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On January 1, 2004, Foster Company sold property to Agler Company which originally cost Foster $570,000. There was no established exchange price for this property. Agler gave Foster a $900,000 zero-interest-bearing note payable in three equal annual installments of $300,000 with the first payment due December 31, 2004. The note has no ready market. The prevailing rate of interest for a note of this type is 10%. The present value of a $900,000 note payable in three equal annual installments of $300,000 at a 10% rate of interest is $746,100. What is the amount of interest income that should be recognized by Foster in 2004, using the effective interest method?
Prepare a cash distribution plan as of September 30, 2009, showing how much cash each partner will receive if the offer to sell the assets is accepted.
What amount will Cashmere Soap include in its year-end balance sheet as cash and cash equivalents?
What is the current status of having the same accounting standards throughout the world? Is any work being done on developing International Accounting Standards? Would you vote for or against such standards, and why?
The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars):
In a manufacturing company the proper journal entry (without numbers) to record the purchase of direct materials would be:
Professor Andy Accrual works for a big state university. The state has negotiated a set of special airfares with various airlines for state employees to use when traveling on state business.
A firm operate at 90% of capacity for the past year, during which fixed costs were $320,000, variable costs were 60% of sales and sales were $1,000,000. What is operating profit was?
The cost of the merchandise returned was $40,000. The accountant recorded all the returns and allowances by debiting the sales account and crediting Cost of Merchandise Sold for $65,900. Was the accountant's method of recording returns acceptable?..
Palermo Wholesalers is preparing its merchandise purchases budget. Budgeted sales are $408,000 for April and $485,000 for May. Cost of goods sold is expected to be 64% of sales.
Which of the following is not an advantage of international acquisitions over the establishment of a new subsidiary?
Assess the role of GASB and its effectiveness with achieving its mission. Explain if the GASB"s oversight of governmental accounting is as effective as the FASB's over financial standards for-profit entities.
Assuming that MARR is 10% and all maintenance costs and production savings are incurred at the end of the year, should the present lease be continued, or one of the two machines be purchased?
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