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A business issued a 60-day, 7% notes for $ 15,000 to a creditor on account. Illustrate the effects on the accounts and financial statements of recording (a) the issuance of the note and (b) the payment of the note at maturity, including interest.
A business is considering a cash outlay of $500,000 for the purchase of land, which it could lease for $40,000 per year. If alternative investments are available which yield a 21% return, the opportunity cost of the purchase of the land is:
The gross earnings of the factory workers for Vargas Company during the month of January are $66,000. The employer's payroll taxes for the factory payroll are $8,000.
Talmadge Company is acquiring the target Tyler, Inc in a merger. Tyler's market valuation is $6.0 bln , and its equity value on the balance sheet before any adjustments is 3.0 bln.
Farewell company purchased merchandise with an invoice price of $2000 and credit terms of 2/10, n/30. Assuming a 360 day year, what is the implied annual interest rate inherent in the credit terms?
using securities worth $3 million, Daniel would like to create a trust, life estate to Marcia, remainder to her children. he is hesitant to do so because of the tax generationskipping transfers. write a letter to daniel advising him on this matter..
You will be asked to address a accounting failure from AMERICAN INSURANCE GROUP. Overview of the situation/accounting issue
Assume that Rex Company issues 2,000 shares of $ 20 par Common Stock for cash of $50,000. Please give the journal entry to record the transaction.
What General Fund journal entry should Grand Marais make on May 6, to record the approved purchase order?
Now, assume that fixed and variable costs were allocated separately. How should each pool be allocated? What is the total cost to be allocated to the city department with this method?
Explain the general rules and accounting treatments for the parent and subsidiary, including purchase price allocations; intangible assets, such as goodwill and impairment testing; intercompany transactions
Scudder company has two operating departments: mixing and forming. Mixing has 240 employees and occupies 22,000 ft². Forming has 80 employees and occupies 18,000 ft².
Provide and show all answers and step by step work to obtain the answer, not skipping any steps. Show all equations, acronyms (ie ETC, ACWP, etc), and if applicable, a description of how you came to the answer.
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