Problem 1: California Surplus Inc. qualifies to use the installment-sales method for tax purposes and sold an investment on an installment basis. The total gain of $75000 was reported for financial reporting purposes in the period of sale. The installment period is 3 years; one-third of the sale price is collected in 2012 and the rest in 2013. The tax rate was 35% in 2012‚ and 30% in 2013 and 30% in 2014. The accounting and tax data is shown below. Financial Accounting
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Depreciation of Fixed Assets Depreciation A business may acquire fixed assets such as land‚ buildings‚ machinery‚ office equipment‚ delivery equipment and natural resources (e.g. a piece if mining land)to help in the process of its operations to earn revenue in order to make a profit. Such assets‚ by their very nature‚ provide benefits to the business for more than one financial year or period. In fact‚ when a business buys a fixed asset at a certain cost (say $10‚000)‚ it is actually buying
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IT236 – Week 6‚ CheckPoint: Copyright Implications University of Phoenix The Legal Issues of Copyrights Copyright protects anything that would fall under the label of creative expression and a good Web designer needs to be aware of these laws so they are not held liable (Copyright 1995-2011). The images and articles in a company’s advertisements and web site are protected under copyright law and the copyright takes effect as soon as the image or article is made or the finished edited version
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allocation of the asset is shown through the method of depreciation a company uses. The method a company chooses to incorporate should be one that most effectively matches expenses with the revenues produced. The method that most select is that of straight-line depreciation‚ which "spreads the depreciable value evenly over the useful life of an asset." (Horngren‚ Sundem‚ Elliott‚ & Philbrick 2006‚ p.342) Depreciation schedules reflect how much depreciation will be allocated for each year of the assets
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there is the vertical analysis‚ which uses the base percentage to express the assets or liabilities and stockholders’ equity. Horizontal analysis or the trend analysis is how someone can evaluate the financial statement over a period. With this method‚ one can determine an increase or decrease in assets liabilities or stockholders equity. This can be done in percentage or totals Horizontal analysis is used primarily with an intercompany comparison. Ratio analysis is when one uses three comparisons
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Week 1 Checkpoint Write a 200- to 300-word response that answers the following: Based on the article by Nott (2008)‚ what are some business uses for inserting a canvas within a Microsoft® Word® document? From these uses‚ propose a strategy that may help users overcome formatting issues. After reading the article by Nott (2008)‚ I have found the information in the article to be highly informational because I have never been through those activities before inside of Microsoft
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Week 6 Checkpoint The accounting cycle is a series of procedures that allow a company to record their transactions and prepare their financial statements in the most accurate way possible. Every cycle starts with a single transaction and ends with the books being closed out for a specific time period. There are nine steps in all. 1. Analyze Business Transactions – As financial transactions occur they are analyzed and considered with respect to their effect on their financial position in the
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Cyber Law Text & Cases Quiz 2 1. Cyberlaw | both a and c | 2. The Internet | is a network of computer networks. | 3. The Internet began in | 1969. | 4. The history of the Internet shows that(Points : 1) | user policy expressly prohibited commercial applications. | 5. The World Wide Web was developed in: 1) | 1991. | 6. The World Wide Web began at | CERN. | 7. The World Wide Web was developed and
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which makes sense to me because it prevents the loose reports from being misplaced and lost. However‚ the different sizes of facilities tend to organize patient files differently according to each particular facility’s policies. The most popular methods of organization that I have seen include chronologically‚ form numbers‚ report type‚ and category. During my review of the interview threads‚ I noticed a lot of similarities and a lot of differences in how patient files are handled. For example
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Problem 17-4A 1. Current ratio = 3.9 to 1 2. Acid-test ratio = 2.3 to 1 3. Days’ sales uncollected x 365 = 33.2 days 4. Inventory turnover = 7.2 times 5. Days’ sales in inventory x 365 = 49.6 days 6. Debt-to-equity ratio ($16‚500 + $2‚200 + $2‚300 + $62‚400) / ($90‚000 + $59‚800) = 0.56 to 1 7. Times interest earned $66‚950 / $3‚100 = 21.6 times 8. Profit margin ratio
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