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On January 1, 2012, Muller Co. borrowed cash from Washington Valley Bank by issuing a $100,000 face value 3-year installment note payable that carried a 7% interest rate. The note is to be repaid by making yearly cash payments of $38,105, which contains both principal and interest. The payments are to be made on December 31 of every year. Required:
a) Prepare an amortization schedule for the term of the loan, showing the amounts to be paid on principal and interest for 2012, 2013, and 2014 and the loan balance at the end of every year.
b) What amount of interest expense will be displayedon the 2013 income statement?
c) What amount of liability for the note will be displayed on the balance sheet on December 31, 2013?
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In manufacturing its products for the month of September 2010, El Dorado Corporation incurred normal spoilage of $7,000 and abnormal spoilage of $3,000. How much spoilage cost should El Dorado charge as inventoriable for the month of September 201..
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On October 31, the stockholders' equity section of Omar Company consists of common stock $600,000 and retained earnings $900,000. Omar is considering the following two courses of action:
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Cole is to receive a bonus of 20% of net income (after the bonus) and that the remaining net income is to be divided equally. If the partnership income before the bonus for Year 2006 is $57,600, Cole's share of the pre-bonus income is?
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Accounts receivable arising from sales to customers amounted to $40,000 and $35,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $110,000. Exclusive of the effect of other adjustments, t..
Upon audit, the IRS disallowed the interest deduction, classifying it a non-deductible personal interest. Donald believes and has asked you to find support for the deduction.
Which of the following should be deducted from net income in calculating net cash flow from operating activities using the indirect method?
What is the amount of contribution margin that will be obtained per machine hour on each product? Which product would you recommend that the company work on next week - the orders for product F, product G, or product H? Show computations.
The company's past records show collection of credit sales as follows: 30% in the month of sale and the balance in the following month. The total cash collection from receivables in March is expected to be
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