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Sunshine Service Center received a 120 day, 6%note for $40,000, dated April 12 from a customer on account. Assume a 360 day year. Determine the due date of the note. Determine the maturity value of the note. Journalize the entry to record the receipt of the payment of the note at maturity.
The income from operations and the amount of invested assets in each division of Devon Industries are as follows:
Instructions, (a) Journalize the closing entries at April 30. (b) Post the closing entries to Income Summary and Retained Earnings. Use T accounts. (c) Prepare a post-closing trial balance at April 30.
This machinery is considered 7 year MACRS property and also qualifies as §179 property. What is the maximum tax deduction Geronimo Corp. can take for this asset in 2010?
Top management, however, declined the tests. Ms. Henley then instructed you, the accountant, not to prorate payroll taxes or rent expense for the rest of the year, but to show them as current expenses in total. In this way, the new product would a..
Foreaker LLC sold a piece of land that it uses in its business for $52,000. Foreaker bought the land two years ago for $42,500. What is the character of Foreaker's gain?
Given these exact figures above, the dollar value of Whitewater's "earnings before interest and taxes" would ____ if the Canadian dollar appreciates; the dollar value of Whitewater's cash flows would ____ if the Canadian dollar appreciates.
Mega Inc, has common stock and 6% preferred stock outstanding as follows: Preferred stock: 10,000 shares, $100 par value, cumulative. Common stock 50,000 shares, $50 par value.
The SEC and its European equivalent are trying to merge their respective views of GAAP (Generally Accepted Accounting Principles). What are the easy points and what are the stumbling blocks?
In the current year, Galaxy Corporation, a closely held C corporation that is not a personal service corporation, has $80,000 of passive losses, $60,000 of active business income, and $10,000 of portfolio income. How much of the passive loss may G..
What factors should be considered in making an estimate of the loss accrual? What information should management disclose in the footnotes to the financial statements concerning this purchase commitment?
How much will a firm need in cash flow before tax and interest to satisfy debtholders and equityholders if: the tax rate is 35%, there is $13 million in common stock requiring a 10% return, and $6 million in bonds requiring an 6% return?
assume your company just sold a mainframe computer. The computer originally cost $300,000 and had accumulated depreciation of $100,000 on the date of the sale. Instead of the buyer paying cash, she gave you a $400,000 noninterest-bearing note due ..
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