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On March 1, 2015, Vantage Services issued a 5% long-term notes payable for $15,000. It is payable over a 3-year term in $5,000 annual principal payments on March 1 of each year plus interest, beginning March 1, 2016. Each yearly instalment will include both principal repayment of $5,000 and interest payment for the preceding one-year period. On March 1, 2016, ________.
a. Vantage must accrue $5,000 of Interest Expense
b. Vantage must accrue for the coming $5,000 as current portion of principal payment
c. Vantage must pay out $750 of Interest Expense to the note holder
d. Vantage will receive $5,000 as an instalment payment
Most of Grinkov's sales are made on a 2-year installment basis. Indicate how these accounts would be reported in Grinkov's December 31, 2010, balance sheet. The 2009 accounts are collectible in 2011, and the 2010 accounts are collectible in 2012.
evaluating absorption and variable costing as alternative costing methodsthe questions below pertain to two different
Prepare an action analysis report in good form of a job that involves making 53 yards of drapes and has direct materials and direct labor cost of $1,480.
Warner co has budgeting fixed overhead of $150,000. Practical capacity is 6000 units and budgeted production is 5000 units. During February 4,800 units were produced and 155,600 was spent on fixed overhead. What is the unexpected (unplanned) capacity..
Cost-volume-profit analysis can also be used in making personal financial decisions. For example, the purchase of a new car is one of your biggest personal expenditures. It is important that you carefully analyze your options.
East Coast Television is considering a project with an outlay of $x ( you will have to determine this amount). It is expected that the project will produce a positive cash flow of $50,000 a year at the end of each year for the next 13 years. The appr..
Evaluate the internal depreciation charge that was made last year
Determine the total flexible budget materials variance and indicate whether it is favorable or unfavorable and Calculate the materials price variance and indicate whether it is favorable or unfavorable.
The beginning work in process inventory had a cost of $2,200. Determine cost of completed and transferred out production, and the ending work in process inventory.
Interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:3. Determine the distribution of income and losses in the absence of a partnership agreement. Use the ratio of the partner’s original capital inves..
preparation of bank reconciliation statement.the bank statement for kaibab enterprises indicates a balance of 8509.00
The Clyde Corporation's variable expenses are 35% of sales. Clyde Corporation is contemplating an advertising campaign that will cost $25,000. If sales increase by $75,000, the company's net operating income will increase by how much? The "costs acco..
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