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Accounting

Identify two financing options for your used book store

Currently, all funding for your used book store business comes from a rich relative. What other forms of funding (e.g. stock, bonds, venture capital) might be logical alternatives for your business and what would you need to do to qualify for them? How would the risks of such alternative funding sources compare with the risk o

ABC Corp factors that influence demand for health food

Understanding Real World Demand Introduction: You have been hired by ABC Corp. to evaluate the demand for health food in the market. You are invited to a team meeting for a discussion on the demand for health food. Task: Discuss the factors that influence the demand for health food in the market. 1)Give at least two fac

Paloma Co: compute payroll including employer tax liability

Please see both tabs in the attached file. Given Data P11-04A: PALOMA CO. Tax Rate Applied to FICA-Social Security 6.20% First $94,200 FICA-Medicare 1.45% Gross pay FUTA 0.80% First 7,000 SUTA 2.15% First 7,000 Gross Pay Current Week through Gross WH Name 8/18 Pay Tax Dahlia $9

William's Restaurant: classify costs, income statement

Please refer to attached. Lauren Stephens owns William's Restaurant, which sells hamburgers for carry out or drive through only. Each Hamburger sells for $2. Lauren employs several part-time employees and a full-time manager. She leases the building and hires a cleaning company to provide services on a weekly basis. Th

Cumulative Voting

Anita Job owns 507 shares in the Rapid Employment Corp. (a firm that provides temporary work). There are 11 directors to be elected. Twenty-one thousand shares are outstanding. The firm has adopted cumulative voting. a. How many total votes can be cast? b. How many votes does Anita Job control? c. What percentage of

Define operating assets; discuss depreciation methods

1. What are several examples of operating assets? Why are operating assets essential to a company's long-term future? 2. What factors may contribute to the decline in usefulness of operating assets? Should the choice of depreciation method be related to these factors? Must a company choose just one method of depreciation fo

Arnold Company manufactured two products, A and B, during April.

I need to solve this cost accounting problem. Please, see the attachment. Thank you. 1. Arnold Company manufactured two products, A and B, during April. For purposes of product costing, an overhead rate of application of $2.50 per direct-labor hour was used, based on budgeted annual factory overhead of $500,000 and 200,000 bu

Powell Company uses a job costing system.

I need to figure out the job costing problem. Please, see the attachment. Thank you. 1. Powell Company uses a job costing system. During the month of May, Powell spent most of its time on job A50, which was started late in April. Following is cost information for job A50, other May costs, and relevant annual estimates.

Purchase of asset

On July 1, 2008, Red Gate Farm buys a combine for $100,000 in cash. Assume that the combine is expected to have seven year life and an estimated salvage value of $16,000 at the end of that time. Required 1. Prepare the journal entry to record the purchase of the combine on July 1, 2008. 2. Compute the depreciable cost

Denny Asbestos Removal Company removes potentially toxic asbestos insulation and related products from buildings. The company's estimator has been involved in a long-simmering dispute with the on-site

I have several study questions that I need assistance with answering. ________________________________________ Denny Asbestos Removal Company removes potentially toxic asbestos insulation and related products from buildings. The company's estimator has been involved in a long-simmering dispute with the on-site work s

3-10 Johnsfield Cash Flow concepts

Johnsfield & Co. will be undertaking the following financial transactions in the next planning period. For each transaction represented in the table below, check the statement or statements that will be affected immediately. `Pro Forma Income Pro Forma Balance Transaction Cash Budget Statement S

Reconcilliation of Absorption and Variable Costing Net Operating Income

High Tension Transformers, Inc., manufactures heavy-duty transformers for electrical switching stations. The company uses variable costing for internal management reports and absorption costing for external reports to shareholders, creditors, and government. The company has provided the following data: Year 1 Year 2 Year

Debit and Credit and Normal Balance

Also see attached file In columns (a) and (b) indicate whether the change in the account would be recorded as a debit or a credit and whether the normal balance of the account is a debit or a credit. In column (c) indicate if the basic type of account is Asset, Liability or Stockholder's Equity. (a) (b ) (c) Recorde

Dividend Valuation Model and Wealth Maximization

Eastern Telecom is trying to decide whether to increase its cash dividend immediately or use the funds to increase its future growth rate. It will use the dividend valuation model for analysis purposes. The model formula is as follow: P0 = __D1___ Ke - g P0 = Price of stock D1 = Dividend at the end of the first yea

Tax: charitable contributions, and AMT calculation

24. Doug's records contain the following information: 1. Donated stock having a fair market value of $3,600 to a qualified charitable organization. He acquired the stock five months previously at a cost of $2,400. 2. Paid $700 to a church school as a requirement for the enrollment of his daughter. 3. Paid $200 for an

Tax: unreasonable compensation; deductions for medical, taxes, interest

1). Anita, the controlling shareholder and an employee of Southwest Corporation, receives an annual salary of $750,000. Based on several factors including the size of the corporation's operations and a comparison of salary received by officers of comparably-sized corporations, the IRS contends that Anita's salary should be no h

Tax Accounting: passive losses, depreciation, Sec 1231, ordinary gain

1). Julie reports the following income and loss: Salary $ 90,000 Income from activity A 60,000 Loss from activity B ( 35,000) Loss from activity C ( 55,000) Activities A, B, and C are all passive activities. Based on this information, Julie has a. adjusted gross income of $60,000. b. salary of $90,000 and net losse

Tax Accounting: calculate adjusted basis in home, rental and other property

1). Michelle purchased her home for $150,000, and subsequently added a garage costing $25,000 and a new porch costing $5,000. Repairs to the home's plumbing cost $1,000. The adjusted basis in the home is a. $150,000. b. $151,000. c. $180,000. d. $181,000. 2). Which one of the following does not affect the adjusted basis