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On August 2, 2015, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account. (1) Compute the maturity date for this note. (2) Prepare Jun’s journal entry...
See AnswerQ: Caleb Co. owns a machine that costs $42,400
Caleb Co. owns a machine that costs $42,400 with accumulated depreciation of $18,400. Caleb exchanges the machine for a newer model that has a market value of $52,000. (1) Record the exchange assumin...
See AnswerQ: Answer each of the following related to international accounting standards.
Answer each of the following related to international accounting standards. a. Accounting for plant assets involves cost determination, depreciation, additional expenditures, and disposals. Is plant a...
See AnswerQ: A fleet of refrigerated delivery trucks is acquired on January 5,
A fleet of refrigerated delivery trucks is acquired on January 5, 2015, at a cost of $830,000 with an estimated useful life of eight years and an estimated salvage value of $75,000. Compute the deprec...
See AnswerQ: 1. Classify the following as either a revenue expenditure or a
1. Classify the following as either a revenue expenditure or a capital expenditure. ______ a. Paid $40,000 cash to replace a compressor on a refrigeration system that extends its useful life by four y...
See AnswerQ: Refer to Samsung’s balance sheet in Appendix A. How does its
Refer to Samsung’s balance sheet in Appendix A. How does its cash (titled “Cash and cash equivalents”) compare with its other current assets (both in amount and percent) as of December 31, 2013? Compa...
See AnswerQ: Garcia Co. owns equipment that cost $76,800,
Garcia Co. owns equipment that cost $76,800, with accumulated depreciation of $40,800. Garcia sells the equipment for cash. Record the sale of the equipment assuming Garcia sells the equipment for (1...
See AnswerQ: Dextra Computing sells merchandise for $6,000 cash on September
Dextra Computing sells merchandise for $6,000 cash on September 30 (cost of merchandise is $3,900). The sales tax law requires Dextra to collect 5% sales tax on every dollar of merchandise sold. Recor...
See AnswerQ: On November 7, 2015, Mura Company borrows $160,
On November 7, 2015, Mura Company borrows $160,000 cash by signing a 90-day, 8% note payable with a face value of $160,000. (1) Compute the accrued interest payable on December 31, 2015, (2) prepare...
See AnswerQ: Merger Co. has 10 employees, each of whom earns $
Merger Co. has 10 employees, each of whom earns $2,000 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $117,000 paid to each employee, and FICA Medica...
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