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Little Suzie operates a feed store Examine the following items and prepare the liability section of the balance sheet. Be sure and distinguish between current and long-term liabilities. The beginning of year accounts payable was $150,000. Purchases on account were $900,000 and payments were $975,000. As of the end of the year the company had used $12,000 of utilities but the monthly billing for this had not been received. Customers had prepaid for monthly feed deliveries in the amount of $90,000 however only $76,000 of this had been delivered by the end of the year. The company has a note in the amount of $2,000,000 due in three years. The yearly interest rate is 6% with interest payable monthly at the beginning of the following month. As of December 31 all interest had been paid with the exception of the December interest. At year end it is estimated that employees are owed $11,000 for work performed for which the payroll checks will not be issued until after the end of the year. Little Suzie issued 20 year bonds last year on December 31st. All interest has been paid on the bonds this year. The bonds were issued at face value for $500,000.
You have just been employed as an accounting lecturer. In your first class, your students ask you the following questions.
Steady As She Goes, Inc., will pay a year-end dividend of $2.50 per share. If the stock currently sells for $25 per share, what is the expected rate of return on the stock? If the expected rate of return on the stock is 16.5 percent, what is the stoc..
The manufacturing overhead budget of Paparella Corporation is based on budgeted direct labor-hours. The November direct labor budget indicates that 6,000 direct labor-hours will be required in that month. The variable overhead rate is $2.00 per direc..
1. the status of the internal audit function should be free from the impact of irresponsible policy changes by
On January 1, x1, Brown Corp initiated a non contributory defined benefit pension plan for all six employees in its word processing department. Calculate Prior Service Cost at the inception of the plan. Calculate Service Cost for each year of service..
Listed below are the transactions that occurred in September 2006. Prepare the appropriate general journal entry for each transaction. Prepare an unadjusted trial balance. Post adjusting journal entries to the ledger accounts. Prepare an adjusted tri..
Nicole’s business uses the accrual method of accounting and accounts for inventory with specific identification. In year 0, Nicole received a $4,500 payment with an order for inventory to be delivered to the client early next year. How would Nicole a..
preparing an income statementnbsp for forgetful insurance companybackground this project provides a set of annual
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Journalizing issuance of stock and treasury stock transactions. Journalize the transactions.
royal tea a wholly-owned english subsidiary of u.s. beverages a u.s. firm maintains its inventory at cost and royal
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