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On January 1, 2012, Durdil Co. borrowed and received $670,000 from a major customer evidenced by a zero-interest-bearing note due in 5 years. As consideration for the zero-interest-bearing feature, Durdil agrees to supply the customer's inventory needs for the loan period at lower than the market price. The appropriate rate at which to impute interest is 10%.
(a) Prepare the journal entry to record the initial transaction on January 1, 2012.
(b) Prepare the journal entry to record any adjusting entries needed at December 31, 2012. Assume that the sales of Durdil's product to this customer occur evenly over the 5-year period.
Daniels Corporation reports its income from investments under the equity method and recognized income of $15,000 from its investment in Travis Company during the current year.
Prepare the journal entries for these transactions, assuming that the common stock has a par value of $3 per share. Prepare the journal entries for these transactions, assuming that the common stock is on-par with a stated value of $2 per share.
A fir that sells a single product had a beginning inventory of 4,000 units with a total cost of $28,000. 10,000 units were purchased @$9.00 each. Using FIFO what is the value of the ending inventory of 3,000 units?
the financial statements present a company to the public in financial terms.which financial statement requires input
at the end of 2011 geisel inc has a 1700 debit balance in the allowance for doubtful accounts before adjusting entries
maisley manufacturing decided to analyze certain costs for june of the current year. units started into production
Offset the year-end inventory balance with a fund balance-non-spendable
Issuance of the bonds. Accrual of interest and amortization of bond discount for the year, on December 31, using the straight-line method.
(a) Prepare the journal entry at the date of the bond purchase. (b) Prepare a bond amortization schedule. (c) Prepare the journal entry to record the interest received and the amortization for 2009.
What are the main approaches for setting transfer prices? How can the problems that these approaches create be reconciled between the selling and buying divisions?
What is the purpose of the unrelated business income tax?
apollo company manufactures a single product that sells for 168 per unit and whose total variable costs are 126 per
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