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Problem 1: Alabama Automotive bought 10 vans from Tesla. Alabama paid $100,000 up front and will pay the remaining $400,000 a month after the vans are delivered. Alabama is constructing awarehouse and can't take possession of the vans until December 1. Teslawill not deliver the vans for three months and instead will deliver them on December 1 to Alabama. The vans have been identified and set aside for Alabama. Prepare any journal entries relevant to the year 2020 for Alabama Automotive. Alabama Automotive has a calendar fiscal year.
Create a statement of profit or loss and other comprehensive income. The income tax expense of $150 000 is calculated after considering a tax deduction.
Calculate Weighted Average Cost of Capital, assuming that no new shares will need to be sold and a capital structure that is 50% debt and 50% equity.
Bogus Co. exchanged Building 42 which has an appraised value of $4,800,000, a cost of $7,590,000, and accumulated depreciation of $3,600,000 for Building X belonging to Good Co. Building X has an appraised value of $4,512,000, a cost of $9,030,000, a..
The stockholders' equity section of Brown Co.'s December 31, 20x1, Prepare journal entry to account for the quasi reorganization
If the photocopier has a useful life of 6 years, with a residual value of zero at the end of its life, determine the amount that should be expensed each year
Which projects should be undertaken? Show all relevant calculations. Short O'Funds has R15 million available for investment in the forthcoming
Suppose the estimated costs to complete at the end of 2012 are $80 million instead of $60 million. Determine the amount of gross profit or loss to recognized in 2012 using the percentage-of completion method.
Write up the suspense account after the correction of above errors. The trial balance of David Smith as at 31 May 2021 does not balance.
You can borrow $200 today and repay $225 in two weeks. What is the compound annual rate implied by this 12.5 percent rate charged for only two weeks?
Lower Under Co. closes books annually on December 31 and uses the effective interest method. What amortization of the bond premium or discount on period 3 is?
Prepare an income statement for the month ending April 30, 2004 - accounting records of Mata Hari Realty Inc. as of April 30, 2004.
On January 1, 2016, the Apex Company exchanged some shares of common stock it had been holding as an investment for a note receivable. The note principal plus interest is due on January 1, 2017. What is the note's effective interest rate?
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