Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Megan Haak and Kathy Quandt borrowed $15,000 on a 7-month, 8% note from Golden State Bank to open their business, MK's Coffee House. The money was borrowed on June 1, 2012, and the note matures January 1, 2013. Prepare entries for interest-bearing notes. Instructions
a) Prepare the entry to record the receipt of the funds from the loan.
b) Prepare the entry to accrue the interest on June 30.
c) Assuming adjusting entries are made at the end of each month, determine the balance in the interest payable account at December 31, 2012.
d) Prepare the entry required on January 1, 2013, when the loan is paid back.
On September 3, 2008, Jackson Corporation purchases goods for a U.S. dollar equivalent of $17,000 from a Swiss company. The transaction is denominated in Swiss francs (SFr). The payment is made on October 10.
Ten years ago J-Bar Company purchased a lathe for $250,000. It was being depreciated on a straight-line basis to an estimated $25,000 salvage value over a 15 year period. The firm is considering selling the old lathe and purchasing a new one.
Record the Journal Entries: The President informs you that Beverly's Building Products agrees to convert the $14,000 overdue accounts receivable (invoice No. 1119) balance to a 12% note due six months from today.
Goofy reclassified this investment as trading securities in December of 2009 when the market value had risen to $125,000. What effect on 2009 income should be reported by Goofy for the Crazy Co. Shares?
Calculate the amount of operating expenses incurred by ABC Company during May. Do not use decimals in your answer.
question you own widgets r us and are considering the future direction of your company. one choice is to fund expansion
a. As a result of uninsured accidents during the year, personal injury suits for $350,000 and $60,000 have been filed against the company. It is the judgment of XYZ Company's legal counsel that an unfavorable outcome is unlikely in the $60,000 ..
Further investigation has revealed that $144,000 of the fixed manufacturing expenses and $93,000 of the fixed selling and administrative expenses are avoidable if product U23N is discontinued. What would be the effect on the company's overall net ..
Assuming there were no other adjustments to Ed's basis in the partnership in 2010 and 2011, what amount of partnership income (loss) should Ed show on his 2010 and 2011 individual income tax returns?
What impact would the differences in the methods allowed to determine fair value have on the financial reports? Differences from Fair value measurement AASB13
Management is disappointed with the company's performance and is wondering what can be done to improve profits. By examining sales and cost records, you have determined the following:
Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances are $80,000 and $120,000 respectively. Income Summary has a credit balance of $30,000. What is Saturn's capital balance after closing Income Summary to Capi..
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd