Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Sims Company has a line of credit with Bay Bank. Sims can borrow up to $400,000 at any time over the course of the 2013 calendar year. The following table shows the prime rate expressed as an annual percentage along with the amounts borrowed and repaid during 2013. Sims agreed to pay interest at an annual rate equal to 1 percent above the bank's prime rate. Funds are borrowed or repaid on the first day of each month. Interest is payable in cash on the last day of the month. The interest rate is applied to the outstanding monthly balance. For example, Sims pays 6 percent (5 percent + 1 percent) annual interest on $60,000 for the month of January.
Sims earned $25,000 of cash revenue during 2013.Required:
a. Prepare an income statement, balance sheet, and statement of cash flows for 2013.
b. Write a memo discussing the advantages to a business of arranging a line of credit.
Casso limited has an option to purchase new car for the use froma bank on loan for Rs. 100,000 with 16% interest payable. Find which option is more suitable for the company.
uddin publishing co. publishes college textbooks that are sold to bookstores on the following terms. each title has a
robin corporation accepted credit cards for 34200 of services performed in october 2011. the credit card company
berkley company a manufacturer of many different products changed its inventory method from fifo to lifo. the lifo
sue electronics makes cd players in three processes assembly programming and packaging. direct materials are added at
Indiana Co. began a construction project in 2011 that will provide it $150 million when it is completed in 2013. During 2011, Indiana incurred $36 million of costs and estimates an additional $84 million of costs to complete the project.
Compute the total amount of goodwill of International Co. based on the price paid by Melissa Co. Prepare all journal entries in Melissa's accounting records relating to the investment for year ended December 31 under the cost method of accounting, ..
State the effect of the error on the income statement of Morena White Water for the year ended December 31, 2008 and State the effect of the error on the December
selected data from the financial statements of italian marble co. and brazil stone products for the year just ended
What are the pros and cons of using reversing entries? Why are reversing entries optional?
mcdougal company uses a predetermined overhead rate to assign overhead to jobs. because mcdougals production is machine
On January 1 Revis Consulting enters into a contract to complete a cost reduction program for Green Financial over a six month period.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd