Products for merchandise inventory
Problem: One July 19, Noras salon issued a 90-day note with face value of $40,000 to Charah hair products for merchandise inventory. Determine the proceeds of the note assuming the note is discounted at 4%.
Now Priced at $20 (50% Discount)
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One July 19, Noras salon issued a 90-day note with face value of $40,000 to Charah hair products for merchandise inventory. Determine the proceeds of the note assuming the note is discounted at 4%.
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Required: Compute basic earnings per share and diluted earnings per share for the year ended December 31, 2006.
Prepare the journal entry to record the tax provision for 2006. Provide supporting computations.
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