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On December 31, 2014, Santana Company has $7,194,600 of short-term debt in the form of notes payable to Golden State Bank due in 2015. On January 28, 2015, Santana enters into a refinancing agreement with Golden that will permit it to borrow up to 56% of the gross amount of its accounts receivable. Receivables are expected to range between a low of $5,192,000 in May to a high of $8,014,000 in October during the year 2015. The interest cost of the maturing short-term debt is 15%, and the new agreement calls for a fluctuating interest at 1% above the prime rate on notes due in 2019. Santana's December 31, 2014, balance sheet is issued on February 15, 2015.
The spectrometer would have no effect on revenues, but it is expected to save the firm $25,000 per year in before-tax operating costs, mainly labor. The firm's marginal federal-plus-state tax rate is 40%.
Using these data, state or compute for the year the following amounts , Direct materials puchased for this answer I put $410,00 but what is the credit entry then and what is the connection with the end and beginning of the year. confused here.
based on background information, what are the major inherent risks in the Securimax audit? Consider both industry and entity risks in your answer? 2. Discuss the factors to consider when determining preliminary materiality for Securimax.
Gilbert expects to receive 70% of his revenues in cash during the month of sale and 30% in the following month. Gilbert receives his dolls on consignment, with the purchase price being due at the time of the sale. Thus, Gilbert's cash outflow for ..
On January 1, 2008, Deweese Corporation had $ 1,000,000 of common stock outstanding. Journalize the declaration of a 15% stock dividend on December10, 2008, for the following independent assumptions
select an organization with which you are familiar. prepare a 1050- to 1400-word paper in which you evaluate the
Compute the depreciation expense for year 2013 on the land improvements assuming a five-year life and double-declining-balance depreciation.
Colaw Supply purchased machine at a cost of $72,000 on January 2, 2000. It originally had an estimated life of 10-years and a salvage value of $12,000.
Sears collected $57000 from the issuance of bonds with a face value of $50000. A portion of the cash receivable, $2000 was accrued interest. give the journal entry made on sears book to account the issuance of the bonds.
The Marx Company issued $100,000 of 12% bonds on April 1, 2010 at face value. The bonds pay interest semiannually on January 1 and July 1. The bonds are dated January 1, 2010, and mature on January 1, 2015. The total interest expense related to th..
Applying the same accounting principles from one reporting period to another enhances the comparability of accounting information across accounting periods. The FASB's conceptual framework describes consistency as one of the important qualitative ..
Why is corn so frequently used in typical American foods? In what forms does it take when being part of those foods? How does that relate to the modern epidemic on obesity?
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