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Journalize the following entries on the books of the borrower and creditor. (Assume a 360-day year is used for interest calculations.)
Jun. 1 Regis Co. purchased merchandise on account from Winthrop Co., $60,000, terms n/30.
Jun. 30 Regis Co. issued a 60-day, 5% note for $60,000 on account.
Aug. 29 Regis Co. paid the amount due.
Christine Ewing is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred. Journalize the transactions in the general journal.
Management is often unwilling to implement an ideal system of internal controls because
What would be the effect on free cash flows of each of the following items (be sure to include specifically whether "increase" or "decrease/reduce," and by what dollar amount):
Post the above transactions to T-accounts. Determine the cost of goods sold for the period.
ABC Company reported net income of $24,000 on gross sales of $110,000. The company has total assets of $215,000, of which $120,000 is property, plant, and equipment. What is the company's return on investment?
Examine the concept of financial risk by answering the following questions: (a) How does the risk of a portfolio change as the number of assets in the portfolio increases?
Assume Jackson’s cash sales remain steady at $25,000 each quarter, credit sales are $600,000 in quarter 1, $520,000 in quarter 2, $480,000 in quarter 3, and $650,000 in quarter 4. What will Jackson’s cash collections from sales be for the quarter 3?
You want to buy a new car 5 years from now for N$300 000. Assuming a 6% interest rate compounded annually, how much should you invest today to yield N$300,000 in 5 years?
Over the last two years, Ed had spent nearly $600,000 in attorney fees. Ed had even offered his brother-in-law 50% of the winnings. How and where would you deduct the attorney fees?
Young Company has $16,000 in Retained Earnings, $27,000 in Assets, and $5,000 in Liabilities. How much is in Common Stock?
If Jones assigns costs to departments based on square footage, how much total costs will be allocated to Production Department 1?
There were 1,100 units in beginning goods in process inventory, and they were 70% complete with respect to both direct materials and conversion costs. Calculate the equivalent units of production for the month, assuming the company uses the weight..
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