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The following account balances were drawn from the financial records of Kerr Company (KC) as of January 1, 2013. Assets, $25,000; Liabilities, $8,000; Common Stock, $10,000; and Retained Earnings, $7,000. Kerr has agreed to pay the creditors $600 of interest per year. Further, Kerr agrees that for the 2013 fiscal year, any annual earnings remaining after the interest charges will be paid out as dividends to the owners.
Required:
a. Assuming Kerr earns a before interest expense recognition profit of $1,500 during 2013, determine the amount of interest and dividends paid. b. Assuming Kerr earns a before interest expense recognition profit of $800 during 2013, determine the amount of interest and dividends paid. c. Assuming Kerr earns a before interest expense recognition profit of $400 during 2013, determine the amount of interest and dividends paid.
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Accounting 2301 – Practice Questions for Exam #2, Accounting Questions and solutions
Make the necessary adjusting journal entries at December 31, 2007, and December 31, 2008 to record depreciation for each year under the following depreciation methods: (a.) Straight-line. (b.) Double-declining-balance
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