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Assignment: Excel Spreadsheet Project
On December 31, 2016, Carson Company rendered services to Lincoln Corporation at an agreed price of $125,939, accepting $50,000 down and agreeing to accept the balance in three equal annual installments of $30,000, to be received every December 31, starting December 31, 2017. An assumed interest rate of 9% is imputed.
Instructions:
(a) Prepare an amortization schedule using excel. Use the effective-interest method for amortization purposes.
(b) Prepare the journal entries required on each of the following dates: December 31, 2016; December 31, 2017; December 31, 2018; and December 31, 2019.
In the cutting department of Chess Company, conversion costs are added uniformly throughout the process. With the information given below, calculate the cost per equivalent unit for conversion using the average cost procedure.
Austin, Inc., acquired 10 percent of McKenzie Corporation on January 1, 2014, for $320,600 although McKenzie’s book value on that date was $2,100,000. McKenzie held land that was undervalued by $116,000 on its accounting records. Prepare all of the 2..
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Mauro Products distributes a single product, a woven basket whose selling price is $18 and whose variable expense is $15.66 per unit. The company’s monthly fixed expense is $6,786. Solve for the company’s break-even point in unit sales using the equa..
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