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Accounting

The net accounts receivable for ABC Company were $150,000 at the beginning of the most recent year and $190,000 at the end of the year. If the accounts receivable turnover for the year was 8.5, and 15% of total sales were cash sales, then the total sales for the year were:

The net accounts receivable for ABC Company were $150,000 at the beginning of the most recent year and $190,000 at the end of the year. If the accounts receivable turnover for the year was 8.5, and 15% of total sales were cash sales, then the total sales for the year were: A) $1,445,000. B) $1,700,000. C) $1,900,000.

Accounting Concept Application Questions

1. Stan and Billie have decided to divorce. As part of the divorce settlement, Billie received stock valued at $200,000 that had a basis of $120,000; Stan received their home that had a basis of $240,000 but a fair market value at the time of the divorce of $400,000. Two years after the divorce, Billie sells the stock for $300,0

Accounting - Managerial

Question One: Discuss the pros and cons of implementing ISO 9000. Question Two: Distinguish between predatory pricing and penetration pricing. How are they similar and/or different? Question Three: In your opinion, has Sarbanes-Oxley effectively accomplished what the lawmakers intended when they wrote the law? Support y

Accounting for governmental and non profit entities

On July 1, the first day of their fiscal year, the City of Marshall sold bonds with a face value of $10,000,000 at 102 percent of par. The bonds bear annual interest at 6 percent; interest is payable semi annually. The bonds will mature in equal installments over 20 years. (Bond premium must be used for eventual bond redempti

MBA - Accounting Problem

Attached please find a problem that I need help with. Based on the attached problem, please answer the following question: 1) Unfortunately, by October of the next year it had become clear that the company would not be able to make the $2,000,000.00 target profit. In fact, it looked like the company would wind up the year a

Trouble Company - Depreciation Calculation

Trouble Company purchased equipment of January 1. 2006, for $60,000. It is estimated that the equipment will have a $5,000 salvage value at the end of its 5- year useful life. It is also estimated that the equipment will produce 1000.000 units over is 5-year life. 1. Compute the amount of depreciation expense for the year e

Current and Expected Price of Stock

You are buying XYZ stock. It just paid a dividend of $2.13 on April 21st 2007 and is expected to pay decreasing dividends for the next seven years on April 21st until 2014. The rate of the decrease is 3%. After that, the dividend will grow at a constant rate of 5% forever (on each April 21st, starting in 2015, you start to recei

Accounting for governmental and non profit entities

The fund equity section of the interim balance sheet of the Freeman Town's General Fund, as of June 30, 2005, was: Fund Equity: Appropriations $2,551,600 Less: Expenditures $1,349,000 Encumbrances 112,000 1,461,000 Available Appropriations $1,090,600 Reser

Decision Models: Professor Tillerman's Tonic Tea produces its three blends in the manner outlined below. Since their introduction, the two new flavors have been extremely popular with customers (especially the Kyoto Blend), and account for 85 percent of our current production. See attached file for full problem description.

Product-Mix Information Prepared by the Marketing Department Professor Tillerman's Tonic Tea produces its three blends in the manner outlined below. Since their introduction, the two new flavors have been extremely popular with customers (especially the Kyoto Blend), and account for 85 percent of our current production. S

Estate Tax Liable

Two years ago, Herbert, a widower, made a gift of marketable securities to his 35-year-old daughter, Sabrina, on which he paid a Federal gift tax of $3 million. Herbert dies in the current year and his estate is greatly reduced in value due to his having given away most of his assets over his lifetime. Herbert's executor files a

E4-9

Supervisor Micro Production uses the weighed -average method in its process costing system. During January, the Delta Assembly Department completed its processing of 25,000 units and transferred them to the next department.The cost of beginning inventory and the costs added during January amounted to $599,780 in total. The endi

Activity-Based Costing and Management

I have attached the problem (5-48). I do not need the answers on the attachment but the two below. 1. Utilizing ABC, how much overhead is assigned to the order for men's razors? 2. Utilizing ABC, how much overhead is assigned to the order for women's razors?

Accounting Questions

See attached file for full problem description. 1. "Generally accepted" in the phrase generally accepted accounting principles means that the principles a. are proven theories of accounting. b. have substantial authoritative support. c. have been approved by the Internal Revenue Service. d. have been approved for us

Capital Gain Rules and Tax Calculations

You are in the 28% income tax bracket and pay long-term capital gains taxes of 15%. What are the taxes owed or save in the current year for each of the following sets of transactions a) You buy 100 shares of ZYX for $10 and after seven months sell it on 12/31,200x, for $23. You buy 100 shares of WER for $10 and after 15 month

BREAK-EVEN AND TARGET PROFIT ANALYSIS (LO5, LO6)

Mugs and More sells a large variety of coffee mugs. Larry Hooper, the owner, is thinking of expanding his sales by hiring local high school students, on a commission basis, to sell coffee mugs bearing the name and mascot of the local high school. These coffee mugs would have to be ordered from the manufacturer six weeks in a

Managerial Accounting

Use the following information for questions 18-19. Becker Company developed the following data for the current year: Beginning work in process inventory $ 60,000 Direct materials used 36,000 Actual overhead 72,000 Overhead applied 54,000 Cost of goods manufactured 66,000 Total manufacturing costs 180,000

Accounting: Micro Corporation

Two years ago, Micro Corporation granted its employee, Alisa, 20,000 incentive stock options with an exercise price of $15 per share. The stock is currently trading at $40 per share, but Alisa expects that it will continue to increase. She wants to exercise her options this year and can either exercise them now or wait until lat

Accounting Employee Payroll

The following information is for employee Mary Ryan for the week ended March 15. Total hours worked: 48 Rate: $15 per hour, with double time for all hours in excess of 40 Federal income tax withheld: $200 United Fund deduction: $50 Cumulative earnings prior to current week: $6,400 Tax rates: Social

Advanced Business Taxation

What is meant by method of accounting for tax purposes? What are the general rules regarding selection of a method of accounting for tax purposes?

Accounting Questions

See attached file for full problem description. 1 A company has the following capital structure $ 50 000 ordinary $ 10 shares 500 000 1000 000 5% convertible loan stock 1 000 000 One half of the loan stock holders converted at the rate of three new ordinary shares of $ 10 each per $ 100 of l

Advanced Business Taxation

Please help answer the following questions. Provide at least 200 words in your explanation. What is meant by accounting period for tax purposes? What are the general rules regarding selection of an accounting period for tax purposes?

Valuation: Determining Expected EPS & Growth Forecast for Ticker

Please show me and explain briefly how to determine the estimated Growth Rate & EPS for "Whole Foods Markets" (Ticker Symbol: WFMI). [attached Excel file contains the 3 Financial Statements] I'd just like to see the procedure (or models) and the explanation/justification for the projected estimates you've derived.

Computing projected operation profit and break-even points

Can you help me get started with this project? JetSet Travel, Inc. expects to become very successful in the manufacture and sales of its new luggage line. This luggage will be sold at about $300 per set. JTI executive staff has asked you to provide them a slide presentation in the next staff meeting which gives calculati

Accounting for depreciation on vending machines

On March 15, year 1, James Smith formed a business to rent and service vending machines. In April of year 1, James bought 20 venting machines for $60,000; in April of year 2, he bought 20 more machines for $65,000; in June of the current year, he purchased 10 more vending machines for $35,000. All vending machines have a seve

Marking up Merchandise

Compare and contrast the three methods of marking up merchandise (based on cost, based on selling price, and marking up perishables).