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Glayds is an accrual-basis that uses a periodic inventory system 1. Gladys issued $500,000 of 10-year bonds that will pay a stated annual rate of interest of 6% semi-annually until maturity. Comparable bonds are yielding 8% annual interest, so Gladys sells the bonds for a cash amount that will yield an 8% effective interest return to investors. 2. Gladys makes a loan to Bittersweet and receives in exchange a three-year, $50,000 note bearing interest at a 9% annual rate. Interest is paid annually. The market rate of interest for similar notes with similar risk is 11%, and Gladys thus recognizes some discount upon the issuance of the note. 3. Consigned $123,000 of Merchandise Inventory to Pipers. Gladys retains title to the goods, and will record sales only if informed of such by Pipers, who will keep 15% of the sales price under the consignment arrangement. 4. Gladys factors $200,000 of its Accounts Receivable from the sale in transaction 33 on a without recourse basis. The factor, Fairies, assesses a finance charge of 4% of the gross accounts receivable factored, and retains 5% of the receivables for probable adjustments.
Past experience indicates that the allowance should be 10% of the balance in receivables (percentage of receivable basis). If the accounts receivable balance at December 31 was $200,000 what is the required adjustment to the Allowance for Doubtful..
Explain procedures for collecting accounting evidence, Explain the use of sampling in performing an examination Evaluate accounting evidence using analytical and inferential tools.
You have been employed as an enty-level management accountant for a little year. You suspect that your immediate supervisor is invloved in a significant fraud involving diverting of company assets to personal use.
Provision for depriciation in the trial balance is for the current year or it is of previous year? Do we need to deduct it from this year's balance sheet.
The variable cost per cake is $12. A special decoration per cake will add another $1 to the cost. Determine the differential income or loss per cake from selling the cakes.
what is the purpose of bank reconciliation? what are the reasons for differences between the cash reported in the
On January 2, 2011, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2012.
at the beginning of august hogancamp corporation had 26000 of raw materials on hand. during the month the company
butterfly tractors had 15.50 million in sales last year. cost of goods sold was 8.30 million depreciation expense was
a man needed money to buy lawn equipment. he borrowed 800.00 for five months and paid 53.95 in interest. what was the
Prepare journal entries to record the pension expense and funding of plan assets to verify the change in the pension asset/liability.
the carlquist company makes and sells a product called product k. each unit of product k sells for 28 dollars and has a
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