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On December 31, 2004, International Refining Company purchased machinery having a cash selling price of $85,933.75. The company paid $10,000 down and agreed to finance the remainder by making four equal payments each December 31 at the implicit rate of 12%.(1)Determine the amount of the annual payments to be made under the financing agreement.(2)Prepare the journal entry to record the acquisition of the machinery on December 31, 2004.(3)Prepare the journal entry at December 31, 2005.
Finally, Giovanni estimates that he needs to withdraw $55,000 from the business (as dividends) to cover his own personal living expenses this year. Will Giovanni have enough cash to get through the year? What is his budgeted cash balance on Decemb..
Leon Bear started a computer programming business, Bear's Programming Service. For each transaction that follows, indicate which accounts is debited and which account is credited.
present your solution to the following problem in an excel document.problem 1cool beans company has 30000 shares of 2
Net income for the year ended December 31, 2012, was $510,000. There are no preferred shares issued. Basic earnings per share for 2012 would be ??
The receivables and inventory are Sec. 751 assets. There is no agreement concerning the allocation of the sales price. Steve must recognize
north pole cruise lines issued preferred stock many years ago.it carries a fixed dividend of 6 per share. with the
Compute variance for the following items and indicate whether each variance is favorable or unfavorable.
a new manufacturing machine is expected to cost 286000 have an eight-year life and a 30000 salvage value. the machine
Purchased furniture and equipment costing $30,000. A cash payment of $10,000 was made immediately; the remainder will be paid in 6 months.
1. how does abc costing and activity based management work hand in hand with cost volume and profit analysis? do you
Determine the monthly savings that he should make with interest at 5.41% perannum to amount to $120,000 at the time his son will be 18 years old.
The company's cash balance decreased $193 million with cash flows from operating activities (+$7.7 billion), investing activities (-$7.6 billion), and financing activities (-$207 million). Discuss possible explanations for these financial results.
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