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A firm has a $75,000 line of credit. The annual percentage rate is the current prime rate plus 4.5%. The balance on November 1 was $12,300. On November 7, the firm borrowed $16,700 to pay for merchandise, and on November 21 it borrowed another $8,800. On November 26, a $20,000 payment was made on the account. The billing cycle for November has 30 days. If the current prime rate is 8 ½%, what is the finance charge on the account, and what is the firm’s new balance? (Using the daily average balance method)
An unsettled question in accounting for stock is: Should preferred stock be recognized as a liability, or should it be considered equity? Under International Financial Reporting Standards, preferred stock (preference shares) often is reported as debt..
Pine Street Inc. makes unfinished bookcases that it sells for $59.15. Production costs are $37.97 variable and $9.53 fixed. Because it has unused capacity, Pine Street is considering finishing the bookcases and selling them for $70.65. Variable finis..
On September 1, 2014, Winans Corporation acquired Aumont Enterprises for a cash payment of $700,130. Compute the amount of goodwill acquired by Winans.
A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: What is the unit product cost for the month under absorption costing?
Reserved powers are based on which of the following constitutional provisions?
In December of 2014, you get a call from a potential new client, Ralph who tells you he just fired his old accountant because she told him she doesn’t think he will be able to deduct his losses from ABC Partnership LLC in 2014. He materially particip..
Carolina Plating Company reported a cost of goods manufactured of $520,000, with the firm's yearend balance sheet revealing work in process and finished goods of $70,000 and $134,000, respectively. If supplemental information disclosed raw materials ..
On January 2, year 3, to better reflect the variable use of its only machine, Flip, Inc. elected to change its method of depreciation from the straight-line method to the units of production method. The original cost of the machine on January 2, year..
If an initial bank deposit of $5,000 yields an account value of $12,000 at the end of 10 years, what is the interest rate at work? If an initial deposit of $250,000 is made into an escrow account that pays 9% interest annually, what is the maximum am..
decision on lease or buying the home.kim and dan bergholt are both government workers. they are considering purchasing
Evaluate the maximum amount the Cologne Division would be willing to pay for the bottles - General transfer pricing rule, maximum amount willing to pay as transfer price
Suppose you started up your own landscaping business. A costumer paid you $170 in advance to mow his or her lawn while he or she was on vacation. Prepare the journal entries to record the three transactions.
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