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Megan Haak and Kathy Quandt borrowed $15,000 on a 7-month, 8% note from Golden State Bank to open their business, MK's Coffee House. The money was borrowed on June 1, 2012, and the note matures January 1, 2013. Prepare entries for interest-bearing notes. Instructions
a) Prepare the entry to record the receipt of the funds from the loan.
b) Prepare the entry to accrue the interest on June 30.
c) Assuming adjusting entries are made at the end of each month, determine the balance in the interest payable account at December 31, 2012.
d) Prepare the entry required on January 1, 2013, when the loan is paid back.
Benson and Orton are partners who share income in the ratio of 2:3 and have capital balances of $30,000 and $50,000 respectively. Ramsey is admitted to the partnership and is given a 10% interest by investing $20,000. What is Orton's capital balan..
Beginning and ending work in process for 2009 are $8,000 and $10,000 respectively. How much is cost of goods sold for the year?
Explain why you feel these are risks and support them with facts. You will need to include resources and site them on your responses
During the year 2010, the corporation earned $600,000 after deducting all expenses. The tax rate was 30%. Calculate 1. Earnings per share 2. Earnings per share assuming bond conversion
the payroll of grich company for september 2014 is as follows. total payroll was 960000 of which 220000 is exempt from
A transfer price of $13 per unit is established, and 50,000 units of material are transferred with no reduction in Division 6'scurrent sales. How much would Division 6's income from operationsincrease?
Compute the weighted average number of shares to be used in computing earnings per share for 2007.
Dean signed an agreement to sell the plant for $350,000 January 1 year 10 and Lease it back for $15,000 per year, deans incremental borrowing rate is 6%. Present value factors for annuity
Barrett's Fashions forecast sales of $125,000 for the quarter ended December 31. Its gross profit rate is 20% of sales, and its September 30 inventory is $32,500. If the December 31 inventory is targeted at $41,500, budgeted purchases for the four..
Three important pieces of information are (a) the cost of inventory on hand, (b) the cost of sales, and (c) the cost of inventory purchases. Identify or compute each of these items for Foot Locker, Inc. at the end of its fiscal year 2007.
A physical inventory on December 31 shows 2,000 units on hand. Holliday sells the units for $12 each. The company has an effective tax rate of 20%. Holliday uses the periodic inventory method. If the company uses FIFO, what is the gross profit for..
in each of the following independent situations involving transfers of tangible property determine which transfer
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