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On December 31, 2012, Tran Co. performed environmental consulting services for Hayden Co. Hayden was short of cash, and Tran Co. agreed to accept a $100,000 zero-interest-bearing note due December 31, 2014, as payment in full. Hayden is somewhat of a credit risk and typically borrows funds at a rate of 15%. Tran is much more creditworthy and has various lines of credit at 8%.
Instructions
a) Prepare the journal entry to record the transaction of December 31, 2012, for Tran Co.
b) Assuming Tran Co.'s fiscal year-end is December 31, prepare the journal entry for December 31, 2013.
c) Assuming Tran Co.'s fiscal year-end is December 31, prepare the journal entry for December 31, 2014.
Blue should have taken $455 and $3,636 cost recovery in 2005 and 2006. On January 1, 2007, the asset was sold for $98,000. Calculate the gain or loss on the sale of the asset in 2007.
Please discuss the value of the accounting cycle to the including:
in the following article christopher nobes suggests that there are several reasons for the differences in accounting
If the costs for direct materials, direct labor, and factory overhead were $522,200, $82,700, and $45,300, respectively, for 16,000 equivalent units of production, the conversion cost per equivalent unit was $8.00.
The cash equivalent price of the machine was $25,000. Due to an employee strike, Volmar could not install the machine immediately, and thus incurred $300 of storage costs. Costs of installation (excluding the storage costs) amounted to $800. The a..
in the late eighteenth century the price of bread in new york city was controlled set at a predetermined price above
China is a manufacturing superpower. Assume that you are CFO of an automobile manufacturer looking to build a $U.S.800 million plant in China. You are discussing this project with your spouse, who is intelligent, but has no background in finance.
Discuss the steps involved in setting the preliminary judgment about materiality. Class, the concept of materiality is important in the context of auditing. Materiality is a function of the time, the situation, and the people involved.
The contractor was paid $2,200,000. An assessment made by the city for pavement was $6,400. Interest costs during construction were $170,000.
Sherman Brothers, Inc., sold 4 million shares in its IPO, at a price of $18.50 per share. Management negotiated a fee (the underwriting spread) of 7% on this transaction.
Speculate about which specific types of corporate deductions are most likely to result in an IRS audit and what precautions should be taken to minimize the risk of audit. Provide a rationale for your response.
Indicate the account names and adjusted balances that should be reported on Jaworski's year-end balance sheet and income statement.
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