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On December 31, 2010, Excello Electric Company had $1 million of short term notes payable due February 7, 2011. Excello expected to refinance these notes on a long term basis. On January 15, 2011 the company issued bonds with a face value of $900,000 at 98; brokerage fees and other costs of issuance were $3,450. On January 22, 2011 the proceeds from the bond issue plus additional cash held by the company on December 31, 2010 were used to liquidate the $1 million of short term notes. The December 31, 2010 balance sheet is issued on February 12, 2011.Required:Prepare a partial balance sheet as of December 31, 2010 showing how the $1 million of short term notes payable should be disclosed. Include an appropriate footnote for proper disclosure.
Selected data from a February payroll register for Gerfield Company are presented below. Some amounts are intentionally omitted. FICA taxes are 8%. State income taxes are 3% of gross earnings.
How has governmental budgeting influenced the measurement focus and basis of accounting used in the governmental funds category?
sophie is a single taxpayer. for the first payroll period in october 2012 she is paid wages of 3250 monthly. sophie
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oslo company prepared the following contribution format income statement based on a sales volume of 1000 units the
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Accounting records of Blocker Transport reveal these transactions and events.
A fire station that the city of plenty constructed many years ago is sold and is accounted for as an other financing source. Where should entries be made?
Prepare in good form a multiple-step income statement for the year 2011. Assume a 30% tax rate and that 100,000 shares of common stock were outstanding during the year
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anne inc. is considering the purchase of a machine that would cost 200000 and would last for 8 years. at the end of 8
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