Gentle Ben’s Bar and Restaurant uses 5,000 quart bottles of an imported wine each year. The effervescent wine costs $3 per bottle and is served in whole bottles only since it loses its bubbles quickly. Ben figures that it costs $10 each time an order is placed, and holding costs are 20 percent of the purchase price. It takes three weeks for an order to […]
5. Which of the following is not a characteristic of a like-kind exchange? (Points : 5) The holding period for like-kind property includes the holding period of the property surrendered.Receipt of boot can cause gain recognition up to the gain realized.Business realty can be exchanged for business personal property.Personal-use assets do not qualify for like-kind exchanges.All are like-kind characteristics Which • of the following is […]
Sandy owned a beautiful silver tea set. It was quite valuable. Sandy took her silver tea set to Tiffand Silver, a silver store. She asked Mrs. Tiffand if she could polish the set and repair the sugar bowl. She indicated that she could and that she would have it ready by the following week if Sandy left it with her. So Sandy left the tea […]
Nineteen Measures of Solvency and ProfitabilityThe comparative financial statements of Chattah Inc. are as follows. The market price of Chattah Inc. common stock was $25 on December 31, 2012. (the info is attached) What is the ratio of liabilities to stockholders’ equity, number of times interest charges & preferred dividends earned, ratio of net sales to assets, rate earned on stockholder’s equity & common stockholder’s […]
Linda Lu owned a beautiful home in Boca Raton. One day she looked around and decided that her house was in dire need of some updating. She hired Charlie Chicto redecorate her apartment. She and Charlie spent some time discussing her taste and her preferences in style. They came to an agreement and Linda Lu hired Charlie to redecorate her home. Charlie’s duties under the […]
Rita king, your assistant on the April 30, 2002, audit of Maxwell company, was transferred to another assignment before she could prepare a proposed adjusting journals entry for Maxwell’s miscellaneous revenue account, which she had analyzed per the working paper given on the next page , you have reviewed the working paper and are satisfied with king’s procedures. You are convinced that all the miscellaneous […]
Genen Earl journal entry to record the payment of the note? Alpha Company prepares quarterly adjusting entries. On November I, 2017, Alpha Company purchased equipment with asticker price of $3,515 and signed a note due in 9 months for $10,000 that included interest in the value of the note. Use thisinformation to prepare the general journal entry for the November 1 equipment purchase. Prepare any […]
Having trouble with the Quarterly entries also does Bravo Company pay 800 in interest since the paid a month late? Alpha Company had the following events during FY 2017: Date: Event Jan. 2 Accepted Bravo Company’s 4 month, 12% note, as settlement of an outstanding $15,000 accounts receivable forgoods sold in the prior year. Jan. 15 Sold, $10,000 of equipment (from merchandise inventory) to Charlie […]
Chapter 13 — Financial Condition AnalysisPROBLEM 2Southwest Physicians, a medical group practice, is just being formed. It will need $2 million of totalassets to generate $3 million in revenues. Furthermore, the group expects to have a profit margin of 5percent. The group is considering two financing alternatives. First, it can use all-equity financing byrequiring each physician to contribute his or her pro rata share. Alternatively, […]
The CFO of Horatio’s Hotels gave three college interns three different independent projects to evaluate. Following are the results of their analyses: Interns Name: Albert; Project’s Life: 7 years; NPV: $5,300; IRR: 12%; Discounted Payback: 6.8 years; Decision: Accept Interns Name: Josie; Project’s Life: 6 years; NPV: $-1,800; IRR: 8%; Discounted Payback: 5.8 years; Decision: Reject Interns Name: Kenny; Project’s Life: 10 years; NPV: $4,500; […]
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