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Soap Corporation issued a $350,000, 6% 15-year mortgage note to obtain needed financing for new office. The terms of the note call for semiannual payments of $17,857 each. Prepare the entries to record the mortgage loan and the first installment.
In 2012, Warren sold his personal use automobile for a loss of $9,000. He also sold a personal coin collection for a gain of $10,000. As result of these sales, $1,000 is subject to income tax.
On 20 March, Batavia's petty cash fund of $100 is replenished when the fund contains $9 in cash and receipts for postage $51, freight-out $25, and travel expense $10. Prepare the journal entry to record the replenishment of the petty cash fund.
In each of the following independent situations, determine Winston's filing status for 2012 and why. Winston is NOT married.
What are the risks and liability factors in an audit? What are the implications to the auditor? What are the implications to the organization? How can the auditor mitigate these risks and liability factors?
What are some typical types of transactions that appear in the financing section of the statement of cash flows?
The City of Greenville condemned 300 acres of Kayla's farmland. Kayla's land was worth $250,000 and her basis was $62,500. In payment to Kayla, the city gave Kayla 500 acres of similar land. An appraisal indicated that the land Kayla received was ..
Prepare a training program for new employees in the customer care call center.
How much should a $1,000-face-value bonds sell for, assuming the following conditions: How much should a $1,000-face-value bonds sell for, assuming the following conditions:
Prepare journal entries to record the treasury stock transactions. Prepare the equity section of the balance sheet for Cosmo Company.
Donald Corporation owns machinery with a book value of $670,000. It is estimated that the machinery will generate future cash flows of $560,000.
A company produces and sells pillows. It expects to sell 10,000 pillows in the year 2012 and had 1,000 pillows in finished goods inventory at the end of 2011.
Ingram Co. manufactures office furniture. During the most productive month of the year, 3,500 desks were manufactured at a total cost of $84,400. In its slowest month, the company made 1,100 desks at a cost of $46,000.
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