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Adjusting Entries: On April 1, 2010, Prince Company assigns $500,000 of its Accounts Receivable to the Third National Bank as collateral for a $300,000 loan due July 1, 2010. The assignment agreement calls for Prince Company to continue to collect the receivables. Third National Bank asses a finance charge of 2% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this Type:). Prepare the journal entry for Prince%u2019s collection of $350,000 of the accounts receivable during the period from April 1, 2010 through June 30, 2010. You are to prepare the missing adjusting entry. For each journal entry write Dr. for debit and Cr. for credit.
24800 were incurred in connection with the issue. interest on the bonds is payable annually each december 31. the 24800
the adjusted trial balance for otam corp. at the end of the current year 2014 contained the following accounts.5-year
Victor has the full-time use of a company owned Jaguar automobile. This year Victor drove 24,000 miles for business and 10,000 personal miles
please respond to the following analyze the risks to merchandising that a business may experience and how they might be
a) Describe each transaction that ocurred for the month. b) Determinate how much owner's equity increased for the month. c) Compute the amount of net income for the month.
For Savage Inc. variable manufacturing overhead costs are expected to be $20,000 in the first quarter of 2005 with $2,000 increments in each of the remaining three quarters. Fixed overhead costs are estimated to be $35,000 in each quarter. Prepare..
A corporation sold land (with an adjusted basis of $240,000) for $200,000 to its majority shareholder. (A) What is the company's recognized gain or loss on the sale?
When a change in the tax law or rates occurs, the effect of the change on a deferred tax liability or asset must be recognized as an adjustment as of the:
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a firm has targeted a 20 growth in sales this year. last years cash as a percent of sales was 10 accounts receivable 30
lichty car wash has some equipment that needs to be rebuilt or replaced. the following information has been gathered
Accounting for Leases
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