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Which of the following statements correctly describes the effect of recording the collection of a $10,000 account receivable for which a 2% sales discount was recorded at the time of collection?
Current assets will remain the same.
Gross profit will decrease $200.
Accounts receivable will decrease $9,800.
Net sales will increase $9,800.
Fill the journal entry to record interest on 30 th June, using the effective interest method and prepare journal entry to record interest on 31 st December, using the efficient interest method.
To the firm, the use of debt capital can be risky (debt versus equity), while for the investor, the opposite is the case. Why do you suppose this is the case?
Kold Corporation estimates that its 2015 taxable income will be $900,000. Thus, it is subject to a flat 34 percent income tax rate and incurs a $306,000 tax liability. Taxable income for 2014 was ($100,000). Kold carried back all its loss to prior ye..
Write a short memo to Audrey offering your opinion on the results of operations during the first month of business - compute the total asset turnover ratio for 2014 and 2013 and evaluate the results. Also compute the return on invested capital
1. Complete Table 1 by adding the cash flows for Years 4 and 5.2. What is the project's payback, NPV, and IRR? Interpret each of these measures3. Suppose that the project would be allocated $10,000 of existing overhead costs, should these costs be in..
On July 1, 200X you enter into a note payable of $200,000 with a 5% annual interest rate. Your interest expense for 200X will
hugo was planting a tree when he unearthed 100000 certificates of itt bearer bonds with a existing value of 4 million.
What business expense amount can Ryan deduct (if any) for these trips?
case study analysis.what are the four criteria used to determine the amount and timing of revenue reported in the
journalizing adjusting entriesjournalize the adjusting entry needed at december 31 for each of the following
Plans to its employees. Under its executive stock option plan, the company granted options on January 1, 2013, that permit executives to acquire 4 million of the company’s $1 par common shares within the next five years, but not before December 31, 2..
Assume the same facts as part (a), except that the warrants had a fair value of $20. Prepare the entry to record the issuance of the bonds and warrants. Prepare the entry to record the issuance of the bonds and warrants.
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