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On May 1, Lincoln lends Donaldson $250,000 and receives from Donaldson his agreement to pay this amount in two years. Lincoln takes a security interest in the machinery and equipment in Donaldson's factory. A proper finance statement is filed with respect to the security agreement. On August 1, at Lincoln's request, Donaldson executes an addendum to the security agreement giving Lincoln an interest in after-acquired machinery and equipment in Donaldson's factory. A second financing statement covering the addendum is filed. In September. Donaldson acquires $50,000 worth of new equipment from Thompson, which Donaldson installs in his factory. In December, Carter, a judgment creditor of Donaldson, causes an attachment to issue against the new equipment. What are the rights of Lincoln, Donaldson, Carter, and Thompson?
Zhang incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation's stock. The prope
On December 31, 2014, Baxter Company reported $8,000 in prepaid insurance on its balance sheet. The insurer requires Baxter to pay the annual premium of $24,000 in advance.
Bruce debited cash and credited unearned rent revenue for $600,000. At December 31, 2009 (the end of the accounting period), give the adjusting entry Bruce should make in re
Among the short-term obligations of Lance Company as of December 31, the balance sheet date, are notes payable totaling $250,000 with the Madison National Bank. These are 90
Blue should have taken $455 and $3,636 cost recovery in2006 and 2007. On January 1, 2008, the asset was sold for $98,000. Calculate the gain or loss on the sale of the asset
A supplier of DVDs claims that no more than 1% of the DVDs are defective. In a random sample of 600 DVDs, it is found that 3% are defective, but the supplier claims that this
What can Warren do within GAAP to accommodate the president's wishes to achieve $7,000,000 in income before taxes and bonus? Present the revised income statement based on your
During its first year, the firm earned 249,000. Prepare the entry to close the firms income summary accounts as of its December 31 year end and to allocate the 249,000 net i
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