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Shonen Knife Corporation has elected to use the fair value option for one of its notes payable. The note was issued at an effective rate of 11% and has a carrying value of $16,000. At year-end, Shonen Knife's borrowing rate has declined; the fair value of the note payable is now $17,500.
(a) Determine the unrealized holding gain or loss on the note.
Unrealized Holding Gain or Loss $
(b) Prepare the entry to record any unrealized holding gain or loss. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
1. Record the transactions in the journal. 2. Prepare the statement of shareholders' equity for 20XX.
In August, Gold Company sold 770 units of their only product. For the month, fixed costs were $10,400, variable costs were 57% of sales, and the average sales price was $62.
For the month of October, Pratt Corporation predicts total cash collections to be $1 million. Also for October, Pratt Corporation estimates its beginning cash balance will be $50,000 and that it will borrow cash in the amount of $70,000. If Pratt ..
Arthur Young was criticized for not encouraging Lincoln to invoke the substance-over-form principle when accounting for its large real estate transactions.
Visit the Institute of internal auditors website and focus on the frequently asked questions section. Explain How internal and external auditors differ and how they relate. In addition, what is Enterprise Risk management(ERM) and what role in it d..
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Publicly traded companies are required to report earnings per share data on the face of the income statement. compare and contrast basic earnings per share with diluted earnings per share for each of the following:
Progressive income taxes (the more you earn, the more you pay) are designed in part to reallocate earnings. Does the approach seem fair? Explain your answer.
Assume you own portfolio of British securities valued at $430,000. The exchange rate is currently at $1 = £0.57. A currency contract on British pounds is set at 62,500 pounds.
What's the relationship between the acquisition and payment cycle and the inventory and warehousing cycle in the audit of a manufacturing company?
Maxey company had current and noncurrent liabilities of $50,000 and $150,000, respectively. The company's current assets were $76,000, out of a total asset figure of $424,000. Calculate the company's debt ratio.
Which of the following is not a step needed to maximize the profits from joint products?
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