Reference no: EM131702569
Question - Described below are certain transactions of Lamar Company for 2018:
1. On May 10, the company purchased goods from Fox Company for $78,600, terms 2/10, n/30. Purchases and accounts payable are recorded at net amounts. The invoice was paid on May 18.
2. On June 1, the company purchased equipment for $87,600 from Rao Company, paying $27,600 in cash and giving a one-year, 9% note for the balance.
3. On September 30, the company discounted at 10% its $220,000, one-year zero-interest-bearing note at Virginia State Bank.
(a) Prepare the journal entries necessary to record the transactions above using appropriate dates.
(b) Prepare the adjusting entries necessary at December 31, 2018 in order to properly report interest expense related to the above transactions. Assume straight-line amortization of discounts.
(c) Indicate the manner in which the above transactions should be reflected in the Current Liabilities section of Lamar Company's December 31, 2018 balance sheet.
|
Illustrate the the national labor relations act
: Petitioner Agri Processor Co. was a wholesaler of kosher meat products based in Brooklyn, New York. In September 2005, the company's employees voted to join.
|
|
What was the number of equivalent units of production
: Using the first-in, first-out method of inventory costing, what was the number of equivalent units of production for conversion costs for the period
|
|
Describe the effect of higher levels of medical spending
: Describe the effect of higher levels of medical spending, profitability, and fiscal margins on process quality for health care organizations.
|
|
Target of a network or system intrusion
: Has your company (or school) been the target of a network or system intrusion? What information was targeted?
|
|
Prepare journal entries necessary to record the transactions
: Described below are certain transactions of Lamar Company for 2018: Prepare journal entries necessary to record the transactions above using appropriate dates
|
|
What are the ethical considerations favoring each outcomes
: What are the ethical considerations favoring each of these outcomes? What would you do, if you were the judge and had discretion to rule either way?
|
|
Agreement and the mechanisms for creating value in a sa
: Consider Aegis's overall approach, the particulars of each agreement and the mechanisms for creating value in a SA.
|
|
Identify the constitutional amendment
: Discuss if Officer Jones' actions were justified under the doctrines of plain view, abandonment, open fields, or border searches.
|
|
Discuss the various methods to control employer health care
: The rising cost of health care is the topic of many conversations about employer benefits these days. Of the various methods to control employer health care
|