Reference no: EM133014887
Question - Below are selected transactions of Hurricanes Ltd. for 2020, which uses a perpetual inventory system:
1. On June 1, the company purchased equipment for $ 180,000 from Panthers Ltd., paying $ 60,000 in cash and giving a one-year, 8% note for the balance.
2. On September 30, the company borrowed $ 162,000 from the ICIC Bank by signing a one-year, zero-interest-bearing note for $ 178,200. The discount rate was 10%.
Required -
a) Prepare the journal entries necessary to record these transactions using appropriate dates.
b) Prepare the adjusting entries necessary on December 31, 2020, to properly report interest expenses related to the above transactions.
c) With proper title and classification, show a partial Statement of Financial Position indicating how the above transactions should be reported as of December 31, 2020.
What journal entry would you record in each fund books
: Together, the funds will make an investment of $100k, with a 65/35 split. What journal entry would you record in each fund's books
|
Calculate the Cash Flow Conversion Cycle for ABC in days
: Calculate the Cash Flow Conversion Cycle (CCC) for ABC in days. What will happen to the liquidity of ABC if ABC's customer takes longer to pay
|
What is your portfolio return
: If you have a portfolio made up of 30 percent Oracle, 25% Valero Energy, and 45 percent McDonald's, what is your portfolio return
|
What is the total amount of cash
: RJR Roofing has 1,000 employees that are paid $1,000 every other week (they each earn $500 per week). What is the total amount of cash
|
Prepare the adjusting entries necessary on December
: Prepare the adjusting entries necessary on December 31, 2020, to properly report interest expenses related to the above transactions
|
Calculate the material price variance
: Standards call for 2.0 relays per unit of finished product. Calculate material price variance and material quantity variance related to M640 electrical relay
|
Calculate the company break-even point in unit sales
: Mauro Products distributes a single product, a woven basket whose selling price is $28 per unit. Calculate the company break-even point in unit sales
|
Compute Carla weighted-average number of shares
: On July 1, Carla purchased 10,200 treasury shares, which were reissued on October 1. Compute Carla's weighted-average number of shares outstanding for 2020
|
What is Antonin taxable income from the activity
: Antonin Scalia invested $70,000 in a passive activity several years ago, What is Antonin's taxable income from the activity in 2021
|