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On December 31, 2010, faital company accuired a computer from Plato Corporation by issuing a $600,000 zero interest baring note, payble in full on December 31, 2014. Faital company's credit ratings permits it to borrow funds from its several lines of credit at 10%. THe computer is expected to have a 5-year life and a $70,000 salvage value.
A. Prepare the journal entry for the purchase on December 31, 2010.
B. Prepare any necessary adjusting entries relative to depreciation(use straight line) and amortization (use effective interest method) on December 31,2011.
C. Prepare necessary adjusting entries relative to depreciation and amortization on December 31, 2012.
If 16,000 units of materials enter production during the first year of operations, 12,000 of the units are finished, and 4,000 are 75% completed, the number of equivalent units of production would be 15,000.
Lyman Nurseries purchased seeds costing $25,000 with terms of 3/15 net 30 EOM on January 12. How much will the firm pay if it takes the cash discount? What is the approximate cost of giving up the cash discount, using the simplified formula?
Hendrickson Corporation reported net income of $50,000 in 2010. Depreciation expense was $17,000. The following working capital accounts changed. Compute net cash provided by operating activities.
Which of the following describes a change in reporting entity?
Beth, who died in January 2012, was survived by her husband, Ben. Beth's federal gross estate was equal to $6,000,000 on the date of her death.
Moon changed the classification of these shares to trading securities in June of 2011 when the market value of this investment in McMahon's stock had risen to $345,000. How much should Moon include as a loss on transfer of securities in its determ..
Bigelow Industries manufactures swim caps. Their operating leverage is 3. Each cap sells for $10 and has a contribution margin of $6. They expect to sell 37,500 swim caps. Their fixed costs are:
The statement of cash flows and related disclosures would be of the least assistance in helping a potential investor assess:
What is the net income after reconciliation for throughput costing, please include the steps.
In a certain standard costing system the following results occurred last period: labor rate variance, $1,000 U; labor efficiency variance, $2,800 F; and the actual labor rate was $0.20 more per hour than the standard labor rate. The number of actu..
Assume Broadcourt Electronics purchased the entire issue in a private placement of the bonds. Using the data in requirement 2, prepare the journal entry to record the purchase by Broadcourt.
What is the amount of income tax refund to be included in their 2009 income tax return? How should they report the $535 tax deificiency they paid to the Kansas Department of revenue?
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