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Signed a three-month, zero-interest-bearing note on November 1, 2010 for the purchase of $150,000 of inventory. The face value of the note was $152,205. Assuming Glaus used a "Discount on Note Payable" account to initially record the note and that the discount will be amortized equally over the 3-month period, the adjusting entry made at December 31, 2010 will include a:
a) debit to Discount on Note Payable for $735.
b) debit to Interest Expense for $1,470.
c) credit to Discount on Note Payable for $735.
d) credit to Interest Expense for $1,470.
Thrifty Co. reported net income of $465,000 for its fiscal year ended January 31, 2011. At the beginning of that fiscal year, 200,000 shares of common stock were outstanding.
Make a balance sheet and income statement as of December 31, 2003, for Sharpe Manufacturing Company from the following information.
Assuming a 30-day period in November, calculate November's interest. Also, calculate the interest Nancy would have paid with: a) the previous balance method, b) the adjusted balance method.
Prepare journal entries (A,B,C) and show proper disclosure (C) to reflect the following treasury stock transactions showing how each is accounted for under the cost method. (show computation)
The SEC and its European equivalent are trying to merge their respective views of GAAP (Generally Accepted Accounting Principles). What are the easy points and what are the stumbling blocks?
Machinery was acquired in January for $300,000. Straight-line depreciation over a ten-year life (no salvage value) is used. For tax purposes, accelerated depreciation is used and Orkin may deduct 14% for 2012.
The T&M company wants to expand internationally. The marketing department suggests starting with specialty stores in Italy since a survey indicates that American quality towels are appreciated in Italy. The current price is about 20% higher than c..
The enacted tax rate increased to 30 percent in Year 2 compared to an enacted rate of 20 percent in the prior year. At December 31, Year 2, the company would record a deferred tax expense of:
On December 31 year 1 Todd Corporation issued 500 of its 10% $1,000 bonds at 105. Todd Corporation uses IFRS. The bonds were issued through an underwriter to whom Todd paid bond issue costs of $15,000. On December 31 Year 1 balance sheet Todd shou..
The Adams Company, a merchandising firm, has budgeted its activity for November according to the following information:
Using the returns for the Bledsoe Large-Cap Stock Fund and the Bledsoe Bond Fund, graph the opportunity set if feasible portfolios.
While rummaging through your grandfather's attic, you came across a rare civil war document: An official letter by Lincoln to one of his generals. You engaged Sotheby's Auction House and sold the document for $100,000. What is your tax liability?
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