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Question 1: Jill Hamlin borrowed $10,000 from the bank on August 31, issuing the bank a 12% note due on November 30. The entry to record accrued interest on the note on September 30 (the end of the first month after the note was made) would include:
Option a. debit Interest Expense for $295.89
Option b. debit Interest Payable for $295.89
Option c. debit Interest Expense for $98.63
Option d. debit Interest Payable for $98.63
What is consolidated net income for the year? At what amount should Prine record an impairment loss for its Lydia reporting unit for the year?
From the company's perspective, should Department R purchase the units internally or externally? Assume Department A has ample capacity to handle all of Department R's needs. Would your answer change if Department A can sell everything it produces ..
Prepare Beta's production budget for the first quarter of 2015. Prepare Beta's selling and administrative expense budget for the first quarter of 2015.
On October 31, 2018, the bank statement for the checking account of Blockwood Video shows a balance of $12,751, while the company’s records show a balance of $12,381. Prepare a bank reconciliation for the Blockwood checking account on October 31, 201..
Record appropriate transactions and adjusting entries as described above. Prepare a classified Balance Sheet in accordance with GAAP.
A company has a zero-coupon bond outstanding, with face value 1,000 and a 3 year maturity. The bond is risky with a beta of 0.7. The risk free rate is 2% and the market risk premium is 6%. There are two equally likely scenarios at maturity:
Calculate the Fundamental Ratios for your selected company for the past 2 years. Annual reports are accessible via company websites
how much is the dividend allocation?On January 2, 2014, Max Corporation acquired 30 percent of the outstanding common stock of Rich Company for $1,000,000.
For a recent year, the balance sheet for The Alphabet Soup Company includes accrued expenses of $746,790. The income before taxes for The Alphabet Soup Company for the year was $730,000. Assume the adjusting entry for $746,790 of accrued expenses was..
How would you advise the partners in developing a method for dividing income - Sanchez believes the income should be divided 7:3, favoring Sanchez, since Sanchez provides the majority of effort in running the partnership business.
Justin Marley is to retire from the partnership of Marley and Associates as of March 31, the end of the current fiscal year. After closing the accounts, the capital balances of the partners are as follows: Justin Marley, $140,000; Cherrie Ford, $70,0..
What were the underlying business reasons that required Microsoft to record goodwill impairment in 2015? How did Microsoft reflect the 2015 goodwill impairment
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