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Herndon Inc. has a fiscal year ending October 31. On November 1, 2013, Herndon borrowed $20,000,000 at 15% to finance construction of a new plant. Repayments of the loan are to commence the month following completion of the plant. During the year ending October 31, 2014, expenditures for the partially completed structure totaled $12,000,000. These expenditures were incurred evenly through the year. Interest earned on the unexpended portion of the loan amounted to $800,000 for the year. What amount of interest should be capitalized as of October 31, 2014?
ABC Corporation regularly purchases nutritional supplements from a supplier in Japan with the invoice price denominated in Japanese Yen. ABC has experienced several foreign exchange losses in the past year due to increase in the U.S. dollar price to ..
question at 31st december 2011 earthwear has 5890000 in a liability account labeled reserve for returns. the footnotes
computation of cash collection from notes.on september1 riva co assigns specific receivables totaling 750000 to pacific
Discuss whether the non-disclosure of information about operations in Pakistan and Nigeria would be material and prepare and analyse the statements in accordance to the requirements of AASB 101
question jill accardo m.d. maintains the accounting records of accardo clinic on a cash basis. in 2007 dr. accardo
Calculate all the possible variances for the year ended 31 December 2007 not yet calculated by the management accountant. Using your calculated variances and those of the management accountant, reconcile budgeted profit to actual profit or loss fo..
the total amount of interest incurred by Clay during Year 8 was $102,000. Illustrate what amount should Clay report as capitalized interest at December 31, Year 8?
Definition of Risk and Security and identification their role in finance.
Gary receives $40,000 worth of Quantro, Inc., common stock from the estate of his late grandmother. Early in the year he receives a $100 cash dividend. Four months later he receives a 2% stock dividend. Near the end of the year, Gary sells the stock ..
The president of Gonzales, Inc. used his expense account to purchase a new Suburban solely for personal use. The following journal entry was made. Miscellaneous Expense 29,000 Cash 29,000
In 2012, Quapau Products introduced a new line of hot water heaters that carry a one-year warranty against manufacturer’s defects. Based on industry experience, warranty costs were expected to approximate 5% of sales revenue. First-year sales of the ..
When its president died, the corporation realized $150,000 from an insurance policy. The cash surrender value of this policy had been carried on the books as an investment in the amount of $46,000 (the gain is nontaxable).
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