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A business makes a principle payment of cash on a note payable. The note payable was originally issued for the purchase of equipment. Which of the following occurs?
a) an asset is credited and a liability is debited
b) an asset is debited and an asset is credited.
c) an asset is debited and a liability is credited.
d) a liability is debited and a liability is credited
During the past year, a company completed the following transactions related to the acquisition of property and the construction thereon of a new factory:
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Ending inventory at year-end costs in order are $494,400 with cost index 1.03, $569,250 with cost index 1.15, and $586,850 with cost index 1.21. Calculate Taylor's ending inventory for 2013, 2014, and 2015.
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Hope mistakenly accounted for the investment as available for sale instead of using the equity method. What effect would this error have on the investment account and net income, respectively, for 2011?
Norman Corporation had 250,000 shares of common stock outstanding during the year. Norman declared and paid cash dividends of $200,000 on the common stock and $160,000 on the preferred stock. Net income for the year was $880,000. What is Norman's ..
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