On September 1, Year 1, Daylight Donuts signed a $170,000, 8…
On September 1, Year 1, Daylight Donuts signed a $170,000, 8%, six-month note payable with the amount borrowed plus accrued interest due six months later on March 1, Year 2. Daylight Donuts accrued interest for the note on December 31, Year 1. Which of the following would be reported on the payment of the note plus accrued interest at maturity on March 1, Year 2? Note: Do not round your intermediate calculations.
Read DetailsThe following financial information is from Collins Company:…
The following financial information is from Collins Company:Accounts Payable$ 15,000Dividends4,000Prepaid Rent12,000Accounts Receivable8,000Treasury Stock5,000Investments50,000Retained Earnings60,000Inventory20,000Equipment80,000Notes Payable25,000Additional Paid in Capital5,000Deferred Revenue4,000Cash & Cash Equivalents10,000Common Stock35,000What is the amount of total assets, assuming the accounts above reflect normal activity?
Read DetailsACME Products purchased equipment that cost $200,000. It had…
ACME Products purchased equipment that cost $200,000. It had an estimated service life of seven years and $25,000 residual value. The equipment was depreciated by the straight-line method and was sold at the end of the five year of use. What is the amount of the gain or loss if ACME sells the equipment for $40,000?
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