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Adria Lopez created Success Systems on October 1, 2013. The company has been successful, and Adria plans to expand her business. She believes that an additional $86,000 is needed and is investigating three funding sources. a. Adria's sister Cicely is willing to invest $86,000 in the business as a common shareholder. Since Adria currently has about $129,000 invested in the business, Cicely's investment will mean that Adria will maintain about 60% ownership, and Cicely will have 40% ownership of Success Systems. b. Adria's uncle Marcello is willing to invest $86,000 in the business as a preferred shareholder. Marcello would purchase 860 shares of $100 par value, 7% preferred stock. c. Adria's banker is willing to lend her $86,000 on a 7%, 10-year note payable. She would make monthly payments of $1,000 per month for 10 years. Prepare the journal entry to reflect the initial $86,000 investment under each of the options (a), (b), and (c).
compute the following compound amounts and compound interest.principal rate compounded yearsa. 1400 6 monthly 5b. 2500
EZ, Inc., reports pretax accounting income of $400,000, but due to a single temporary difference, taxable income is $500,000. At the beginning of the year, no temporary differences existed. EZ is subject to a tax rate of 40%.
Discuss whether or not the Sarbanes-Oxley Act has decreased financial statement fraud and eliminated corruption on Wall Street. Support the answer.
If you had to select one of these categories of systems goals as the most important to the effective operation of an organization's information system, which one would you choose? Explain the reasons for your choice.
Advise Nathan if there is a valid contract with Dubious Connections Pty Ltd, and any remedies that may be available to him. (Make reference to relevant case law and support your answer).
For the Project, you will need to submit a written research paper which answers the following questions. This Project is due by Sunday, December 9, 2012. Please read the instructions below.
Purchases for the year totaled $400,000; the cost of merchandise on hand at the end of the year was $80,000. Using the installment-sales method, make summary entries to record:
What amount of Bad Debt Expense would the company record as an end-of-period adjustment?
How many pounds of apples should Rae's purchase in January? What is the cost in dollars for the required January purchase of apples? How many pounds of apples should Rae's purchase in February?
At December 1, 2010, Orear Company's Accounts Receivable balance was $1,200. During December, Orear had credit sales of $5,000 and collected accounts receivable of $4,000. At December 31, 2010, the Accounts Receivable balance is ??
What was the total amount of manufacturing costs assigned to the 5,000 units in the ending work in process?
Prepare the incremental analysis for the decision to make or buy the lamp shades. Should shannon Inc buy the lamp shades.
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