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Raffie's Kids, a non-profit organization that provides aid to victims of domestic violence, lowincome families, and special-needs children has a 30-year, 5% mortgage on the existing building. The mortgage requires monthly payments of $3,000. Raffie's bookkeeper is preparing financial statements for the board and in doing so, lists the mortgage balance of $287,000 under current liabilities because the board hopes to be able to pay the mortgage off in full next year. $20,000 of the mortgage principal will be paid next year if Raffie's pays according to the mortgage agreement.Requirement1. The board members call you, their trusted CPA, to advise them on how Raffie's Kids should report the mortgage on its balance sheet. Provide your recommendation and discuss the reason for your recommendation.
doering company a u.s. corporation with customers in several foreign countries had the following selected transactions
Prepare a classified balance sheet as of Dec 31 2006. Why is the balance in Retained Earinings so large as compared with the balance in Capital Stock?
Calculate the number of months that the loan was outstanding (i.e.,the number of months Franklin Co. borrowed the money for).
EM Sales had $2,200,000 in sales last month. The contribution margin ratio was 30% and operating profits were $180,000. What sales volume does EM's need to yield a $240,000 operating profit? $600,000 $2,020,000 $2,400,000 $2,440,000
On July 1, 2013, Lula Plume created a new self-storage business, Safe Storage Co. The following transactions occurred during the company's first month.
amber company originally issued 1000 shares of 10 par value common stock for 20000 . amber later purchases 100 shares
the cash and accounts receivable balances for a company are provided below20122011cash6240060000accounts receivable
in regards to the provisions of the federal securities acts do you feel the securities acts of 1933 and 1934 were
hickory furniture company manufactures unfinished oak furniture. hickory uses a standard cost system. the direct labor
Using the T accounts shown below, record the following activities. Materials issued to the factory were $228,000 (total); indirect materials were $16,600.
the charges to work in process-baking department for a period as well as information concerning production are as
clarkston inc. has 400000 of 12 bonds callable at 102 with a remaining 10-year term and interest payable semiannually.
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