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Here's the question: On October 1, 2014, Gomez Inc. assigns $1,600,000 of its accounts receivable to Ottawa National bank as collateral for a $1,200,000 note. The bank assesses a finance charge of 2% of the receivables assigned and interest on the note of 7%. Prepare the October 1 journal entries for both Gomez and Ottawa. Need done in one hour. Will pay $20.00
the hot aire company reported the following items on its income statement for2007.a. net operating revenues 956000b.
on july 1 year 1 cody co. paid 1198000 for 10 20-year bonds with a face amount of 1 million. interest is paid on
What ratio indicates the percentage of each sales dollar that is available to cover fixed costs and to provide a profit?
Wempe Co. sold $3,432,000, 10% 10-year bonds on January. Prepare amortization tables for issuance of the bonds sold at 96 for the first three interest payments.
the following information pertains to tanzi company. assume that all balance sheet amounts represent both average and
Choice Two Manufacturing, which began operations in 2011, What entry(ies) are necessary to adjust the accounting records for the change in accounting principle
On January 1, 2018, Dalton Corporation signed a five-year noncancelable lease for equipment. The terms of the lease called for Dalton to make annual payments.
if the historical cost of product x is 64 the selling price product x is s90 the costs to sell product x are s14 the
Cara, Bob, and Stave want to begin a business on January 1, 2009. The individuals are considering three business forms-C Corporation, partnership, and S corporation.
Fill in the lettered blanks to complete the cost of goods sold sections.
Journalize the adjusting entries necessary on April 30, 2019. Determine the effect of the adjusting entries on John Bridger, Capital
At the beginning of 2011, a decision was made to change to the straight-line method of depreciation for the machinery. The depreciation expense for 2011 would be:
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