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Mulkey-Micro brewery sells cases of beer to local restaurants and pubs. A new restaurant, Primo's Pizzaria, agreed to a sale for $2,500 with payment in thirty days. After thirty days, Primo's did not have the cash for payment; therefore, Primo's offer Mulkey a four-month note with 11.5% interest, all payable at the end of the term of the note. Please record the appropriate journal entry establishing the note on Mulkey's books.
A company's income before interest expense and income taxes in 2010 and 2011 is $225,000 and $200,000, respectively. Its interest expense was $45,000 for both years. Calculate the company's times interest earned ratio for both years, and comment o..
At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required and (2) provide an example of the closing of an expense account, Rent Expense in the form of a journal entry.
On January 1, 2004, Bigler Corporation had 800,000 shares of common stock outstanding. On March 1, the corporation issued 120,000 new shares to raise additional capital.
Calculate the average returns on small-company stocks and u.s. treasury bills. Calculate the variances and standard deviations of the returns on small-company stocks and u.s. treasury bills.
Wilton, Inc. had net sales in 2012 of $1,400,000. At December 31, 2012, before adjusting entries, the balances in selected accounts were: Accounts Receivable $250,000 debit, and Allowance for Doubtful Accounts $2,400 credit. Wilton estimates that ..
In 2013 Lake also repossessed $200,000 of jet skis that were sold in 2011. Those jet skis had a fair value of $75,000 at the time they were repossessed.In 2010, Lake would recognize realized gross profit of:
Briggs & Stratton Corporation is the world's largest maker of air-cooled gasoline engines for outdoor power equipment. The company's engines are used by the lawn and garden equipment industry.
All of the following statements regarding the sale of subsidiary shares are true except which of the following.
What payroll taxes are paid by the employee? Which are paid by the employer? What types of reports are used to document to the government the payroll taxes paid by the employer and employee?
A company purchased $4,000 worth of merchandise. Transportation costs were an additional $400. The company later returned $445 worth of merchandise and paid the invoice within the 3% cash discount period. The total amount paid for this merchandise..
Management estimates that it costs $500 to analyze and close a commerical loan. This amount has been included in the $250,000 of inderict costs. How much of the $250,000 indirect costs should be allocated to the Consumer Department?
Prepare the adjusting entry at December 31, and using T accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account.
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