, sell a product, or manufacture and sell a product) 2 Summarize the Shareholder Letter paying close attention to the following: o Management's opinion of financial performance o Impact of recent economic
Managers and non-accounting personnel can have a hard time deciphering standard financial statements. There are two possible solutions to the problem. They are making changes to get GAAP to recognize accounting for lean or having two separate financial reports. 1. What are the advantages and disadvantages of GAAP recognizing ac
Millco, Inc., acquired a machine that cost $410,000 early in 2013. The machine is expected to last for ten years, and its estimated salvage value at the end of its life is $61,000. a. Using straight-line depreciation, calculate the depreciation expense to be recognized in the first year of the machine's life and calculate
Hi, please assist me with this group project. Complete the answer sheet with the column headings shown here. For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on the appropriate balance sheet category and on net income by selecting for each account affected the account
1. How is "Impairment" defined in the Master Glossary? 2. Give one example of an event or change that would require a long-lived asset to be tested for recoverability. (Provide the Codification reference for your answer) 3. Should a long-lived asset that is held for sale be depreciated? (Provide the Codification referenc
Problem 12-9 Financing Deficit Garlington Technologies Inc.'s 2013 financial statements are shown below: Balance Sheet as of December 31, 2013 Cash $ 180,000 Accounts payable $ 360,000 Receivables 360,000 Notes payable 156,000 Inventories 720,000 Line of credit 0 Total current assets $1,260,000 Accruals 180
What is the history and definition of lean accounting? What is the history of GAAP?
National Linen launders commercial tablecloths, bedding, garments and rags for restaurants, medical facilities, hotels and auto repair shops. Why is the cost allocation method used by an organization an important part of its cost accounting system? Also, going back to the company (National Linen) what type of cost allocation
1. For 2011 and 2012, analyze the trends and compare revenues, cost of goods sold, accounts receivable, accounts payable, and inventory. 2. Which company shows the best performance? Explain. 3. How is the information you reviewed helpful from a managerial point of view? Explain. 4. Comment on how the income state
The budgeting process and budgets themselves have significant impacts on management actions and performance, in both positive and negative ways. It is common at many local, state, or national governmental agencies, and nonprofit organizations, and even in some for-profit enterprises for managers to increase spending at the end o
1. The following are the common classifications used in a balance sheet: A. Current assets F. Current liabilities B. Investments G. Long-term liabilities C. Property, plant and equipment H. Paid-in-
Can you assist with this project question? For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on assets, liabilities, and net income by entering for each account affected the account name and amount and indicating whether it is an addition (+) or a subtraction (-). Tran
Assist with the below present value situation. Using a present value table, calculator, or a computer program present value function, calculate the present value for the following: (Use appropriate factor(s) from the tables provided.) a. A car down payment of $30,000 that will be required in eight years, assuming an in
Please assist with the Sellco Inc project below. The following data are available for Sellco for the fiscal year ended on January 31, 2014: Sales 810 units Beginning inventory 260 units @$ 3 Purchases, in chronologic
Nashville Corporation allocates administrative costs on the basis of staff hours. Short-run monthly usage and long-run monthly usage of staff hours for Operating Departments 1 and 2 follow: Dept. 1 Dept. 2 Total Short-run usage (hours) 45,000 55,000 100,000 Long-usage (hours)
Distinguish between job costing and process costing. Describe the difficulties associated with each type. What can companies do in order to price products competitively and avoid some of these difficulties?
Global Book and Music Store, Direct, Sequential (step down) methods Global Book and Music Store has two service departments, Warehouse and Data Center. Walter Burke, controller of Global Book and Music Store, wants department managers to be aware that their use of other service departments costs the firm a substantial amount
1. Locate the Master Glossary in the FASB Codification, and answer the following questions: a. What is the formal definition in the glossary of the term "Activities" as it relates to property, plant & equipment? b. PFW Company is constructing a specialized machine for use in manufacturing its product. Construction had been on
Gabe sold his business for $120,000 and transferred a building, FMV $80,000, land FMV $10,000; and furniture and fixtures, FMV $30,000 and adjusted basis $22,500. What is the value of goodwill and ongoing concern? An investment-use casualty loss is carried from Form 4684 to which line. Schedule A, Itemized deductions. line