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On November 1, 2011, Quantum Technology, a geothermal energy supplier, borrowed $16 million cash to fund a geological survey. The loan was made by Nevada BancCorp under a non committed short-term line of credit arrangement. Quantum issued a nine-month, 12% promissory note. Interest was payable at maturity. Quantum's fiscal period is the calendar year.
Required:
1. Prepare the journal entry for the issuance of the note by Quantum Technology.
2. Prepare the appropriate adjusting entry for the note by Quantum on December 31, 2011.
3. Prepare the journal entry for the payment of the note at maturity.
Safety Service Products (SSP) faces the following segmented demand and marginal revenue curves for its new infant safety seat:
Preparation of classified balance sheet using given data, From the following data, prepare a classified balance sheet for Simon Company at December 31, 2006.
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Compute the debt to assets ratio to measure the level of financial risk of both companies. Compare the two ratios computed in Requirement a to identify which company has the higher level of financial risk.
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National Truck Company paid cash of $20,000. Determine National's gain or loss on the transaction. Prepare the journal entry to record the trade-in of the old truck on the new one.
Jupiter Company sells goods on January 1 that have a cost of $500,000 to Danone Inc - Prepare the journal entry to record this transaction at the date of sale
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At May 5, 2011, MacDougal's common stock was quoted at $34 per share, and the patent had a carrying value of $55,000 on Masset's books. MacDougal should record the patent at.
you are involved with the audit of jelco company for year 1 and have been asked to consider the confirmation reply
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