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On November 1, 2009, Bruce Company leased some of its office space to Fairlane Company and immediately collected twelve months rent in advance of $600,000. Bruce debited cash and credited unearned rent revenue for $600,000. At December 31, 2009 (the end of the accounting period), give the adjusting entry Bruce should make in respect to the rent.
Prepare a bond discount amortization schedule which shows the amortization of discount for the first two interest payment dates. (Round to the nearest dollar.)
Gentry Company produces speaker systems for trucks. Estimated sales (in units) in January are 20,000; in February 25,000; and in March 22,000. Each unit is priced at $45. Gentry wants to have 25% of the following month's sales in ending inventory.
What is a contingent liability? Describe the three ranges of loss contingencies outlined in SFAS No. 5, including a brief summary of the accounting and disclosure requirements ?
Purchased equipment paying $20,000 down and signed a noninterest-bearing note requiring the balance to be paid in four annual installments of $20,000 on the anniversary date of the contract. Based on Bright Light's 12% borrowing rate for such tran..
What are some of the various lease options? When would you use one option over the others? What could be the financial influence of this decision?
Assume ABC Company deposits $25,000 with First National Bank in an account earning interest at 6% per annum, compounded semi-annually. How much will ABC have in the account after five years if interest is reinvested?
Why is depreciation for income tax purposes an important concern of taxpayers and how does tax depreciation differ from financial accounting depreciation?
Texas has just passed a law making it mandatory to have every head of cattle inspected at least once a year for a variety of communicable diseases.
Why do most companies use normal or standard costing? After all, actual costing give the actual cost, so the firm could just wait until it knows what the cost will be.
For each of the following independent cases, prepare the journal entry that was made to record the admission of Shaw into the partnership.
On June 1, 2013, Madison notified bondholders of its intent to call the bonds at face value plus a 1% call premium on July 1, 2013. By June 30 all bondholders had chosen to convert their bonds into shares as of the interest payment date. On June 3..
A business receives a cash payment for services rendered. Which of the following occurs?
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