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Question - On August 2, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account receivable.
Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. What is the interest revenue journal entry?
Any excess of cost over fair value was attributed to goodwill, which has not been impaired. Rob Co. reported net income of $300,000 for 2011, and paid dividends of $100,000 during that year. Explain how much goodwill is associated with this inves..
XYZ Company sells $100,000 of bonds to private investors. The bonds are due in 10 years, and have a 5% coupon rate, and interest is paid semi-annually. The bonds were sold to yield 6%. What proceeds does XYZ company receive from investors? What perio..
Prepare the journal entries for Ellis Company for the following transactions. January 1, 2021: Ellis Company sells 30 of the bonds for $38,000
Moon Appliance manufactures a variety of appliances which all use Part B89. Currently, Moon Appliance manufactures Part B89 itself. It has been producing 9,000 units of Part B89 annually. Total cost $18.00 all of the fixed manufacturing overhead cost..
Members of a fishing village in New England have open access to a fishery (no one in the village explicitly owns the fishery). As long as an individual is a resident of the village, the individual can harvest as much fish as he wants from the fishery..
How well does your selected company compare to its industry peer? Which components of your firm's ROE are superior, and which are inferior?
Prepare an absorption costing income statement for the quarter ending March 31 and prepare a balance sheet as of March 31.
At the end of 2014, Duffau Company had outstanding accounts receivable of $109,760. Before recording the adjusting entry for uncollectible accounts, the balance in the Allowance for Doubtful Accounts was $350. If Duffau estimates that it will not col..
Marisol's Parasols sells novelty umbrellas for $10 each. Marisol's variable costs are $4 per unit, and her fixed expenses are $3,000 per month. If Marisol's tax rate is 25%, how many umbrellas must Marisol sell each month if she wants to earn $9,000 ..
Loren satina is the sole owner of clear view park a public camping ground near the lake mead national recreation area. Loren compiled the following financial information as of December 31, 2017. Determine Loren Satina's net income from clear view par..
Determine how many new clients must visit the law office being considered by Terry Smith and his colleagues in order for the venture to break even during its first year of operations. (Round your answer to the next whole number.) Number of new client..
Prepare all the journal entries to record the transactions set out. On October 1, 2018, the treasurer of Canada Corporation took
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