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On December 31, 2016, Bart Inc. purchased a machine from Fell Corp. in exchange for a noninterest-bearing note requiring eight payments of $20,000. The first payment was made on December 31, 2016, and the remaining seven payments are due annually on each December 31, beginning in 2017. At the date of the transaction, the prevailing rate of interest for this type of note was 11%. Present value factors are as follows:
Period
Present value of ordinary annuity of 1 at 11%
Present value of an annuity due of 1 at 11%
7
4.712
5.231
8
5.146
5.712
The initial value of the machine is
$114,240$104,620$ 94,240$102,920
The budget was passed. Estimated revenues amounted to $2,000,000 and appropriations totaled $1,980,000. All expenditures are classified as General Government.
anderson amp allen inc.s fiscal year ends on december 31 2014. the company had a 4500000 note payable outstanding due
Compare how prior service cost is treated under IFRS relative to its treatment under U.S. GAAP.
The first interest and principal payment was made on October 1, 2012. In Comet's June 30, 2013, balance sheet, what amount should be reported as Interest Payable for this note?
The assumed continuation of a business entity in the absence of evidence to the contrary is an example of the accounting concept of:
Amy, Beth, and Meg each own 100 of the 300 outstanding shares of Theta Corporation stock. Amy wants to sell her shares, which have a $40,000 basis and a $100,000 FMV. Either Beth and/or Meg can purchase Amy's shares (50 shares each) or Theta can r..
design flooring carpet company manufactures carpets. fiber is placed in process in the spinning department where it is
Emu Company which was formed in 2010, had an operating income of $200,000 and operating expenses of $120,0000 in 2010. In addition, Emu had a long-term capital loss of $10,000. How does Andrew, the owner of Emu Company, report this information on ..
What is the total amount of interest that Ozark's earned on the loan to Ben Spell?
coca-cola and pepsico are two of the largest and most successful beverage companies in the world in terms of the
During 2011 and 2012, Faulkner Manufacturing used the sum of the years digits (SYD) method of depreciation for its depreciable assets, for both financial reporting and tax purposes.
both the reported value of longt-term and periodic interest charges should be based on unamortized issue price plus or
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