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1. Rick Jones opened Bass Lake Eatery by contributing $25,000 on April 1, 2010, in exchange for common stock.2. Bass Lake Eatery borrowed $10,000 from the bank on April 1. The note is a 1-year, 12% note, with both principal and interest to be repaid on March 31, 2011.3. Rick Jones paid $1,100 cash to rent equipment for the shop for the first of the month.4. Rick Jones paid $485 cash for the utility bill for the first of the month.5. Bass Lake Eatery earned $6,800 in revenue the first month, all cash.6. Rick Jones hired a cashier and paid $577 cash in salary expense for the first month.7. Bass Lake Eatery paid distributions to Rick Jones in the amount of $1,000 for the first month.8. At the end of the month, $100 of interest payable is due on the note from #2.Required:A. Show how each transaction affects the accounting equation.B. Prepare the four basis financial statements for the month of April at the end of the month.C. Give one additional piece of information related to the transactions that could be recorded in an information system for a purpose other than the financial statements.
How may a company use probability to determine whether or not it is feasible to use primary data in a research study? Explain your answer.
1. Why is not taxable income used to determine if a distribution is a dividend? 2. What is the Dividend Received Deduction? Why do we have it?
On April 1, Quality Corporation, a U.S. company, expects to sell merchandise to a French customer in three months, denominating the transaction in euros. On April 1, the spot rate is $1.41 per euro.
Research and locate the business information of an energy company. The investigation team has assigned to you the task of identifying databases that are repository of public records, and that may be used for investigating the following:
What do you think is the more accurate basis of accounting?
The Adams Company, a merchandising firm, has budgeted its activity for November according to the following information:
Explain the accounting alternatives that Bonanza Trading Stamps, Inc. should consider for the recognition of its revenues and related expenses.
The Nunnally Company has equal amounts of low-risk, and high-risk projects. Nunnally estimates that is overall WACC is 12%. The CFO believes that this is the correct WACC for the company's average-risk projects
No dividends were paid the previous 2 years. If Koon declares $400,000 of dividends in the current year, how much will preferred stockholders receive if the preferred stock is cumulative?
Creations Company provided the following financial information for its installment sales for the current year.
The following transactions were made by Waite Company. Assume all investments are short-term and are readily marketable. Journalize the transactions.
Burger and more business is worth 250,000. it is expected to grow at 12% per year compounded annually for the next 5 years. Find the expected future value.
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