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On January 1, 2010, the Billips Corporation purchased equipment having a fair value of $72,054.94 by issuing a $90,000 note, payable in three $30,000 annual installments beginning December 31, 2010.Requirement:Prepare (1) The journal entry to record the purchase of the equipment,
(2) A schedule to compute the annual interest expense,
(3) The journal entries to record yearly interest expense and note repayments over the life of the note.
city farm insurance has collection centersacross the country to speed up collections. the company also makes
the morris corporation has 1000000 of debt outstanding and it pays an interest rate of 9 annually. morriss annual sales
Jim received an insurance recovery of 80% of the value of the car at the time of the accident. If Jim's AGI for the year is $50,000, determine his deductible loss on the car.
leasing transactions represent a very significant portion of the capital investments of many companies. the accounting
1.determine the best way to address a 280k windfall from a business trip to las vegas in which you incurred 1846 in
External users can rely on financial statement analysis only as a general guide for the potential of a business. They should resist placing too much weight on any particular figure or trend.
Prepare an income statement and an owner's equity statement for the year. The owner did not make any new investments during the year.
Beekman Office Supply case, which are presented in the attached script. Will Gail be in danger of a violation of the Code of Professional Responsibility if she agrees to proceed as directed by the engagement partner?
each pallet of your product in the warehouse of your distributor holds 5000 of product at the distributors cost of
The kammerling Corporation has $250,000 of taxable income.it distributes $100,000 of that income as dividen to ist sole shareholders whoseother income puts him in the 35 percent marginal tax bracket. What is the effective tax rate on the $250,000 ..
at the beginning of the year lambert motors issued the three notes described below. interest is paid at year end. 1 the
on june 30 2008 raminc. borrowed 25000 from good bank. in connection with the transaction ram executed an 8 two-year
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