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On December 31, 2010, Atwood Table Company has $8 million of short term notes payable owed to City National Bank. On February 1, 2011, Atwood negotiates a revolving credit agreement providing for unrestricted borrowings up to $6 million. Borrowings will bear interest at 1% over the prevailing prime rate, will have stated maturities of 120 days, and will be continuously renewable for 120 day periods for four years. Atwood plans to refinance as much as possible of the notes outstanding with the proceeds available from this agreement. Assume that Atwood's December 31, 2010 year end financial statements are issued on March 30, 2011.Required:Prepare a partial December 31, 2010 balance sheet for Atwood Table Company showing how the $8 million short term debt should be reported.
Common stock of Ely Inc. (30% ownership), cost $210,000, equity $270,000. Prepare the investments section of the balance sheet.
the bear rug has sales of 811000. the cost of goods sold is equal to 63 percent of sales. the beginning accounts
Depreciation for the first 9 months of 2010 is $6,000. Prepare the journal entries to (a) update depreciation to September 30, 2010 and (b) record the sale of the equipment.
of purchase orders 400000 overhead cost of shipments 100000 of setups 300000direct labor hrs125000 of inspections
begone manufactures spray cans of insect repellent. on august 1 2010 the company had 9800 units in the beginning wip
donahue company uses both special journals and a general journal as described in this chapter. on june 30 after all
Determine the present value of investment using a 10 percent interest rate.
december 31 20x1 parent company purchased 80 of the common stock of subsidiary company for 280000. on this date
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adjusting entries sarah companys trial balance on december 31 2013 the end of its annual accounting period included the
newco inc. had current earnings and profits of 150000 when it made a nonliquidating distribution to an individual
staley company has 30 order operators with associated costs of 1000000 per year. staley calculated that each operator
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