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Grantham Landscaping, LLC has a mortgage payment of $1,200 monthly. The total principle of the interest payment is $200,000. The interest rate of the loan is fixed at 4.5%. Please record the journal entry for the first month’s payment of the mortgage.
On January 1, 2016, Zebra Corporation issued 1,400 of its 11%, $1,000 bonds at 98.5. Interest is payable semiannually on January 1 and July 1. The bonds mature on January 1, 2026. Zebra paid $55,000 in bond issue costs. Zebra uses the straight-line a..
March, April, and May have been in partnership for a number of years. The partners allocate all profits and losses on a 4:3:1 basis, respectively. Recently, each partner has become personally insolvent and, thus, the partners have decided to liquidat..
the partial equity method or the cost method, provides the most detailed information for internal decision making. Provide support for your rationale.
Smythe-Klink, Inc. is a manufacturer of outdoor furniture. The furniture is produced in two separate factories where materials are entered at the beginning of the first process. Labor and overhead costs are incurred evenly throughout all processes. I..
Develop guidelines that should be when creating general-ledger accounts in accounting systems. Describe at least four guidelines that should be in place for designing coding systems to support the creation & maintenance of these accounts. Describe th..
A company has current assets of $80,000 (of which $30,000 is inventory) and current liabilities of $20,000. What is the current ratio?
Recording Journal Entries and preparation of balance sheet and the post-closing trial balances of two proprietorships on January 1, 2008
Prepare any journal entries you consider necessary, including year-end entries (December 31), assuming these are available-for-sale securities.
Farron Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price $152 Units in beginning inventory 0 Units produced 9,450 Units sold 9,050 Units in ending inventory 400 Vari..
Benedict is 37 years old and would like to establish a retirement plan. Develop a spreadsheet model that could be used to assist Benedict with retirement planning. Assume that Benedict’s employer contributes 6% of Benedict’s salary to his retirement ..
For each selection you make, briefly state your reasons for including it on your list. How does this variance affect reported earnings and the debt-to-asset ratio?
cash dividend declaration and payment of $1 per share 3) property dividend declaration and payment of shares representing a short-term
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