Chapter 9, Problem 3EYCT

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General Accounting

Best Mart Inc. reported income before income taxes of $2,400 million. However, the company failed to record $2,100 million in accrued expenses during the period. What would the actual income before income taxes be after adjusting for the accrued expenses?

Rena Company reports total assets and total liabilities of $251,000 and $110,000, respectively, at the conclusion, of its first year of business. The company earned $81,500 during the first year and distributed $27,000 to shareholders as dividends. How much did shareholders initially invest in the business?

Solaris Inc. is evaluating three projects: Alpha, Beta, and Gamma. • Alpha requires an investment of $50,000 and has a net present value (NPV) of $7,500. Beta requires $65,000 and has an NPV of $6,500. Gamma requires $80,000 and has an NPV of $10,400. Using the profitability index, rank the projects from most to least desirable. a. Alpha, Gamma, Beta b. Gamma, Alpha, Beta c. Alpha, Beta, Gamma d. Gamma, Beta, Alpha

Subject: general accounting

General accounting