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On December 31, 2010, faital company accuired a computer from Plato Corporation by issuing a $600,000 zero interest baring note, payble in full on December 31, 2014. Faital company's credit ratings permits it to borrow funds from its several lines of credit at 10%. THe computer is expected to have a 5-year life and a $70,000 salvage value.
A. Prepare the journal entry for the purchase on December 31, 2010.
B. Prepare any necessary adjusting entries relative to depreciation(use straight line) and amortization (use effective interest method) on December 31,2011.
C. Prepare necessary adjusting entries relative to depreciation and amortization on December 31, 2012.
A company grosses $100 million per year and shows a 12 percent profit. It hires a security director, a security staff, and security equipment, which costs the company $2 million per year but reduces its losses, or "shrinkage," from 9 percent to 5 ..
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National Shops wishes to purchase merchandise from your company on account. The amount of the purchases would probably be about $10,000 per month, and the terms would require National to make payment in full within 30 days.
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What is each partners beginning putside basis and how much gain(loss) must the partners recognize in 2010 when Picture Perfect was formed?
Staley Company has a standard of 1.5 pounds of materials per unit, at $4 per pound. In producing 2,000 units, Staley used 3,100 pounds of materials at a total cost of $12,090. Staley's materials price variance is:
Examine the legal liability an accounting professional has, including how a CPA is protected.
Evaluate the inventory turnover ratio for 2010 by using the LIFO and FIFO cost-flow assumption methods.
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