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1.At January 1, 2013, Brant Cargo acquired equipment by issuing a five year, $150,000 (payable at maturity), 4% note. The market rate of interest for notes of similar risk is 10%.Required:1. Prepare the journal entry for Brant Cargo to record the purchase of the equipment.2. Prepare the journal entry for Brant Cargo to record the interest at December 31, 2013.3. Prepare the journal entry for Brant Cargo to record the interest at December 31, 2014.
coffee bean inc. cbi is a processor and distributor of a variety of blends of coffee. the company buys coffee beans
Define the terms variable costs, fixed costs, and mixed costs - classify each cost above as either variable, fixed, or mixed.
Last year, Katt Co. reduced the carrying amount of its long-lived assets used in operations from 120,000 to 100,000, in connection with its annual impairment review. During the current year, Katt determined that the fair value of the same assets h..
Random Enterprises signed a discounted note on Jan 1, 2010 promising to pay the lender $10 million in 2 years, and will not make periodic interest payments. The lender wants to earn a 12% APR
Keep-it-Hot Inc. manufactures popular thermoses. On June 30, the company had 1,000 thermoses in inventory. Each thermos sells for $8.00. The company's policy is to maintain a thermos inventory equal to 10% of next month's sales.
nunley companys direct materials budget shows total cost of direct materials purchases for april 300000 may 360000 and
the president of univax inc. has just approached the companys bank seeking short-term financing for the coming year
Moped, Inc. purchased machinery at a cost of $22,000 on January 1, 2011. The expected useful life is 5 years and the asset is expected to have salvage value of $2,000. Moped depreciates its assets via the double-declining balance method.
Where is the product manufactured?
during 2012 kimmel co. incurred average accumulated expenditures of 600000 during construction of assets that qualified
app store co. issued 20-year bonds one year ago at a coupon rate of 6.1 percent. the bonds make semiannual payments.if
What are the different ways to estimate bad debt? How does this affect net income? What does Generally Accepted Accounting Principles (GAAP) require? Why? Should all companies have bad debt? Explain your answer.
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