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On 1st April, 20X7, Miller Oil Company purchased a pumping truck. The sole consideration was a $100,000 note due in one year. Interest of $12,000 was added the face amount of the note. If Miller had purchased the truck for cash, the purchase price would have been only $88,000. (a) Create the appropriate journal entry to record the purchase on 1st April, 20X7.
(b) Create the appropriate journal entry to record the year-end discount amortization on December 31, 20X7.
(c) Prepare the suitable journal entry to record the payment of the note on 31st March, 20X8.
(d) Evaluate what was actual rate of interest on this loan?
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Store B has fixed costs of $200,000 per month and a variable cost ratio of 30%. At what sales volume would the two stores have equal profits?
Calculate the cost of capital for the individual components in the capital structure, and then calculate the weighted average cost of capital for Metacorp. Consider after-tax cost of capital in your calculations.
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Using least-squares regression, estimate the fixed cost and variable cost elements of monthly car wash costs.
Determine income tax refund that Garvey Corporation would realize in year three, assuming the corporation elected to use the carryback provision for its net operating loss.
Financial Statement Analysis
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John Roberts is 55 years old and has been asked to accept an early retirement from his company. The company has offered John three alternative compensation packages to induce John to retire: Illustrate w hich alternative should John choose assumin..
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