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McLaughlin Inc. operates with a June 30 year-end. During 2010, the following transactions occurred: a. January 1: Signed a one-year, 10% loan for $35,000. Interest and principal are to be paid at maturity. b. January 10: Signed a line of credit with Little Local Bank to establish a $560,000 line of credit. Interest of 9% will be charged on all borrowed funds. c. February 1: Issued a $28,000 non-interest-bearing, six-month note to pay for a new machine. Interest on the note, at 12%, was deducted in advance. d. March 1: Borrowed $210,000 on the line of credit. e. June 1: Repaid $140,000 on the line of credit plus accrued interest. f. June 30: Made all necessary adjusting entries. g. August 1: Repaid the non-interest-bearing note. h. September 1: Borrowed $280,000 on the line of credit. i. November 1: Issued a three-month, 8%, $16,800 note in payment of an overdue open account. j. December 31: Repaid the one-year loan [from transaction (a)] plus accrued interest. Required 1. Identify and analyze the effect of these transactions. 2. As of December 31, which notes are outstanding? How much interest is due on each?
Her purchase price is $6 for each box of discs and she has determined that storage costs for one year are 25 percent of thepurchase price. What is her approximate total ordering cost?
gaap provides guidelines for the inclusion of interest in the initial cost of a self-constructed asset.required1. what
Issued 5,000 ordinary shares at P45 per share, less cost related to the issuance of the share totalling P7,000.00
Compute the equivalent units of production for the first department for April, assuming the company uses the weighted-average method of accounting for units and costs.
Specifically, you are making a presentation about your role as an accountant. Describe for the students the primary objectives of accounting. a) Explain the basic terminology of the accounting process or financial reporting.
The balance sheet reported a begin n in g balance o f Rs. 23,000 in Accounts Receivable and an endin g balance o f Rs . 16,000 . The inco me statement reported. Sales Revenue of Rs. 230,000. Using this information, what will be the amount of cash c..
on january 1 2012 muller co. borrowed cash from washington valley bank by issuing a 100000 face value 3-year
What is the underlying rationale for Alimony Rules:
Canada Bank has $60,000 of 16% (annual interest) bonds outstanding, 1,500 shares of preferred stock paying an annual dividend of $5 per share, and 4,000 shares of common stock outstanding.
Prepare the entries that would be recorded by Menachem Inc. for the sale and for the receipts and interest on the following dates. (Assume that the effective interest method is used for amortization purposes.)
bluestone company had three intangible assets at the end of 2014 end of the accounting yeara. a patent purchased from
organization demonstrates the ability to analyze content logically concisely and in an appropriate manner to
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