Scenario SummaryYou have a small tax accounting preparation and bookkeeping practice. A new client enters your office and places a box of receipts and bank statements on your desk and says that she would like to have a set of financials prepared and tax returns completed. She also states that the financials and the return will be given to her bank as part of the […]
Operating lease.Kirby Co. purchased a machine on January 1, 2008, for $1,000,000 for the express purpose of leasing it. The machine is expected to have a five-year life, no salvage value, and be depreciated on a straight-line monthly basis. On April 1, 2008, under a cancelable lease, Kirby leased the machine to Harley Company for $300,000 a year for a four-year period ending March 31, […]
You have been hired by Inspiration Inc to help improve profit margin. It is a business communications consult servuce servicing many clients in different industries. Want to improve internal communications typically delivered via documnetation in different media. They have a 100 consultants central headquesrters in Chicage what system os best recommended to improve the company’s business processes and increase profit margin? You have been hired […]
You have recently been hired by Goff Computer, Inc (GCI), in the finance area. GCI was founded eight years ago by Chris Goff and currently operates 74 stores in the Southeast. GCI is privately owned by Chris and his family and had sales of $97 million last year. GCI primarily sells to in-store customers. Customers come to the store and talk with a sales representative. […]
hey the professor gave us a few practice questions for an upcoming quiz, I could use some help.. 1)Conceptually, what is the difference between the methods used to estimate the expected future profits and the expected future cash flows of a potential investment opportunity? 2)Why is the reinvestment assumption associated with the NPV calculation more appropriate than the reinvestment assumption associated with the IRR calculation? […]
Changes in depreciation methods, estimates.On January 1, 2003, Sauder Company purchased a building and machinery that have the following useful lives, salvage value, and costs.Building, 25-year estimated useful life, $4,000,000 cost, $400,000 salvage valueMachinery, 10-year estimated useful life, $500,000 cost, no salvage valueThe building has been depreciated under the straight-line method through 2007. In 2008, the company decided to switch to the double-declining balance method […]
Please help me solve these Finance questions. Show work if possible. Thank you! 1. You have a balance of $2,000 on your credit card and your monthly minimum payment is $35. The credit card company charges an APR of 18%, compounded monthly. If you just make the minimum payment and do not add additional charges on the card, how long it takes you to pay the balance off? (round […]
51) A property that has been rented for 120 days and used for personal use for 40 days should be categorized as: A) Primarily rental. B) Primarily personal. C) Personal/rental. D) All of these are correct. 52) A property that has been rented for 180 days and used for personal use for 16 days should be categorized as: A) primarily rental B) primarily personal C) […]
21) Rental properties that are also used as vacation homes fall under one of two categories: (1) primarily rental; or (2) primarily personal. (True or False) a) True b) False 22) In the case of a primarily personal property, a taxpayer may report a net loss as long as the correct allocation method was used. (True or False) a) True b) False 23) The two […]
Attachment 1 Attachment 2 Attachment 3 Problem 2: ( 20 points )Prepare journal entries for each of the following transactions :”March 1 : Declared a 10 %6 stock dividend to common stockholders ” , market value was $ 40 .0.0 per share . Par value is $ 10.00 per share . There are 50.0, 000 shares of common stock outstanding .March 15: Issued a stock […]
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