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On January 1, 2007, Lex Co. sold goods to Eaton Company. Eaton signed a noninterest-bearing note requiring payment of $80,000 annually for seven years. The first payment was made on January 1, 2007. The prevailing rate of interest for this type of note at date of issuance was 10%. Information on present value factors is as follows:
Present Value Present Value of Ordinary Period of 1 at 10% Annuity of 1 at 10% 6 .5645 4.3553 7 .5132 4.8684
Lex should record sales revenue in January 2007 of:
a. $428,419.
b. $389,472.
c. $348,424.
d. $285,600.
Describe the two major obligations incurred by a company when bonds are issued. Magda and Helga are discussing how the market price of a bond is determined.
Loxley Corporation is authorized to issue 50,000 shares of $10 par value common stock. During 2010, Loxley took part in the following selected transactions.
What is the normal due date for the tax return of calendar-year taxpayers? What happens to the due date if it falls on a Saturday, Sunday, or holiday?
Profit before tax is sh.800000 which includes sh.500000 grant that is not taxable and sh.20000 of expenses allowable for tax purposes.depreciation for p&l account amount to sh.120000 but was to be replaced by capital allowances of sh.150000.Tax ra..
Frenchy's Company needs to determine the variable utilities rate per machine hour in order to estimate cost for August. Relevant information is as follows: determine the expected costs for Utilities in August. B. Using the data calculated above, e..
Indicate increase (+), decrease (-), or no effect (NE). Make sure your answer is CLEAR in terms of all items below (1-13) and that you make an entry for EACH column (Net Income, Cash From Operations, and Cash Position).
Computation was a disallowed penalty of $25,000, life insurance proceeds of $100,000, and an income tax refund from 2009 of $50,000. Au Sable is an accrual basis taxpayer. The corporation's current earnings and profits for 2010 would be:
Explain the rules for discharge of indebtedness income. When is it taxable, and when isn't it? Why? Do you think these rules make sense?
The Garrett Corporation uses the lower-of-cost-or-market method to value inventory. Data regarding the items in work-in-process inventory are presented below.
Tina and Randy formed the TR Partnership four years ago. Because they decided the company needed some expertise in multimedia presentations, they offered Susan a 1/3 interest in partnership capital and profits if she would come to work for the par..
At November 1, 2010, Myers Enterprises reported a cash balance of $60,000. During the month, Kern collected cash of $20,000 and made disbursements of $35,000. At September 31, 2010, what is the cash balance?
In the section on the yield to call, a bond pays annual interest of $80 and matures after ten years. The bond is valued at $1,147 if the comparable rate is 6 percent and the bond is held to maturity.
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