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On June 1, 2014, Siebens Enterprises loaned $20,000 to Tyler Company for one year at 8 percent interest. Under the terms of the promissory note, Tyler will repay the principal and pay one year's interest on May 31, 2015. Related to this note receivable, what amount of interest income would Siebens report on its 2015 income statement?
Dean Corporation has two service departments, Power and Maintenance, and two production departments, Painting and Polishing. The following data have been estimated for next year’s operations:
On January 1, 2014, JWS Corporation issued $774,000 of 7% bonds, due in 8 years. The bonds were issued for $728,907, and pay interest each July 1 and January 1. JWS uses the effective-interest method. Prepare the company’s journal entries for (a) the..
Jordan and Taylor are beginning to understand break-even analysis. Selling price to Yumminess at $10 per tin. The cost is $8 per tin, which includes $6 of direct material and $1.50 of direct labor. Annual manufacturing overhead is estimated at $100,0..
Canton Corporation reported the following items in its adjusted trial balance for the year ended December 31, 2011: Prepare the December 31, 2011, income statement for Canton Corporation, starting with income from continuing operations before income ..
BioCom, Inc. is weighing a proposal to manufacture and market a fiber-optic device that will continuously monitor blood pressure during cardiovascular surgery and other medical procedures in which precise, real-time measurements are critical. Compute..
Assume that the company expects to sell 20,000 units next month. Prepare two contribution format income statements, one assuming that operations are not automated and one assuming that they are.
On January 2, 2005, Drew Company issued 9% term bonds dated January 2, 2005, at an effective annual interest rate of 10%. Drew uses the effective interest method of amortization. Were the 9% term bonds issued at face amount, at a discount, or at a pr..
Define treasury stock/stock buyback.Explain accounting treatment of buy-backs, including purchase, subsequent sale and retirement of stock.
What is the purpose of the statement of cash flows? What information does it provide? Explain why statements of cash flows are important when assessing the financial strength of an organization.
Compute the percentage of EBITDA to total revenues for 2004. Round to one decimal place after converting to a percentage. Compute the ratio of EBITDA to interest expense for 2004. Round to one decimal place.
Would I segregate them on the balance sheet as non revenue producing assets, not depreciate them but instead analyze them for impairment annually and then potentially write them down annually.
On February 22, Kountry Repair Service extended an offer of $200,000 for land that had been priced for sale at $250,000. On April 3, Kountry Repair Service accepted the seller’s counter offer of $230,000. On September 15, the land was assessed at a v..
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