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On January 1, 2010, Jacobs Company sold property to Dains Company which originally cost Jacobs $760,000. There was no established exchange price for this property. Danis gave Jacobs a $1,200,000 zero-interest-bearing note payable in three equal annual installments of $400,000 with the first payment due December 31, 2010. The note has no ready market. The prevailing rate of interest for a note of this type is 10%. The present value of a $1,200,000 note payable in three equal annual installments of $400,000 at a 10% rate of interest is $994,800. What is the amount of interest income that should be recognized by Jacobs in 2010, using the effective-interest method?
a) $0.
b) $40,000.
c) $99,480.
d) $120,000.
Which of the following indicates that a company may benefit from an Activity-Based Costing system?
MixRecording Studios purchased 7,800 in electronics components from TechCom. MixRecording Studio signed a 60-day, 10% promissory note for 7,800. If the note is dishonored, what is the amount due on the note?
On January 1 , 2011 , Paxton Company purchased a 70% interest in Sagon Company for $1,300,000, at which time Sagon Company had retained earnings of $500,000 and capital stock of $1,000,000.
Returns and allowances amounted to $2,000. It purchased equipment normally selling for $10,000 at a 20% discount. Based on these facts, what is its gross income for the year?
From the lessee's viewpoint, what kind of lease is the above agreement? From the lessor's viewpoint, what kind of lease is the above agreement?
Choose an article on Private Business Competition from a professional, economic, or management journal published in the last ten years such as The Freeman: Ideas On Liberty, The Economist, Forbes, The Cato Journal, Harvard Business Review, or Sloa..
What happens to the long-run demand curve for labour if the demand for the firm's output increases and what happens to the long-run demand curve for labour if the price of capital increases?
Compute the cost of goods destroyed. Compute the cost of goods destroyed, assuming that the gross profit is 25% of sales.
Lea Mediators, a not for profit religious organization suffered damages when a storm broke glass windows in Lea's building. A member of Lea's congregation, a professional glazier, replaced the windows at no charge. In Lea's statement of activities..
Partnerships have various advantages over corporations. However, one of the major disadvantages for a partnership versus corporations is the liability issue. Does the addition a of limited partnership (LP) and limited liability partnership (LLP) i..
During its first year of perations, Henley Company had credit sales of $3,000,000; $600,000 remained uncollected at year-end. The credit manager estimates that $35,000 of these receivables will become uncollectible.
Examine the variable "diamond." What does this measure? How do you think this variable will relate to GDP per capita and GDP growth?
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