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Leoni Co. receives $240,000 when it issues a $240,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2010. The terms provide for semiannual installment payments of $20,000 on June 30 and December 31.
Instructions
Prepare the journal entries to record the mortgage loan and the first two installment payments.
You work for the financial analysis section of a merchant bank and are asked to prepare a report on the following figures, which relate to a clothing retailer, who is looking to the bank to take a share stake:
Complete the last three columns in the 12/31/13 schedule above based upon the lower-of-cost-or-market rules and prepare the entryies necessary at 12/31/13 based on the data above.
you have a sole-proprietorship merchandizingbusiness dealing with photography equipments. the business wasestablished 3
1.marjorie jewels a maker of fashionable rings produced and sold 6000 rings during the recent accounting period. the
You will also be required to include the Income Statement, Balance Sheet and Cash Flow Statement as an attachment to your report (you can cut and paste directly from the 10-K report).
Identify and describe the cash-based liquidity measures.
On this date the banks prime rate was 11%. The first payment for interst and principle was made on September 1 2011. At december 31 2001, Herman should record accured insterst payable.
The balance sheet at December 31, 2013, for Nevada Harvester Corporation includes the liabilities listed below:
general inertia corporation made a pro rata distribution of 50000 to tiara inc. in partial liquidation of the company
tinbergen cans expects sales next year to be 50000000. inventory and accounts receivable combined will increase 8000000
Mike purchases a heavy-duty truck (5-year class recovery property) for his delivery service on April 30, 2010. The truck is not considered a passenger automobile for purposes of the listed property and luxury automobile limitations.
inventory costing methods-periodic method the following data are for the portet corporation which sells just one
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