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1.On November 1, 2013, Quantum Technology, a geothermal energy supplier, borrowed $16 million cash to fund a geological survey. The loan was made by Nevada BancCorp under a noncommitted short term line of credit arrangement. Quantum issued a nine month, 12% promissory note. Interest was payable at maturity. Quantum's fiscal period is the calendar year.Required:1. Prepare the journal entry for the issuance of the note by Quantum Technology.2. Prepare the appropriate adjusting entry for the note by Quantum on December 31, 2013.3. Prepare the journal entry for the payment of the note at maturity.
Ten years ago, Oreo Corporation purchased all of the stock of MilkDud Corporation for $800,000. In the current year, MilkDud Corporation is liquidated, and all of its assets (basis of $1,900,000; fair market value of $2.5 million) are distributed ..
A replacement was made to the HVAC of a building the MNO owns. The HVAC consisted of 10 units on the roof. What is the entry to record the activity?
Summarize the role of management as it relates to finance in a corporation. In your post, address the following: Indicate the various aspects of finance that management must understand.
Adjusting journal entries
Budgeted machine hours are 120,000 hours, and budgeted labor hours are 15,000 hours at a rate of $20.00 per hour. Compute the predetermined overhead rate based on:
from records available in various offices of baraga county you find the following information about changes in
for the year ended december 31 2012 telmarine electrical repair company reports the following summary payroll data.
on april 1 paine co. began construction of a small building. payments of 180000 were made monthly for four months
lanier company began operations on january 1 2010 and uses the fifo method in costing its raw material inventory.
Each units of finished product requires four pounds of raw material at a cost of $1.40 per pound. There are 140,000 pounds of raw material in inventory on June 30. Compute the company's total required production in units of finished product for t..
le sud retailers has a current return on investment of 10 and the company has established an 8 minimum rate of return
a company purchased factory equipment for 150000. it is estimated that the equipment will have a 15000 salvage value at
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