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On October 30, 2010, the Sanchez Company acquired a piece of machinery and signed a 12 month note for $24,000. The face value of the note includes the price of the machinery and interest. The note is to be paid in four $6,000 quarterly installments. The value of the machinery is the present value of the four quarterly payments discounted at an annual interest rate of 16%.Required:1. Prepare all the journal entries required to record the preceding information including the year end adjusting entry and the installment payments. Present value techniques should be used.2. Show how the preceding items would be reported on the December 31, 2010 balance sheet.
company took loans of 400000 from mbl as well as issued 8 debentures of 500000b as collateral security pass journal
payment inc. is preparing its cash budget for february. the budgeted beginning cash balance is 27000. budgeted cash
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Motif Furniture is an Austin- based furniture company. For each of the following first- quarter transactions, indicate whether operating (O), investing (I), or financing activities (F) are affected and whether the effect is a cash inflow (1) or outfl..
at the beginning of the 2014 school year britney logan decided to prepare a cash budget for the months of september
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Identify and briefly explain both a theory of corporate governance that supports a formal regulatory approach and a theory that supports a voluntary, self -regulation approach.
What is the revenue recognition principle? What is the current environment regarding revenue recognition? Research a current company's financial statement that the SEC has present or past investigations on for revenue recognition practices of a co..
in april 2011 of this year emma acquired a used machine for 60000 for use in her business. the machine is classified as
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