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On November 16, 2010, the Clear Glass Company borrowed $20,000 from First American Bank by issuing a 90 day, non interest bearing note. The bank discounted this note at 12% and remitted to Clear Glass Company the difference.Required:1. Prepare the journal entries of Clear Glass to record the preceding information, the related calendar year end adjusting entry, and payment of the note at maturity.2. Show how the preceding items would be reported on the December 31, 2010 balance sheet.3. What is Clear Glass Company's effective interest rate?
assets are 800 and liabilities are 200.revenues were 1500 expenses were 700 and gains were 100.cash increased by 200.
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Given the complexities related to preparing and interpreting the statement of cash flow, evaluate the current requirement under GAAP and IFRS, indicating improvements that you would make to each method's requirement to better serve the users of th..
the central valley company is a merchandising firm that sells a single product. the companys revenues and expenses for
Consider the stock of Davidson Company, which will pay an annual dividend of $2 one year from today. The dividend will grow at a constant annual rate of 5 percent
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Seton Company manufactures a single product that sells for $360 per unit and whose total variable cost are $270 per unit. The company's annual fixed costs are $1,125,000. (1) Use this info to compute the company's (a) contribution margin, (b)contribu..
The firm's variable cost ratio averages 60%. The firm operates 3 stores in the mid Atlantic region. What is the monthly level of sales dollars needed to breakeven?
dubois inc. wishes to accumulate 1300000 by december 31 2022 to retire bonds outstanding. the company deposits 200000
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