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Cardinals Corporation purchased a computer on December 31, 2013, for $210,630, paying $60,180 down and agreeing to pay the balance in five equal installments of $30,090 payable each December 31 beginning in 2014. An assumed interest rate of 9% is implicit in the purchase price. Prepare the journal entry at the date of purchase. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round factor values to 5 decimal places, e.g. 1.25124.) (4 accounts) Prepare the journal entry at December 31, 2014, to record the payment and interest (effective interest method employed). (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (4 accounts) Prepare the journal entry at December 31, 2015, to record the payment and interest (effective interest method employed). (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (4 accounts)
H&R Block tax preparation software comes bundled with the CSUF edition of the textbook. You may also use other software, such as TurboTax.
The incremental borrowing rate for the lessee is 10%; the lessor's implicit rate is 8% and is known by the lease. The present value of an annuity due of 1 for six years at 10% is 4.79079. The present value of an annuity due of 1 for six years at 8..
bonds usually sell at a price that is different from the bonds face value. when this happens the bonds are sold at a
managerial accounting is all about making informed decisions. cost-volume-profit cvp analysis is one of the most
The Amount Budgeted factory overhead 675,000 Budgeted machine hours 20,000 Actual direct labor cost 482,000 Budegeted direct labor costs 450,000 If the company uses estimated direct labor costs as its activity base Whats the overhead application r..
capital budgeting emphasizes the key role management has in value creation by taking projects and expanding the size of
Profit before tax is sh.800000 which includes sh.500000 grant that is not taxable and sh.20000 of expenses allowable for tax purposes.depreciation for p&l account amount to sh.120000 but was to be replaced by capital allowances of sh.150000.Tax ra..
Identify the limitation of the internal control system. Provide at least 3 limitations. Provide at least 2 examples of internal control procedures and explain how these procedures can be implemnted. Identify symptoms of a lack of internal control.
Collins Landscape Company purchased various landscaping supplies on account to be used for landscape designs for their customers. How will this business transaction affect the accounting equation?
Outline the options for financing your expansion. Discuss how this decision will impact your company in financial and cultural terms.
andy mcdowell co. establishes a 100 million liability at the end of 2014 for the estimated site-cleanup costs at two of
Prepare the entries for estimated bad debts assuming that doubtful accounts are estimated to be (1) 6% of gross accounts receivable and (2) 1% of net sales.
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