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On August 31st, Jenkins Co. partially refunded $180,000 of its outstanding 10% note payable, made one year ago to Arma State Bank by paying $180,000 plus $18,000 interest, having obtained the $198,000 by using $52,400 cash and signing a new one year $160,000 note discouted at 9% by the bank.
Instructions:
(1) Make the entry to record the partial refunding, Assume Jenke Co.makes reversing entries when appropriate.
(2) Prepare the adjusting entry at December 31, assuming straight-line amortization of the discount.
The Allegheny Valley Power Company common stock has a beta of 0.80. If the current risk-free rate is 6.5%(Krf)and the expected return on the common stock as a whole is 16%(Km)
If a company uses the periodic inventory system, what is the impact on the current ratio of including goods in transit f.o.b. shipping point in the Purchases account and not in the Inventory account?
Discuss the efforts made toward convergence of International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP) on the financial performance reporting by business enterprises.
If the dividends on preferred stock are one year in arrears (in addition to the current year), how will the total dividend be divided between the common and preferred stock?
Surf Beach State College (SBSC) has a business school with 3 products, undergraduate degrees, graduate degrees, and executive education. SBSC has 3 service departments, Computer Support, Career Development, and the Library.
Freddie purposely omitted $100,000 of cash receipts that should have been reported as gross income. Freddie charged Peggy $6,000 to prepare the return. What is Freddie's preparer penalty?
What are the potential benchmarks that you could use to compare a company's financial ratios? What are the pros and cons of these alternatives?
Prepare an income statement and an owner's equity statement for the year. The owner did not make any new investments during the year.
Which of the following circumstances would cause the gifted property to be included in the donor's gross estate?
Samson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas Finance Company. On April 30, 2011, the company transferred $800,000 of accounts receivable to Milpitas.
The Bay Fig Corporation has a $350,000 gain from operations for 2009, and dividends of $100,000 received from 30%-owned domestic corporations. How much is the Bay Fig Corporation's dividends received deduction for 2009?
If Krell is expected to pay a dividend of $0.88 this year, and its stock price is expected to grow to $23.54 at the end of the year, what is Krell's dividend yield and equity cost of capital?
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