Clinton, Inc. purchased $100,000 of Hope Corporation bonds at 100. The bond interest rate is 8% and interest is paid semi-annually. The journal entry to record the receipt of interest on the next interest payment date would be:
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Provide a summary commentary regarding the inventory accounting method, the depreciation method(s), and the overall composition of total assets.
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On April 1, 2017, Bridgeport Company assigns $536,700 of its accounts receivable to the Third National Bank as collateral for a $304,800 loan due July 1, 2017. The assignment agreement calls for Bridgeport to continue to collect the receivables. Prep..
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Prepare the net cash flows from operating activities using the indirect method. What are the causes of the major differences between net income and net cash flow from operating activities?
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How much higher (or lower) would company’s first-year net income have been if absorption costing had been used rather than variable costing? Show computations.
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The audit of GolfDay Company, a manufacturer of bicycle racks and golf carts, is almost finished. Krista Heiss is the most experienced auditor on this audit and is in charge of performing review analytical procedures. What are some analytical procedu..
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Prepare a properly formatted, multi-step Income Statement (i.e. showing intermediate profit lines Gross Profit, NOI, EBITDA, EBIT, EBT, and NI, as required). Per Share presentation of income data is not being requested.
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Boyne Inc. had beginning inventory of $16,500 at cost and $22,900 at retail. Net purchases were $117,240 at cost and $188,200 at retail. Net markups were $11,800; net markdowns were $7,800; and sales revenue was $156,200. Compute ending inventory at ..
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Net income is $132,000, accounts payable increased $10,000 during the year, inventory decreased $6,000 during the year, and accounts receivable increased $12,000 during the year. Under the indirect method, what is net cash provided by operations?
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On January 1, 2013, M Company granted 94,000 stock options to certain executives. The options are exercisable no sooner than December 31, 2015, and expire on January 1, 2019. Each option can be exercised to acquire one share of $1 par common stock fo..
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Knight Company reports the following costs and expenses in May. Factory utilities $19,000 Direct labor $69,760 Depreciation on factory equipment 17,850 Sales salaries 53,210 Depreciation on delivery trucks 4,860 Property taxes on factory building 3,3..
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Overhead variances, four-variance analysis: Oerstman, Inc., uses a standard costing system and develops its overhead rates from the current annual budget. The budget is based on an expected annual output of 120,000 units requiring 480,000 direct labo..
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