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Prepare journal entries to record the following transactions entered into by Flip Company:
2012
June 1 Accepted a $10,000, 12%, 1-year note from Flop as full payment on her account.
Nov. 1 Sold merchandise on account to Flap, Inc. for $12,000, terms 2/10, n/30.
Nov. 5 Flap, Inc. returned merchandise worth $500.
Nov. 9 Received payment in full from Flap, Inc.
Dec. 31 Accrued interest on Flop's note.
2013
June 1 Flop honored her promissory note by sending the face amount plus interest. No interest has been accrued in 2013
Nessumsar compay develops educational materials. It has a cost of debt after taxes of 6.8% and a cost of equity of 10.9%. The company finances with 45% debt. Calculate its cost of capital.
A corporation had 50,000 shares of $20 per value common stock outstanding on July 1. Later that day the board of directors declared a 10% stock dividend when the market value of each share was $27. The entry to record this dividend is:
wehr inc. is preparing its cash budget for april. the budgeted beginning cash balance is 19000. budgeted cash receipts
Dance Company has $250,000 of bonds outstanding. The unamortized premium is $3,600. If the company redeemed the bonds at 101, what would be the gain or loss on the redemption?
In the current year, the partnership reports $400,000 in ordinary income. What are Yees distributive share and her guaranteed payment?
Great Falls Brewery's regular selling price for a case of beer is $15. Variable costs are $8 per case and fixed costs total $2 per case based on production of 250,000 cases.
Chicks Corporation had $1,100,000 in invested assets, sales of $1,210,000, income from operations amounting to $242,000, and a desired minimum rate of return of 15%.
Is the gain realized by Casino subject to U.S. income tax and why? If so, how would the income be taxed (assume the value of the assets remained unchanged from 2010 until 2012)
Many people say that a balance shows the financial position of an entity at a particular point in time. Explain "a particular point in time" and how does this differ from the income statement's time period coverage?
The Garrett Corporation uses the lower-of-cost-or-market method to value inventory. Data regarding the items in work-in-process inventory are presented below.
Actual production in November was 3,100 units of Titactium. There was a favorable materials price variance of $380 and an unfavorable materials quantity variance of $120. Based on these variances, one could conclude that:
The following department data are avalable :Total materials costs $ 120000 equivalent units of materials 60000 total conversion costs $ 70000 Equivalent units of conversion costs 30000 what is the total manufacturing cost per unit?
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