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Problem - Fixed asset purchases with note - On June 30, Collins Management Company purchased land for $400,000 and a building for $560,000, paying $360,000 cash and issuing a 5% note for the balance, secured by a mortgage on the property. The terms of the note provide for 20 semiannual payments of $30,000 on the principal plus the interest accrued from the date of the preceding payment. Journalize the entry to record
(a) the transaction on June 30,
(b) the payment of the first installment on December 31, and
(c) the payment of the second installment the following June 30.
Newman Medical Clinic has budgeted the following cash flows. January February March Cash receipts $ 118,000 $ 124,000 $ 144,000 Cash payments For inventory purchases 99,000 81,000 94,000 For S&A expenses 40,000 41,000 36,000. Required Prepare a cash ..
Under GAAP, which of the following costs are normally expensed in the year incurred, regardless of the expected economic benefit?
It talks about what sells during what time of year, and its typical customer (stores, wholesalers, and other distributors). It also breaks down the competition and how it spends on R&D.
The following information was taken from the records of Roland Carlson Inc for the year 2014. Income Tax applicable to income from continuing operations $187,000; income tax applicable to loss on discontinued operations $25,500 and unrealized holding..
Which of the following statements about journal entries to record variances is true?
What are the similarities and differences in the cash, accrual and hybrid accounting methods? What are some of the income that must be reported under special accounting methods?
Ron ELy says that the Balanced Scorecard was created to replace financial measures as the primary mechanism for performance evaluation. He says that it uses only nonfinancial measures. The process of making capital expenditure decisions is known as c..
In business, a budget is a method for putting a limit on spending. Last year, Rudy Corp's variable costing net operating income was $63,200. Fixed manufacturing overhead costs deferred in inventory under absorption costing amounted to $31,900. What w..
Heart corporations net income was 400,000, What percentage increase in net income must heartnachieve in 2006 to offset the decline in profits in 2005.
Sporting Goods Inc. bought stock in year one for $10,000. In year three, when the stock was worth $100,000, it donated the stock to a law school. Sporting Goods Inc. has a taxable income of $500,000 in year three. How much could it deduct in year thr..
What is consolidated net income for the year? At what amount should Prine record an impairment loss for its Lydia reporting unit for the year?
Calculate the cash flows for the project. Clearly show all supporting calculations.How will you treat the given financials from the existing smart phones?
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