Archive for January, 2010
Career change advice?
Monday, January 25th, 2010
6 years ago I fell into Risk and Compliance working for an asset management firm in the city. I worked my way up the ladder and before I knew it I was managing a team of people earning a good salary. Thing is, I’m losing that drive and enthusiasm I once had. I think it may be time for a change into something else with in the city but what to I’m not sure. I have fairly decent product knowledge and contemplate working for an investment bank rather than asset management as I’m drawn to the idea of working within a more pressured environment. I’m very driven by money which is not something I like to admit but the truth is I really believe I have the potential to make much more than I currently do.
At 27 years old, I’d rather act sooner rather than later. please help
i was in a similar position to yourself a couple of years ago. i managed to work my way up the legal ladder, and also ended in a managerial position.
after a while the routine became mundane and i thought about where i wanted to be in life…to cut a long story short, i have started the process of a career change by reverting back to studying at the age of 28….
of course you have to way up the pro’s and cons, but my advice for you is simple; go for it – life is too short to hesitate…if the drive that motivates you has gone, you have to go and find it elsewhere….just be sure that your lack of motivation is to do with the job itself and not other mitigating factors.
GOOD LUCK!!
Accounting Questions?
Monday, January 25th, 2010
1)Assuming a FICA tax rate of 8% on the first $90,000 in wages, and a federal income tax rate of 20% on all wages, what would be an employee’s net pay for the year if he earned $100,000 for the year?
a-$92,800
b-$72,000
c-$80,000
d-$72,800
2) disclosure of acontingent liability is usually made
a-parenthetically in the body of the balance sheet
b- parenthetically in the body of the income statment
c- in a note to the financial statments
d- in the management discussion section of the financial statement
3) which one of the following payroll taxes is NOT withheld from an employees wages because it is not levied on the employee?
a-federal income tax
b-federal unemployment tax
c-state income tax
d-FICA tax
4) an employers estimated cost for post retirement benefits for its employees should be
a-recognized as an expense when paid
b-recognized as an expense during the employees work years
c-recognized as an expense during the employees retirement years
d-charged to the goodwill account because providing employees with benefits generates employee goodwill
5) A truck costing $110,000 was destroyed when its engine caught fire. At the date of the fire, the accumulated depreciation on the truck was $50,000. An insurance check for $125,000 was received based on the replacement cost of the truck. The entry to record the insurance proceeds and the disposition of the truck will include a
a- gain on disposal of $15,000
b-credit to the truck account of $60,000
c-credit to the accumulated depreciation account for $50,000
d-gain on disposal of $65,000
6) natural resources are
a-depreciated using the units of activity method
b-physically extracted in operations and are replaceable only by an act of nature
c-reported at their market value
d-amortized over a period no longer than 40 years
7) a computer company has $2,000,000 in research and development costs. Before accounting for these costs, the net income of the company is $1,600,000. What is the amount of net income or loss after these R&D costs are accounted for?
a-$400,000 loss
b-$1,600,000 net income
c-$0
d-cannot be determined from the information provided
8)During 2008 tyler corporation reported net sales of $3,000,000 and net income of $1,800,000. Tyler also reported beginning total assets of $1,000,000 and ending total assets of $1,500,000. Tylers asset turnover ratio is
a-3.0 times
b-2.4 times
c-2.0 times
d-1.4 times
9) Gains on an exchange of plant assets that has commercial substance are
a-deducted from the cost of the new asset acquired
b-deferred
c-not possib
Thanks a lot man I will deff trust you, you seem to know your stuff I got some more questions if thats cool with you
1) d. 90,000*0.08 = 7,200 and 100,000*0.20 = 20,000, so 100,000-7,200-20,000=72,800
2) c. in a footnote
3) b-federal unemployment tax
4) b-recognized as an expense during the employees work years (matching principle)
5) d-gain on disposal of $65,000
Book Value of truck = 110,000-50,000 = 60,000; Gain = 125,000-60,000=65,000
6) I don’t like this question: Natural resources are DEPLETED using what could be called the ‘units of activity method,’ but they are not depreciated. The best answer is probably: b-physically extracted in operations and are replaceable only by an act of nature
7) Under U.S. GAAP, all R & D expenditures are charged to expense, so the answer is:
a-$400,000 loss
The Asset T/O Ratio is Revenues/Total Assets = 3M/1.5M = 2.0 or c-2.0 times
9) a-deducted from the cost of the new asset acquired
I hope this helps
Socket Mobile SoMo 650EB-M Handheld Computer
Saturday, January 23rd, 2010
The SoMo 650-M from Socket is a durable handheld computer packed with power and speed to provide reliable performance in business applications. This handheld computer is designed for Business Mobility applications including; sales force automation, inventory management, patient care, merchandising and asset management. Featuring a contoured grip surface, the SoMo 650 is an ergonomically designed and easy to use Windows Mobile 6.0 computer. The SoMo 650 provides reinforced CompactFlash and Secure Digital I/O slots to take full advantage of slot based peripherals and protect the computer from the day to day impacts of a business mobility deployment. Additionally, it includes a true business class implementation of Bluetooth and Wi-Fi wireless networking providing dependable connections, great coverage and enabling advanced features such as Voice over IP communications. The SoMo 650 is part of a complete mobile business system including a variety of peripheral devices for scanning, RFID and a number of application specific connectivity options. Comprising of all these features, this lightweight handheld device comes with USB sync/power cable, AC adapter, docking cradle, audio headset and adapter.
Event Management Company
Saturday, January 23rd, 2010
Event Management Company – This Event Management Company http://www.StaceyLeeAgency.com can handle all of your event staffing, planning and management needs, check out Stacey Lee Event Management Services FIRST, event staffing, convention personnel, expo staff, temp personnel for trade shows (event management company)
Duration : 52 sec
Time Management for Success
Saturday, January 23rd, 2010
Time Management for Success
Duration : 3 min 12 sec