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On December 21, a company borrowed $100,000 from its bank. The loan has an annual interest rate of 10%. The first payment on the loam will be due on January 21. The company's accounting year ends on December 31.
Q1. The December 31 adjusting entry will include a debit to interest _______________.
Q2. The December 31 adjusting entry will include a credit to interest _______________.
Q3. The amount of the December 31 adjusting entry is $__________.
Q4. If the December 31 adjusting entry is not made, will the company's net income be too high or too low?
Q5. If the December 31 adjusting entry is not made, will the amount of the company's liabilities reported on the balance sheet be too low, or okay?
Q6. Is the type of adjusting entry in questions 1 through 5 accrual or deferral?
Assume the CFO of your organization approaches you to ask your advice about implementing the Balanced Scorecard at your organization.
At 12/31/12, the end of Jenner Company's first year of business, inventory was $4,100 and $2,800 at cost and market, respectively. Following is data relative to the 12/31/13 inventory of Jenner.
The company wants to maintain a target capital structure that is 35% debt and 65% equity. The company forecasts that its net income this year will be $1,800,000. If the company follows a residual dividend policy, what will be its total dividend pa..
on january 1 2012 surreal manufacturing issued 600 bonds each with a face value of 1000 a stated interest rate of 3
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garcia corporation purchased a truck by issuing an 112800 5-year zero-interest-bearing note to equinox inc. the market
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