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Random Enterprises signed a discounted note on Jan 1, 2010 promising to pay the lender $10 million in 2 years, and will not make periodic interest payments. The lender wants to earn a 12% APR. How much cash will Random receive on Jan 1, 2010?
On December 31, 2007, Bert's Farm Store had the following account balances in its accounting system. All year-end adjustments had been entered, but the books had not yet been closed.
Assume Mid-South Urologists Group leased the lithotripter directly from the manufacturer, Rand Medical, which produced the machine at a cost of $1.7 million. Prepare appropriate entries for Rand Medical from the inception of the lease through the ..
The goggles sell for a retail price of $8.00 per pair. The sports apparel division is doing a promotion whereby each customer that purchases a swimsuit during the month of May receives a free pair of goggles. The apparel division would like to pur..
Prepare a 350-word memo discussing the factors to consider when choosing accounting software. Be sure to discuss why each factor is important, as well as the risks of not considering each factor.
Andrea, who is 28 and single, has adjusted gross income of $50,000 and itemized deductions of $5,500. In 2013, Andrea will have a taxable income of:
What is the primary difference between agency funds and trust funds? What are the primary applications of each and how do the administrators of these funds assure responsible stewardship of their resources?
At the beginning of the year, Gal Company had liabilities of $50,000 and stockholders' equity of $96,000. If assets increased by $40,000 and liabilities decreased by $30,000, what was the stockholders' equity at the end of the year?
Oates Company's payroll for the week ending January 15 amounted to $50,000 for Office Salaries and $100,000 for Store Wages. None of the employees has reached the earnings limits specified for federal or state employer payroll taxes. The following..
List three weaknesses in the existing system of internal control. For each weakness, state the risk to the company if the control is not improved, and recommend improvements. Format your answer as follows: (9 marks) Weakness Risk Recommended improvem..
Hercules Exercising Equipment Co. purchased a computerised measuring device two years ago for $60,000. The equipment has been depreciated on a straight-line basis over a six year useful life and can currently be sold for $23,800.
Additional information about the Flower Shoppe that is needed for financial-statement preparation:
What gain and net reduction in retained earnings would result from this property dividend?
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