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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.
Creation An express trust is "created not by facts and circumstances, but by the express words of the settlor". (Fitzgerald v Stewart) It may be created in the following ways:
On December 31, 2010, the stockholders' equity section of Arndt, Inc., was as follows: Common stock, par value $10; authorized 30,000 shares; issued and outstanding 9,000 shares $
Do we recognise revenue if it will be assigned to other party ?
1. You can buy any quantity of cooking oil at $5 per litre and any quantity of flour at $2 per kilo. You have allocated $20 to spend on cooking oil and flour. (a) If you choo
How can a person tell whether an entry to an expense account is payment for a legitimate expenditure or a means of concealing a theft of cash?
Suppose you get a cash bonus of Rs.1, 00,000 that you deposit in a bank that pays 10 % annual interest. How much can you withdraw yearly for a period of 10 years? Solution :
Which of the following is NOT an example of an agency cost? A. Paying an accounting firm to audit your financial statements. B. Paying an insurance company to assure that b
2000
The construction manager for Acme, Inc. must decide whether to build single-family homes, apartments, or condominiums. She estimates annual profits will vary with the economy, as f
mportance of recognition revenue..
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