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Marley Company received a seven-year zero-interest-bearing note on February 22, 2011, in exchange for property it sold to O'Lear Company. There was no established exchange price for this property and the note has no ready market. The prevailing rate of interest for a note of this type was 7% on February 22, 2011, 7.5% on December 31, 2011, 7.7% on February 22, 2012, and 8% on December 31, 2012. What interest rate should be used to calculate the interest revenue from this transaction for the years ended December 31, 2011 and 2012, respectively?
Listed below are transactions dealing with various stock benefit plans of Fortune-Time Corporation during the period 2009-2011. The market price of the stock is $45 at January 1, 2009. Prepare the Journal entries that Fortune-Time recorded for each..
The company expects to sell 20% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month of the sale, 25% in the month following the sale, and the remainder in the following month. The cash collections in Sep..
What is the total direct material price variance for November when standard price is $1.80, actual price is $1.90 and actual quantity used is 142500?
How much do external failure costs change if all changes are as anticipated with the new prevention procedures? Assume all units produced are sold and there are no ending inventories.
During the year, job 123 a firm fixed price contract for the production of 3,000 raincoats will be started and completed. Estimate the contract cost.
She has a property management firm make all management decision for her. During 2010 she incurred a loss, for tax purposes, of 30,000 on the office building. How must Mary Beth treat this on her 2010 tax return?
On March 3, Hinckley Appliances sells $580,000 of its receivables to Marsh Factors Inc. Marsh Factors assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Hinckley Appliances' books to record the sale of the rece..
Obtain at least two years of financial information pertaining to General Motors company from its most recent annual report (10-K).
What would incomplete units physically look like at the end of any given part of the process? For example, at the end of the distillation process and then at the end of the final bottling process
Stahl Consulting started the year with total assets of $20,000 and total liabilities of $5,000. During the year, the business recorded $16,000 in catering revenues and $8,000 in expenses.
A Clarke Corporation subsidiary buys marketable equity securities and inventory on April 1, 2009, for 100,000 pesos each. It pays for both items on June 1, 2009
Prepare schedule to reconcile accounting and taxable income and to compute taxes payable. Prepare a schedule of temporary differences and deferred income taxes. Prepare Journal entry for each year. Show how income tax expenses, deferred income tax as..
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