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On January 1, 2004, Foster Company sold property to Agler Company which originally cost Foster $570,000. There was no established exchange price for this property. Agler gave Foster a $900,000 zero-interest-bearing note payable in three equal annual installments of $300,000 with the first payment due December 31, 2004. The note has no ready market. The prevailing rate of interest for a note of this type is 10%. The present value of a $900,000 note payable in three equal annual installments of $300,000 at a 10% rate of interest is $746,100. What is the amount of interest income that should be recognized by Foster in 2004, using the effective interest method?
The remainder is uncollectible. The following are budgeted sales data: January $60,000-February $70,000-March 50,000-April 30,000 - What would April's total cash receipts be ??
On January 2, 2007, Prebish Corporation issued $1,500,000 of 10% bonds at 97 due December 31, 2016. Legal and other costs of $24,000 were incurred in connection with the issue.
You are an investment manager who is currently managing assets worth $6 billion. You believe that active management of your fund could generate between an additional one tenth of one percent return on the portfolio. If you want to make sure your a..
Assume that total sales for January are budgeted to be $50,000. What are the expected cash receipts for January from the current and past sales?
The purpose of the corporate earnings and profits is used to pay off dividends to the shareholders of the organization and to invest these funds further for the expansion of the business.
For each error, indicate (a) whether the trial balance will not balance (b) the amount of the difference and (c) the trial balance column with the larger amount. Consider each error separately. Use the following form, in which error 1 is given as ..
Which of the following ratios gives a perspective on risk in the capital structure?
What are the tax consequences to Bluejay and to Redbird as a result of Bluejay's liquidation?
What is your estimate for 2008 sales($)? What is your estimate of 2008 profits after tax? What is the percentage increase in 2008 profits after tax vs 2007 profit after tax of $110 Million?
The following transactions involve intangible assets of Penner Co occurring on or near Dec 31, 2004. Write journal entries needed at the date to record the transaction and at December 31, 2005 to record any resultant amortization. Write NA if no e..
William's basis in the WAM partnership interest was $100,000 just before he received a proportionate liquidating distribution consisting of investment land (basis of $30,000. fair market value $40,000), and inventory (basis $30,000, fair market va..
In accounting for a defined-benefit pension plan a. an appropriate funding pattern must be established to ensure that enough monies will be available at retirement to meet the benefits promised.
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