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On the first day of the fiscal year, Harris Company borrowed $65,000 by giving a 10-year, 6% installment note to Cuba Bank. The note requires annual payments of $8,832, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $3,900 and principal repayment of $4,932. Journalize the entries to record the following:
1.Issued the installment note for cash on the first day of the fiscal year. Journalize 2. Paid the first annual payment on the note. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".
2. Explain how the notes payable would be reported on the balance sheet at the end of the first year.
double eagle corporation produces the prestigious double eagle golf ball in one department using a process costing
Comment on the appropriateness of this viewpoint. Prepare a report outlining the need for regulation in accounting and why a free market for accounting information is not ideal.
fireout inc. manufactures steel cylinders and nozzles for two models of fire extinguishers 1 a home fire extinguisher
two or more items are omitted in each of the following tabulations of income statement data. fill in the amounts
1. take the following accounts and place them in the appropriate financial statement as well as appropriate category
The actual supplies cost for the month was $9,500. The supplies cost in the flexible budget for January would be closest to:
XYZ Corporation, with a division located in Germany, must translate its financial statements from euros to U.S. dollars. What is the major issue involved in translation?
upon studying its statement of cash flows you note that over the last three years a firm has consistently reported
United, Inc., a U.S. corporation, entered into a contract on November 1, 2007 to sell two machines to International Company, for 80,000 foreign currency units (FCU). The machines were to be delivered and the amount collected on March 1, 2008.
For the Cook County Company, the average age of accounts receivable is 60 days, the average age of accounts payable is 45 days, and the average age of inventory is 72 days. Assuming a 365-day year, what is the length of the firm's cash conversion ..
Prepare an income statement for the year ended December 31,2009. Prepare a retained earnings statement for the year endedDecember 31, 2009
bubble corporation manufactures two products i and ii from a joint process. a single production costs 4000 and results
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