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(Learning Objective 3: Adjust the accounts for interest expense) Cheap Travel borrowed $60,000 on October 1 by signing a note payable to Community Bank. The interest expense for each month is $250. The loan agreement requires Cheap to pay interest on December 31.
1. Make Cheap’s adjusting entry to accrue monthly interest expense at October 31, at November 30, and at December 31. Date each entry and include its explanation.
2. Post all three entries to the Interest Payable account. You need not take the balance of the account at the end of each month.
3. Record the payment of three months’ interest at December 31.
Prepare a statement of cash flows for the year ended December 31, 2006 along with any related disclosures and prepare a statement of retained earnings for the year ended December 31, 2006.
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Prepare T-accounts to show the ending balances in Accounts receivable and Allowance for uncollectible accounts. Compute net accounts receivable at October 31. How much does Windy Mountain expect to collect?
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Compute the operating income for the Olive Oil Division using a transfer price of $4 and compute the operating income for the Olive Oil Division using a transfer price of $2.14.
At the beginning of the year, Shults Company had the following standard cost sheet for one of its plastic products.
On January 1, 2013, M Company granted 94,000 stock options to certain executives. The options are exercisable no sooner than December 31, 2015, and expire on January 1, 2019. Each option can be exercised to acquire one share of $1 par common stock fo..
Determine the quick ratio for both companies, and interpret the quick ratio difference between the twocompanies.
The corporation has $6,000 in current earnings and profits for the year and $8,000 in accumulated earnings and profits. How will the corporation identify the distributions to John and Bill?
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