Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question - Novak Incorporated provides solar energy services to Toronto. Novak needed to buy additional solar energy panels to meet the demand for its energy product. The Government of Ontario offered an interest-free forgivable loan to Novak in the amount of $400,000. The loan will be forgiven if Novak is able to produce a stated number of kilowatts of energy per year for the next five years. If these conditions are not met, the amount is due to the government in full in five years. Novak believes it will be able to meet the conditions. Novak recently obtained a similar loan from the bank with an annual interest rate of 9%.
Required -
a) Prepare the entry on December 31, 2020, to record the interest-free loan.
b) Prepare any adjusting journal entry that is necessary at December 31, 2021, the company's fiscal year end.
What is the appropriate amount that Albertson Corporation should recognize for the leased aircraft on its balance sheet after the lease is signed?
Except for this accrual, interest has been fully paid on the note. What is the correct eliminating entry on the work sheet
A monthly salary allowance of 2100; 26,000; and 4100 to Betty, Candice, and Frank. Prepare the entry to record the division of the 2016 net income
What is the current price of a share of Starbucks stock? What were the high and low prices of a share of Starbucks stock during the past year?
The bank charges Triomedia Company $0.70 per debit card transactions. Prepare the entry to record the transactions by Triomedia Company
Graceland writes the inventory down from $95,000 to its lower market value of $82,000 at the end of the year. Elvis owns 75 % of Graceland. Based on this information, what amount of inventory should be eliminated in the consolidation workpaper for..
What amount should be credited to share premium assuming only 3,000 bonds were converted into ordinary shares on June 30, 2021
The convertible bond, which is currently trading for $350 in the open market, What is the straight bond value of the convertible bond
A new company, Apex, was started on December 1, 2013. Below are their sales forecast and other financial information. Based on this information.
Determine the dollar value of cash provided or (used) by operating activities. If the total is a use of cash, enter as a negative number.
The investment will be subsequently measured at amortized cost. How much will be the carrying amount of the investment on December 31, 20x2?
Joel and Desmond are forming the JD Partnership. What is Desmond's adjusted tax basis for his partnership interest immediately after the partnership is formed
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd