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Question - On January 2, Macaron Ltd. sold merchandise on account to R. Matthew for $44,000, terms n/SO. The company uses a perpetual inventory system and the merchandise originally cost $34,100. On February 1, R. Matthew gave Macaron a ?ve-month, 9% note in settlement of this account. Interest is due at the beginning of each month, starting March 1. On April 30, Macaron's year end, annual adjusting entries were made. On July 1, R. Matthew paid the note and any remaining interest. Prepare the journal entries for Macaron to record the transactions only on the dates listed above.
Which audit assertion is met when testing renumbered shipping and billing documents.
The Federal Reserve is expected to raise interest rates by 50 basis points. Explain the effect on the price, yield and cash flow of each bond.
On August 1, 2020, the national government granted XYZ Co. a parcel of land located in Cavite. How should the Land be presented as at the end of first year
Alpha Inc. borrows $15,000 to finance its operations by signing a note payable with a bank. Identify the effect of this transaction on Alpha financial statement
Prepare the stockholders' equity section of Tortola Company's December 31, 2020, balance sheet. Purchased treasury stock (common) for $40,000.
Harrow Co. as lessee signed a five-year. What amount should Harrow report as interest expense for the year ended December 31, 20X1?
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How much equipment did Portland Company purchase during the year? Write the dollar amount of your answer. (Do not write the dollar sign.)
Three years ago American Insulation Corporation issued 10 percent, $820,000, 10-year bonds for $780,000. Debt issue costs were $4,000. American Insulation exercised its call privilege and retired the bonds for $810,000. Prepare the journal entry to r..
What Kollar net cash used in investing activities for 2019 was? Kollar Corp.'s transactions for the year ended December 31, 2019
Bank of XYZ requires a maximum debt-to-asset ratio of 0.64. What is the maximum additional amount that Company ABC can borrow
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