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D. Stoner Co., a building construction company, holds a 120-day, 9% note for $60,000, dated August 7, which was received from a customer on account. On October 6, the note is discounted at the bank at the rate of 12%.
b. Determine the number of days in the discount period.
c. Determine the amount of the discount.
d. Determine the amount of the proceeds.
e. Journalize the entry to record the discounting of the note on October 6.
The capital balance for Bolcar is $110,000 and for Neary is $40,000. The two partners share profits and losses 70 percent (Bolcar) and 30 percent (Neary). Kansas invests $50,000 in cash into the partnership for a 30 percent ownership. The bonus me..
The company estimated a 10-year useful life for the patent and uses the straight-line amortization method for all intangible assets. In 2014, Vega spent $40,000 in legal fees for an unsuccessful defense of the patent. The amount charged to income ..
Any plans to depreciate the operating assets on a straight-line basis for 20 years. Determine the amount of depreciation expense for 2010 on these newly acquired assets.
schlamber company factory overhead rate is rs.2 per hour. budgeted overhead for 3000 hours per month is rs. 8000 and
Sage Corporation, a calendar year corporation, has alternative minimum taxable income (before any exemption) of $1,200,000 for 2010. The company is not a small corporation. If the regular corporate tax is $225,000, Sage's alternative minimum tax f..
Identify a public agency - either at the local, state, or federal levels - that has undergone significant change in the last 25 years. You may choose an agency that you have had personal experience with, or you may choose a public agency that you ..
indicate how each of the following transactions affects the accounting equation.a. purchase of supplies on
Based on your readings and review of utilitarianism, categorical imperative, veil of ignorance and Aristotles Golden Mean, write a 3-4 page paper, double-spaced, applying each of the philosophies to the following ethical scenario using the IRAC me..
submit your responses to the following questions in a 1-2 page summary msword document. label each question clearly.
Prepare the required journal entries that MMM Store must make to record these transactions.
Which factors do you believe were the most prominent in encouraging business combinations in the 1990s? Which of these was the most important? Explain why.
fireout inc. manufactures steel cylinders and nozzles for two models of fire extinguishers 1 a home fire extinguisher
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