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Question - On November 1, Perez Company received Smith Company's $9,900, 75-day, 16% note receivable in settlement of a past due account.
At the end of the fiscal year, on December 31, Perez Company accrued interest on the note.
Required - Prepare the journal entries for Perez Company on November 1 and December 31.
Note: To simplify the arithmetic in the problem, use 360 days for the number of days in a year.
Address issues of a qualitative nature that may impact the financial health of the firm (litigation, quality of management, foreign operations, legislation
Al is a medical doctor who conducts his practice as a sole proprietor. During 2011, he received cash of $280,000 for medical services. Of the amount collected, $40,000 was for services provided in 2010.
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If a French company using IFRS revalued its property,
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What do these results tell you? How will you use this information in planning and decision making?
If the partners agreed on a $144 000 salary allowance for each partner and the remaining balance divided 3:2:1, calculate the amount owed to each partner
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