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Question 1: Prepare journal entries for Tanzania Inc. for:
a) Accounts receivable of $700,000 that were assigned to Chad Finance Co. by Tanzania as security for a loan of $580,000. Chad charged a 4% commission on the value of the accounts receivable; the interest rate on the note is 11%.
b) During the first month, Tanzania collected $300,000 on assigned accounts. As well, Tanzania wrote off a $1,100 assigned account as a bad debt.
c) Tanzania paid Chad the amount collected plus one month's interest on the note.
Algorithmic Insurance of Long term Debt.
On June 30, 2012, the per share market price (fair value) of the Johnson & Johnson shares is $55 and the Starbucks shares is $19. Prepare the adjusting entry to record any necessary fair value adjustment to its portfolio of trading securities.
Big Manufacturer Corporation's bonds, The nominal required rate of return on these bonds is 6.50%. What is the bond's intrinsic value?
Cheyenne uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest January 1.
Conduct periodic bank statement reconciliations
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At that job he earned $17 for each manicure he did, he worked four days a week for 8.5 hours each day. And he gave 22 manicures a week on average.
Calculate the YTM and YTC under those conditions, and explain which you believe you would earn and why and what would be your estimate for the cost of new common equity?
Given the readings and assignments in the course, identify, and briefly discuss two important applications of financial accounting.
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