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On September 1, Klondike Co. issued a 90-daynote with a face amount of $120.000 to Arctic Apparel Co. formerchandise inventory.
a. Determine the proceeds of the note,assuming the note carries an interest rate of 8%.
b. Determine theproceeds of the note, assuming the note is discounted at 8%.
DonTruett's weekly gross earnings for the week ending December 18 were $1,680 and his federal income tax with holding was $298.51. Prior tothis week, Truett had earned $99,000 for the year. Assuming thesocial security is 6% on the first $100,000 of annual earnings and medicare is 1.5% of all earnings, what is Truett's net pay? The payroll register of Lowry Landscaping Co. indicates $1,260 of social security withheld and $315 of Medicare tax withheld on total salaries of $21,000 for the period. Federal withholding for theperiod totaled $3,822. Provide the journal entry for the period's payroll.
On November 4, 2009, Blue Company acquired an asset (27.5 year residential real property) for $200,000 for use in its business. In 2009 and 2010, respectively, Blue took $642 and $5,128 of cost recovery.
Assume that the client company, which handled some government contracts, had no internal auditors for a federal agency spent three weeks auditing the records and were just completing their work at this time.
In the journal entry to record the establishment of a forward exchange contract, at what amount should the Forward Contract account be recorded on December 1?
How does the United States tax Erica's activities? How would your answer change if Erica were a self-employed technician rather than an employee?
Howarth Manufacturing Company purchased a lathe on June 30, 2007, at a cost of $80,000. Prepare the journal entry to record the sale.
You just purchased a bond that matures in 4 years. The bond has a face value of $1,000 and has an 9% annual coupon. The bond has a current yield of 7.63%. What is the bond's yield to maturity? Round your answer to two decimal places.
Prepare the journal entry to record each of the following independent transaction. (Use the number of the transaction in lieu of a date for identification purposes.)
On October 31, a company's Cash account had a normal balance of $7,000. During October, the account was debited for a total of $4,250 and credited for a total of $5,340. What was the balance in the Cash account at the beginning of October?
A for-profit nursing home has beginning-of-period retained earnings of $40,000. Net income for the period totals $75,000 and dividends declared during the period total $15,000. The balance sheet total for retained earnings will be what amount?
The revenue principle states that revenue shall be recognized at a point when
Select a sample of accounts payable for confirmation, emphasizing vendors with a large balance and those that the client transacts with frequently, but include several with small and zero balances.
The amount of unrealized intercompany profit in ending inventory at December 31, 2006 that should be eliminated in the consolidation process is :
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