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Nova Corporation hired a new product manager and agreed to provide her a $ 20,000 relocation loan on a six-month, 7 percent note. Prepare journal entries to record the following transactions for Nova Corporation. Rather than use letters to reference each transaction, use the date of the transaction.
a. The company loans the money on January 1.
b. The new employee pays Nova the interest owed on the maturity date.
c. The new employee pays Nova the full principal owed on the maturity date.
Compute the revised annual depreciation on each asset in 2007. Prepare the entry to record depreciation on the building in2007.
Assuming sales volume is expected to be the same in the upcoming year as it was in the past year, give three separate options the company could implement in order to achieve their target profit in the upcoming year.
Doug pays a county personal property tax on his automobile of $1,500. The $1,500 includes $800 based on the weight of the car and $700 based on the value of the car. How much of the tax can Doug deduct on his tax return
on january 1 of the current year palm corporation purchased the net assets of vickis unincorporated business for
Trikeco, a domestic corporation, manufactures mountain bicycles for sale both in the United States and Europe. Trikeco operates in Europe through Trike1, a wholly owned Italian corporation that manufactures a special line of mountain bicycles for ..
Reck Gvt and Non Profit Accounting
Sometimes social influences and societal pressures can influence decision making for the better and sometimes for the worse. In addition to these pressures, there are risks that need to be evaluated and measured when making decisions. In this assi..
In the past, TTTH Inc. allocated indirect manufacturing costs based on direct labor hours. Recently, management has decided to pilot a system of time-driven activity-based costing (TDABC) to allocate these costs. Determine the indirect labor suppor..
What is the Yellow Book, and why has it influenced audits both of state and local governments and of not-for-profit organizations?
stojko corporation had a net decrease in cash of 15500 for the current year. net cash used in investing activities was
as a student of accounting it is important to understand what triggers the preparation of consolidated financial
During the past several years the annual net income of Avery Company has averaged $540,000. At the present time the company is being offered for sale. Its accounting records show the book value of net assets (total assets minus all liabilities) to..
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