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On January 1, 2013, McLean Company makes the two following acquisitions.
1. Purchases land having a fair value of $336,000 by issuing a 4-year, zero-interest-bearing promissory note in the face amount of $592,147.2. Purchases equipment by issuing a 7%, 8-year promissory note having a maturity value of $440,000. (interest payable annually).
The company has to pay 12% interest for funds from its bank.
(a) Record the two journal entries that should be recorded by McLean Company for the two purchases on January 1, 2013.(b) Record the interest at the end of the first year on both notes using the effective-interest method.
On August 10, Jameson Corporation reacquired 8,000 shares of its $100 par value common stock at $134. The stock was originally issued at $110. The shares were resold on November 21 at $145. Provide the entries required to record the reacquisition ..
Transparency and Disclosure: A company's overall policy for controlling and disseminating inside information must meet the standards for transparency and disclosure. What would the company's specific financial reporting objectives be with respect t..
Presented below are a number of accounting procedures and practices in Sanchez Corp. For each of such items, list the assumption, information characteristic, principle, or modifying convention that is violated.
Justification for the method of determining periodic deferred tax expense is base on the concept of:
Find out the amount of Milt's income which is subject to income tax by each state. Make sure to compute the full taxable income and show all computations.
In year 1 Laylor Company has revenues of $100,000, advertising expense of $22,000, depreciation of $15,000-what is expected for last four years. The cost of capital is 10%.
Lata Inc., produces aluminum cans. Production of 12-ounce cans has a standard unit quantity of 4.5 ounces of aluminum per can.
Compute the sales level that would generate a 20% return on investment. Supposing the rate of return is 15%, determine the level of sales that would generate $200,000 of residual income.
Murphy Co. had 200,000 shares outstanding of $10 par common stock on March 30 of the current year. Murphy reacquired 30,000 of those shares at a cost of $15 per share and recorded the transaction using the cost method on April 15.
Recently, a group of university students decided to incorporate for the purposes of selling a process to recycle the waste product from manufacturing cheese.
How does the use of the accrual basis help organizations to better evaluate their performance over time? What protection could financial statements generated under the accrual basis have to a potential donor in the organization?
On January 1, 2010, NWK, Inc.'s assets were $300,000 and its stockholders' equity was $140,000. During the year, assets increased $15,000 and liabilities decreased $10,000. What was the stockholders' equity on December 31, 2010?
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