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ABC Company wants to have $79,596 in three years. The company intends to accumulate that amount by making equal semi-annual cash deposits every six months for three years into a bank account that pays 8% interest compounded semi-annually. Calculate the amount of each deposit. Do not use decimals in your answer.
What is the budgeted production budget (in units) given the following information: Show your work and label accounts. Beginning inventory is 2,000 units. Selling price per unit is $35. Anticipated sales for the quarter are 21,200 units. Variable cost..
Prepare the essential journal entries What is the Dollar Value of Cost of Goods Sold at January 31? What is the Dollar Value of Ending Inventory at January 31?
A company sold a piece of manufacturing equipment for $30,000 cash. The equipment had been listed on the balance sheet at a net book value of $25,000, so the company recorded a gain on sale of equipment of $5,000. Which of the following items would b..
The Sarbanes Oxley Act was established in 2002. Why was it enacted? Describe 6 provisions of the Act? Define the concept of materiality. Give 2 examples and clearly explain why you think that they are material. Accounting Changes & Correction of Err..
How is the balance sheet of a merchandising firm different from the balance sheet of a service business?
Sam was about to sell a $1 million life insurance policy to a prospective customer when he resigned from his position with Equity Life. Before resigning from the company, he had expended substantial amounts of company money and had utilized Equity’s..
The accounting records of Shinault Inc. show the following data for 2014. Life insurance expense on officers was $8,400. Equipment was acquired in early January for $341,100. Straight-line depreciation over a 5-year life is used, with no salvage valu..
Submarine Corp., earned a net income of $110,000 for 2011. Submarine's books included the following figures: Preferred stock, 2%, $30 par, 1,000 shares issued and outstanding - $30,000. Common stock, $1 par, 52,000 issued - $52,000. Compute Submarine..
Jenna's children, Robert and Lisa, will start college in 9 years. The average cost for the college that she wishes them to attend is expected to be $22,000 each in 9 years with a likely 6% increase each year. The college will want its money up front...
Becky Dool just inherited a 1967 Ford Mustang from her late Aunt Cybil. Aunt Cybil purchased the car 40 years ago for $6,000. Becky is either going to sell the car for $8,000 or have it restored and sell it for $22,000. The restoration will cost $6,0..
The adjusted trial balance of Pacific Scientific Corporation on December 31, 2016, the end of the company’s fiscal year, contained the following income statement items ($ in millions): Income tax expense has not yet been accrued. The income tax rate ..
The statement of financial position is another name for the income statement. The income statement only statement dated as of a point in time. Assets and liabilities come into existence at different times and are not affected the same way by inflatio..
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