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The Austin Land Co sold lanbd for $85.000 in cash. The land was originally purchased for $65,000, and at the time of sale, $40,000 was still owed to Regions Bank on that purchase. After the sale, the Company paid off the loan to Regions bank. What is the effect of the sale and the payoff of the loan on the accounting equation
the following is a list of activities that occur for a company that sells many different types of products. please
At the time of issuance, the market interest rate for similar financial instruments is 10%. Instructions: As the controller of the company, determine the selling price of the bonds.
Pace Corporation had a taxable income of $300,000 in 2010. They had a taxable income of $1,200,000 in 2011. What is their federal income tax liability for the company for each year?
Bee-In-The-Bonnet Company purchased office supplies costing $6,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $2,400 still on hand. The appropriate adjusting j..
Compute the budgeted factory overhead rate
what is the purpose of a bank reconciliation? what are the reasons for differences between the cash reported in the
Brigham is single, in the 33% marginal income tax braket, and has the sales or exchanges below. At the beginning of the year, he has nonrecaptured net Sec.1231 losses of $10,000. Determine the increase or decrease in Brigham's tax liability as a r..
On June 1, 2009, Everly Bottle Company sold $400,000 in long-term bonds for $351,040. The bonds will mature in 10 years and have a stated interest rate of 8% and a yield rate of 10%.
What amount of the bond issue proceeds should Evan record as an increase in equity?
Provide the journal entry to record the issuance of the bonds. Show computations. Provide the journal entry that Sloan should make on December 31, 2004, assuming straight line amortization. Show how the bond liability and the related accounts will ap..
staffing company purchased the net assets i.e. assets minus liabilities of time management inc. for 390000. time
Find the Present Value of the following scenarios: a. An Annual Payment of $1500 over 6 years with an interest rate of 5%. b. A final payment, in 6 years, of $4500, with an interest rate of 6%.
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