Explore BrainMass

Explore BrainMass


    BrainMass Solutions Available for Instant Download

    Multiple choice

    The amount of salable merchandise a company buys during the period is called a. beginning inventory. b. purchases. c. goods available for sale. d. ending inventory. Cost of goods sold is computed by a. begnning inventory plus purchaes. b. goods available for sale less beginning i

    Multiple choice

    If Reneta's CDs purchases a new cash register for $2,700 and plans to use it for three years before disposing of it for an estimated $300, how much depreciation will Renata recognize the first year under the double-declining-balance method? a. $1,800 b. $ 900 c. $1,600 d. $ 800 Tanner owns and o

    Introduction to Accounting

    Les Fleurs, a boutique in Paris, France, had the following accounts in its accounting records at December 31, 20X2 (amounts in Euros, denoted as "E") Purchases..................... E250,000 Freight In.................. E8,000 Sales discounts............. 4,000 Purchase returns........ 7,000 Inventory Sales.......

    Governmental Fund Balance Sheets

    The combined governmental fund balance sheet of the town of Paris is presented below. Per schedules included in the notes to the financial statements, the town had $1450 of capital assets (net of accumulated depreciation) and $1314 in long-term liabilities associated with the capital assets.

    Paying for Shares

    What would you pay for a share of ABC Corporation stock today if the next dividend will be $2 per share, your required return on equity investments is 12%, and the stock is expected to be worth $110 one year from now?

    Liquidity of Short term assets; related to debt paying ability

    It is proposed at a stockholders' meeting that the firm slow its rate of payments on accounts payable in order to make more funds available for operations. It is contended that this procedure will enable the firm to expand inventory, which will in turn enable the firm to generate more sales. Comment on this propsosal.

    2 questions

    An entry for depreciation has what effect on the financial statements: a) increases assets and decreases liabilities. b) decreases net income and increases assets. c) increases expenses and decreases assets d) decreeases assets and increases liabilities The primary difference between deferred and accrued expense

    Account balance be placed in or extended to

    Which column would each of these account balance be placed in or extended to. columns offered: (1) income statement debit (2) balance sheet debit (3) income statement credit (4) balance sheet credit. accounts offered: (1) service revenue (2) unearned service revenue (3) land (4) rent expense (5) supplies expense (6)suppli

    Accounting and Internal Controls Multiple Choice Problem Set

    Internal Control CheckPoint SE1: Ann Mogen owns a gourmet coffee shop. Identify four ways in which good internal controls can help her operate her business. SE2: Schell Company is a men's clothing store. Indicate whether each of the following components of internal control is part of the: a. control environment b. risk

    Fraud question/analysis

    Pacific Corporation conducted its operations in San Diego, California. It was a dominant player in the surfboard industry. Pacific was started in the late 1900's, and its customers were remarkably loyal. The mom-and-pop shop was steadily growing in an industry continually saturated by thousands of start ups. The loyalty of i

    What formulas would I use to solve the following?

    A company estimates that to build a new company it would cost $300 million in present value terms or they could purchase an existing company. The book value of the company's they are looking at purchasing has assets of $200 million and its EBIT is $40 million. Similar companies are selling around 10 times current earnings. The

    Inflation, Taxes, and Pensions

    An asset is acquired at a cost of $10,000 with a five-year life and no anticipated salvage value. Straight-line depreciation is considered appropriate. The asset was acquired on January 2, 2000. Price indexes for the five years are: First, prepare data for each given year. Second, answer the questions below.

    After tax-rates of return

    Compare the after-tax rates of return for a corporate investor from the following two investments: A twenty-year, corporate bond that sells for par and offers a 9% coupon versus an investment in preferred stock that sells for $40.00 per share and pays a $2.40 dividend. The corporation has a 35% tax rate

    Annual rate of growth of earnings per share

    If a corporation reported earnings per share of $8.00 in 1990 and $20 in 2001, what annual rate did earnings per share grow over this period? How would you determine how to solve this problem/ formulas used?

    Accounting review question

    How would you determine how much EBIT could fall before a company would be unable to make interest payments out of operating income?

