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Fishbone Corporation bought a new machine and agreed to pay for it in equal annual installments of $4,570 at the end of each of the next 10 years. Assuming that a prevailing interest rate of 10% applies to this contract, how much should Fishbone record as the cost of the machine? (Round answers to 0 decimal places, e.g. $458,581.)
Chase Bank loans P+P Company $120,000 on a 1 year promissory note on July 1, 2009. The interest rate of this loan is 12%. The principle and interest are due in one year. The journal entry to accrue interest earned on 12-31-09 is:
Lampley, Inc. enters into a direct finance lease agreement as lessor on January 1, 2001, to lease an airplane to National Airlines. The term of the noncancelable lease is eight years and payments are required at the end of each year.
What gain or loss is recognized by the corporation when it issues its shares to Kyle? What is the basis to the corporation of the property it received from Kyle?
That the taxpayer has consistently elected to carryback the net operating losses as incurred and elected the "two-year" carryback provision.
A certain airplane has two independent alternators to provide electrical power. The probability that a given alternator will fail on a 1-hour flight is .02. What is the probability that
Discuss accounting techniques in general as they relate to the profession. Some things to discuss are the different accounting roles and positions that are out there and how you see yourself fitting into those roles based on what you have learned ..
Describe the importance of food cost, labor and sales in a food and beverage operation. Support your description with concepts addressed in the materials provided in this course.
Select which of these is NOT an example of a financial expert.
With managing cash we don't want to give one person control over enough functions in the business where they have the ability to take cash and also cover up the fact that they took it.
A company that provides training, certification and consulting services to commercial, government, and non-profit organizations in applying best practices in balanced scorecard (BSC), strategic performance management and measurement, and transform..
The balance of mortgage payable at a given balance sheet date will be reported as a long-term liability.
An introduction to internal controls, explaining in your own words the two primary goals of internal control.
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