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On July 31, 2012, Bismarck Company engaged Duval Tooling Company to construct a special-purpose piece of factory machinery. Construction was begun immediately and was completed on November 1, 2012. To help finance construction, on July 31 Bismarck issued a $333,000, 3-year, 12% note payable at Wellington National Bank, on which interest is payable each July 31. $222,000 of the proceeds of the note was paid to Duval on July 31. The remainder of the proceeds was temporarily invested in short-term marketable securities (trading securities) at 10% until November 1. On November 1, Bismarck made a final $111,000 payment to Duval. Other than the note to Wellington, Bismarck's only outstanding liability at December 31, 2012, is a $33,300, 8%, 6-year note payable, dated January 1, 2009, on which interest is payable each December 31. Prepare the journal entries needed on the books of Bismarck Company at each of the following dates. (1) July 31, 2012. (2) November 1, 2012. (3) December 31, 2012.
assume that x company has decided to switch to a departmental allocation system. it has two departments and will use
Describe THOUGHTFULLY why it is important to understand the cost drivers and the types of cost behavior, as well as the components to managerial decision making. (At least one paragraph).
on january 1 of the current reporting year coda companys projected benefit obligation was 30 million. during the year
During the first year of partnership operations, the following events occurred: the partnership had a net taxable income of $10,000; Michelle received a distribution of $8,000 cash from the partnership; and Michelle had a 50% share in the partners..
in 1970 mr. and mrs. self purchased their first principal residence for 80000. in 1995 they sold the house for 300000
hg livery supply had a beginning accounts payable balance of 7300 and an ending accounts pyable balance of 55100.
determine at least one issue that can result when you dispose of depreciable business property. assess the key
Students will prepare a two to three (2-3) page response to the following: • Select either the balance sheet or income statement and explain how the use of it may be applied to your everyday life.
killroy company owns a trade name that was purchased in an acquisition of mcclellan company. the trade name has a book
becky lewis estimates that she will need 30000 in five years for a down payment on a new home. what amount would she
What is the LIFO reserve, and why would an analyst be careful in interpreting the earnings of a company that has liquidated some of its LIFO reserve?
A machine that originally cost $25,000 and was depreciated on a straight line basis has one year of its expected 5-year life remaining. Its current value is $12,000. The corporate tax rate is 34%.
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