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On August 31st, Jenkins Co. partially refunded $180,000 of its outstanding 10% note payable, made one year ago to Arma State Bank by paying $180,000 plus $18,000 interest, having obtained the $198,000 by using $52,400 cash and signing a new one year $160,000 note discouted at 9% by the bank.
Instructions:
(1) Make the entry to record the partial refunding, Assume Jenke Co.makes reversing entries when appropriate.
(2) Prepare the adjusting entry at December 31, assuming straight-line amortization of the discount.
The following January, Shaver announced a $100,000 net income for 2011 and declared a cash dividend of $.50 per share on its 100,000 shares of outstanding common stock. The Northwick Company dividend revenue from Shaver Corp. in January 2011 would..
Lindy Corporation owns a 40% interest in Belair Company, acquired several years ago at a cost equal to book value and fair value. Belair sells merchandise to Lindy for the first time in 2003. In computing income from the investee for 2003 under th..
TD Industries has a piece of equipment that has a cost of $400,000. The equipment has accumulated depreciation of $305,000.
Explain why the value of the leased asset and the accompanying lease obligation are not reported on the balance sheet initially at $80,000.00
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The Bay Fig Corporation has a $350,000 gain from operations for 2009, and dividends of $100,000 received from 30%-owned domestic corporations. How much is the Bay Fig Corporation's dividends received deduction for 2009?
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Which type of business organization will meet Desean's needs best and why? Discuss possible issues and/or limitations Desean may encounter as a result of choosing this business organization compared with others.
A toy company has been marketing souvenir toys in conjunction with various professional sports teams in a number of cities. Over the past few years, this experience has provided some data on the effect of advertising on sales revenues because the ..
A CPA is interested in testing the fairness of the ending inventory balance at an audit client. He has relatively little experience using statistical sampling methods and, does not like to turn anything over to random chance.
Health care managers are charged with providing quality health care services to the community in efficient and effective ways. Managers strive to deliver quality care through their planning, organizing, and controlling efforts.
What is the amount of (a) the differential revenue, (b) differential cost, and (c) differential income for processing rough-cut lumber into finished cut?
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