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On December 31, 2004, International Refining Company purchased machinery having a cash selling price of $85,933.75. The company paid $10,000 down and agreed to finance the remainder by making four equal payments each December 31 at the implicit rate of 12%.(1)Determine the amount of the annual payments to be made under the financing agreement.(2)Prepare the journal entry to record the acquisition of the machinery on December 31, 2004.(3)Prepare the journal entry at December 31, 2005.
The liquidation of the Marks, Norris, Smith, and Savannah partnership:
Assume you invest $150 per month in a stock. Stock prices are as follows: January $10.50, February $9.75, March $9.50, April $11.00, May $10.75, June $9.75, July $9.00, August $8.5
a. Conversion cost was 140,000 and was four times the prime cost b. Direct materials used in production equaled 5,000 c. Cost of goods manufactured was 154,000 d. Ending work in pr
In Section we had established an association among the effective and nominal rate of interest where compounding arise n times a year that is as given: r = (1 + k/m ) m - 1
Ordinary Income - One of two classes of income (other being CAPITAL GAINS) taxed under the INTERNAL REVENUE CODE. Factually, ordinary income is taxed at a higher rate than capital
summary of key financial ratios with formula
Mason Co. issued $860,000 of 5 year, 13% with interest payable semiannually, at a market (efffective) interest rate of 12% Determine the present value of the bonds payable, using t
Inventory control implies a planned approach of ascertaining while to buy, how much to buy and how much to stock hence costs including storing and buying are optimally minimum, wit
Q. What is Depreciation Reserve Fund ? Depreciation Reserve Fund is the fund specially reserved for replacement of assets. Once the assets are purchased from the capital money
what is journal
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