P4-39 a) Net Operating profit after Taxes (NOPAT) * NOPAT2011= 2114-714-2 +(51-87)*.37 * NOPAT2011=$1389 b) Net Operating Assets (NOA)= Operating Assets- Operating Liabilities * NOA2011= (17849-1103-22) - (8663-557-441)- 1183 NOA2011= $7876 * NOA2010= (18302-1826-90) – (8978-663-35) – 1256 NOA2010= $6850 c) RNOA2011= NOPAT/ AVG NOA * RNOA2011= 1389/((7876+6850)/2) RNOA2011= 18.86% NOPM2011= NOPAT/SALES * NOPM2011= 1389/50272 NOPM=2.76% NOAT2011=
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• Case 1-4 Generally Accepted Accounting Principles At the completion of the Darby Department Store audit‚ the president asks about the meaning of the phrase “in conformity with generally accepted accounting principles‚” which appears in your audit report on the management’s financial statements. He observes that the meaning of the phrase must include more than what he thinks of as “principles.” Required: a. Explain the meaning of the term accounting principles as used in the audit report
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To pay dividends to stockholders c. To provide a benefit to society d. To manufacture a quality product ANS: Q. When a business borrows money‚ it incurs a(n) a. tax. b. liability. c. receivable. d. addtional equity. ANS: Q. When a product is sold‚ this cost is often called a. cost of goods sold. b. revenue. c. products. d. retained earnings. ANS: Q. The financial resources a business owns are called a. assets. b. liabilities. c. earnings. d. stockholders’ equity. ANS: Q. Rights to receive money
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with resolving their technical queries as well as assist them in development of new technology. The subject matter expert was hired on 1st of February and today is 1st of March of the same year. You have just paid him his salary. What accounts will this transaction impact? Answer : Engineers cash account increases and company balance decreases . In terms of accounting head : (DR) Salary account (L) (CR) operating expense
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Assessments › View All Submissions › View Attempt View Attempt 1 of 1 Title: | Ch01 Quiz | Started: | August 21‚ 2012 9:12 AM | Submitted: | August 21‚ 2012 9:22 AM | Time spent: | 00:09:30 | Total score: | 10/10 = 100%Total score adjusted by 0.0Maximum possible score: 10 | 1. | ch01001 | | Financial accounting information is: | | | Student Response | Value | Correct Answer | Feedback | A. | Designed to assist investors and creditors. | 100% | | | B. | Not used by managers
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assets of 23800 current liabilities of $4300 and long term debt of $7400.What is the value of the shareholder equity account for this firm ? How much is the net working capital? 2) Papa Roach Exterminators Inc has sales of $586000‚ costs of $247000‚ depreciation expense of$43000‚ interest expense of $32000 and a tax rate of 35 per cent .What is the net income for this firm? 3) The Renata Co had $236‚000 in 2009 taxable income .Using the tax table given below; calculate the company’s 2009 income
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$75‚000 was paid on June 30 of the prior year along with an installment on the loan principal‚ and interest of $50‚000 will be paid with the next installment on June 30 next year. What amount should Wilk report as current liabilities at December 31 this year? a. $1‚250‚000 b. $4‚650‚000 c. $5‚175‚000 d. $5‚700‚000 Solution: The A/P and short-term borrowings are current‚ and because the $3.5M bank loan is in violation of a loan provision (and the creditor has not waived his
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Remmers corporation for 2010. a. Depreciation reported on the tax return exceeded depreciation reported on the income statement by 120‚000. This difference will reverse in equal amounts of 30‚000 over the years 2011-2014. B. Interest received on municipal bonds was 10‚000. C. Rent collected in advance on Jan 1 2010 totaled 60‚000 for a 3 year period. Of this amount 40‚000 was reported as unearned at Dec 31 for book purposes. D. The tax rates are 40% for 2010 and 35% for 2011 and subsequent years
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TUI University ACC 403 Mod 1 CA March 8‚ 2013 Part I. Generally Accepted Accounting Principles (US GAAP) The common set of accounting principles‚ standards and procedures that companies use to compile their financial statements are called Generally Accepted Accounting Principles. GAAP are a combination of authoritative standards (set by policy boards) and simply the commonly accepted ways of recording and reporting accounting information. “Published accounts have to follow the GAAP
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Introduction: Using the job description as a base‚ develop performance standards for this particular position. Specifically you are to create the following: 1. A list of 5-10 performance standards 2. The type of performance assessment technique(s) you will employ and why 3. The controls you have employed to eliminate or reduce errors or bias in assessment 4. Who will perform the assessment and why 5. How the organization should use the assessment results I chose to use the previous
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