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The information necessary for preparing the 2013 year-end adjusting entries for Vito's Pizza Parlor appears below. Vito's fiscal year-end is December 31. a. On July 1, 2013, purchased $10,000 of IBM Corporation bonds at face value. The bonds pay interest twicea year on January 1 and July 1. The annual interest rate is 12%. b. Vito's depreciable equipment has a cost of $30,000, a five-year life, and no salvage value. The equipment waspurchased in 2011. The straight-line depreciation method is used. c. On November 1, 2013, the bar area was leased to Jack Donaldson for one year. Vito's received $6,000 representing the first six months' rent and credited unearned rent revenue. d. On April 1, 2013, the company paid $2,400 for a two-year fire and liability insurance policy and debited insurance expense. e. On October 1, 2013, the company borrowed $20,000 from a local bank and signed a note. Principal and interest at 12% will be paid on September 30, 2014. f. At year-end, there is a $1,800 debit balance in the supplies (asset) account. Only $700 of supplies remain on hand. Required: 1. Prepare the necessary adjusting journal entries at December 31, 2013. 2. Determine the amount by which net income would be misstated if Vito's failed to make these adjustingentries. (Ignore income tax expense.)
Identify the factors that are considered in classifying expenditure as a capital or a revenue expenditure. Are there instances where it may be difficult to classify an expenditure as one or the other (e.g., the purchase of a wastebasket that has a..
Prepare Nguyen Corporation's income statement for 2011, including earnings per share, assuming a weighted average of 100,000 shares of common stock outstanding for 2011.
1. calculate the total bond interest expense over the bonds' life. 2. Prepare a straight-line amortization table like Exhibit 10.11 for the bonds' life. 3. Prepare the journal entries to record the first two interest payments.
nbspcomplete the following 5 exercises below in either excel or a word document but must be single document. you must
The company faces a 40% tax rate. What is the project's operating cash flow for the first year (t = 1)?
Buckman Corporation issued bonds with a face value of $800,000 on April 1, 2008. The bonds pay interest semi-annually at a coupon rate of 10% per year and the due date of the bonds is April 1, 2014. The market rate is 8% per year.
A local church is studying the amount of offerings in an envelope from their early Sunday mornings services. The church studied 500 envelopes and found the following:
Alternatively, SCCC can rent a pre-fabricated building at a cost of $1000 per month with no set-up or dismantling costs. It will benefit SCCC to build the office if it expects the stadium project to exceed.
the solution of this exercise 16-27 Alternative methods of joint-cost allocation, product-mix decisions. The Southern Oil Company buys crude vegetable oil.
Find the total and unit cost of finished goods started in prior period and completed in the current period.
Assuming no changes are expected for the other food items, the differential operating profit for 2006 is:
Using IFRS, future lease payments for an operating lease include what required disclosures?
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