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Prepare an answer sheet with the column headings shown here. For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on the appropriate balance sheet category and on net income by entering for each account affected the account name and amount and indicating whether it is an addition (+) or a subtraction (-).Transaction a has been done as an illustration. Net income is not affected by every transaction. In some cases only one column may be affected because all of the specific accounts affected by the transaction are included in that category.
a. Accrued interest income of $15 on a note receivable.b. Paid $5,600 in cash as an advance rent payment for a short term lease that covers the next four months.c. Recorded an adjustment at the end of the first month (in b) to show the amount of rent "used" in the month.d. Inventory was acquired on account and recorded for $1,640. Perpetual inventory is maintained.e. It was later determined that the amount of inventory acquired on account (in d) was erroneously recorded. The actual amount purchased was only $1,460. No payments have been made. Record the correction of this error.f. Purchased 12 units of inventory at a cost of $80 each and then 8 more units of the same inventory item at $88 each. Perpetual inventory is maintained.g. Sold 15 of the items purchased (in f) for $120 each and received the entire amount in cash. Record the sales transaction and the cost of goods sold using the LIFO cost flow assumption. Perpetual inventory is maintained.h. Assume the same facts (in g) except that the company uses the FIFO cost flow assumption. Record only the cost of goods sold.i. Assume the same facts (in g) except that the company uses the weighted average cost flow assumption. Record only the cost of goods sold.j. Explain why the sales transaction in h and i would be recorded in exactly the same way it was in g.
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
Accounting problems, Draw a detailed timeline incorporating the dividends, calculate the exact Payback Period b) the discounted Payback Period. the IRR, the NPV, the Profitability Index.
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Distinguish between liquidity and profitability.
Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.
Simple Interest, Compound interest, discount rate, force of interest, AV, PV
CAPM and Venture Capital
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