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Amos Excavating Inc. is purchasing a bulldozer. The equipment has a price of $100,000. The manufacturer has offered a payment plan that would allow Amos to make 10 equal annual payments of $15,582, with the first payment due one year after the purchase. (Hint: Use tables in text.)
(a) How much total interest will Amos pay on this payment plan?
(b) Amos could borrow $100,000 from its bank to finance the purchase at an annual rate of 8%. Should Amos borrow from the bank or use the manufacturer's payment plan to pay for the equipment?
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Greenville Corporation is considering the addition of a new product to its current product lines. The expected cost and revenue data for the new product are as follows:
Assume the same facts except that loon's long-term capital gain is $100,000 (instead of $60,000. Compute Loon's taxable income for the year.
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After the events of September 11, we were without our securities markets for few days. Though, it was a difficult condition, the markets opened in a few days and we managed.
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Prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense. Show the year-end balance sheet presentation for accounts receivable.
Corresponds to CLO 2(c) Ruben Corporation manufactures and sells T-shirts imprinted with college names and slogans. Last year, the shirts sold for $7.50 each, and the variable cost to manufacture them was $2.25 per unit.
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