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Discounting of Notes Payable: On October 30,2016, Sanchez Company acquired a piece of machinery and signed a 12-month note for $24,000. The face value of the note includes the price of the machinery and interest. The note is to be paid in four $6,000 quarterly installments. The value of the machinery is the present value of the four quarterly payments discounted at an annual interest rate of 16%
Required:
1. Prepare all the journal entries required to record the preceding information including the year-end adjusting entry and any payments. Present value techniques should be used.
2. Show how the preceding items would be reported on the December 31, 2016, balance sheet.
bell computers ltd. located in liverpool england gathers a standardized personal computer from parts it purchases from
calculation of payment made to vendors.the following balance sheets are provided for victor foodscash and cash
Prepare journal entries. Show all steps and work and DO not answer if you dont know what your doing, if you have to look up how to do this you should not be answering thank you ahead of time for time and consideration.
Under variable costing, the unit product cost is:
create the required general journal entry to record the subsequent transactions for the flaherty company.a. incurred
Video Planet ("VP") sells a big screen TV package consisting of a 60-inch plasma TV, a universal remote, and on-site installation by VP staff. The installation includes programming the remote to have the TV interface with other parts of the customer’..
Journalize and post closing entries for December 31, 2011 and prepare a post-closing trial balance as of December 31, 2011.
Compute the material price variance - Provide the accounting entry for the price variance - Compute the labor efficiency variance.
What is statute of limitation if she inadvertently omitted $100,000 of income on her 2010 return? What if she omitted $120,000 of income?
Dean Corporation has two service departments, Power and Maintenance, and two production departments, Painting and Polishing.
The Merchant Company issed 10-year bonds on January 1, 2011. The 15% bonds have a face value of $100,000 and pay interest every January 1 and July 1. The bonds were sold for $117,205 based on the market interest rate of 12%. Merchange uses the effect..
Which of the following items are exclusions from gross income? Alimony payments received. Damages award received by the taxpayer for personal physical injury—none were for punitive damages. A new golf cart won in a church raffle. Amount collected on ..
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