Question - If a company purchases land for $1,000,000, paying $400,000 cash and borrowing the remainder with a long term note payable. Please give explanation for understanding on how this transaction be reported on a st ...
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Question - Ordinary share $2.00 par value per share, 2,100 million shares issued $4200 Capital in excess of par value $8400 Retained earnings 250 Treasury share, at cost (70) Total shareholders' equity 12780 Southwest's ...
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Question - Alpha Corp. had 15,000 of dividends in arrears for, cumulative, non-participating preferred stock as of January 1, 2018. This value of dividend in arrears was for the fiscal years 2016 & 2017. During fiscal ye ...
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Question - Legacy issues $325,000 of 5%, four-year bonds dated January 1, 2017, that pay interest semiannually on June 30 and December 31. They are issued at $292,181 and their market rate is 8% at the issue date. Determ ...
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Question - Community Health Center (CHC) is considering spending fifty thousand dollars on a blood analyzer. The annual cash profits from the machine will be seven thousand dollars for each of the seven years of its usef ...
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Question - Paid Audi Company the interest due on the note of April 15 and renewed the loan by issuing a new 60-day, 8% note for $225,000. Record both the debit and credit to the notes payable account.
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Question - In its first month of operations, Swifty Corporation made three purchases of merchandise in the following sequence: (1) 290 units at $5, (2) 390 units at $7, and (3) 490 units at $8. Assuming there are 190 uni ...
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Question: In each of the following scenarios, prepare journal entries, as necessary, or give proper accounting recognition. For each, tell why you made an entry or accounting recognition or why you did not. 1. Identify t ...
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Question - What is the present value of a $100,000, twenty year, bonds payable that pays 4% interest semi-annually and the current market interest rate is 5%?
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Question - Lucky Treasures Enterprises issued 9%, 8-year, $2,000,000 par value bonds that pay interest semiannually on October 1 and April 1. The bonds are dated April 1, 2013 and are issued on that date. The discount ra ...
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