Nelson, Inc. purchased machinery at the beginning of 2005 for $90,000. Management used the straight-line method to depreciate the cost for financial reporting purposes and the sum of the years' digits method to depreciate the cost for tax purposes. The life of the machinery was estimated to be two years, and the salvage value
What are some skills necessary to succeed in public accounting.
I have this project that I'm working on and I have a question. Refer to the attached sheet, hypotheticaly now this company is able to reduce their cash gap by 20days how much additional cash will they have on hand and what would the savings on the annual cot of financing the cash gap at 8%. Also what tax considerations sho
What is the expected return on a portfolio comprised of $3,000 in stock K and $5,000 in stock L if the economy is normal? State of Probability of Returns if State Occurs Economy State of Economy Stock K Stock L Boom 20%
Presented below is a balance sheet for the Don Lane Lawn Service at December 31, 2003. DON LANE LAWN SERVICE Balance Sheet December 31, 2003 Assets Liabilities and Stockholders' Equity Cash $12,000 Liabilities Accounts receivable 7,000 Accounts payable $ 8,000 Supplies 9,000 Notes payable 15,000 Equipment 11,00
Buttercup's N More wants to offer some preferred stock that pays an annual dividend of $2.00 per share. The company has determined that stocks with familiar characteristics provide a 9 percent rate of return. What price should Buttercup's expect to receive per share for this stock offering?
Ellis Company accumulates the following adjustment data at December 31. 1. Revenue of $800 collected in advance has been earned. 2. Salaries of $400 are unpaid. 3. Prepaid rent totaling $450 has expired. 4. Supplies of $350 have been used. 5. Revenue earned but unbilled totals $750. 6. Utility expenses of $300 are unpaid.
XYZ Pharmacy reported cost of goods sold as follows: 2003 2004 Beginning inventory $ 54,000 $ 64,000 Cost of goods purchased 847,000 891,000 Cost of goods available for sale 901,000 955,000 Ending inventory 64,000 55,000 Cost of goods sold $837,000 $900,000 Perkins made two errors: (1) 20
A man received $7500 for being an executor of an estate. He also received a home worth 100,000 but was only purchased for 30,000. Finally, he receives the life insurance benefits of 100,000. He elected to receive payment in installments and for this year he collected 30,000 of it. With these three scenarios, how much would h
Using Excel, solve the following: The Peachtree Airport in Atlanta serves light aircraft. It has a single runway and one air traffic controller to land planes. It takes an airplane 12 minutes to land and clear the runway. Planes arrive at the airport at the rate of 4 per hour. A) Determine the average number of plan
Using Excel, solve the following: The Dynaco Manufacturing Company produces a particular product in an assembly line operation. One of the machines on the line is a drill press that has single assembly line feeding onto it. A partially completed unit arrives at the press to be worked on every 7.5 minutes, on the average.
(See attached file for full problem description) I would like to use these responses to aid me in solving additional problems
2. MedCo, Inc. manufactures a specialized breathing instrument called the MCB1000. The firm has grown rapidly in recent years because of the product's low price and high quality. However, sales have declined this year due to increased competition and a decrease in the surgical procedures for which the MCB1000 is used. The firm i
Blue, inc. sells playground equipment to schools and municipalities. Invoices are mailed at the end of each month for all goods shipped during that month; credit terms are net 30 days. Sales and account receivable data for 2005, 2006, and 2007 were as follows. Year ending December 31 2005 2006 2007 sales $1,785,980 $1,83
Garber Corp.'s trial balance of income statement accounts for the year ended December 31, 2001 included the following: Debit Credit ???????? ???????? Sales
What is the expected value for the follwoing decision tree? Graph is attached A 84.5 B 70 C 100 D -50
1. Which of the following is not an indication that an investor company has the ability to significantly influence an investee? A. Material intercompany transactions. B. The company owns 30 percent of the company but another owner holds the remaining 70 percent. C. Interchange of personnel. D. Technological depend
Hello BrainMass OTAs We need your expertise with these questions Our study group is working on these pre exam questions and are comparing results. Please carefully review and answer these multiple questions. We will provide a rating after checking responses. 11. Assume that you purchase a 6-year, 8 percent savings c
1 - What role do tax credits play in international taxation? What considerations might cause tax credits to not achieve their intended results? 2. Sweden has a classical system of taxation. Calculate the total taxes that would be paid by a company headquartered in Stockholm that earns 750,000 swedish krona (SEK) and distribu
ABC Corporation is a wholesale distributor of electronic components. Financial statements for the year ended December 31,2002, reported the following amounts and subtotals (in millions): 2001: Assets $740; Liabilities $330; Stockholders' Equity $410; Net Income $210; Expenses $150 2002: Assets $820; Liabilities $400; Stockhol
A large corporation collected data on the reasons both middle managers and senior managers leave the company. Some managers eventually retire, but others leave the company prior to retirement for personal reasons including more attractive positions with other firms. Assume that the following matrix of one-year transition probab
How long does it take to double the money on an investment?
Information: 2004 2005 Units Sales (units) 2,400 1,900 Production 2,100 1,500 Budgeted productions and sales 1,875 1,875 Beginning inventory 800 500 Data per unit (variable) Price 2,100 1,950 Direc
A corporation, which had 15,000 shares of common stock outstanding, declared a 3-for-1 stock split. (a) What will be the number of shares outstanding after the split? (b) If the common stock had a market price of $240 per share before the stock split, what would be an approximate market price per share after the split?
3. On October 1, 2001, Coast Financial loaned Barr Corporation $300,000, receiving in exchange a nine-month, 12% note receivable. Coast ends its fiscal year on December 31 and makes adjusting entries to accrue interest earned on all notes receivable. The interest earned on the note receivable from Barr Corporation during 2002 w
The following information was taken from the annual manufacturing overhead cost budget of the Fernetti Company. Variable manufacturing overhead costs $33,000 Fixed manufacturing overhead costs $21,450 Normal production level in labor hours 16,500 Normal production level in units 4,125 Standard labor hour
A corporation issued $600,000 of 8%, 5-year bonds on January 1, at 102. Interest is paid semiannually on January 1 and July 1. If the corporation uses the straight-line method of amortization, the amount of bond interest expense to be recognized on July 1 is a. $22,800. b. $24,000. c. $25,200. d. $48,000. Amway Comp
Should there be more of a standard regarding the income statement or is it acceptable that there is some room for variances? Support your response.
This is a graduate level posting. Please complete the answer with a full explanation which includes the calculations! Please answer all of the quetions.
Company ABC's earnings and dividends will grow at 0.7% monthly during the next five years. Its growth will stop after year 5. In year 6 and afteward, it will pay out all earnings as dividends. Assume next year's EPS is $12 and the dividend is $8 and the market capitalization rate is 8%. What is ABC's stock price? Thanks.
Valencia Corporation, a U.S. corporation, has 2003 taxable income from U.S. sources of $300,000 and from foreign sources of $120,000 before considering the impact of foreign taxes. It paid $20,000 of foreign taxes during 2003. a. If Valencia's foreign taxes are not creditable, calculate its U.S. tax liability for 2003. b.