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Assignment: Excel Spreadsheet Project
On December 31, 2016, Carson Company rendered services to Lincoln Corporation at an agreed price of $125,939, accepting $50,000 down and agreeing to accept the balance in three equal annual installments of $30,000, to be received every December 31, starting December 31, 2017. An assumed interest rate of 9% is imputed.
Instructions:
(a) Prepare an amortization schedule using excel. Use the effective-interest method for amortization purposes.
(b) Prepare the journal entries required on each of the following dates: December 31, 2016; December 31, 2017; December 31, 2018; and December 31, 2019.
Assume that X Company has decided to switch to an activity-based costing allocation system. It has identified three activities with the following budgeted costs and cost drivers for 2015:
Sharam Industries has a 120-day operating cycle. If its average age of inventory is 50 days, how long is its average collection period? If its average payment period is 30 days, what is its cash conversion cycle?
Use the following information to prepare the manufacturing statement for Forsythe Company for the month ended June 30.
Individual A, an accountant, receives 50 shares of stock for services in connection with the organization of X corporation. Individual A has ordinary income to the extent of fair market value of the 50 shares.
The purpose of this assignment is to revisit the federal payroll tax calculations that were demonstrated in the Careers in Practice: Payroll for a Medical Group exercise. Your assignment is to complete the Federal Tax calculations in Column F of the ..
Prepare the service revenue budget for 2012 by listing the departments and showing for each quarter and the year in total, billable hours, billable rate, and total revenue
How much will be in the account when the individual retires at the age of 65 if the contributions start when the person is 45 years old?
assignment of costs to transferred out units and ending work in process given beginning of process and period
Issued 100,000 shares of common stock at $5 each; 1,000,000 shares are authorized at $1 par value. Issued 10,000 shares of common stock for a building and land. The building was appraised for $20,000, but the value of the land is undeterminable. The ..
you have been hired to perform an investment analysis for a high net worth individual to determine if they should
Suppose you were starting a graphics printing business. It will cost you $2000 for a computer and commercial ink jet printer. What is your breakeven? You want to consider a color laser printer instead of an ink jet. The fixed costs would be $4000 and..
The corporate treasurer of Rollinsford Company expects the company to grow at 3% in the future, and debt securities at 4% interest (tax rate = 35%) to be a cheaper option to finance the growth. The current market price per share of its common stock i..
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