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Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2013. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $6,600 on each September 30, beginning on September 30, 2016. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Calculate the amount at which Lincoln should record the note payable and corresponding purchases on September 30, 2013, assuming that an interest rate of 10% properly reflects the time value of money in this situation. 1. Amount Recored?
Prepare journal entries to record the accounting for both the normal and abnormal rework. What were the total rework costs of XD1 chips in August 2011?
Laquesha Enterprises. sells its only product for $9 per unit, variable production costs are $3 per unit, and selling and administrative costs are $1.50 per unit. Fixed costs for 10,000 units are $5,000. Calculate the contribution margin per unit a..
Crystal Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Crystal uses the perpetual inventory system).
The following data were summarized from the accounting records for Huggins Construction company for the year ended June 30,2008.
You are the independent accountant assigned to the audit of Neophyte Company. The company's accountant, a graduate of Rival State University, has prepared financial statements which contained the following questionable items:
What is meant by setting a preliminary judgment about materiality? What are the most important factors affecting preliminary judgment on materiality?
You bought a stock three months ago for $73.82 per share. The stock paid no dividends. The current share price is $76.09.
Calculate annual returns for each of the last five (5) years for a company of your choice listed on the Australian Stock Exchange and compare these returns to the Australian market during the same period.
Which of the following is a capital asset? a) The bicycle of a 10-year old child. The child purchased the bicycle with money inherited from an aunt. b) The tools used by a self-employed carpenter.
An outside supplier has offered to produce the machines for Thomas for $700 a unit. What is the incremental effect on profit for this make or buy decision?
The board of directors declared and paid a $3,000 dividend in 2009. In 2010, $12,000 of dividends are declared and paid. What are the dividends received by the common stockholders in 2010?
Texon Oil is being sued for price fixing and environmental damage. The litigation started this year and is expected to last five years. There is no doubt that Texon is guilty but the settlement cost will be between $3 billion and $22 billion. Brie..
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