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A business issued a 30-day 4% note for $60,000 to a creditor on accounts, illustrate the effects on the accounts and financial statements of recording the issuance of the note.
Wayside Machine Tool Company purchased a $600,000 welding machine to use in production of large machine tools and robots. The welding machine was expected to have a life of 10 years.
Fields Laboratories holds a valuable patent on a precipitator that prevents certain types of air pollution. FIelds does not manufacture or sell the products and processes it develops.
Curren Co. paid dividends of $3,000; $6,000; and $10,000 during 2010, 2011 and 2012, respectively. The company had 500 shares of 5%, $200 par value preferred stock outstanding that paid cumulative d
Super Drive is a computer hard-drive manufacturer. The company's balance sheet for the fiscal year ended on November 30 appears below: Super Drive, Inc.
You are the project manager for a new high rise office building. You are working on estimating the exterior landscaping for the new development.
On May 31, 2010, James Logan Company had a cash balance per books of $6,781.50. The bank statement from Farmers State Bank on that date showed a balance of $6,404.60.
Donnelly Corporation manufactures and sells T-shirts imprinted with college names and slogans. Last year, the shirts sold for $7.50 each, and the variable cost to manufacture them was $2.25 per unit
Jounalize transaction without explanation a company paid 700 due for supplies previously purchased on account, performed services on account for 6800, purchased supplies for 850 on account, purchas
Company issuing $175,000 face value of bonds with a coupon rate of 10%. To help the sale of the bonds, detachable stock warrants should be issued at the rate of one warrant for each $100.00.
Richard exchanges a building with a FMV of $80,000, a basis of $35,000, and subject to a liability of $30,000 for land with a FMV of $50,000 owned by Will. What is the amount realized by Richard?
Accumulated depreciation-equipment at 1/1/10 was $230,000. At 12/31/10 the balance of the account was $380,000. During 2010, one piece of equipment was sold.
Gold Clothing Store had a balance in the Accounts Receivable account of $820,000 at the beginning of the year and a balance of $880,000 at the end of the year.
The Nazareth Company's mixing department incurred conversions costs of $650,820 during January, after recording a beginning Work in Process inventory of $30,430 for conversion costs.
Sinclair Company's accumulated depreciation-equipment increased by $6,000, while patents decreased by $2,200 between balance sheet dates.
Best Practices, Inc., is a management consulting firm. Its Corporate Division advises private firms on the adoption and use of cost management systems.
ABC Company uses 1%of all credit sales to estimate bad debt expense.The sales for this year are credit revenues $210000 ad cash revenues $135000.What is the bad debt expense for the accounting peri
On August 18, a fire destroyed the office, lumber shed, and a considerable portion of the lumber stacked in the yard. To file a report of loss for insurance purposes.
A company projects an increase in net income of $90,000 each year for the next five years, if it invests $450,000 in new equipment. The equipment has a five-year life and an estimated salvage value
Madison Company's variable costs are 25% of sales. Its selling price is $150 per unit. If Weed sells one unit more than break-even units, how much will profit increase?
Widner Company understated its inventory by $10,000 at December 31, 2010. It did not correct the error in 2010 or 2011. As a result, Widner's owner's equity was?
Under Rowena's will, Mandy (Rowena's sister) inherits her properly. One year later, Mandy dies. Based on the following independent assumptions, what is Mandy's credit for the tax on prior transfers?
Swindall Industries uses straight-line depreciation on all of its depreciable assets. The company records annual depreciation expense at the end of each calendar year.
Under what circumstances is it appropriate to record goodwill in the accounts? How should goodwill, properly recorded on the books, be written off in order to conform with GAAP, in your opinion?