Explore BrainMass

Explore BrainMass


    BrainMass Solutions Available for Instant Download

    Accounting Financial Ratios in Balance Sheets

    See attached Financial ratios Shown below are some key figures from the balance sheets of AA Company for two successive years: December 31, 2000 December 31, 1999 Total assets (of which 30% are current) $4,000,000 $3,000,000 Current liabilities 320,000 4

    Accounting Income Statement Technologies

    Profitability measures Shown below is a recent income statement for SEC Technologies. (Dollar amounts are in thousands.) SEC Technologies Income Statement For the Year Ended January 31, 2001 Net Sales... $3,000,000 Less: Cost of goods sold...... 1,650,000 Gross profit....

    minimizing personal income tax of a small company owner

    I am having trouble with the following problem in determining if the strategy will minimize Mr. Whit's payroll tax. Please provide an explanation with your answer. Mr. Whit is the sole shareholder and CEO of newly incorporated Talawanda Concepts. He plans to pay himself a reasonable $100,000 annual salary. However, the corp

    Owner directing rent payment to someone else is scrutinized.

    In the following situation, I am having problems identifying the related tax issue. Ms. Christina owns rental property earning monthly rent of $2,000. On December 1, 2003, she instructs her tenant to pay the rent due directly to her daughter, Joanna.

    Identifying tax related issue--selling stock

    In the following situation, I am having problems identifying the related tax issue. Mr. Tony owns stock that has declined in value. He is considering selling the stock to recognize the tax loss but is reluctant to do so because he believes the stock price will rebound. He arranges to sell the stock to a friend, who then imm

    Identifying tax related issue--expanding operations

    In the following situation, I am having problems identifying the related tax issue. Morgan Corporation is planning to expand its operations into either State J or State K. Property costs are lower in State J, but skilled labor is in greater supply in State K, which would result in lower projected payroll costs.

    Identifying related tax issue

    In the following situation, I am having problems identifying the related tax issue. Ms. Lunai is single and expects her 2003 taxable income to be $60,000. On October 1, 2003, she purchased 100 shares of Skyrocket Inc. for $10 per share. On December 15, 2003, the stock traded at $15 per share. Ms. Lunai is considering wheth


    Can you please describe to me what are the benefits of disposing of accounts receivables?

    Ranking investments based on after-tax value

    Assume that each of the following investments generates the same amount of pretax value. Rank the investments from highest to lowest in terms of their after-tax value. Explain your rankings. a. Corporate stock paying an annual dividend. b. Corporate stock paying no dividend but expected to appreciate in value. c. Munic

    Tax affect of employing family members

    Mrs. Kanisha is the owner of Kanisha?s Sub Shop. In order to lower her taxable income from the shop, Mrs. Kanisha ?employs? her three-year-old daughter as a janitor at a salary of $200 per week. a. Does Mrs. Kanisha?s employment of her daughter reflect economic reality? b. Should Mrs. Kanisha be allowed to deduct the salar

    Computing average costs

    I am having a problem with my calculations for requirement "b" (computing the average process cost per unit sold of each of the three product lines) and requirement "c" (computing the average process costs per unit sold during a comparable period). See attached for more details

    Wine Company Assets

    33. At the beginning of the year, Wine Company had total assets of $1,050,000 and total liabilities of $600,000. Answer the following questions viewing each situation as being independent of the others. (1) If total assets increased $350,000 during the year, and total liabilities decreased $150,000, what is the amount of sto

    Accounting Rulemakers to Mull Broad Changes to Pensions

    Accounting Rulemakers To Mull Broad Changes To Pensions By ARDEN DALE April 19, 2004 3:54 p.m. Of DOW JONES NEWSWIRES NEW YORK -- Companies could be required to mark their pension plans to market under a project being considered this week by accounting rulemakers in the U.S. and Europe. Though not certain to be adopted,

    Estimating Profit

    I am having problems trying to estimate profitiablity and identifying the problems with the company's policies and measurements.

