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On April 1, 2012, Prince Company assigns $500,000 of its accounts receivable to the Third National Bank as collateral for a $300,000 loan due July 1, 2012. The assignment agreement calls for Prince Company to continue to collect the receivables. Third National Bank assesses a finance charge of 2% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type).
you work for a medium sized privately held electronics firm which is considering transitioning to a publically held
1. think about the transactions listed below.a. a company obtains a 10000 loan from a bank.b. a
The One Stop Print Shop has used the same overhead rate on all jobs. Job 216 was the only job in process at the beginning of the month. At that time it had incurred direct labor costs of $150 and total cost of $570.
lever age pays an 9 rate of interest on 9.1 million of outstanding debt with face value 9.1 million. the firms ebit was
Discuss circumstances under which Randy's decision would be acceptable under GAAP and circumstances under which it would definitely be unacceptable. (2 to 3 Paragraphs).
Albert transfers land (basis of $140,000 and fair market value of $320,000) to Gold Corporation for 80% of its stock and a note payable in the amount of $80,000. Gold assumes Albert's mortgage on the land of $200,000.
Keshena Co. borrows $170,000 cash on November 1, 2009, by signing a 120-day, 7% note with a face value of $170,000. How much interest expense results from this note in 2009?
Calculate the predetermined overhead rate using direct labor costs as the allocation base. Calculate the predetermined overhead rate using machine hours as the allocation base. Which of the allocation bases is preferred? Why?
Prepare the general journal entries to record the share issue and the purchase of the land and building on January 1 and the amortization expense on December 31, 20B.
Cooper Co. issued 5,000 shares of its $5 par value common stock in exchange for a tract of land owned by Wallowitz Inc. Wallowitz had originally listed the land for sale at $165,000. The stock price on the exchange date was $30 per share. How much..
Based on the following information, what would be recorded as the purchase discount if the invoice is paid within the discount period?
george dick an employee of plum corporation drove his car a total of 17.966 miles during 2008. of the total miles
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