. Waters Department Store had net credit sales of $12,000,000 and cost of goods sold of $9,000,000 for the year. The average inventory for the year amounted to $2,000,000. The average number of days in inventory during the year was (Points: 4) 122 days. 81 days. 61 days. 35 days. 2. Earnings per share is calculated (Points: 4) only for common stock. only for preferred stock. for common and preferred stock. only for treasury
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Question #1: It is believed that Danle’s decision to omit disclosure relating to the class-action litigation was not appropriate for the fiscal year ended December 31, 2009. This conclusion was reached because both litigations were determined to not be “probable” and thus need not be accrued for (as required by ASC 450-20-25-2), yet Danle’s legal counsel concluded that the litigation could “potentially but not probably” cause a future loss. The use of the word “potentially” can be reasonable assumed
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Chemalite, Inc. Income Statement from January 1, 2003 to June 30, 2003 Sales Cost of Sales Gross Profit Depreciation Expenses Operating Expense Net Income $0 $0 $0 $0 ($7,500) ($7,500) Cash Flows Statement from January 1, 2003 to June 30, 2003 Cash flows from Operating Activities Cash collections Cash payments for purchases Cash payments for operating expenses Interest and taxes Total cash payments Net cash provided by operating activities Cash flows from Investing Purchase of hard assets (Building
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The financial outcome for OfficeMax in 2010 was 7.2 million dollars for the year. The 10K report provides information regarding all the financial aspect for the company. OfficeMax reached there goal for the year. Their budget was set and they maintained to keep within their financial means. Below is information obtained form OfficeMax’s 2010 10K report. INDEXED RETURNS Years Ending | |
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Nestor Santamaria MGT 324 Leopoldo Lopez October 22nd, 2012 TIRE CITY Assignment Present Condition of the Firm: Do a profile of Tire City's financial health by calculating the following ratios from 1993 through 1995 * Short Term Solvency or Liquidity: current ratio, quick ratio Short term solvency of liquidity ratios | | | | 1993 | 1994 | 1995 | current asset | 4683 | 5542 | 6548 | current liabilities | 2312 | 2882 | 3218 | Current ratio | 2.02551903 | 1.92297016 | 2.03480423
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CHAPTER 22 Accounting Changes and Error Analysis ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics 1. Differences between change in principle, change in estimate, change in entity, errors. Accounting changes: a. b. Comprehensive. Changes in estimate, changes in depreciation methods. Changes in accounting for long-term construction contracts. Change from FIFO to average cost. Change from FIFO to LIFO. Change from LIFO. Miscellaneous. 2, 11 8 1, 3, 4, 5, 8, 24 8, 14, 15, 17, 19 2, 18, 21 9, 16,
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Case 51.2 Accountant’s Liability: Johnson Bank v. George Korbakes & Company, LLP Keller School of Management Case Questions: Critical Legal Thinking Which of the following three legal theories did the Court apply in making its decision in this case? a. Ultramares doctrine b. Section 552 of the Restatement (Second) of Tort c. Foreseeability standard Before we can determine the doctrine used by the court, I would like to first dismiss the ones that do not apply. a. The court could not
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Chapter 1 True / False Questions 1. Inflation is assumed to be a temporary problem that does not affect financial decisions. FALSE 2. Financial Capital is composed of long-term plant and equipment, as well as other tangible investments. FALSE 3. Real Capital is composed of long-term plant and equipment. TRUE 4. During the 1930s, financial practice revolved around such topics as the preservation of capital, maintenance of liquidity, reorganization of financially troubled corporations
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Practice Questions for Finance 3000, Exam II, Fall 2009 Chapter 3 1. Ratios are used to compare different firms in the same industry. TRUE 2. Financial ratios are used to weigh and evaluate the operational performance of the firm. TRUE 3. Liquidity ratios indicate how fast a firm can generate cash to pay bills. TRUE 4. A banker or trade creditor is most concerned about a firm's profitability ratios. FALSE 5. Ratios are only useful for those areas of business that
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identifying and evaluating the financial reporting choices attributable to the current financial condition of Wiki Art Gallery, Inc. (WAG). Our opinions/recommendations are unbiased and we believe are representative of Generally Accepted Accounting Principles (GAAP). After reviewing the significant events for fiscal years 2010 – 2011, the following recommendations were determined (please see subsequent paragraphs & Exhibit A for revised 2011 income statement). During September fiscal year 2011
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