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Maria borrowed 600,000 from BDO on September 1,2023 with note carried an 8% annual rate of interest and was set to mature on February 28,2024. The interest and principal were paid in cash on the maturity date.
Questions: 1. What was the amount of interest expense shown in the 2024 in the income statement? 2. What was the amount of cash that was paid to the bank on February 28,2024 for the principal and interest? 3. What was the amount of interest expense paid in cash in 2023? 4. What was the amount of liabilities shown in the 2023 SFP or balance sheet? 5. What was the amount of interest expense to be recognized in the 2023 statement of income?
Calculate the depreciation expense for 2017 and 2018 using double declining balance method. Prepare journal entry to record the sale of machinery on Jan
All net cash flows are received at the end of the year. What is the present value of the net flows from the operations of the fish shop
The company estimates that 4% of customers will exercise their right of return. Explain how the company should account for this transaction
What the revenue reported from this transaction during 2020 would be? If Slatnick Company collects $27,900 in June 2020 for five months of service.
Calculate the current value of XYZ Corp. stock (P0), given the following information: Retention ratio = 40% and Required rate of return (R) = 11.5%
Prepare the following financial statements for Perniagaan Manja Wholesaler: Statement of Profit or Loss for the year ended 30 April 2017
On March 10, 2017, Sarasota Company sold to Barr Hardware 170 tool sets at a price of $50 each (cost $32 per set) with terms of n/60, f.o.b. shipping point. Sarasota allows Barr to return any unused tool sets within 60 days of purchase. Prepare journ..
Compute Equivalent Units for materials, labor and overhead for the month. Compute the Cost per unit materials, labor and overhead for the month
Mike deducts a bad debt on his 2013 tax return. How many years is the statute of limitations for the bad debt deduction?
Peterson Company incurred the following high and low maintenance costs totals during 2010: $370,000 at 20,000 units of activity during March and $274,000 at 12,000 units during August. Instructions: Use the high-low method to compute the variable cos..
You bought 480 shares of ABC Company for $28.32. What is the dollar return, dividend yield, capital gains yield, and percentage return on this investment?
The realization principle determines when a business should recognize revenue. Listed next are three common business situations involving revenue. Sales on account: In june 2015, a San Diego based furniture store had a big sale, featuring " No paymen..
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