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Kile Company borrows $63,359 on July 1 from the bank by signing a $63,359, 8%, 1-year note payable. Prepare the journal entries to record (a) the proceeds of the note and (b) accrued interest at December 31, assuming adjusting entries are made only at the end of the year.
a) July 1 Cash 63359Notes payable 63359(b) Dec. 31 Interest expense.Interest payable ?
wal-mart stores inc. is the worlds largest retailer. a large portion of the premises that the company occupies are
Prepare the entries to record sales and collections during the period. Prepare the entry to record the write-off of uncollectible accounts during the period.
smoky mountain corporation makes two types of hiking boots-xtreme and the pathfinder. data concerning these two
Leigh, who owns a 50% interest in a sporting goods store, was a material participant in the activity for the last fifteen years. She retired from the sporting goods store at the end of last year and will not participate in the activity in the futu..
Management also expects improvements in the working capital accounts. The company's objective isto improve accounts receivable by eight days, and turn inventory around by 0.2turns faster. a) How much cashwill be generated from accounts receivable..
Albert is in the 35% marginal tax bracket. He sold a building in the current year for $450,000. Albert received $110,000 cash at closing, the buyer assumed Albert's mortgage for 120,000, and the buyer gave Albert a 6% note for $220,000 due in two ..
The Adams Company, a merchandising firm, has budgeted its activity for November according to the following information:
What was the affect of unethical behavior on the profitability of the company?
jain simmons company needs 10000 units of a certain part to be used in production. if jain simmons buys the part from
lebeau company recently purchased some property for 2500000. it was a large parcel of land with an old building on it.
on april 1 2009 a company paid the 1350 premium on a three-year insurance policy with benefits beginning on that date.
in its first year of business rideaway bikes has net income of 145000 exclusive of any adjustment for bad debts
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