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Your boss has asked you to look into purchasing a plot of land on which to build an office. Your company does not want a real estate broker involved, and he trusts you to get the job done. You go to the local hall of records and ask to see the land maps. You spot a few possible locations and contact the owners to see if they are interested in selling. Luckily, the first one you contact is ready and anxious to sell. The asking price is too good to be true, and you enter into a contract. After the deal is closed, construction begins; that is, until an inspector informs you that the zoning for this property is not for office buildings. Now you realize why the price was so cheap. Discuss the following:
What should you have done before signing the contract to avoid this issue?
What can you do now to remedy the situation?
How can you accomplish this?
RGF Manufacturing recently signed a $200,000, 138-day note on June 22. The interest rate is 5%. Using a 365-day year, how much interest will be due on the note?
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On the first day of the fiscal year, a company issues $80,000, 7%, seven-year instalment notes that have annual payments of $14,844. The first note payment consists of $5,600 of interest and $9,244 of principal repayment. Journalize the entry to reco..
The adjusted trial balance of Pacific Scientific Corporation on December 31, 2013, the end of the company’s fiscal year, contained the following income statement items ($ in millions): sales revenue, $2,106; cost of goods sold, $1,240; selling expens..
question cranston ltd. prepares its financial statements related to international financial reporting standards. in
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schedule of cash collections sugarland company sells a single product and anticipates opening a new facility in
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Develop written policies and procedures to serve as standards of performance of the internal audit function and have the internal audit charter approved by both management and the board of directors.
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