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On January 2nd, Premier Sales borrows $13,500 cash on a note payable from Trusted Lenders with terms 90 days, 12%. Premier Sales and Trusted Lenders use a 360-day year for interest calculations. Premier Sales makes adjusting entries at the end of each calendar quarter.
Journalize the initiation of the loan, the recognition of interest expense for the quarter and the payment of the note on its due date.
Assume that a U. S. company makes a purchase from a British company and agrees to pay a price of 2 million pounds. How will the U.S. company determine the cost of this purchase for the purpose of recording it in its accounting records? Briefly exp..
On March 3, Hinckley Appliances sells $580,000 of its receivables to Marsh Factors Inc. Marsh Factors assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Hinckley Appliances' books to record the sale of the rece..
A government incurred expenditures for its infrastructure as follows: $20 million for general repairs; $21 million to extend the life of existing infrastructure; $22 million for improvements and additions. If depreciation is to be charged, the amo..
Determine the impact that the Act had on that particular issue, on accountants and auditors, and on stakeholders.
What does it mean to critically evaluate an economic event or resource in the context of an accounting standard and what is actually being evaluated and how?
What is the appropriate balance for the Allowance for Doubtful Accounts on Dec. 31?
During 2007, a company began researching and developing a new product for market. By June 30, 2008, the company had determined the new product was technologically feasible and developed a business plan including identification of a ready market fo..
The partners of JPG Partnership want to change the form of entity from a partnership to a corporation. The corporation can be formed in several ways: The partnership can distribute the assets to the partners who then contribute the assets to the c..
What is Teresa's basis in the stock after distribution? What is her remaining "outside" basis in HT?
Stockton Corporation purchased equipment for $32,000. Stockton also paid $400 for freight and insurance while the equipment was in transit. Sales tax amounted to $240. Insurance, taxes, and maintenance the first year of use cost $1,000. How much s..
The legal effect of the presence of a superceding event is that:
John and jean own 80 percent and 20 percent respectively, of palm Corporation stock. Thanks to their hard work, Plum's software sales have sky rocketed. In its first year of operation plum's earning were minimal, but four years later, Plum grossed..
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