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Problem 14-13 Note and installment note with unrealistic interest rate [LO14-3]Braxton Technologies, Inc., constructed a conveyor for A&G Warehousers that was completed and ready for use on January 1, 2013. A&G paid for the conveyor by issuing a $100,000, four-year note that specified 5% interest to be paid on December 31 of each year, and the note is to be repaid at the end of four years. The conveyor was custom-built for A&G, so its cash price was unknown. By comparison with similar transactions it was determined that a reasonable interest rate was 11%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)Required:1. Prepare the journal entry for A&G's purchase of the conveyor on January 1, 2013. (If no entry is required for a transaction, select "No journal entry required" in the first account field.)2. Prepare an amortization schedule for the four-year term of the note.3. Prepare the journal entry for A&G's third interest payment on December 31, 2015. (If no entry is required for a transaction, select "No journal entry required" in the first account field.)4. If A&G's note had been an installment note to be paid in four equal payments at the end of each year beginning December 31, 2013, what would be the amount of each installment?
Water works Inc has a current ratio of 1.33, current liabilities of 540,000 and inventory of 400,000. What is water works quick ratio
Why is it important to distinguish between upstream and downstream sales in the analysis of intercompany profit eliminations?
During the year 2010, the corporation earned $600,000 after deducting all expenses. The tax rate was 30%., Instructions:- Compute the proper earnings per share for 2010.
The company does not manufacture its own skis; it purchases them from a supplier for $158 per pair. How do you find the selling expense?
A machine is purchased by making payments of $5,000 at the beginning of each of the next five years. The interest rate was 10%. The future value of an ordinary annuity of 1 for five periods is 6.10510. The present value of an ordinary annuity of 1 fo..
Consider the following information for Cowboys Town for the year ended December 31, 2015. Expenses - parking garage (enterprise fund) $ 1,200,000
The professor, who knew that Joe worked as a factory supervisor, had said that some of Joe's salary could end up on the company's balance sheet at the end of the month. This didn't make any sense to Joe since he gets the salary, not the company.
In April 2007 of this year, Emma acquired a machine for $50,000 for use in her business. The machine is classified as 7-year property. Emma makes no elections with regard to the property. Emma's depreciation on the machine this year is
Barnett Corporation owns an office building that cost $900,000. Barnett has taken $600,000 of depreciation on the building. The property is subject to a $600,000 mortgage. The office building has a current FMV of $400,000.
Nortan's outstanding stock consists of (a) 32,000 shares of noncumulative 8.00% preferred stock with a $10 par value and (b) 80,000 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and ..
Charlie Corp sells it products on both credit and cash basis. Monthly sales are sold 20% for cash, 80% for credit. Credit sales are collected 40% in the month of sale and 60% the following month. Sales for the first quarter are as follows:
provide an analysis and explanation of the role of the GAO.
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