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CCC10 Natalie is thinking of repaying all amounts outstanding to her grandmother. Recall that Cookie Creations borrowed $2,000 on November 16, 2009, from Natalie's grandmother. Interest on the note is 9% per year, and the note plus interest was to be repaid in 24 months. Recall that a monthly adjusting journal entry was prepared for the months of November 2009 (1/2 month), December 2009, and January 2010.
Instructions(a) Calculate the interest payable that was accrued and recorded to January 31, 2010. Round to nearest dollar.(b) Calculate the total interest expense and interest payable from February 1 to August 31, 2010. Prepare the journal entry at August 31, 2010, to bring the accounting records up to date. Round to nearest dollar.(c) Natalie repays her grandmother on September 15, 2010-10 months after her grandmother extended the loan to Cookie Creations. Prepare the journal entry for the loan repayment.
When auditing inventories of raw materials, purchased parts, and/or merchandise inventory, the auditor's most effective means for evaluating the valuation assertion is to
If Kelly deposits $10,000 into an account that pays 8 percent interest, compounded annually, and she makes no further deposits or withdrawals, how much will Kelly have in her account at the end of 5 years?
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Concerning a taxpayer's requirement to make quarterly estimated tax payments:
Make all journal entries necessary on Candra Christensen's books in 2011, 2012, and 2013 to record the forward contract and the purchase of the lobster. For purposes of estimating future settlement payments under the forward contract, assume that ..
For 2007 Mossland Corporation reported gross profit $100,000; net income of $24,000; sales $500,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2007 profit margin?
Describe the benefits accruing to company that is traded in public securities markets. What are the disadvantages to being public?
Bailey,Inc.,buys 60 percent of the outstanding stock of Luebs,Inc.,in an acquisition that resulted in the recognition of goodwill. Luebs owns a piece of land that cost $200,000 but was worth $500,00 at the acquisition date. What value should be at..
Make journal entries to record the receivable from the sales transaction and the forward contract on April 1. Make journal entries to record collection of the receivable and settlement of the forward contract on May 30
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