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On January 1, the first day of the fiscal year, Shiller Company borrowed $85,000 by giving a seven-year, 7% installment note to Soros Bank. The note requires annual payments of $15,772, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $5,950 and principal repayment of $9,822. Required: A. Journalize the entries to record the following transactions. Refer to the Chart of Accounts for exact wording of account titles. 1. Issued the installment note for cash on the first day of the fiscal year. 2. Paid the first annual payment on the note.
In the current year, Hawk Corporation redeems 75 shares of Sheldon’s stock for $75,000. Sheldon had acquired all of his shares 10 years ago at a cost of $100 per share. What are tax consequences to Sheldon and Hawk Corporation as a result of the s..
Determine the variable factory overhead controllable variance. Enter a favorable variance as a negative amount, and an unfavorable variance as a positive amount.
Classify the following controls as preventive, detective, or corrective:
For each transaction and related adjusting entry, state whether the quick ratio is increased,decreased, or there is no change.
questionoffice supply companyosc manufactures 2 products a desk tray and a pen box. both products are produced on two
At the beginning of July, CD City has a balance in inventory of $2,925. The following transactions occur during the month of July. July 3 Purchase CDs on account from Wholesale Music for $1,860, terms 3/10, n/30. July 4 Pay freight charges related t..
According to a summary of the payroll of Scotland Company, $450,000 was subject to the 7.0% social security tax and $500,000 was subject to the 1.5% Medicare tax. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (4.2%) and ..
Prepare amortization tables for issuance of the bonds sold at 104 for the first three interest payments. - Prepare amortization tables for issuance of the bonds sold at 98 for the first three interest payments.
Mary Contrary runs a nursery, Mary Contrary’s Garden, out of her home. She uses the greenhouse, which is attached to her home, to grow the plants that she sells and to grow her personal garden plants. The business use of the nursery is 80%. What is t..
Prepare the entry to record the uncol- lectible accounts expense. What is the balance of Allowance for Uncollectible Accounts after this adjustment?
Crow, Inc., a not-for-profit company, has a product contribution margin of $40. The fixed costs are $800,000. Crow, Inc., has set a target profit of $35,000 per year.
Purpose the necessary general journal entries for the month of October for the Seinfeld Company for each situation given below. Seinfeld uses a perpetual inventory system.
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