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Questions - Make the journal entries for these issues:
1. TEL sold 50,000 laser-projection, virtual keyboards to Mega Mart. Mega Mart paid TEL in cash up front. The keyboards were sold for $30 each, and include a one-year warranty. The warranty is to be serviced by TEL, and not Mega Mart. Considering that the product is relying on relatively new technology, TEL estimates that approximately 5% of all keyboards will require some work. Management has estimated that the average cost per warranty claim will be $15. No claims have been made during the current fiscal year.
2. TEL holds a $650,000 loan, 6% interest rate with the Royal Legion Bank that is due on January 31, 2018. Management intends to refinance the loan into a five-year blended payment loan. As of year end, the company had received the financing contract, but it had not yet signed the document. The board of directors is expected to formally approve the refinancing at the upcoming meeting on January 10, 2018. The loan is classified as non-current.
on october 31 the stockholders equity section of pele companys balance sheet consists of common stock 721600 and
What would the couple's IRA deduction be for the tax year? What is the amount of their excess SST which they can claim as a credit?
On January 1, 2012, Bonita Industries issued $18000000 of 10% ten-year bonds at 102. The bonds are callable at the option of Bonita at 104.
You have been appointed as the new environmental manager for Microsoft. In a blog post to your key stakeholders, discuss using environmental management.
Alpha received cash of $300 in advance from a customer that has not yet been earned, What corrections should be made to the trial balance
Provide the order of priority of payment of debts for Rock Bottom Ltd and calculate the amount payable to the company's ordinary unsecured creditors.
included in gonzalez companys december 31 trial balance is a note receivable of 19800. the note is a 4-month 10 note
to prepare a comprehensive balance sheet and single-step income statement presented in good form and derived from a
Calculate the accumulated depreciation on 30 June 2019 if using straight line method of depreciation (assume financial year 1 July - 30 June)
The pertinent U.S. Federal corporate income tax rate is 21%. For 2020, compute Prance's current income tax expense for the year
King Pin issues $1,000,000 0f 12%. 10 year bonds that are dated Jan. 1, 2009. The first interest payment is due June 30, 2009 (Hint: interest is paid semi-annually). Record the issuance of the bonds and the first interest payment for each situation.
Fitbit Ltd has leased a machine on the following terms: Unguaranteed residual value $40,000. Determine the Fair Value (rounded off) of the leased asset
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