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Telephone Sellers Inc. sells prepaid telephone cards to customers. Telephone Sellers then pays the telecommunications company, TeleExpress, for the actual use of its telephone lines related to the prepaid telephone cards. Assume that Telephone Sellers sells $4,000 of prepaid cards in January 2014. It then pays TeleExpress based on usage, which turns out to be 50% in February, 30% in March, and 20% in April. The total payment by Telephone Sellers for TeleExpress lines over the 3 months is $3,000. Indicate how much income Telephone Sellers should recognize in January, February, March, and April.
you borrow 1000 from me today and promise to repay a lump sum of 1000 to me at the end of 3 years and pay interest on
stewie loaned a friend 12500 to buy some stock 3 years ago. in the current year the debt became worthless. a. how much
Compute the price of the bonds on their issue date. The following information is taken from present value tables: Present value of an annuity for 10 periods at 3%..8.5302
a. Use the purchases journal and the cash disbursements journal to record these transactions. b. Prepare a schedule of accounts payable. There were no accounts payable on May 1.
explain the accounting equation and prepare a table showing the equation and show a list of accounts belonging to each
The adjustments are normal for this machine and are not the result of the damages. Compute the cost recorded for this machine.
Greystoke, Inc. acquires the assets of Blackstone, Ltd. for its voting convertible preferred stock and assumes liabilities of $60,000. The assets have a basis of $250,000 and a value of $380,000. One of the shareholders in Blackstone trades her ol..
Identify factors employers should consider when choosing the discount rate to be used in accounting for pension plans of the enterprise.
prepare a form 1065 and appropriate schedules for ab custom saddles for tax year 2012 based upon the following factsab
a retailer purchases merchandise with a catalog list price of 15000. the retailer receives a 15 trade discount and
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There are two stocks, stock A and stock B. The price of stock A today is $70. The price of stock A next year will be $50 if the economy is in recession, $80 if the economy is normal and $95 if the economy is expanding.
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