At the beginning of 2023, Gannon Company issued a three-year, zero-interest bearing $7,500 notes receivable in exchange for services provided to Antique Company.  The market rate for equivalent notes was 4% at the date of issuance.  On their 2023 financial statements, Gannon reported notes receivable of $7,500 and service revenue of $7,500.  What effect did this accounting for the note and related revenue have on the following amounts?

Sky Company’s 12/31/23 balance sheet reports assets of $6,580,000 and liabilities of $2,800,000. All of Sky’s assets’ book values approximate their fair value, except for land, which has a fair value that is $420,000 greater than its book value. On 12/31/23, Horace Wimp Corporation paid $7,140,000 to acquire Sky. What amount of goodwill should Horace Wimp record as a result of this purchase?

Rainy Day, Inc. shows the following information on a partial balance sheet: Liabilities and Owners’ Equity 2023 2022 Difference Current liabilities         210,600         180,000           30,600 Bonds payable         180,000         120,000           60,000 Common stock         216,000         216,000                    –   Treasury Stock          (12,300)                    –           (12,300) Retained earnings           77,900           52,800           25,100 Total Liabilities and Owners’ Equity         672,200         568,800         103,400 Cash dividends of $40,000 were declared and paid in 2023 Bonds payable of $60,000 were issued in 2023 Rainy Day re-purchased $12,300 of Treasury Stock in 2023. What is the cash provided by (used in) financing activities?

Grover Company has outstanding 10,000 shares of $10 par value common stock, which had been issued at $42/share. During 2023, Grover purchased 1,000 treasury shares for $45/share and on June 1, 2024, Grover resold 100 of the treasury shares at $42/share.  There were no other transactions involving this Treasury Stock.  What is the impact of the June 1, 2024 transaction on the following financial statement categories: I = Increase D = Decrease NE = No Effect   Assets Liabilities Stockholders’ Equity Paid-in-Capital Retained Earnings Net Income I I NE I NE D NE II I NE I NE NE I III NE NE NE NE D NE IV NE I NE NE D I

Alexander Enterprises leases property to Hamilton, Inc.  Because Hamilton is experiencing financial difficulty, Alexander agrees to receive rent of $20,000 at the end of each year for 4 years.  What is the present value of the 4 rents discounted at 8%?  You can use the tables below, a spreadsheet, or your calculator.  Round your answer to the nearest whole dollar. 4-periods PV(1) PV(OA) PV (AD) FV(1) 8%                          0.735030                          3.312127                          3.577097                          1.360489

Masters Company sold 250,000 units of their product during March.  The products sell for $9/unit and carries a cost of $2/unit.  Masters Company accepts product returns for 4-months post sale. During March, 100 units of product were returned.  As of March 31, a balance sheet date, Masters Company estimates that another 225 products will be returned before the right of return expires. When Masters Company prepares their income statement on March 31, what is the net amount of revenue (revenue – sales returns and allowances) they will report related to the sale of these products?

Congenital hypofunction of the thyroid gland will cause

A hyperfunction of the cortex of the adrenal glands will cause adiposity, impotence, fatigue, and purplish skin discolorations.  This disease is

An abnormal anterior curvature of the spine is

A chronic, organic mental disorder which leads to presenile dementia including loss of memory and mood changes is