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Cypress Oil Company's December 31, 2013, balance sheet listed $645,000 of notes receivable and $16,000 of interest receivable included in current assets. The following notes make up the notes receivable balance: Note 1 Dated 8/31/2013, principal of $300,000 and interest at 10% due on 2/28/2014. Note 2 Dated 6/30/2013, principal of $150,000 and interest due 3/31/2014. Note 3 $200,000 face value noninterest-bearing note dated 9/30/2013, due 3/31/2014. Note was issued in exchange for merchandise. The company records adjusting entries only at year-end. There were no other notes receivable outstanding during 2013.
On January 1, 2010, Gant Corporation had $1,500,000 of common stock outstanding that was issued at par and retained earnings of $750,000. The company issued 30,000 shares of common stock at par on July 1 and earned net income of $400,000 for the y..
What does it mean to critically evaluate an economic event or resource in the context of an accounting standard and what is actually being evaluated and how?
Landon paid $20,000 in dividends to each of the two stockholders in each of the three years. Prepare a statement of retained earnings for the year ended December 31, 2010.
A U.S. firm has purchased, for 50,000 FCs, an electric generator from a foreign firm. The exchange rates were 1 FC = $0.80 on the delivery date and 1 FC = $0.76 when the payable was paid. What is the final recorded value if the two-transaction met..
The partners share equally in partnership capital, income, gain, loss, deduction, and credit and capital is not a material income-producing factor.
Suppose that the terms of trade between a buyer and a seller are free on board (FOB) destination. What document provides evidence that a liability exists and might be unrecorded?
How might the senior audit manager or partner on a particular engagement determine how much cost is acceptable to incur in order to test a particular area? Can you think of any lower cost alternatives?
In 2003, Roland, who is single, purchased a personal residence for $340,000 and took out a mortgage of $200,000 on the property. In May of the current year, when the residence had a fair market value of $440,000 and Roland owed $140,000 on the mor..
It is estimated that variable manufacturing costs will be reduced from $26,000 to $23,500 annually if the new machine is purchased. The total net increase or decrease in cost for the new equipment for the entire five years is ??
What are the differences between variable and absorption costing? Why is variable costing not allowed for GAAP reporting? Which method is more useful for internal decision making? Why? As a manager, which would you prefer? Why?
What could management do to reduce the overhead costs assigned to these video projectors? What would be the impact on the net income of reducing overhead assigned to the video projectors?
MixRecording Studios purchased $7,800 in electronic components from TechCom. MixRecording Studios signed a 60-day, 10% promissory note for $7,800. TechCom's journal entry to record the sales portion of the transaction is:
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