Monique is a self-employed manufacturer's representative who solicits business for clients and receives a commission based on sales. She incurs the following expenditures during the current year: Airfare and lodging while away from home overnight $ 4,000 Business meals while traveling at which business is discussed 1,000 Lo
Please see the attached file(s). 1) A stock that currently trades for $40 per share is expected to pay a year-end dividend of $2 per share. The dividend is expected to grow at a constant rate over time. The stock has a beta of 1.2, the risk-free rate is 5%, and the market risk premium is 5%. What is the stock's expected price
Please see attached. Petson Company's financial information is presented below. Sales $ ???? Purchase Returns and Allowances $ 15,000 Sales Returns and Allowances 30,000 Ending Merchandise Inventory 35,000 Net Sales 250,000 Cost of Goods Sold 180,000 Beginning Merchandise Inventory ???? Gross Profit ????
Please provide an answer to the following questions below that contains 250 to 300 words for each. 1. What is the purpose of the statement of cash flows? We already discussed the Balance Sheet, Income Statement and Statement of Retained Earnings. If you wanted to invest in a company, what information would you look for in th
The Adams Independent School District desires to sell a parcel of unimproved land that it does not need. Its three best offers are as follows: from State Department of Public Safety (DPS), $2.3 million; from Second Baptist Church, $2.2 million; and from Baker Chevrolet Company, $2.1 million. DPS would use the property for a new
Product Costing and Cost Accumulation Exercise 3-27 Bordin Company manufactures finger splints for kids who get tendonitis from playing video games. The firm had the following inventories at the beginning and end of the month of January. January 1 January 31 Finished goods $125,000 $117,000 Work in process
I need help in understanding what would be the tax consequences of the two options to the three sisters, who are active in managing Delray. Amanda, Sue, and Mary each own 100 of the 300 outstanding shares of Delray Corporation stock. Amanda wants to sell her shares, which have a $40,000 basis and a $100,000 FMV. Either Sue
In which of the following situations would the taxpayer realize taxable income? a. A mechanic performs work on his own automobile. The mechanic would have charged a customer $400 for doing the same work. b. A mechanic repairs his neighbor's personal automobile. In exchange, the neighbor, an accountant, agrees to prepare me
Please see the attached file.
Zeppe Inc. purchased potatoes from farmers. The potatoes are then peeled, producing two intermediate products- peeled and depeeled spuds. The peels can then be processed further to make a cocktail of organic nurtrients. And the depeeled spuds can be processed further to make frozen french fries. A batch of potatoes cost $63 to b
38) Account Record of Loan Oak Products: Raw materials purchases $175,000 Direct labor 254,000 Indirect labor 109,000 Selling and administrative salaries 133,000 Building depreciation* 80,000 Selling & admin expense 195,000 Other factory cost 344,000 Sales revenue ($130 per unit) 1,495,000
Please provide an answer to the following questions below that contains 250 to 300 words for each. 1. Compare the three forms of business entities: corporation, partnership and sole proprietor. What are the advantages and disadvantages or each form of entity? Share with the class your experience with the different forms of en
Do firms really lose money to fraud? If so, How much? And when does it become material?
Grace, drops by the office on the Monday after Thanksgiving. She says that over the holiday she was reviewing her books and projecting the remainder of the tax year. She projects that her Schedule C will show a net profit of $300,000 this year. This is substantially higher than in the prior year. She is concerned that she wi
Danny Ferry Co. sells $250,000 of 10% bonds on March 1, 2007. the bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2010. The bonds yield 12%. Give entriels through December 21, 2008. Instructions: Prepare all the relevant journal entries from the time of sale until the date indica
The CPA is advising counsel of a problem, and telling him/her that additional steps will be taken by the CPA. Those steps would include meeting with the board of directors of the firm, and advising them of the fraud. Can the CPA stay clean by doing that?
For each of the following, compute the present value: Present Value Years Interest Rates Future Value 6 5% $15,451 9 11 51,557 18 16 886,073
Distinguish among the following bases of comparison: intracompany, industry average and intercompany and give an example of each.
See attached files for full details of two separate problems. For Ethan Allen Interiors and Swish Watch Company, prepare accounting data and interpret results
Resources: U.S. Department of Labor, Bureau of Labor Statistics Web site and Careers in Accounting Web site Post a 200- to 300-word response to the following: There are many career opportunities in the field of accounting. Visit the U.S. Department of Labor, Bureau of Labor Statistics at http://www.bls.gov/oco/ocos001.htm for
Provide an example from the Internet that demonstrates a situation in which a company's net profits looked good in the statements, but the gross or operating profits presented a different picture. Discuss how this might have occurred. "Why is the bottom-line figure, net income, not necessarily a good indicator of a firm's
Bobby Jenks Company purchased machinery for $160,000 on January 1, 2004. Straight-line depreciation has been recorded based on a $10,000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2008 at a gain of $3,000. How much cash did Bobby Jenks receive from the sale of the machinery? Keach Company trade
Jeter Company purchased a new machine on May 1, 1998 for $176,000. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of $8,000. The company has recorded monthly depreciation using the straight-line method. On March 1, 2007, the machine was sold for $24,000. Wh
WorldCom: The Final Catalyst on pp. 114-118 1. Describe the mechanisms that WorldCom's management used to transfer profit from other time periods to inflate the current period. 3. How should WorldCom's board of directors have prevented the manipulations that management used? 4. Bernie Ebbers was not an accountant, so he
You are a junior accountant at a small accounting firm. A partner of the firm has asked you to communicate the new SAS 112 (Statement of Accounting Standards [Rules auditors have to follow]) regulation to certain groups and how this change would affect them. He has asked you to create and submit a package of materials that inclu
After many years as a successful orthodontist, Martha has decided to buy a ranch in the country. Martha has always liked horses and anticipates acquiring several for the ranch. On the weekends, Martha can relax at the ranch and ride her horses. The cost of operating the ranch and owning horses will be substantial so she plans to
The manager of Watson Cosmetics's Perfume Division is evaluated on her division's return on investment and residual income. The company requires that all divisions generate a minimum return on invest assets of 8 percent. Consistent failure to achieve this minimum target is grounds for the dismissal of a division manager. The
The Empire Hotel is a full-service hotel in a large city. Empire is organized into three departments that are treated as investment centers. Budget information for the coming year for these three departments is shown below. The managers of each of the departments are evaluated and bonuses are awarded each year based
I need assistance in identifying any activity in the attached financial statements Report on Best Buy Co., Inc where I can apply breakeven analysis. I also need help in defining: ? A unit of measurement for the activity ? Revenue per unit for the activity ? Variable costs for the activity ? Fixed costs for the period in
C. What is the "market leverage"? What is the "book leverage"?