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1.[This is a variation of Exercise 7-14 modified to focus on a noninterest bearing note.] On June 30, 2013, the Esquire Company sold some merchandise to a customer for $30,000 and agreed to accept as payment a noninterest bearing note with an 8% discount rate requiring the payment of $30,000 on March 31, 2014. The 8% rate is appropriate in this situation.Required:1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2013 interest accrual, and the March 31, 2014 collection.2. What is the effective interest rate on the note?
texas had a herd of cattle including heifers and steers that have not yet been weaned. texas does not anticipate
1.what is the distinction as drawn by the gasb between a fiduciary fund and a permanent fund?2.how should governments
Division Corp has 20,000 shares of $5.00 participating 9 percent cumulative preferred stock and 100,000 shares of $2.00 common stock.
EZ Tech's sales in 2010 were $1,050,000, 80% of which were on credit. Collections on account during the year were $670,000. The company wrote off $4,000 of uncollectible accounts during the year.
limbaugh co. uses a job order cost system in the production of unique test equipment for oil drilling. limbaugh planned
Ferman Corporation had net income of $200,000 and paid dividends of $50,000 to common stockholders and $20,000 to preferred stockholders in 2012. Ferman Corporation's common stockholders' equity at the beginning and end of 2012 was $870,000 and $1..
wyoming wholesale has gathered the following data on the number of shipments recieving reports for the fisrt seven
the pricing objective of maximizing profitsnbspnbspnbspnbspnbspnbsp 1 has not been affected by other more socially
Space coast city issued the following during the year ended September 30, 2010: (1) $200,000 in bonds for the installation of stop signs, to be assessed against properties benefited, but secondarily backed by the city; (2) $320,000 in bonds for const..
Shareholders in closely held corporations often engage in transactions designed to minimize the double taxation effect of C corporations. Briefly describe the double taxation effect and explain some of the ways double taxation can be minimized.
dubois inc. has 600000 to invest. the company is trying to decide between two alternative uses of the funds. one
crespi holdings has the following budgeted costs for 20000 unitsvariable costs fixed costsmanufacturing 200000
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