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The adjusted trial balance for Holly Corporation at the end of 2014 contained the following accounts:
Bonds payable, 10% $700,000
Interest payable 20,000
Discount on bonds payable 40,000
Lease liability 50,000
Mortgage notes payable, 9%, due 2017 90,000
Accounts payable 120,000
Instructions
(a) Prepare the long-term liabilities section of the balance sheet.
(b) Indicate the proper balance sheet classification for the accounts listed above that do not belong in the long-term liabilities section.
Write down the differences between traditional and derivative instruments. Why do companies use derivative instruments? Are derivatives a good investment?
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west field corporation makes two different boat anchors-a traditional fishing anchor and a high-end yacht anchor-using
Chevelle Inc has sales of $43,000, costs of $25,100, depreciation expense of $1,500, and interest expense of $1,500. If the tax rate is 35%, what is the operating cash flow, or OCF? F?
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as a tax preparer one of your clients without tax liability is reviewing his taxes before submission and is surprised
Suppose her marginal tax rate is 40 % this year and next year, and that she can earn an after-tax rate of return of 8% on her investments.
Phipps manufactures circuit boards in Division A, a country with a 30% income tax rate, and transfers them to Division B, a country with a 40% income tax. An import duty of 15% of the transfer price is paid on all imported products.
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