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A business issued a 45-day note for $90,000 to a creditor on account. The note was discounted at 8%. Assume a 360-day year.
a. Journalize the entry to record the issuance of the note. For a compound transaction, if an amount box does not require an entry, leave it blank.
b. Journalize the entry to record the payment of the note at maturity.
Auburn Banking and Loan Company has six service departments—human resources, duplicating, janitorial, accounting, graphic design, and food services—whose costs are allocated to the company’s two subsidiaries, Auburn Personal Banking and Auburn Busine..
Identify and describe or explain the problem that the managers of the organization in question are encountering. What has happened to make the managers realize that the problem has arisen? What is the likely cause of the problem?Why is the prob..
Prepare any adjusting and closing entries you think are needed at year end.4. What would the normal balance be of a liability account a post closing trial balance? A revenue account? Drawing?
Blanchford Enterprises is considering a project that has the given cash flow data. Determine the project's IRR? Note that a project's projected IRR can be less than the WACC (and even negative), in which case it will be rejected.
What is the purpose of the qualitative characteristics of financial reports? What are the primary qualitative characteristics as defined by the FASB?
Information related to plant assets, natural resources, and intangibles at the end of 2010 for Spain Company is as follows: buildings $1,100,00; accumulated depreciation--buildings $650,000; goodwill $410,000; coal mine $500,000; accumulated depl..
Prepare a scenario that is consistent with setting the risk of incorrect acceptance at 37 %. Choose a PPS sample of the above inventory population using the sample size determined in above.
the purpose of this report is help you develop a basic understanding of your company and the business environment in
below is a trial balance as of july 31 xx for les cash and his wife mora. together they own and operate the cash inn.
you are the vice president of operations for a small manufacturing company that uses the absorptive method of
Weighted-average shares of common stock outstanding and the journal entry to record this transaction
problem 1. starting work-in-process is 2000 units units completed is 44000 units and ending work-in-progress is 3000
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