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On Sept 1, 2010, Dental Equipment Corp sold equipment priced at $350,000 in exchange for a six month note receivable with an annual interest rate of 16%, all due at maturity.
a) Prepare the Dec 31, 2010 (fiscal year end), adjusting entry made by Dental with regard to this note receivable.
b) Prepare the entry made by Dental at maturity of note to record collection of note and interest.
c) Assume that the maker of the note defaults and Dental does not collect the note. Prepare the entry to be made.
Flowers and Flowers, Inc., has two divisions. Division A has an investment base of $750,000 and produces (and sells) 100,000 units of Eyne at a market price of $10.00 per unit. Variable costs total $3.50 per unit, and fixed charges are $4.00 per unit..
Prepare a flowchart documenting the acquisition/payment process for ABC Corporation
TVM concepts are applicable to many types of problems. Some of those problems don't even have to be financial. Some example scenarios are provided below. Mary buys a bottle of wine for $300. She expects that it will appreciate in value at a rate of 1..
A widely used activity base for developing factory overhead rates in highly automated settings is: Which of the following would be most likely to use process costing? Which of the following would most likely be a period cost?
On the Statement of Cash Flows, the exercise of the conversion option on convertible debt would be: Identify which of the following is an accurate description of the proper accounting treatment or the ongoing valuation basis.
Rusty Hardware makes only cash sales. It began 2016 with a credit balance of $32,000 in the refund liability account. Sales during 2016 were $600,000. Rusty estimates that 6% of all sales will be returned. During 2016, customers returned merchandise ..
Please describe the concept of "double taxation" and discuss which entity(ies) are subject to this type of taxation. (5 pts) In your own words
The accounting records of Georgia Company revealed the following costs: direct materials used, $250,000; direct labor, $425,000; manufacturing overhead, $375,000; and selling and administrative expenses, $220,000. Georgia's product costs total: Costs..
Compute the total, price, and quantity variances for both materials and labor. State if each variance is favorable or unfavorable.
Inventory valuation methods determine the cost of goods sold and the inventory balance. (1) Explain how the Last in First out (LIFO) method is applied (15 points) and (2) provide an example of the impact that this method of inventory valuation will h..
1.Understanding the management assertions related to a speci?c control is an important factor in preparing the tests of controls. Using the assertions provided below, select the management assertion(s) that relates to the purpose of the controls in t..
Investments include $120,000 of trading securities, $180,000 of debt securities with a maturity date of January 15, 2014, and $140,000 of money market funds.Prepaid rent relates to an advance payment for the period from January 1, 2013 - August 31, 2..
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