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On November 16, 2010, the Clear Glass Company borrowed $20,000 from First American Bank by issuing a 90 day, non interest bearing note. The bank discounted this note at 12% and remitted to Clear Glass Company the difference.Required:1. Prepare the journal entries of Clear Glass to record the preceding information, the related calendar year end adjusting entry, and payment of the note at maturity.2. Show how the preceding items would be reported on the December 31, 2010 balance sheet.3. What is Clear Glass Company's effective interest rate?
Both Mr. Jones and Mrs. Green earned $50,000 gross in 2009. Yet, Mr. Jones owed IRS $600 on his tax return while the IRS owed Mrs. Green $600 on her tax return.
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Determine if a capital expenditure such as the cost of a swimming pool qualifies for the medical expense deduction.
Which of the following is a correct statement of one of the capitalization criteria?
ABC company pays a sales commission of 5% on each unit sold. If a graph is prepared with the vertical axis representing per-unit cost and the horizontal axis represented units sold how would a line that depicts sales commission be drawn?
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What is the income reported by Regal during 2012 pertaining to the Air investment?
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