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Question - Utopia Corporation finances their purchase of equipment with an installment note of $100,000. The annual interest rate is 5% and the loan is repaid over 6 years. Annual repayment of the note is $19,702. Journalize the issuance of the note and the second year repayment to book interest expense and repayment of loan principal.
On January 1, 2014, Rowley Company purchased a truck that cost $33,000. The truck had an expected useful life of 4 years and a $3,000 salvage value. The amount of depreciation expense recognized in 2014 assuming that Rowley uses the double declining ..
Temple Manufacturing uses accrual accounting. Which should be recorded as a revenue or expense for the month of February?
R.D. Manufacturing Inc.'s joint cost of producing 1,000 units of Product A, 500 units of Product B, and 500 units of Product C is $20,000. The unit sales values of the three products at the split-off point are Product A – $20, Product B – $200, and P..
The total goodwill arising on High's acquisition of Low was $10 000. The goodwill to be recognised on consolidation as a result of High's acquisition of Low is
The deferred income tax liability is not related to an asset for financial reporting and is expected to reverse in year 4. What amount should Brite report
Bob operates a plumbing business and this year the 3-year old van he used in the business was destroyed in a traffic accident. The van was originally purchased for $20,000 and the adjusted basis was $5, 800 at the time of the accident. Although the v..
Show the effect of each of these adjustments on the net profit in the drafted financial statements and the corrected profit for year ended 31 December 20x1.
Which project should be selected according to the payback period method? Which project should be selected according to the NPV method?
Assume the rate of return on this fund (before any fees) is 10% per year. How much will an investment of $100 in this fund grow to after 5 years?
Gross Profit if you use the LIFO assumption in order to calculate the amount charged to cost of goods sold for March instead of using the FIFO assumption.
Prepare the statement of cash flows of XYZ Ltd for the year to 31 December 2018.XYZ Ltd had cash and cash equivalents at 1 January 2019 of $400,000.
This year, Barney and Betty sold their home (sales price $750,000; cost $200,000). All closing costs were paid by the buyer. Barney and Betty owned and lived in their home for 18 months. How much of the gain is included in gross income?
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