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Jonathan’s credit card company determines his minimum monthly payment by taking 2.5% of any outstanding principal and adding it to interest charges on new monthly purchases. The credit card company charges an interest rate of 0.05623% per day. On November 12, Jonathan used his credit card to pay for the following business expenses: van repairs ($679), equipment maintenance ($475), office supplies ($147), and dinner with clients ($265).
(i) Assuming Jonathan had no new interest, determine his minimum payment due on December 1, his billing date. (ii) On December 1, instead of making his minimum payment, Jonathan makes a payment of $450. Assuming there are no additional charges or cash advances, determine Jonathan’s minimum payment on January 1.
The inventory valuation method that identifies the invoice cost of each item in ending inventory to determine the cost assigned to that inventory is the:
Calculation of good will - Total Shareholders' Equity of Little
This problem continues the Davis consulting, Inc. situation from Problem P19-40 of chapter 19. Davis Consulting provides consulting service at an average price of $175 per hour and incurs variable cost of $100 per hour. Assume average fixed costs are..
In 2015, Britt drove her automobile 16,200 miles for business. She incurred $900 in gas expenses and $235 in tolls associated with the business mileage. Assuming Britt uses the standard mileage method, her deduction is
Under the terms of his salary agreement, Michael B has an option of receiving either an immediate bonus of $66,000, or a deferred bonus of $84,000 payable in 10 years. Ignoring tax considerations and assuming a relevant interest rate of 4%, which for..
On June 30, 2012, the per share market price (fair value) of the Johnson & Johnson shares is $55 and the Starbucks shares is $19. Prepare the adjusting entry to record any necessary fair value adjustment to its portfolio of trading securities.
calculating ending inventory in both units amp dollars cost of goods sold commission to manager amp gross profit for
ABC Company sold pharmaceutical products to a Swedish company for Swedish Kronor. Prepare all necessary journal entries with brief explanation, related to this transction. Show all calculations.
A contractor is considering the following three alternatives:
What is the ending balance for raw materials? What is the ending balance for work in process? What is the ending balance for finished goods?
During its first year of operations, Filippi's Plumbing Supply Co. had sales of $460,000, wrote off $7,000 of accounts as uncollectible using the direct write-off method, and reported net income of $50,600. Determine what the balance of the allowance..
a. What activities are included in the statement of cash flows under the section entitled "Cash flows from financing activities"? What is the difference between U.S. GAAP and IFRS with regard to the correction of accounting errors?
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