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On January 1, 2010, Northern Manufacturing Company bought a piece of equipment by signing a non interest bearing $80,000, one year note. The face value of the note includes the price of the equipment and the interest. The effective interest rate is an annual rate of 16%, and the note is to be paid in four $20,000 quarterly installments. The price of the equipment is the present value of the four payments discounted at the effective interest rate.Required:1. Prepare all journal entries to record the preceding information. Present value techniques should be used.2. If Northern's financial statements were issued on June 30, 2010, what amount would the company report as notes payable?
If she finances the new plant with short-term debt, the current ratio will fall to 1.5:1. Briefly discuss the issues that Barbara should consider.
leonhardt corporations net income last year was 3800000. the dividend on common stock was 2.00 per share and the
Describe two business sectors you might want to work in if you were an accountant and explain why in 150 to 200 words.
internal control procedures are in place to portect the assets of every business as mentioned. of the seven internal
George Lynch invests $4,394 cash in a small welding business of which he is the sole proprietor.
What is the impact on the financial statements of missing a step when completing the accounting cycle?
Goofy reclassified this investment as trading securities in December of 2009 when the market value had risen to $125,000. What effect on 2009 income should be reported by Goofy for the Crazy Co. Shares?
Do you agree or disagree with each part of this statement? Explain how you might go about testing the parts of teh statement that are positive and lay bare the normative parts?
weaver companys predetermined overhead rate is 18.00 per direct labor-hour and its direct labor wage rate is 12.00 per
What are the standard hours allowed for the output? What was the variable overhead rate variance? What was the variable overhead efficiency variance? What was the fixed manufacturing overhead budget variance?
During 2001, Company A actually repaired 4,100 players at an average cost of $11.50. What is te amount of product warranty expense that Company A should recognize in 2008?
In 2009, Osgood Corporation purchased $4 million in ten-year municipal bonds at face value. On December 31, 2011, the bonds had a market value of $3,600,000 and Osgood reclassified the bonds from held to maturity to trading securities.
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