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On January 1, 2010, the Somerville Corporation sold a used truck to the Cornelius Company and accepted a $28,000 non interest bearing note due January 1, 2013. Somerville carried the truck on its books at a cost of $30,000 and a current book value of $23,000. Neither the fair value of the truck nor the note was available at the time of the sale; however, Cornelius's incremental borrowing rate was 12%.Required:1. Prepare the journal entries on Somerville's books to record:a. The sale of the truckb. The related adjusting entries on December 31, 2010, 2011, and 2012c. The collection of the note on January 1, 20132. Prepare the notes receivable portion of Somerville's December 31, 2010, 2011, and 2012 balance sheets.
Reef Office Supplies is interested in estimating the cost involved in hiring new employees. The following information is available regarding the costs of operating the Human Resource department at Reef Office Supplies in May when there were 60 new..
if a purchase of supplies for 1341 was mistakenly recorded as a credit to supplies but the cash paid for the supplies
a company had a 56000 unfavorable direct material efficiency variance during a time period when the standard rate per
the current asset section of stibbe pharmaceutical companys balance sheet included cash of 20100 and accounts
you are the cfo of diversi?ed industries. diversi?ed has suffered through 4 or 5 tough years. this has deteriorated its
On October 8, Longhini returns defective goods with a selling price of $640 and a scrap value of $240. Record the transactions of Longhini Company, assuming a perpetual approach.
1. the cash flow on total assets ratio is defined as cash flows from operations divided by average total assets.select
the jamesway corporation had the following situations on december 2013.1.on december 20 2013 jamesway received a 5600
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How much gain or loss must barry recognize, and how is it characterized. Account receivable fmv 90,000 three partners.
Does recording the transaction in the general journal rather than the cash payments journal affect the amounts of cash and total expenses reported in the financial statements?
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