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1. The journal entry a company uses to record the issuance of an interest-bearing note for the purpose of borrowing funds for the business is A) debit Accounts Payable; credit Notes Payable B) debit Cash; credit Notes Payable C) debit Notes Payable; credit Cash D) debit Cash and Interest Expense; credit Notes Payable
2. On October 30, Seba Salon, Inc. issued a 90-day note with a face amount of $60,000 to Reyes Products, Inc. for merchandise inventory. Determine the proceeds of the note assuming the note is discounted at 8%. A) $55,200 B) $64,800 C) $58,800 D) $61,200
An aging analysis of the accounts receivable produces an estimate of $2000 of probable losses from uncollectible accounts. the adjusting entry needed to record the estimated losses from uncollectible accounts is made for?
shimmer inc is a calendar year end accrual method corporation. this year its sells the following long term
a product sells for 220 per unit and its variable costs per unit are 146. the fixed costs are 424000. if the firm wants
The adoption becomes final in 2010. Which of the following choices properly reflects the amounts and years in which the adoption expenses credit is available.
the manipulation of the allowance for doubtful accounts by management would be best indicated by when a companya.
What is the overhead application rate of the manufacturer? What is the product cost of a batch of 1,000 racquets that use 200 direct labor hours at $10 perhour and $5,000 of direct materials.
Select an accounting scandal from the listing provided in class.
buse corporation is investigating buying a small used aircraft for the use of its executives. the aircraft would have a
Provide and show all answers and step by step work to obtain the answer, not skipping any steps. Show all equations, acronyms (ie ETC, ACWP, etc), and if applicable, a description of how you came to the answer.
Additional rent payments are due on the first day of each month beginning March 1. Show entries through March.
a. prepare a multi-step income statement for 2012. b. calculate retained earnings for the year ended december 31
Compute diluted earnings per share for 2007. Complete the schedule and show all computations.
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