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Record the 2011 entries for the purchase of the machine and the lease on the books of Grande machinery and for Sunshine Engineering.
Singal Inc. is preparing its cash budget. It expects to have sales of $30,000 in January, $35,000 in February, and $35,000 in March. If 20% of sales are for cash, 40% are credit sales paid in the mo
Prepare the journal entry to record the purchase of the bonds by Saxton-Bose on January 1, 2011.
How much should Stockton Corporation capitalize as the cost of the equipment?
Instructions: a) Compute (1) the net present value, (2) profitability index, and (3) internal rate of return for each option. b) Which option should be accepted?
On January 2, 2008, Lucas Hospital purchased a $100,000 special radiology scanner from Faital Inc. The scanner has a useful life of 5 years and will have no disposal value at the end of its useful l
As a result of a comprehensive analysis, it is determined that the December 31, 2011 balance of Allowance for Bad Debts should be $6,300. Show, in general journal format the adjustment required.
An option-pricing model estimates the fair value of the options to be $5 on the date of grant. If unexpected turnover in 2012 caused the company to estimate that 15% of the options would be forfeite
Assume instead that Sam sold the stock to his sister, Kara, a few months after it was acquired for $100,000 (its fair market value). If Kara sells the stock for $60,000 in the current year, how shou
Teddy purchased only one asset during the current year. It placed in service machinery (7-year property) on October 1st with a basis of $76,500. Calculate the maximum depreciation expense, rounded t
The Ackert Company's last dividend was $1.55. The dividend growth rate is expected to be constant at 1.5% for 2 years, after which dividends are expected to grow at a rate of 8.0% forever. The firm'
Oct. 1 Stockholders invested $34,073 in exchange for common stock of the corporation. Oct. 2 Hires an administrative assistant at an annual salary of $49,920.
Sue Gray wants to invest a certain sum of money at the end of each year for five years. The investment will earn 6% compounded annually. At the end of five years, she will need a total of $40,000 ac
Building a clean room in the plant for the machine will cost an additional $3 million. The machine is expected to have a working life of six years. If straight-line depreciation is used, what are th
White Company repurchased 2,000 shares of its stock on June 1, 2000 for $120,000. On July 1, 2000, it reissued 1,000 of these shares at $61 a share. On August 1, 2000, it reissued the rest of the tr
Rich, Inc. acquired 30% of Doane Corp.'s voting stock on January 1, 2010 for $400,000. During 2010, Doane earned $160,000 and paid dividends of $100,000. Rich's 30% interest in Doane gives Rich the
At the beginning of 2012, Barbara, Inc. has a deferred tax asset of $8,000 and deferred tax liability of $6,500. In 2012, pretax financial income was $600,000 and the tax rate was 35%.
Analyze the above expenses and determine which ones are deductible for AGI. Please support your position.
Segoe Company reports beginning inventory of 10 units at $50 each. Every week for four weeks it purchases an additional 10 units at respective costs of $51, $52, $55 and $60 per unit for weeks 1 thr
On January 1 of the current year, Townsend Co. commenced operations. It operated its plant at 100% of capacity during January. The following data summarized the results for January:
Use the following partial financial statement information below to calculate the liquidity and profitability ratios. This information can be used to correctly solve each of the ratios below.
Prepare the journal entries to record the above stock transactions
On january 1, 2009, Marilyn County issues general obligation bonds in the amount of $900,000 to build a community center. The debt will be paid off in 30 equal semiannual installments of $30,000 ove
Dristol Company acquired $56,000 Reynold's Company, 4.5% bonds on April 1, 2012, at par value. Interest is paid semiannually on April 1 and October . On October 1, 2012, Dristol sold $20,000 of the
Kiting would least likely be detected by: A. Analyzing details of large cash deposits around year end. B. Comparing customer remittance advices with recorded disbursements in the cash disbursements jo