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On July 1, 2010, Boston Company purchased a machine at a cost of $80,000. It paid $56,046.06 in cash and signed a 10% note for the difference. This note is to be paid off in annual installments of $5,000 each, payable each July 1, beginning immediately. The $5,000 includes a payment of interest on the balance of the principal at the beginning of each period and a payment on the principal.Required:Calculate the number of annual payments to be made by Boston Company.
the law of demand states that there is a negative relationship between price and quantity demanded as price rises
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Explain why the value of the leased asset and the accompanying lease obligation are not reported on the balance sheet initially at $80,000.00
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blackrock company received a 6-month 12 note for 100000 from its president on november1 2010. the note is due on april
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Explain the important characteristics of Generally Accepted Accounting Principles or standards. Why are these characteristics of GAAP important?
a company has current assets of 600000 and current liabilities of 240000. the board of directors declares a cash
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