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On September 1, 2009, Health Wise International acquired a 12 percent, nine-month note receivable from Herbal Innovations, a credit customer, in settlement of a $22,000 account receivable.
Prepare journal entries to record the following:
a. The receipt of the note on September 1, 2009, in settlement of the account receivable.
b. The adjustment to record accrued interest revenue on December 31, 2009.
c. The collection of the principal and interest on May 31, 2010.
During the year just ended, Kerry Company's income under absorption costing was $3,000 lower than its income under variable costing.
13,000 shares of common stock with a par value of $50 per share are issued in exchange for land and buildings. The property has been appraised at a fair market value of $810,000, of which $180,000 has been allocated to land and $630,000 to buildin..
Prepare a segmented income statement in the contribution format for last month,showing both "amount and percent" columns for the division as a whole and for each product.
What is the total amount related to this loan that should be reported under current liabilities on the company's December 31, 2008, balance sheet?
Assume a 5 year useful life with a residual value of $50,000, how much depreciation expense should the company record on its books each year using the double declining balance method of depreciation?
Carter Corporation had net income of $250,000 and paid dividends of $50,000 to common stockholders and $20,000 to preferred stockholders in 2008.
In November, the Universal Solutions Division of Keaffaber Corporation had average operating assets of $480,000 and net operating income of $46,200. The company uses residual income, with a minimum required rate of return of 11%,
Assume that the risk-free rate is 6 percent and the expected return on the market is 13 percent. What is the required rate of return on a stock that has a beta of 1.2?
What is the difference between a legislative regulation and an interpretative regulation?
(a) Journalize the transactions. (b) Indicate the income statement effects of the transacton.
Go Blue's excellent record in account receivable is expected to continue, with 60 percent of the billings collected in the month of the sales and the remaining 40 percent collected two months after the sales.
Admire County Bank agrees to lend Givens Brick Company $300,000 on January 1. Givens Brick Company signs a $300,000, 8%, 9-month note. What entry will Givens Brick Company make to pay off the note and interest at maturity assuming that interest ha..
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