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Calculation of discount rate of the lender and passing journal entries.
Notes payable - discount basis. On August 1, 2009, Colombo Co's treasurer signed a note promising to pay $240,000 on December, 2009. The proceeds of the note were $232,000.
Calculate the discount rate used by the lender? Answer is 3.45% APR.
Write the journal entry to show the effects of (a) signing the note and the receipt of the cash proceeds on Aug 1, 2009. (b) Recording the interest expense for the month of September. (c) Repaying the note on December 31, 2009.
During that year, Jenkins acquired inventory for $50,000, which it then sold to Hager for $80,000. At the end of 2010, Hager continued to hold merchandise with a transfer price of $40,000. What Equity in Investee Income should Hager report for 2010..
Rowdy Fun has total assets of $1,900,000 and total liabilities of $550,000 at the beginning of the year and total assets of $2,300,00 and total liabilities of $725,000 at the end of the year.
What assumptions is the financial reporting model based on and what principles support the financial reporting model?
a debt instrument with no ready market is exchanged for property whose fair market value is presently indeterminable.
question business solutions second quarter 2012 fixed budget performance statement for its computer furniture
Manda Panda anticipates that 2.5% of all credit sales will ultimately become uncollectible. The fiscal year ends on December 31. Illustrate what is the net realizable value (book value) Manda Panda should report in its 2011 balance sheet?
Assume that Doha Company asked you for a loan. Based on the information in the financial statements, would you agree to give a loan to the company? Explain your answer.
The controller, Dona Ortiz, is preparing a report estimating any expected cost savings and changes to the accounting system resilting from a move to JIT. What are some of costs that should be affected by the introduction of a JIT system?
The department actually completed 5,000 hours of production. Find out the budget for the department assuming that it uses flexible budgeting?
journal entries of merchandise purchase on account.1. 3302009 sold 1700000 merchandise inventory on account.nbsp all
sarah warren currently holds 400s shares of nutri-foods. the firm has 40000 shares outstanding. the firm most recently
Prepare a budgeted Income Statement - Prepare a budgeted income statement for next year assuming that the company reduces prices as planned.
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