What is the major differences between comprehensive income and net income? Why would one be concerned with comprehensive income?
The benefit of vertical analysis is certainly the benefit of comparing companies of two different sizes. Looking beyond the numbers and focusing on the changes in the numbers can provide a seasoned analyst some very useful information about the company operational effectiveness. The usefulness tends to breakdown when you c
Southwest U's Campus Book Store sells course packs for $15 each, the variable cost per pack is $9, fixed costs to produce the packs are $200,000, and expected annual sales are 49,000 packs. What are the pre-tax profits from sales of course packs? a. $108,100 b. $94,000 c. $109,040 d. $81,780 e. $98,700
Marshall-Miller & Company is considering the purchase of a new machine for $50,000, installed. The machine has a tax life of 5 years, and it can be depreciated according to the following rates. The firm expects to operate the machine for 4 years and then to sell it for $12,000. If the marginal tax rate is 40%, what will the a
Skanda Inc. manufactures table lamps, and it has traditionally made its own lampshades for its lamps. It computes the cost of manufacturing each lampshade as follows: Direct materials $4.00 Direct labor 6.00 Applied variable overhead 50% of direct labor cost Skanda currently manufactures 40,000 table lamps and l
What in the world happened to Fannie Mae and Freddie Mac that caused them to fall apart? How will their default change the mortgage business going forward? 3 paragraphs
1. If during the current accounting period the company's assets increased by $24,000 and equity increased by $5,000, then how did liabilities change? A. Increased by $29,000 B. Increased by $24,000 C. Decreased by $5,000 E. Decreased by $19,000 F.Increased by $19,00
Please help me get started on these problems (I need to use Excel). ** See ATTACHED pdf for the questions ** Thank you.
Please help prepare written answers to the following tasks: o Exercise E4-2 o Exercise E4-3 o Exercise E4-4 Please see attached chapter and template for solutions.
Describe the process for developing the common size statements and illustrate, using a company of your choosing, the development and interpretation of this analysis. Once the common size statements are developed, what comparisons (of the metrics in the common size statements) seem relevant in generating meaningful conclusions? D
See the attached file. The annual report to use is The Buckle, Inc 2009. Stock symbol is BKE. Problem 1. State the values of the following accounts or variable names as reported by Buckle in its 2009 financial statements (p. 31-34) and explain their meaning (no more than one or two sentences). (1) "Income from oper
What are the differences between vertical and horizontal analysis? Which method would external users most likely use? How about internal users? Discuss the uses of the two analysis methods and how you would use each to analyze a company's performance?
April Battery purchases at cost 8000 10 80000 Inventory withdrawn -7600 Batteries used 100 90% transferred to finished goods 30% unsold in April Calculate COGS and explain how you got it.
Read IRC at http://www.fourmilab.ch/ustax/www/t26-A-1-B-VI-195.html Read IRS Pub 535, pages 26 - 27 http://www.irs.gov/pub/irs-pdf/p535.pdf Read Treas. Reg. 1.195-1http://www.taxalmanac.org/index.php/Reg._1.195-1 Discuss the issues and consequences inherent in IRC section 195 including, but not limited to, the following:
4. Milner Corporation had the following transactions pertaining to debt investments. Jan. 1 Purchased 60, 8%, $1,000 Welch Company bonds for $60,000, plus brokerage fees of $800. July 1 Sold 20 Welch Company bonds for $18,000, less $400 brokerage fees. Instructions:Prepare journal entries for the purchase and sale of the We
As the fund manager for a large mutual fund, you are preparing for a conference call with all your major investors. You plan to e-mail everyone with an attachment that will serve as a guide for the upcoming call. You know investors' time is limited, so you want to be focused in your brief report. Because there are numerous figur
Delta Airlines: 1. Determine the earnings per share that was published for 2009 year end results. 2. Read about the company's activities since year end 2009, and tell me whether you predict the 2010 earnings per share will increase or decrease by year end 2010. 3. Give me details of why you believe the ratio will inc
The worksheet often facilitates the end-of-period (monthly, quarterly, or annually) accounting and reporting process. The use of a worksheet helps a company prepare the financial statements on a more timely basis. The main reason is that the company does not have to wait until it journalizes and posts the adjusting and closing
Use the information for Sports Baseballs, Inc. Sports Baseballs, Inc. is a corporation that manufacturers and sells baseballs across several states in the Southeast. It had sales of $2.7 million during the last year. Expenses were as follows: Cost of goods sold............................... $1.2 million Admin
Instructions: Prepare the Form 941 Employer Quarterly Federal Tax Return for ABC Consulting Services Inc. for the 3rd Quarter of 2010. Utilize the following payroll information to complete the return. HINT: Students will need to access the IRS website (www.irs.gov) and utilize the Forms and Publications link under the Bu
A bookkeeper prepared the year-end financial statements of Giftwrap, Inc. The income statement showed net income of $47,400, and the balance sheet showed ending retained earnings of $182,000. The firm's accountant reviewed the bookkeeper's work and determined that adjusting should be made that would increase revenues by $10,000,
Technology has made the process of communication both easier and more difficult. Identify 5 technical advancements which have had a significant impact on writing business correspondence (e.g., word processing, spell-check etc.). Write a report discussing the advantages and disadvantages of using those advancements in the workpla
A) Raquel transferred $100,000 of stock to a trust, with income to be paid to her nephew for 18 years and the remainder to her nephew's children (or their estates). Raquel named a bank as independent trustee but retained the power to determine how much income, if any, will be paid in any particular year. Is this transfer a co
2. State two generally accepted accounting principles that relate to adjusting the accounts. 3. Rick Marsh, a lawyer, accepts a legal engagement in March, performs the work in April, and is paid in May. If Marshâ?? law firm prepares monthly financial statements, when should it recognize revenue from this engagement? Why?
1) Given that the Alternative Minimum Tax can apply to all forms of businesses, what tax planning strategies do you think need to be utilized? 2) Why do you answer this way?
Do you think online trading platforms have helped investors make money? Does it help to have access to your 401k or brokerage statement all the time? How does this compare to when people in the 1940's, 50's and maybe into the early 60's would keep stocks they bought in a safe deposit box in the bank and maybe hold those stock
A person has earnings of $50,000 this year. The market value value of her condominium that she purchased this year for $100,000 has increased by 5 percent. Assuming that the rate of inflation is 3 percent, and that she has neither capital losses nor earnings, and receives no transfers, calculate her comprehensive income. If she
Phil LaRue and Russ Small have decidied to form a partnership. Various plans for the division of net income are being considered. Complete the calculations.
Phil LaRue and Russ Small have decided to form a partnership. They have agreed that LaRue is to invest $16,000 and Small $24,000. LaRue is to devote full-time to the business and Small one half time. The following plans for division of income are being considered: a. Equal division b. In the ratio of original investments c. I
The balance in Newsprint Corp.'s foreign exchange loss account was $10,000 on December 31, 2008, before any necessary year-end adjustment relating to the following: (1) Newsprint had a $15,000 debit resulting from the restatement in dollars of the accounts of its wholly owned foreign subsidiary for the year ended December 31,
Daniel receives 400 shares of A&M Corporation stock from his aunt on May 20, 2009, as a gift when the stock has a $60,000 FMV. His aunt purchased the stock in 2002 for $42,000. The taxable gift is $60,000 because she made earlier gifts to Daniel during 2009 and used the annual exclusion. She paid a gift tax of $9,300 on the gift