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Garcia Corporation purchased a truck by issuing an $80,000, 4years, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is 10%. Prepare the journal entry to record the purchase of this truck.
a) prepare the journal entries for Myers Co. for 12/31/2010 b) Prepared the required journal entries for for Myers for 2011.
Which of the following would not be found on the Balance Sheet of a manufacturer?
Prepare journal entries(excluding budgetary and closing entries) to record the following property tax related transactions in which the country engaged in 2007 and 2008.
The company estimated a 10-year useful life for the patent and uses the straight-line amortization method for all intangible assets. In 2014, Vega spent $40,000 in legal fees for an unsuccessful defense of the patent. The amount charged to income ..
Paul Company had 100,000 shares of common stock outstanding on January 1, 2009. On September 30, 2009, Paul sold 48,000 shares of common stock for cash. Compute basic earnings per share for 2009.
Ensnada Mfg. Co, rpoduces candles that contain four raw materials: wax, dye, scented oil and a wick. Each candle usues eight ounces of wax and one ounce of die, which Ensinada purchase for $0.15 and $0.02 per ounce, respepctively.
Distinguish between a defined benefit plan and a defined contribution plan. Why does a defined benefit plan present far more complex accounting issues than a defined contribution plan?
Phipps Company borrowed $25,000 cash on October 1, 2009, and signed a six-month, 8% interest-bearing note payable with interest payable at maturity. Assuming that no adjusting entries have been made during the year, the amount of accrued interest ..
Financial Statements of ABC Corp. indicates that ending inventory levels in 2010 and 2011 were $200,000 and $350,000 respectively. Net Sales for 2010 and 2011 were $5,000,000 and $5,500,000 respectively. Cost of Goods sold for 2010 and 2011 were $..
Brigham is single, in the 33% marginal income tax braket, and has the sales or exchanges below. At the beginning of the year, he has nonrecaptured net Sec.1231 losses of $10,000. Determine the increase or decrease in Brigham's tax liability as a r..
What is a constructive dividend? Under what circumstances is the IRS likely to argue that a constructive dividend has been paid?
Analyze the difference between discretionary and nondiscretionary fiscal policy. Explain the effects of discretionary and nondiscretionary fiscal policy on governmental revenue and expenditures.
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