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Slim Corp. requires a minimum $8,000 cash balance. If necessary, loans are taken to meet this requirement at a cost of 1% interest per month (paid monthly). Loans are repaid at month's end from any excess cash. The cash balance on July 1 is $8,400. Cash receipts other than for loans received for July, August, September are forecasted as $24,000, $32,000, and $40,000, respectively. Payments other than for loan or interest payments for the same period are planned at $28,000, $30,000, and $32,000, respectively at July 1, there are no outstanding loans.Required:Prepare a cash budget for July, August, and September.
Finished goods inventory at the end of last December was 200 units. Ending finished goods inventory is equal to 25 percent of the next month's sales. Jasper Company expects to sell the brackets for $45 each. How many brackets should Jasper produce..
What should Quinn report on its 2007 income statement as a result of the increase in fair value of the investments in 2007?
James purchased a new business asset (three-year property) on July 23, 2009, at a cost of $50,000. He did not elect to expense any of the asset under § 179, nor did he elect straight-line cost recovery. Determine the cost recovery deduction for 20..
What was the amount of the gain or loss on retirement of the bonds? Prepare the journal entry needed at April 1, 2011 to record retirement of the bonds. Assume that interest and premium discount amortization have been recorded through January 1, 20..
stillwater designs rebuilds defective units of its s12l7 kicker speaker model. during the year stillwater rebuilt 7500
Yaro Company owns 30% of the common stock of Dew Co. and uses the equity method to account for the investment. During 2011, Dew reported income of $250,000 and paid dividends of $80,000
What are the advantages and disadvantages to FSC's decision to not use the BSC as a performance tool- i.e., linking it to the employee evaluation and reward system?
q1. abigail manchester set up a business selling keep fit equipment trading under the name of keep fit. she put
Flint Co. records purchase discounts lost and uses perpetual inventories. Prepare journal entries in general journal form for the following: (a) Purchased merchandise costing $900 with terms 2/10, n/30. (b) Payment was made thirty days after the p..
A residual value of $2,000. Determine the cost and depreciable cost of the tractor and calculate the first year's depreciation under the straight-line method.
Materiality is a function of the time, the situation, and the people involved. What is material from the point of view of a bank that lends money to the firm?
you are engaged in your first audit of pesky pest control pty ltd for the year ended 30 june 2012. the company began
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