    Assets - Investment Proportions in Minimum-Variance Portfolio

    Problem: There are three assets that one could invest. A is a risk-free asset with that yields a rate of 8%. The other two assets, B and S are risky asset with the following attributes. Asset Expected Return Standard deviation A B 12% 15% S 20% 30% Correlation between assets B and S is 0.1. To determine the inv


    What types of internal controls are in place at organizations?

    Need assistance with a question

    24. In the following separate mini cases, using a periodic inventory system, identify the item(s) designated by the letter. (a) Purchases _ X _ Y _ Net purchases. (b) Cost of goods purchased _ Net purchases _ X. (c) Beginning inventory _ X _ Cost of goods available for sale. (d) Cost of goods available for sale _ Cost of go


    (a) "The steps in the accounting cycle for a merchandiser are different from the accounting cycle for a service enterprise." Do you agree or disagree? (b) Is the measurement of net income for a merchandiser conceptually the same as for a service enterprise? Explain.

    Cost Accounting High Low Methods

    Category: Business Subject: High Low method Details: Company x documented their production levels and overhead costs for the past five months: Production Overhead Costs January 10,500 units $402,500 February 10,675 units $410,000 March 11,500 $442,500 April 12,500 $452,500 May 11,000 437,500 Using high-low

    Accounting - Major Problems for Standard Setters Internationally

    Select one accounting practice that has caused major problems for standard setters internationally (i.e. where practice varies considerably from country to country ). Explain the problem and how standards setters have attempted to harmonise practice. Describe and evaluate the current situation. Please see attached for Gui

    Microsoft Excel

    Using Microsoft Excel perform the following: Presented below is financial information related to Vi-Gro Corporation for the year 2002. Unless otherwise stated, all balances are ending balances. Vi-Gro Corporation had 88,000 shares of common stock outstanding for the entire year. Its effective income tax rate for state and

    ABC Manufacturing is thinking of launching a new product.

    ABC Manufacturing is thinking of launching a new product. The company expects to sell $900,000 of the new product in the first year and $1,500,000 each year thereafter. Direct costs including labor and materials will be 55% of sales. Indirect incremental costs are estimated at $80,000 a year. The project will require a new p

    Assets and Completing Tenders

    Category: Business > Financial Accounting Subject: Non-Current Assets (asset definition / Asset valuation) Details: A group of metropolitan councils had for some years operated a very large rubbish tip. Unfortunately the tip was rapidly filling and the search was on for a new one. The councils favoured acquiring a yawning

    Accounting Problem Set

    Please show calculations as you work on your worksheet. 1. Owners of business firms are the only people who need accounting information. a. True b. False 2. The study of accounting is not useful for a business career unless your career objective is to become an accountant. a. True b. F

    Sensitivity Analysis: Net Income

    The McKenzie Transportation Company specializes in hauling goods over long distances. The company's revenues and expenses depend upon Revenue Miles, which is a measure that combines both weight and mileage. Following are the summarized budget data for next year. They are based upon the predicted total Revenue Miles of 800,0

    Income Tax Liability

    A corporation sells computer. During the past year, the company's sales were $3,000,000. The cost of merchandise sold came to $2,000,000, and operating expenses was $500,000. The firm paid $150,000 in interest on its bank loan. It received $50,000 as cash dividend income. It paid dividends of $25,000. Please calculate the c


    Effects of errors on financial statements: Indicate the immediate effect of the following errors on each of the accounting elements described in the column heading below, using the following code: O = Overstated, U= Understated; NE = No Effect. Please see attachment for table.

    Account Adjustments Process Basic Entries

    Adjustment and closing process Basic entries: Selected ledger counts used by Alvarez Truck Rental, Inc are listed long with identifying numbers. Following this list of account numbers and titles is a series of transactions. For each transaction, you are to indicate the proper accounts to be debited and credited. Please se