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The following are selected transactions of Darby Corporation.
- Sept. 1 Purchased inventory from Orion Company on account for $50,000. Darby records purchases gross and uses a periodic inventory system.
- Oct. 1 Issued a $50,000, 12-month, 8% note to Orion in payment of account.
- Oct. 1 Borrowed $75,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $81,000 note.
a) Prepare journal entries for the selected transactions above.
b) Prepare adjusting entries at December 31.
c) Computer the total net liability to be reported on the December 31 balance sheet for: (1) the interest-bearing note, (2) the zero-interest-bearing note.
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A company that provides training, certification and consulting services to commercial, government, and non-profit organizations in applying best practices in balanced scorecard (BSC), strategic performance management and measurement, and transform..
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If operating lease commitments are considered equivalent to debt, what percentage of the American's debt is represented by the lease liabilities?
Antawn expects to sell 42,000 units of finished goods this period-How many units must he budget for production this period
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