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Question - On October 1, 2019, Smithe Company acquired some inventory with a value of $160,000. The supplier accepted an interest-bearing note payable maturing in one year. The interest rate on the note was 8% per year. Smithe repaid the note on its maturity date of September 30, 2020.
Required - Make Smithe Company's journal entries in respect of this note for 2019 and 2020.
Compute the number of units that must be sold if advertising costs rise by 12,000 and a targeted profit of 120,000 is to be obtained
In 2019, their return shows AGI of $300,000 and taxable income (exclusive of casualty loss deduction) of $220,000. Determine the amount of Olaf and Anna's loss
The company estimates that it will be unable to collect 2% of accounts receivable. The net realizable of accounts receivable on the December 31, 2010 balance sheet will be:
Recently, the FASB and the IASB allowed companies the option of recognizing in their financial statements the fair values of their long-term debt.
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Tyva makes a very popular undyed cloth sandal in one style, but in Regular and Deluxe. The Regular sandals have cloth soles and the Deluxe sandals have cloth-covered wooden soles.
Record any necessary journal entries in 2011 relative to 2010 television warranties.
Terms were 12% p.a. interest, payable annually, with a maturity date of 30 June 20X4. Prepare general journal entries to record the issue of debentures
The principal will be paid in full on 12/31/20. Find the total approximate Interest Revenue over the life of this note
Describe the five major generally accepted accounting principles (GAAP) that accountants must consider when presenting financial accounting information.
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