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Problem - Entries for notes payable - Bennett Enterprises issues a $400,000, 90-day, 5% note to Spectrum Industries for merchandise inventory.
Required -
a. Journalize Bennett Enterprises' entries to record:
1. the issuance of the note.
2. the payment of the note at maturity.
b. Journalize Spectrum Industries' entries to record:
1. the receipt of the note.
2. the receipt of the payment of the note at maturity.
A house painting business had revenues of $16,800 and expenses of $9,800 last summer.- calculate net flow for the business for this period.
(Learning Objective 5: Estimate ending inventory by the gross profit method) Federal Technology began the year with inventory of $315,000 and purchased $1,820,000 of goods during the year. Sales for the year are $3,920,000, and Federal’s gross profit..
When the fair value of the assets acquired in a business purchase exceed the purchase price, a bargain purchase arises. When this happens, GAAP requires that the difference be allocated:
$640,000 and an inventory turnover ratio of 9.2. What was the company's Days Outstanding in Inventory. Assume a 365 day year. Round to one decimal place.
Cost of investment is $200,000. Estimated cash flow are $50,000 per year for 3 years and then $500,000 per year for 3 years. Assume each cash flow is received evenly throughout the year. The specified payback period is 3 years. Is the project a go?
A company that uses the perpetual inventory system purchased $8,500 worth of inventory on September 25. Terms of the purchase were 2/10, n/30. The invoice was paid in full on October 4. Prepare the journal entries to record these merchandise trans..
role of the computer in graphing the scatter diagram.show the role of the computer in graphing the scatter
Indicate which of the following accounts will be closed to Income Summary at year-end. Cash, Office Supplies Expense, Unexpired Insurance, Unearned Revenue.
Prepare any adjusting entry that is required at the end of the fiscal year and the first payment made on June 1, 2021, assuming no reversing entries are used.
Broussard Skateboard's sales are expected to increase by 20% from $7.8 million in 2016 to $9.36 million in 2017. Its assets totaled $4 million at the end of 2016. Broussard is already at full capacity, so its assets must grow at the same rate as proj..
A U.S. citizen worked in a foreign country for the period July 1, 2015 through August 1, 2016. Her salary was $10,000 per month. Also, in 2015 she received $5,000 in dividends from foreign corporations (not qualified dividends). No dividends were rec..
Micro Enterprises has the capacity to produce 10,000 widgets a month, and currently makes and sells 9,000 widgets a month. Widgets normally sell for $6 each, and cost an average of $5 to make, including fixed costs. The monthly fixed costs are $18,00..
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