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On January 1, 2009, Pink Company finished consultation services and accepted in exchange a promissory note with a face value of $400,000, a due date of December 31, 2012, and a stated rate of 8%, with interest receivable at June 30th and December 31st. The fair value of the services is not readily determinable and the note is not readily marketable. Under the circumstances, the note is considered to have an appropriate imputed rate of interest of 10%. (Hint: the imputed rate is similar to the market rate). a) Determine the present value of the note. b) Prepare a Schedule of Note Discount/Premium Amortization for Pink Company under the effective interest method. (Round to whole dollars.) c) Prepare any necessary journal entries in 2009 to record the issuance of the note and any interest journal entries that may be required based on the terms of the note. d) Prepare any necessary journal entries in 2012.
Prepare the journal entry to record pension expense and the employers' contribution to the pension plan in 2011.
one of the statements for my project is utilities expenses of 3200 remain unpaid. 60 of the utilities expense is for
1. what is the distinction as drawn by the gasb between a fiduciary fund and a permanent fund?2. how should governments
Bullen Inc. acquired 100% of the voting common stock of Vicker Inc. on January 1, 2013. The book value and fair value of Vicker's accounts on that date (prior to creating the combination) follow, along with the book value of Bullen's accounts
Topeka Stores accepts both its own and national credit cards. During the year the following selected summary transactions occurred.
For each of the following items, give an example of a business transaction that has the described effect on the accounting equation:
wisconsin warning co. plans to finance its operations by issuing 5000000 of 5 year 12 bonds with interest payable
salerno company has two service departments maintenance and cafeteria as well as two production departments mixing and
el dorado foods inc. owns a chain of specialty stores in the pacific northwest. recently four of the stores have
Fill in each of the blanks below with one of these: larger, smaller, unchanged, or insufficient (information given to answer question). Several years after the switch from FIFO to LIFO:
Determine the total cash dividends and dividends per share paid to the preferred and common stockholders during each of the three years.
Hill and Billy plan to marry either immediately before or immediately after year-end. Hill's taxable income for 2011 is $89,000 and Billy's is $85,000 before their exemptions and deductions.
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