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Below are two unrelated situations relating to life insurance.Prepare the appropriate journal entry for each situation.
Required:
1. Ford Corporation owns a whole life insurance policy on the life of its president. Ford Corporation is the beneficiary. The insurance premium is $25,000. The cash surrender value increased during the year from $2,500 to $4,600.
2. Petroleum Corporation received a $250,000 life insurance settlement when its CEO died. At that time, the cash surrender value was $16,000.
a corporation issues 85000 8 5-year bonds on january 1 2011 for 88825. interest is paid semiannually on january 1 and
The reported net incomes for the first 2 years of US Books Corp. were as follows: 2013, $268,000; and 2014, $412,000. Early in 2015, the following errors were discovered.
For the Cook County Company, the average age of accounts receivable is 60 days, the average age of accounts payable is 45 days, and the average age of inventory is 72 days. Assuming a 365-day year, what is the length of the firm's cash conversion ..
Critically evaluate the existing compensation plan and recommend any changes.
Wyoming Sports Equipment issued a $3 cumulative preferred stock issue. In 2007, the firm's board of directors voted to omit dividends for both the company's common stock and its preferred stock issues. Also, the corporation's board of directors vo..
starlight manufacturing company reported the the following work in process inventory account activity measured in
karib corporation purchased a building by signing a 178800 long-term mortgage with monthly payments of 1400. the
The stockholders equity section of the balance sheet for Gator Company at December 31, 2013, is as follows:
which of the would be subtracted from net income when using the indirect method to derive net cash flows from operating
intercept inc. estimated that. for 2009 761250 of overhead costs would be incurred at 175000 machine hours. during 2009
on january 1 2014 jack company issues 4331000 7 10-year bonds for cash of 3521395 when the market rate of interest is
Compute the total net liability to be reported on the December 31 balance sheet for:
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