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On December 31, 2004, International Refining Company purchased machinery having a cash selling price of $85,933.75. The company paid $10,000 down and agreed to finance the remainder by making four equal payments each December 31 at the implicit rate of 12%.(1)Determine the amount of the annual payments to be made under the financing agreement.(2)Prepare the journal entry to record the acquisition of the machinery on December 31, 2004.(3)Prepare the journal entry at December 31, 2005.
1. unit-based product costing uses which procedure?all overhead costs are expensed as incurred.overhead costs are
borrell company purchased 4 delivery trucks on january 2 2013 for 22000 each. borrell expected 2 of the trucks to last
kinder enterprises relies heavily on a copier machine to process its paperwork. recently the copy clerk has not been
Forest Products, Inc., busy and develops natural resources for profit. Since 2006, it has had the following activities:
in january 2013 mr. d who is self-employed purchased a new automobile which he uses 100 for business. during 2013 he
marrs company is implementing a balanced scorecard approach to improve performance. match each of the following
Using the installment-sales method, make summary entries to record: (a) the installment sales and cash collections; (b) the cost of installment sales; (c) the unrealized gross profit; (d) the realized gross profit.
you are a board member of ace global institute a university in the united states. you are in the first level of
The materials inventory increased from the beginning to the end of the period by $12,000, while the work in process inventory decreased from the beginning to the end of the period by $5,000. What is the cost of goods manufactured?
During the current year, Helen donates stock worth $50,000 to her local community college. Two years ago the stock cost Helen $40,000. Her AGI for the current year is $100,000. Beginning next year, the bulk of her income will be from tax-exempt munic..
darby sporting goods inc. has been experiencing growth in the demand for its products over the last several years. the
What is the contribution margin per passenger?
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