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Amber Mining and Milling, Inc., contracted with Truax Corporation to have constructed a custom-made lathe. The machine was completed and ready for use on January 1, 2016. Amber paid for the lathe by issuing a $700,000, three-year note that specified 6% interest, payable annually on December 31 of each year. The cash market price of the lathe was unknown. It was determined by comparison with similar transactions that 10% was a reasonable rate of interest. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1-a. Complete the table below to determine the price of the equipment. 1-b. Prepare the journal entry on January 1, 2016, for Amber Mining and Milling’s purchase of the lathe. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Prepare an amortization schedule for the three-year term of the note. 3. Prepare the journal entries to record (a) interest for each of the three years and (b) payment of the note at maturity. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Illiad Inc. has decided to raise additional capital by issuing $179,300 face value of bonds with a coupon rate of 10%. In discussions with investment bankers, it was determined that to help the sale of the bonds, detachable stock warrants should be i..
The Jefferson Supply Company experienced the following costs in 2007: Direct materials $3.50/unit Direct labor $2.65/unit Manufacturing Overhead Costs Variable $1.50/unit Fixed $20,000 Selling and Administrative Costs Variable selling $2.15/unit Fixe..
Advise FVS what income is derived and when and what tax consequences follow on default - What is the tax treatment of the trading stock the subject of a lay-by
In the current year, Alice reports $150,000 of salary income, $20,000 of income from Activity X, $35,000 loss from Activity Y, and $15,000 loss from Activity Z. All three activities are passive with respect to Alice and are purchased during the curre..
Describe and discuss the main criteria used by ratings agencies such as Moody's and Standard and Poor's in order to construct credit ratings.(800 words)
The latter come from many sources. In your Journal this week you will research two rules or regulations that pertain to Advanced Accounting topics and submit them to your Unit #1 Journal. What is the name of the rule or regulation? What agency or gov..
Bent Inc. had credit sales of $675,000 for March. Accounts receivable of $6,000 were determined to be worthless and were written off during March. Assuming they use the direct write off methos of accounting for uncollectable accounts, uncollectible ..
Pineapple Company uses a weighted-average process-costing system. Company records disclosed that the firm completed 40,000 units during the month and had 10,000 units in process at month-end, 20% complete. Conversion costs associated with the beginni..
Explain the purpose of consolidated financial statements. Why does depreciation appear as a line item in the reconciliation of operating profit with cash flow?
Compute the legal debt margin for the City of Brandon
Jeremy earned $220,000 in salary and $3,000 in interest income during the year. Jeremy has two qualifying dependent children who live with him. He qualifies to file as head of household and has $18,500 in itemized deductions. Neither of his dependent..
On October 1, Steve's Carpet Service borrows $250,000 from First National Bank on a 3-month, $250,000, 8% note. What entry must Steve's Carpet Service make on December 31 before financial statements are prepared?
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