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Marley Company received a seven-year zero-interest-bearing note on February 22, 2011, in exchange for property it sold to O'Lear Company. There was no established exchange price for this property and the note has no ready market. The prevailing rate of interest for a note of this type was 7% on February 22, 2011, 7.5% on December 31, 2011, 7.7% on February 22, 2012, and 8% on December 31, 2012. What interest rate should be used to calculate the interest revenue from this transaction for the years ended December 31, 2011 and 2012, respectively?
A company expected its annual overhead costs to be $900,000 and direct labor costs to be $1,000,000. Actual overhead was $870,000, and actual labor costs totaled $1,100,000. How much is the company's predetermined overhead rate to the nearest cent..
A corporation issues $2,000 Shares of common stock for $32,000. The stock has a stated value of $10 per share. The journal entry to record the stock issuance would include a credit to Common Stock for
Explain the areas in which the Adelphia communications engaged in fraudulent financial reporting and the circumstances that led to this
Partners bob and don have agreed to share profits and losses in an 80:20 ratio respectively, after bob is allowed a salary allowance of $140,000 and don is allowed a salary allowance of $70,000. if the partnership had net income of $140,000 for 20..
What is the difference between cash and accrual accounting? Which basis of accounting do most companies use, cash or accrual? Why? Which method is approved by GAAP? Why?
What is the amount of (a) the differential revenue, (b) differential cost, and (c) differential income for processing rough-cut lumber into finished cut?
Assume that the company uses variable costing, compute the unit cost for one knife set? Assuming that the company uses absorption costing, compute the unit cost for one knife set.
There are two stocks, stock A and stock B. The price of stock A today is $70. The price of stock A next year will be $50 if the economy is in recession, $80 if the economy is normal and $95 if the economy is expanding.
Xavier and Yolanda have original investments of $50,000 and $100,000 respectively in a partnership. The articles of partnership include the following provisions regarding the division of net income:
Calculate the initial return earned by investors who are allocated shares in the IPO. What is the total cost ( underwriting fee and underpricing) of this issue to WCMC?
William and Frank are partners whose capital balances are $400,000 and $300,000 and who share profits 3:2. Due to a shortage of cash, William and Frank agree to admit Sammy to the firm.
Last year Bizmart had credit sales of $32 million and a net profit margin of 8%. If Bizmart had accounts receivable of $4.5 million, what was the length of the receivables conversion period?
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