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Notes Receivable Metzler Communications designs and programs a website for a local business. Metzler charges $46,000 for the project, and the local business signs an 8% note January 1, 2013. Required: Hide
1. Prepare the journal entry to record the sale on January 1, 2013. Account and Explanation Debit Credit Record sale
2. Determine how much interest Metzler will receive if the note is repaid on October 1, 2013. $ Hide
3. Prepare Metzler's journal entry to record the cash received to pay off the note and interest on October 1, 2013. If an amount box does not require an entry, leave it blank. Account and Explanation Debit Credit Record collection of note receivable
Gingrich Importers provides the following pension plan information. From the data above, compute the actual return on the plan assets for 2014.
For Warren Corporation, year-end plan assets were $2,094,810. At the beginning of the year, plan assets were $1,780,830. During the year, contributions to the pension fund were $106,040, and benefits paid were $190,640. Compute Warren’s actual return..
Lowe Manufacturing Co. warrants its products for one year. The estimated product warranty is 4% of sales. Assume that sales were $560,000 for June.
Identify each of the following activities as unit level,(U), batch level(B), product level(P), or facility level(F) to indicate the way each is incurred with respected to production.
Vargo Corp. owes $373,000 to First Trust. The debt is a 10-year, 12% note due December 31, 2014. Because Vargo Corp. is in financial trouble, First Trust agrees to extend the maturity date to December 31, 2016, reduce the principal to $314,100, and r..
Under the periodic method, inventory is just counted at the end of the year. Under the perpetual method, inventory is adjusted throughout the year as sales and purchases are made. Under the perpetual method, when might the inventory balance on the bo..
Bill Graham and Larry Miller incorporated B&L Landscapes, Inc. on July 1, 2014. The business consists of lawn care and sprinkler system installations. In addition, they also sell two types of fertilizer. Prepare a flexible budget report showing the d..
Compute the physical units of production, compute equivalent units of production for materials and for conversion costs and determine the unit costs of production
What are the company's free cash flows to the firm
Avery Corporation has two divisions, A and B, which are both organized as profit centers; Division A produces and sells widgets to Division B and to outside customers. Division A has total costs of $35, $20 of which are variable. Division A is operat..
A company is considering the adoption of an activity based costing system because the managers suspect that their traditional costing system distorts the product costs.
Sofia expects to earn $3800 from her summer job and $1500 from working as a babysitter. She receives gifts worth $400 from her friends and family on her birthday. A scholarship from a local Book Reader's Club adds $1000 each year while she is in coll..
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