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Raffie's Kids, a non-profit organization that provides aid to victims of domestic violence, lowincome families, and special-needs children has a 30-year, 5% mortgage on the existing building. The mortgage requires monthly payments of $3,000. Raffie's bookkeeper is preparing financial statements for the board and in doing so, lists the mortgage balance of $287,000 under current liabilities because the board hopes to be able to pay the mortgage off in full next year. $20,000 of the mortgage principal will be paid next year if Raffie's pays according to the mortgage agreement.Requirement1. The board members call you, their trusted CPA, to advise them on how Raffie's Kids should report the mortgage on its balance sheet. Provide your recommendation and discuss the reason for your recommendation.
Tom wants to retire at the end of this year (2010). His life expectancy is 20 years from his retirement. Tom has come to you, his CPA, to learn how much he should deposit on December 31, 2010 to be able to withdraw $40,000 at the end of each year ..
Bigelow Industries manufactures swim caps. Their operating leverage is 3. Each cap sells for $10 and has a contribution margin of $6. They expect to sell 37,500 swim caps. Their fixed costs are:
All materials are added at the beginning of the process. Direct labor was $32,450 and factory overhead was $18,710.
The amount of unrealized intercompany profit in ending inventory at December 31, 2006 that should be eliminated in the consolidation process is:
deposit 1000 at the end of the year for 5 years in an account that is paying 5 interest. how much have you earned in
In years subsequent to the upstream intercompany sale of nondepreciable assets, the necessary consolidated workpaper entry under the cost method is to debit the:
shurshot sports inc. manufactures basketballs for the national basketball association nba. for the first 6 months of
Journalize the adjusting entry to adjust the unearned fees account.b. Journalize the adjusting entry to record the accrued fees.
A. What is Bamboo's dividends received deduction? B. How would your answer change if the gross income from operations was $140,000 instead of $200,000?
the schroumldinger science store operates a retail store in a local shopping mall.the results of operations for the
Albacore company had 300,000 shares of common stock issued and outstanding. Albacore issued a 10% stock dividend on June 30. On September 30, 12,000 shares of common stock were reacquired as treasury stock. What is the appropriate number of shares..
federal semiconductors issued 11 bonds dated january 1 with a face amount of 880 million on january 1 2013. the bonds
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