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1. on May 10, the company purchased goods from Jay Company for $50,000, terms 2/10, n/30. Purchases and accounts payable are recorded at net amounts. The invoice was paid on may 18. 2. On June 1, the company purchased equipment for $60,000 from Nolan Company, paying $20,000 in cash and giving a one-year, 9% note for the balance. 3. on September 30, the company discounted at 10% its $120,000, one year zero-interest-bearing note at First State Bank. Instructions (a) Prepare the journal entries necessary to record the transactions above using appropriate dates. (b) Prepare the adjusting entries necessary at December 31, 2007 in order to properly repot interest expense related to the above transactions. Assume straight line amortization of discounts. (c) indicate the manner in which the above transaction should be reflected in the Current Liabilities section of Carson Company’s December 31, 2007 balance sheet.
Nominal annual cost of trade credit - Evaluate the nominal annual cost of trade credit be if you pay 100 days after the purchase?
One client gave the company a computer with a retail price of $2,500 and a fair market value of $2,000 in exchange for accounting services. Based on these facts, what is the company's gross income for the year
Make a reconcilliation of Master Budget Operation Income, Flexible Budget Operating,and Actual Operating Income. Your reconcilliation should be properly headed and presented
If sales taxes must be remitted to the state government monthly, illustrate what entry will Al's Bookstore make to show the April remittance?
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From the following selected data, compute - Evaluate Net cash flow provided (used) by financing activities.
Computation of net income from given data and Use the following information to calculate the company's accounting net income for the year.
Prepare the stockholders' equity section of Dora Corporation's balance sheet on May 31, 2011. Net income earned during the first quarter was $15,000. What effect, if any, will the cash dividend declaration?
On their separate 2006 income statements, Payton and Starker reported depreciation expense of $84,000 and $60,000, respectively. Create eliminations for consolidation due to the following transaction for 2006 and 2009.
The Hamster Stop has $93,650 in the Accrued Payroll account. Hamster's weekly payroll is $156,000 and the accrual represents payroll for 3 days. If controls are strong, determine whether additional audit work should be done on this account.
Record the 20X1 entries for the purchase of the machine and the lease to Sunshine Engineering Company on the books of Grande Machinery Company. Provide elimination entries that would be made on the 20X1 consolidated worksheet.
Which method, as presented in your text, should be used in this instance and why? Does it make a difference if the South Carolina plant has no idle capacity?
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