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On December 31, 2011 Berry Corporation sold some of its product to Flynn Company, accepting a 3%, four-year promissory note having a maturity value of $500,000 (interest payable annually on December 31). Berry Corporation pays 6% for its borrowed funds. Flynn Company, however, pays 8% for its borrowed funds. The product sold is carried on the books of Berry at a manufactured cost of $310,000. Assume Berry uses a perpetual inventory system.
Instructions(a) Prepare the journal entries to record the transaction on the books of Berry Corporation at December 31, 2011. (Assume that the effective interest method is used. Use the interest tables below and round to the nearest dollar.)(b) Make all appropriate entries for 2012 on the books of Berry Corporation.(c) Make all appropriate entries for 2013 on the books of Berry Corporation.
On November 1, Carter Company signed a 120-day, 10% note payable, with a face value of $9,000. What is the adjusting entry for the accrued interest at December 31 on the note?
Long-term debt that matures within one year and is to be converted into stock should be reported:
Why are budgets useful in the planning process? a) They provide management with information about the company's past performance. b) They help communicate goals and provide a basis for evaluation.
Assume a business combination took place at December 31, 2009. Atwood issued 50 shares of its common stock with a fair value of $35 per share for all of the outstanding common shares of Franz. Stock issuance costs of $15 (in thousands) and direct cos..
On December 31st, 2003, the Merchant Bank enters into a debt restructuring agreement with Shrek Company, which is now experiencing financial trouble. The bank agrees to restructure a 10%, issued at par, $1,000,000 note receivable by the following ..
What are the names of the two methods for treating the pre-acquisition revenue and expense items of a subsidiary purchased during a fiscal period?
A. Low Carb Diet Supplement, Inc. has two divisions. Division A has a profit of $100,000 on sales of $2,000,000. Division B is only able to make $25,000 on sales of $300,000. Based on the profit margins (returns on sales), which division is superior?
Linden Co. has 1,000,000 euros as payables due in 90 days, and is certain that euro is going to depreciate substantially over time. Assuming the firm is correct, the ideal strategy is to:
You have been employed as an entry level management accountant for a little under a year. you suspect that your immediate supervisor is involved in asignificant fraud involving diverting of company assetts to personal use.
A manufacturer of thermostats uses a kanban system to control the flow of materials. The packaging center processes 10 thermostats an hour and receives completed thermostats every 30 minutes. Containers hold 5 thermostats each.
During 2012, Crop-Paper-Scissors, a craft store, changed to the LIFO method of accounting for inventory. Suppose that during 2013 they switch back to the FIFO method and the following year switch back to LIFO again.
Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children who live with her. She also maintains the household in which her parents live and furnished 60% of their support.
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