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Bond interest paid Oct. 31, 2009: How much cash paid in interest? How much is amortized? How much is interest expense?
If you had a choice between a stock or a cash dividend, which would you choose? Both are equal to $800. Back up you opinion with reasons. Please don't just say "I would choose stock", why would you
Partners A B C & D form a medical equipment leasing biz. on 1/1/08 each partner contributed $20k. The partnership borrowed $120k and along with the $80k of cash contributions, purchased x ray eq
Describe how the perpetual inventory system works. What are some advantages of using the perpetual inventory system? Is is necessary to take physical inventory when using the perpetual system?
Sale of Property Received as a Gift. During the current year, Stan sells a tract of land for $800,000. The property was received as a gift from Maxine on March 10, 1995, when the property had a $310
On January 1, Pete bought a used a used turck for $14,000. He added a tool chest and side racks for ladders for $4,800. The truck is expectedc to last four years and then be sold for $800. Pete uses
Vickers Company reports taxable income of $4,500 for 2010. The company has two temporary differences between pretax financial income and taxable income at the end of 2010.
At the end of 2009, Extreme Fitness has adjusted balances of $800,000 in Accounts Receivable and $55,000 in Allowance for Doubtful Accounts.
At the end of 2010, Keil Company reports a pretax operating loss of $80,000 for both financial reporting and income tax purposes. Prior to 2010 the company had been successful.
Yummy Juices is a juice shop located in downtown Miami. The owner is considering the purchase of a new juicer to preserve her customer base in the market.
For each of the above transactions, specify whether the item in question should be included in ending inventory, and if so, at what amount. If the item should not be included in ending inventory, pu
The company has paid annual dividends of $.32, $.48 and $.60 a share over the past three yrs. the company will maintian a constant dividend. 16% Rate of return. What is the max amount you are willin
Many assets are presented at historical cost. Why does this accounting principle cause difficulities in financial statements analysis?
Provide your manage a comparison of the current reporting for debt,explaining the requirements for each type (bond, mortgage, capital lease, and others). Then, prepare the journal entries for restr
Apocalyptica Corp. pays a constant $9.75 dividend on its stock. The company will maintain this dividend for the next 11 years and will then cease paying dividends forever. If the required return on
A company uses a job order costing system and a redetermined overhead rate based on machine hours. At the begin of the year the company estimated manufacturing overhead would be $240000 and machine
On December 31, prior to adjustment, Allowance for Doubtful Accounts has a credit balance of $200. An age analysis of the accounts receivable produces an estimate of $1,000 of probable losses from u
A June sales forecast projects that 6,000 units are going to be sold at a price of $10.50 per unit. The desired ending inventory of units is 15% higher than the beginning inventory of 1,000 units.
Dorian Company produces and sells a single product. The product sells for $60 per unit and has a contribution margin of 40%. The company's monthly fixed expenses are $28,800.
On July 1, 2010, Stine Co. purchased $100,000 of 8% bonds for $97687.4 plus accrued interest as an available-for-sale security. Interest is paid on July 1 and January 1 and the bonds mature on July
Riven Corporation has a single product whose selling price is $12. At an expected sales level of $1,428,000, the company's variable expenses are $595,000 and its fixed expenses are $285,000.
The inventory of Faber Company was destroyed by fire on March 1. From an examination of the accounting records, the following data for the first 2 months of the year are obtained.
The financial statements of Hudson Manufacturing Company report net sales of $500,000 and accounts receivable of $50,000 and $30,000 at the beginning and end of the year, respectively.
Lyle O 'Keefe invests $30,000 at 8% annual interest, leaving the money invested without withdrawing any of the interest for 8 years. At the end of the 8 years, Lyle withdrew the accumulated amount o
Rodgers Company lends Lanier Company $30,000 on April 1, accepting a four-month, 9% interest note. Rodgers Company prepares financial statements on April 30.