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If you had a 7 percent, $100,000 30-year fixed-rate mortgage, how long would it take before you had repaid half the loan balance due? If you paid an extra $100 per month to reduce the principal due on the mortgage, how long would it take to repay half the principal due? In the case where you paid an extra $100 per month, how long would it take to repay the entire loan?
Ben would like to use an inventory system that minimizes inventory cost and will satisfy 95 percent of his customers who order this wine. a. What is the economic order quantity for Ben to order?
When a parent company that records its investment using the cost method during a fiscal year sells a portion of its investment, explain the correct accounting for any difference between selling price and recorded value.
The company also purchased treasury stock that had a cost of $7,000. The financing section of the statement of cash flows will report net cash inflows of:
Tosco Co. paid $540,000 for 80% of the stock of Martz Co. when the book value of Martz's net assets was $600,000. For all of Martz's assets and liabilities, book value and fair value were approximately equal.
Yates Corporation began operations on January 2, 2010. It employs 15 people who work 8-hour days. Each employee earns 10 paid vacation days annually. Please prepare journal entries to record the transactions related to paid vacation days during 201..
Prepare a classified year-end balance sheet. (Note: A $22,000 installment on the long-term note payable is due within one year.)
Assuming that a perpetual inventory system is used, what is the value of ending inventory on a LIFO basis?
Prepare an answer sheet with the following column headings. For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on assets, liabilities, and net income by entering for each account affected th..
Research professional standards (AU 329) determine the requirement related to developing an expectation and conducting analytical procedures when those procedures are intended to provide substantive evidence.
What are the main approaches for setting transfer prices? How can the problems that these approaches create be reconciled between the selling and buying divisions?
Payment terms were: 50% due on October 1, 1996, 25% due on first delivery and 25% due on the second delivery. What amount of revenue should Acme recognize from this sale during 1996?
Decker Corporation purchased 1,000 shares of Kent common stock at $75 per share plus $3,000 brokerage fees as a short-term investment. The shares were subsequently sold at $80 per share less $3,400 brokerage fees.
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