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On January 1, 2012, a foundation made a pledge to pay $ 30,000 per year at the end of each of the next five years to the Cancer Research Center, a non-profit voluntary health and welfare organization as a salary supplement for a well- known researcher. On December 31, 2012, the first payment of $ 30,000 was received and paid to the researcher.
1. On the books of the Cancer Research Center, record the pledge on January 1 in the temporarily restricted asset class, assuming the appropriate-ate discount rate is 5 percent on an annual basis. The appropriate discount factor is 4.33.
2. Record the increase in the present value of the receivable in the temporarily restricted net asset class as of December 31.
3. Record the receipt of the first $ 30,000 on December 31 and the payment to the researcher. Indicate in which asset class (unrestricted, temporarily restricted) each account is recorded.
The capital balance for Bolcar is $110,000 and for Neary is $40,000. These two partners share profits and losses 70 percent (Bolcar) and 30 percent (Neary). Kansas invests $50,000 in cash into the partnership for a 30 percent ownership. The bonus ..
It is the end of the accounting period, and your boss asks you to help determine the inventory balance to place in the company's balance sheet. Explain which physical quantities of inventory that you will include, and which you will exclude.
The Keego Company is planning a $200,000 equipment investment which has an estimated five-year life with no estimated salvage value. The company has projected the following annual cash flows for the investment.
Vial-tek has an existing loan in the amount of $3.5 million with an annual interest rate of 9.5%. The company provides an internal company-prepared financial statement to the bank under the loan agreement.
Assuming that all direct materials are placed in process at the beginning of production and that the first-in, first-out method of inventory costing is used, what is the total cost of the departmental work in process inventory at the end of the pe..
In the month of June, Paula's Beauty Salon gave 3,800 haircuts, shampoos, and permanents at an average price of $32. During the month, fixed costs were $17,664 and variable costs were 77% of sales.
Determine and analyze other methods to decide when to ship goods and their implication on the business.
The journal entry to record accrued interest on a short-term note payable must include an increase to:
You just purchased a bond that matures in 4 years. The bond has a face value of $1,000 and has an 9% annual coupon. The bond has a current yield of 7.63%. What is the bond's yield to maturity? Round your answer to two decimal places.
Prepare a standard cost summary showing the standard unit cost. Calculate the material and labor variances. Prepare entries in general journal form to charge materials and labor to work in process. Indicate whether the variances are favorable or un..
Suppose that a person won the Florida lottery and was offered a choice of two prizes: (1) $500,000 or (2) a coin-toss gamble in which he or she would get $1 million if a head were flipped and zero for a tail.
If the cost of an item is $75, the currrent replacement cost is $64, and the selling price is $95, the amoount included in inventory according to the lower of cost or market concept is ??
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