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Question - On January 1, 2020, Cardinals Corp. grants a loan to Pirates Company and receives a $250,000, four-year note, bearing interest at 6% with interest payable semi-annually. The market rate for similar loans with similar credit risks is 8%.
Required -
a) From the Cardinals' perspective, calculate the present value of this loan. Please round your answer to the nearest dollar.
b) Prepare the journal entry to record this transaction.
c) With proper format and headings, prepare an amortization table for the above-mentioned four-year notes from the inception day to June 30, 2021.
Create T accounts for 1) Sales, 2) Sales Returns and Allowances, 3) Cost of Goods Sold, and 4) Merchandise Inventory. Post the opening balance
How An audit of the balance in the accounts payable account is ordinarily not designed to: Verify that accounts payable were properly authorized.
JD Enterprises applies factory overhead based on direct labor costs. Determine the inventories direct material costs
Foreign currency translation adjustments arising from translation of the financial statements of a foreign subsidiary are reported in:
Determine the amount of underapplied or overapplied manufacturing overhead fort he period
unit manufacturing costs 2445 unit variable marketing costs 1045 march 1 hospital supply has an offer made by the govt.
Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment is
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The charge is RM50 per guest for one night's lodging and a full breakfast in the morning. Calculate contribution margin per unit and ratio
Compute net sales, gross profit, and the gross margin ratio for each separate case a through d. (Round your gross margin ratio to 1 decimal place.)
The work-in-process inventory account of a manufacturing company shows a balance of $3,000 at the end of an accounting period. The job-cost sheets of the two incomplete jobs show charges of $500 and $300 for direct materials, and charges of $400 a..
Identify a firm that has recently engaged in diversification. Search the firm's website to identify executives' rationale for diversifying.
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