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Your client Anderson Company owes a note to the bank in the amount of $1,000,000 due February 1, 2015. The bank has agreed to refinance $500,000 of the note on a long term basis if the company can pay the other $500,000 by the due date. An investor also has offered to buy $300,000 of common stock in the company on January 15, 2015. Anderson has agreed to sell the stock to the investor. If Anderson intends to refinance $500,000 of the debt with the bank and use the $300,000 from the sale of stock to pay against the loan, how should Anderson report the $1,000,000 loan on its December 31, 2014 financial statements? Required: Explain the proper reporting of the loan, including your justification for doing so.
Prepare an analysis to show which alternative makes the best use of Sharp Image's factory space - could be used to manufacture another product with a contribution margin of $75,000.
Determine the value that would be shown in Padre and Sol's consolidated financial statements for each of the accounts listed. (Input all amounts as positive values.)
A Corp. reported $120,000 of net income and has outstanding 10,000 shares of $1 preferred stock, par of $50, and 50,000 shares of $100 par common stock. Illustrate what is the earnings per share?
Direct Materials Used, Cost of Goods Manufactured In March, Chilton Company purchased materials costing $25,000 and incurred direct labor cost of $10,000. Overhead totaled $42,000 for the month. What was the cost of direct materials used in March? Wh..
Kate Connor, a teacher at Meadow Middle School, is in charge of ordering the T-shirts to be sold for the school’s annual fund-raising project. The T-shirts are printed with a special Meadow School logo. If the school receives actual sales orders for ..
A machine was purchased for $28,000 and had an estimated scrap value of $4,000. What would the year-end entry be if the units of-production method was used, and it had an estimated life of 32,000 hours? In the first year of operation, it used 7,20..
What is wrong with the president's calculation and What are the fixed and variable costs of operating the university?
Analyze overall process of accounting for insolvencies and make at least one recommendation for improving current practices. Provide specific examples of how your recommendation would be an improvement.
On December 31, 2014, Harris Co. leased a machine from Catt, Inc. for a five-year period. Equal annual payments under the lease are $1,050,000 (including $50,000 annual executory costs) and are due on December 31 of each year. The lease is appropriat..
MGM Resorts International owns and operates hotels and casinos including the MGM Grand and the Bellagio in Las Vegas, Nevada. As of a recent year, MGM reported accounts receivable of $415,654,000 and allowance for doubtful accounts of $93,760,000. Jo..
During the same year, cash was paid out to purchase inventory for $ 335,000, to employees for $ 230,000, and for the purchase of plant assets of $ 190,000. Calculate amount of cash provided by or used for operating activities by the direct method.
What is the gross profit percentage for a hotel, if the total revenue consisted of rooms revenue $3,075,975 and F&B revenue $943,425? management fees represented 4% of total revenue; rent, property taxes & insurance were $401,940; interest and deprec..
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