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Problem - McD purchased $160,000 of ingredients from Supply store on January 2, 2018. Jensen paid $30,000 in cash and signed a three-year 10% note for the remaining $130,000 of the purchase price. The note specifies that payments of $26,000 plus interest be made each year on the anniversary date of the loan. McD made the required January 2, 2018 payment, but was unable to make the second payment on January 2, 2019 because of a downturn in the construction industry. At January 2, 2019, McD owed the Supply store $104,000 plus $10,400 interest that had been accrued by both companies on December 31, 2018. Rather than write off the note, Supply store agreed to restructure the loan as follows: one-time & Restructured note payable & of $95,000 on January 2, 2019 would satisfy the restructured note. Hint: We are basically switching the orginal agreement to a new one. (The restructuring should considered as a new contract).
Required - Prepare the journal entries made by McD on January 2, 2019 to record the restructuring of the note.
Carlos Corporation issues $100,000 of bonds for $89,000. Show how the bonds would be reported on the balance sheet at the date of issuance.
What is the clinic's contribution margin on the contract? Grandview Clinic has fixed costs of $2 million and an average variable cost rate of $15 per visit.
Fixed manufacturing costs total $231,650 per year. Calculate the break-even point in units. Calculate the margin of safety in units. Calculate the margin of safety in dollars.
Wilson Wonders's bonds have 15 years remaining to maturity. Interest is paid annually, What is their yield to maturity? Round your answer to two decimal places.
Auditors' report for a public entity should: Which of the following is the most accurate description of the net worth method of analysis?
B2B Co. is considering the purchase of equipment that would allow the company to add a new product to its line. The equipment is expected to cost $376,000 with a 6-year life and no salvage value. It will be depreciated on a straight-line basis. B2B C..
Evaluate the value of each partner's share of the business and what was the basis of your computation of the partners' share of the business?
Two years ago, your best friend Scott Adams started a home business selling custom made chairs and tables. His original designs quickly became popular, and he began selling in large quantities. To take advantage of the upcoming holiday season, Scott ..
Which is a common signal that 'share repurchases' send to the capital market? How much is Nutritious Nuts, Inc.'s dividend yield for Year 2?
Assuming that the equipment was sold at the end of the second year for $480,000, determine the gain or loss on the sale of the equipment
How much do you need to save each quarter for the next 20 years if the interest rate on your investment will be 11% per year (APR)?
Assume a sales volume of 6,000 units, unit selling price of $20, unit variable cost of $12, and total fixed costs of $20,000. What is the margin of safety in sales dollars?
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