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On April 1, 20X0, your company finances partial payment of the sale of machinery to a customer for a $20,000, 3-year, 8% note receivable. Interest is payable annually on April 1. On December 31, 20X0, an adjusting entry debits Interest Receivable and credits Interest Revenue for 16,000. The entry necessary to correct the error before the books are closed would include...
a. a $400 debit to Interest Revenueb. a $400 credit to Interest Expensec. a $400 credit to Unearned Interest Receivabled. a $400 credit to Sales
The beginning balance in the work in process account was $19,000 and the ending balance was $12,000. The beginning balance in the finished goods account was $35,000 and the ending balance was $58,000. Sales totaled $240,000. Selling expense was $1..
Describe the elements of the Generally Accepted Auditing Standards (GAAS).
On August 1, it distributed property with an adjusted basis of $5,000 and a fair market value of $8,000 to its sole shareholder, Pedro Urritia. How much of the distribution will be treated as a dividend?
indiana co. began a construction project in 2006 that will provide it 150 million when it is completed in 2008. during
The required rate of return is 15 percent and the tax rate is 28 percent. What is the net income from this proposed project?
Foster's Repair Shop has a monthly target operating income of $10,500. Variable expenses are 50% of sales, and monthly fixed expenses are $7,000.
Recovery of working capital will be $10,000 at the end of its useful life. Annual cash savings from the purchase of the machine will be $20,000. a. Compute the net present value at a 12% required rate of return?
what information does a balance sheet provide? how do accounting conventions and asset valuation affect measuring and
de armond corporation has budgeted sales of 18000 units target ending finished goods inventory of 3000 units and
Watters umbrella corp issued 12 year bonds 2 years ago at a coupon rate of 7.8%. The bonds make semiannual payments. If these bonds currently sell for 105% of par value, what is the YTM?
Use the purchases journal and the cash disbursements journal to record these transactions. Prepare a schedule of accounts payable. There were no accounts payable on May 1.
The cost of the 500 units in process at the end of the period in the first-in, first-out method is used to cost inventories was which of the following:
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