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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.
A few days before the move, Philip hired a friend to organize his belongings, throwing out stuff that he did not need anymore and also packing some of his belongings in his closet. Philip paid her $7,000.
A foreign project that is profitable when valued on its own will always be profitable from the parent firm's standpoint. True or false? Explain.
Your father runs a small auto body shop. He has decided to computerize his records and has asked you to explain the basics of accounting to him so that he can enter the data into his accounting software.
On January 1, 2009, Boston Company purchased a heavy duty machine having an invoice price of $13,000; Boston paid transportation and installation costs totaling $3,000.
Brian purchased 500 shares of the substantially identical stock for $3,000. What is the tax effect fir Brian as well as what will be the basis of each of four batches of new stock?
EM Sales had $2,200,000 in sales last month. The contribution margin ratio was 30% and operating profits were $180,000. What is EM's break-even sales volume? $660,000 $1,540,000 $1,600,000 $2,020,000.
In your own words, explain what is meant by "inductive reasoning" and "deductive reasoning." State the differences between the two and provide examples to illustrate.
James Welling, a 37 year old engineer has an appointment to meet you in about an hour. As you are reviewing his accounts, you notice that he is a fairly active trader. He seems to do pretty well with returns that outpace the averages-Prepare some ..
Leon owns all six hundred (600) shares of the outstanding stock of Crane Corporation (Earnings And Profits (E&P) of $1,000,000). Leon had acquired the stock ten (10) years ago for $450,000.
General Motors Corp. is the world's largest automaker and has led the auto industry worldwide in sales since 1938. GM employs over 324,000 people worldwide, with manufacturing operations in 32 countries and sales operations in 200 countries.
Recording Transactions Affecting the Enterprise Fund and Business-Type Activities, Prepare general journal entries to record the December 31, 2013, accounts and balances for the Water Utility Fund, selecting the corresponding accounts from drop-down..
On March 15, 2010, Frankel Construction contracted to build a shopping center at a contract price of $120 million.
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