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On January 1, 2014, Ellen Greene Company makes the two following acquisitions.
1. Purchases land having a fair value of $299,000 by issuing a 4-year, zero-interest-bearing promissory note in the face amount of $453,903.
2. Purchases equipment by issuing a 7%, 8-year promissory note having a maturity value of $371,000. (interest payable annually).
The company has to pay 11% interest for funds from its bank.
(a) Record the two journal entries that should be recorded by Ellen Greene Company for the two purchases on January 1, 2014.
(b) Record the interest at the end of the first year on both notes using the effective-interest method.
One-year Treasury bills currently earn 3.25 percent. You expect that one year from now, one-year Treasury bill rates will increase to 3.55 percent. If the unbiased expectations theory is correct, what should the current rate be on two-year Treasury s..
mega corporation reported the following year end information for 2008sales 100000250000less cost of goods
Does it matter what is generating the cash flow? What if they collect receivables quickly and sit on accounts payable as long as possible?
Your company's summarized financial information for the beginning and projected end of the current year is as follows: Beginning of the Year - Assets $90,000, Liabilities 30,000, Equity 60,000, Net Income = Blank. End of the Year (projected) - Assets..
Sadowski Video Center accumulates the cost and market data
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costello corporation manufactures a particular product. the standard cost per unit of product is shown below.direct
Harris Fabrics computes its predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 20,000 direct labor-hours would be required for the period’s estimated level of production.
Calculate the amount of dividends Dragoon paid using the information given. Prepare a statement of cash flows using the indirect method.
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Complete the entries to adjust the trial balance for the closing entries and prepare an statement of income and statement of financial position
On September 12, Vander Company sold merchandise in the amount of $5,800 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000
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