Prepare journal entries
Prepare journal entries for the following (assume a calendar-year accounting period):Dec. 1 Received a three-month, 15 percent note receivable for $4,640 from a customer as an extension of his past-due account.
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Based on the date in (1) through (4) above, make a recommendation as to whether the company should continue to use sales agents (at a 20% commssion rate) or employ its own sales force. Give reasons for your answer.
Noe Company has hundreds of owners located throughout the country. Once a month, Noe seds financial statements to its owners. these statements report the result of the operation as measured in dollars.
Poco, reports $400,000 of pretax book net income in 2011. Poco did not deduct any bad debt expense for book purposes but did deduct $20,000 in bad debt expense for tax purposes.
Collins and Farina are forming a partnership. Collins is investing a building that has a market value of $93,000. However, the building carries a $43,000 mortgage that will be assumed by the partnership.
Prepare a common-size income statement and balance sheet for McConnell. The first column of each statement should present McConnell's common-size statement, and the second column, the industry averages.
Use the following information to answer this question: Increase in inventories $ 28 Purchased treasury stock $ 17 Purchased Property and equipment $ 18 Net income $ 330
Blue mountain Power Company obtained authorization to issue 20 year bonds with a face value of $10 million. The bonds are dated May 1, 2011 and have a contract rate of interest of 10%.
On March 1, 2008, Eckert and Kelley formed a partnership. Eckert contributed $82,500 cash and Kelley contributed land valued at $60,000 and a building valued at $100,000.
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