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On January 1, 2016, the Montgomery Company agreed to purchase a building by making six payments. The first three are to be $28,000 each, and will be paid on December 31, 2016, 2017, and 2018. The last three are to be $43,000 each and will be paid on December 31, 2019, 2020, and 2021. Montgomery borrowed other money at a 12% annual rate.
1. At what amount should Montgomery record the note payable and corresponding cost of the building on January 1, 2016?
2. How much interest expense on this note will Montgomery recognize in 2016?
A company has 10 million common shares authorized and 2.5 million shares issued. The par value is $1 per share and the market price is $30 when the company declares a 4-for-1 stock split. Which of the following is correct?
Diderot Drilling Company has leased property on which oil has been discovered. Wells on this property produced 18,000 barrels of oil during the past year that sold at an average sales price of $55 per barrel. Total oil resources of this property are ..
During 2014, Williamson Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2013 and 2012 (Williamson’s first year of operations) under FIFO was $178,800 and $195,800, respectively.
Potters has acquired several other companies. Assume that Potters purchased Kittery for $6,000,000 cash. The book value of Kittery’s assets is $12,000,000 (market value, $15,000,000), and it has liabilities of $11,000,000 (market value, $11,000,000)...
cash dividend declaration and payment of $1 per share 3) property dividend declaration and payment of shares representing a short-term
Journalize the entries to record the operations, identifying each entry by letter. Compute the July 31 balances of the inventory accounts. Compute the July 31 balances of the factory overhead accounts.
LOUSY Corp. is considering a project that will require an initial investment of 100K$, and whose duration shall be five years. The expected profit after tax for each year is 30K$. The cash flow after tax value for each year is 50K$. Calculate: a) Ave..
the condensed income statement for the peri and paul partnership for 2014 is as follows.a cost behavior analysis
Hold Inc. produces and sells a single product. The selling price of the product is $110.00 per unit and its variable cost is $70 per unit.
Explain how external stakeholders use financial information such as company income statements and balance sheets to make decisions about the company in such cases as advancing credit or offering leasing vehicles.
A company decides to expense manufacturing costs when they finish manufacturing each product. Their auditor informs them that this approach does not adhere to generally accepted accounting principles. What impact does their approach have on the finan..
Beginning operations in Jan 1, 2012 A corporation completed number of transactions during 2012 and 2013 that involved credit sales, accounts receivable collections and bad debts. Prepare General Journal entries to record 2012 and 2013 transactions, a..
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