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Cool Globe Inc. entered into two transactions, as follows:
1. Purchased equipment paying $20,000 down and signed a noninterest-bearing note requiring the balance to be paid in four annual installments of $20,000 on the anniversary date of the contract. Based on Bright Light's 12% borrowing rate for such transactions, the implicit interest cost is $19,253.2. Purchased a tract of land in exchange for $10,000 cash down payment and a noninterest-bearing note requiring five $10,000 annual payments, with the first annual payment in one year. The fair value of the land is $46,000.
Required:Prepare the journal entries for these transactions.
Ganzalez, Inc., manufactures stereo speakers in two factories: one in Vandalia, Illinois and another in Modesto, California. The Vandalia factory uses DL$ for its overhead rate and the Modesto factory uses machine-hours (MHs) for its overhead rate..
Prepare the statement of cash flows for the year ended December 31, 20X6, using the direct method, and include a schedule of noncash investing and financing activities if necessary.
Compute the East Division's ROI for last year; also compute the ROI as it would appear if the new product line is added and compute the East Division's residual income for last year; also compute the residual income as it would appear if the new pro..
Suppose the company changed its depreciation calculation procedures (still within GAAP) such that its depreciation expense doubled. How would this change affect Brandywine's net income, total profit margin, and cash flow?
When the present value analysis of a proposed investment results in an indication the proposal has a rate of return greater than the cost of capital, the investment may not be made because:
Compute the efficiency variances for direct labour and direct materials. Provide likely explanations for variances. Do you have reason to be concerned about you performance evaluation? Explain.
If the standard deviation of demand is six per week, demand is 50 per week, and the desired service level is 95%, approximately what is the statistical safety stock?
Explain the overall accounting cycle of an organization. Include a description of the people, processes, and systems that are integral to the cycle.
How much income must Dave report for the tax year and what is the character of the income? What is Dave's basis in his partnership interest at the end of the tax year?
Can you distinguish between accuracy of tests of gross accounts receivable and tests of the realizable value of receivables?
What major benefits do corporations and investors enjoy due to the existence of organized security exchanges?
On January 1, 2010, Parabolic Company issued 8% bonds with a face amount of $72.9 million, dated January 1. The bonds mature in 2025 (15 years). The market yield for bonds of similar risk and maturity is 10%. Interest is paid semiannually.
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