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CCC10 Natalie is thinking of repaying all amounts outstanding to her grandmother. Recall that Cookie Creations borrowed $2,000 on November 16, 2009, from Natalie's grandmother. Interest on the note is 9% per year, and the note plus interest was to be repaid in 24 months. Recall that a monthly adjusting journal entry was prepared for the months of November 2009 (1/2 month), December 2009, and January 2010.
Instructions(a) Calculate the interest payable that was accrued and recorded to January 31, 2010. Round to nearest dollar.(b) Calculate the total interest expense and interest payable from February 1 to August 31, 2010. Prepare the journal entry at August 31, 2010, to bring the accounting records up to date. Round to nearest dollar.(c) Natalie repays her grandmother on September 15, 2010-10 months after her grandmother extended the loan to Cookie Creations. Prepare the journal entry for the loan repayment.
At the beginning of the year, Penguin Corporation (a calendar year taxpayer) has accumulated E & P of $55,000. During the year, Penguin incurs a $36,000 loss from operations that accrues ratably. On October 1, Penguin distributes $40,000 in cash t..
Fulton will report investments in its current assets section of :
While preparing the bank reconciliation, you notice that a check, written by the company for $750, has been outstanding for 5 months. What is the best action for you to take?
What is the basic purpose for examining trends in a company's financial ratios and other data? What other kinds of comparisons might an analyst make?
Loxley Corporation is authorized to issue 50,000 shares of $10 par value common stock. During 2010, Loxley took part in the following selected transactions.
On December 31, 2011, Vacker owed $30,800 to Carper. There have been no changes in Carper's common stock account since the acquisition. If the equity method had been applied by Vacker for this acquisition, what are the consolidation entries needed..
For several years a client's physical inventory count has been lower than what was shown on the books at the time of the count so that downward adjustments to the inventory account were required. Contributing to the inventory problem could be weak..
In order to sustain operations and generate sales and cash flow, the firm required to make $1250 of capital expenditures on new fixed assets and to invest $300 in net operating working capital. By how much did the firm's net income exceed its free..
Bela and Ricky are married taxpayers who file a joint return. In 2009, they had AGI of $350,000 and their preliminary itemized deductions totaled $20,000. In 2010, they also had AGI of $350,000 and preliminary itemized deductions of $20,000. Which..
Briefly discuss the accounting and securities market differences between these two methods of increasing the number of shares outstanding.
Assuming the U.S. tax rate is 35% and no valuation allowance is required, what is North's total income tax expense reported on its financial statements for 2010?
A bond issued with a face value of 200000 and a carrying amount of 195500 is paid off at 98 1/2 and retired. The gain or loss on this transaction is:
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