    Question about portfolio variance

    The CEO wants an update on risk and feels believes the best way to do this is to discuss the relationship between risk and return and explain it in the context of the company's cost of capital. Here is the information that we have: The company's beta is 1.2. The risk-free rate is 3%. The required market return is 8%.

    Computer based control system/accounting system

    See attached file for full problem description. Leslie Thomas case, Grab and Run; Fincus Eyeshade: Blue Mountain Utility< Local Mill: Computer program for control, credit manager and his role, handling of accounts receivable, system improvement to avoid frauds, Control system of accounts payable.

    Classification of Accounts/Accounting concepts

    (See attached file for full problem description) --- E1 The lettered items below represent a classification scheme for the concepts of financial accounting. Match each number term with the letter of the category in which it belongs. a. Decision makers (users of accounting information) b. Business activities or entitie


    I have an inheritance in Lebanon that is estimated around 200,000 (between cash and property). It was from my uncle who have no children. I know that inheritance of such a small amount is not taxable in the US, but what if the inheritance is from another country, like Lebanon? Does it make a difference? How about the fact that i

    Problem Set

    Please answer the questions on the sheet provided. I have attached the balance sheet and income statement. --- 1. Refer to the financial statements to answer the following questions. Work all problems out on this page. Show work. How profitable was ABC Company when comparing their Gross Margin to total sales?

    Installment Sales Method for Temporary Difference

    Gators Corp. sold an investment on an installment basis. The total gain of $60,000 was reported for financial reporting purposes in the period of sale. The company qualifies to use the installment sales method for tax purposes. The installment period is 3 years; one-third of the sale price is collected in the period of sale. The

    Do you agree or disagree with the statement that "decision to acquire an accounting information system is a business decision not a systems decision"? What role does competitive advantage play in the decision to acquire an accounting information system?

    Do you agree or disagree with the statement that "decision to acquire an accounting information system is a business decision not a systems decision"? What role does competitive advantage play in the decision to acquire an accounting information system?

    Financial Analysis

    Using the case study Pepsico Changchun Joint Venture: Capital Expenditure Analysis (9B00N16): Construct 2 sets of NPV & IRR analysis on the proposed joint venture: one including the concentrate sales, and the other set without the concentrate sales. Based on the results, what would be your decision on the proposed joint ventu

    Accounting problems

    EXERCISE 2-10 Varying Predetermined Overhead Rates (LO3, LO5) Javadi Company makes a composting bin that is subject to wide seasonal variations in demand. Unit Product costs are computed on a quarterly basis by dividing each quarter¡¦s manufacturing costs ( materials, labor, and overhead) by the quarter¡¦s production in uni

    Jill's Wigs Inc.

    Jill's Wigs Inc. had the following balance sheet last year: Cash $800 Accounts Payable $350 Accounts receivable 450 Accrued wages 150 Inventory 950 Notes Payable 2000 Net fix

    Keller Best Manufacturing: Total Contribution Margin

    Keller Best Manufacturing produces a single product. The following data pertain to the company's last operating month: **TABLE INCLUDED IN ATTACHMENT** Questions: 1. What was the total Contribution Margin for the month using the variable costing approach? 2. What was the Gross Margin for the month under the absorption

    Various Accounting Questions and Explanations

    Question 17 Mystic Trolling, Inc., has just purchased a new fishing boat for $5,000 cash. The entry that Mustic Trolling will record includes a a. debit to Boat-Fishing; credit to Cash. b. debit to Cash; credit to Boat-Fishing. c. debit to Boat-fishing; credit to Accounts Payable. d. debit to Ca

    Accounting Practices

    You have discovered that a business unit for which you are responsible is still engaged in irregular accounting practices, and there is evidence of bribery of local officials. Discuss the applicable laws that have been potentially violated and the ethical dilemma that this situation may create for the organization. Provide an ex


    VALUATION OF COMMON STOCK: Spendex Corporation currently (time 0) pays a dividend of $1 per share on its common stock. Dividends are expected to grow at 10 percent per year for the next three years, then at 8 percent per year in the following two years, after which the growth in dividends should remain constant at 5 percent. A