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1.[This is a variation of Exercise 7-14 modified to focus on a noninterest bearing note.] On June 30, 2013, the Esquire Company sold some merchandise to a customer for $30,000 and agreed to accept as payment a noninterest bearing note with an 8% discount rate requiring the payment of $30,000 on March 31, 2014. The 8% rate is appropriate in this situation.Required:1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2013 interest accrual, and the March 31, 2014 collection.2. What is the effective interest rate on the note?
explain the four basic financial statements? describe the balance sheet and explain why it is
following are selected transactions for eduardo company. nov. 1 accepted a 5000 180-day 6 note dated november 1 from
What was the auditor's responsibility with respect to the company's financial statements? What was the responsibility of management?
Which of the following statements about the National Environmental Policy Act (NEPA) is most likely to be false?
payment inc. is preparing its cash budget for february. the budgeted beginning cash balance is 27000. budgeted cash
describe what is likely to occur if company personnel erroneously recorded a sales transaction for the wrong customer.
What amount of interest revenue will Big report for 2010 and what amount of cash will Big receive upon maturity of the note?
paige candy company offers a coffee mug as a premium for every ten 50-cent candy bar wrappers presented by customers
Big Al's Pizza Managerial Accounting Part Seven: Using net present value (NPV) analysis compare the present value of the lease payments with the cost of buying the equipment to replace the leased equipment as explained in Part Seven. Assume a 10% ..
Who do you think wins here and why
siness fitness club uses straight-line depreciation for a machine costing 26400 with an estimated four year life and a
assume that simple co. had credit sales of 259000 and cost of goods sold of 159000 for the period. simple uses the
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