Reference no: EM131295585
The Pita Pit borrowed $202,000 on November 1, 2018, and signed a six-month note bearing interest at 12%. Principal and interest are payable in full at maturity on May 1, 2019. In connection with this note, The Pita Pit should report interest expense at December 31, 2018, in the amount of
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What was the percentage flotation cost on the net proceeds
: The Running Man Gym Equipment Inc., held a rights offering on January 2, 2011. Each right was valued at $0.50, while the cum-right share price was $3.00. Two rights were required to buy each new share. Before the rights offering, the firm had 10 mill..
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Using the specific interest method
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As controller of company-determine selling price of bonds
: The Windsor Inc., a manufacturer of low-sugar, low-sodium, low-cholesterol TV dinners, would like to increase its market share in the Sunbelt. In order to do so, Windsor has decided to locate a new factory in the Panama City area. As the controller o..
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Should lower radiator hose product line be discontinued
: Gates Inc. manufactures rubber hoses for automobile engines. There are three products to consider: Assume that all fixed costs given above are common fixed costs. Management is considering eliminating the Lower Radiator Hose product line, since it is..
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Principal and interest are payable in full at maturity
: The Pita Pit borrowed $202,000 on November 1, 2018, and signed a six-month note bearing interest at 12%. Principal and interest are payable in full at maturity on May 1, 2019. In connection with this note, The Pita Pit should report interest expense ..
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Use tax rate schedule for reference
: In 2014, Lisa and Fred, a married couple, have taxable income of $487,500. If they were to file separate tax returns, Lisa would have reported taxable income of $257,500 and Fred would have reported taxable income of $230,000. Use Tax Rate Schedule f..
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Journal entry to record the declaration of stock dividend
: Earnhardt Corporation has outstanding 3,051,000 shares of common stock of a par value of $10 each. The balance of in it's retained earnings account at January 1, 2014, was $24,730,000, and it then had Paid-in Capital in Excess of par - common stock o..
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What are break-even sales in units-contribution margin ratio
: If sales are $1,000,000, variable costs are $400,000, and fixed costs are $240,000, what is the contribution margin ratio? If the unit selling price is $16, the unit variable cost is $12, and fixed costs are $160,000, what are the break-even sales in..
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The cash amount properly shown on the year-end balance sheet
: The cash amount properly shown on the year-end balance sheet is the
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