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Mulkey-Micro brewery sells cases of beer to local restaurants and pubs. A new restaurant, Primo's Pizzaria, agreed to a sale for $2,500 with payment in thirty days. After thirty days, Primo's did not have the cash for payment; therefore, Primo's offer Mulkey a four-month note with 11.5% interest, all payable at the end of the term of the note. Please record the appropriate journal entry establishing the note on Mulkey's books.
When the fair market value of the assets acquired in a business purchase exceed the purchase price, negative goodwill (also called badwill) arises. When negative goodwill arises, GAAP requires that it be allocated to.
Crawford Company has the following equivalent units for July: materials 10,000 and conversion costs 9,000. Production cost data are:
What is the best way to explain accounting to a non-accountant? Analyze the importance of having a good understanding of accounting, and the implications of a lack of understanding have for business?
What entry must Sam's Painting Service make on December 31 before financial statements are prepared?
Tax rules are often very precise. For instance, a taxpayer must ordinarily provide "over 50%" of another person's support in order to claim a dependency exemption. Why is the threshold "over 50%" as opposed to "50% or more"? Explain in detail.
Which of the following costs is often important in decision making, but is omitted from conventional accounting records?
A U.S. manufacturer wants to conduct business through a foreign subsidiary organized in a low tax jurisdiction. How might it do so without being currently taxed on the subsidiary's foreign earnings?
Compute depreciation for 2011 and 2012 and the book value of the drill press at December 31, 2011 and 2012, assuming the straight-line method is used.
Barnes and Miller manufacturing is trying to determine the equivalent units for coversion costs with 3000 units of ending work in process at 80% completion and 14000 physical units. there are no beginning units in the department.conversion costs o..
What is meant by the forensic-type fieldwork phase of an audit?
Rollie Company is launching a new cleaning product for ceramic vases. The company invests $1,200,000 in operating assets, such as production equipment,and plans to produce and sell 400,000 units per year. Rollie wants to make a return on investmen..
The board of directors declared and paid a $3,000 dividend in 2009. In 2010, $12,000 of dividends are declared and paid. What are the dividends received by the common stockholders in 2010?
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