Business, 03.03.2020 01:39 tiwaribianca475
On January 1, Luther Co. issued a $1,000,000, five-year, 8% installment note payable with payments of $250,456 principal plus interest due on January 1 of each year for the next five years.
Required:
1. Prepare the adjusting journal entry at December 31 to accrue interest for the year. Refer to the Chart of Accounts for exact wording of account titles.
2. Show the account(s) and amount(s) and where it(they) will appear on a multi-step income statement prepared on December 31.
3.
Show the account(s) and amount(s) and where it(they) will appear on a classified balance sheet prepared on December 31.
Show the account(s) and amount(s) and where it(they) will appear on a classified balance sheet prepared on December 31. Refer to the lists of Amount Descriptions for the exact wording of the answer choices for text entries.
Answers: 3
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Bcorporation, a merchandising company, reported the following results for october: sales $ 490,000 cost of goods sold (all variable) $ 169,700 total variable selling expense $ 24,200 total fixed selling expense $ 21,700 total variable administrative expense $ 13,200 total fixed administrative expense $ 33,600 the contribution margin for october is:
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Asemiprofessional baseball team near your town plays two home games each month at the local baseball park. they split the concessions 50/50 with the city, but keep revenue from ticket sales for themselves. the city charges the team $100 each month for the three-month season. the team pays the players and manager a total of $1,000 a month. the team charges $10 for each ticket, and the average customer spends $7 at the concession stand. attendance averages 30 people at each home game. in order to break even, how many tickets does the team need to sell for each game? a. 33b. 37c. 41e. 49f. 244
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On January 1, Luther Co. issued a $1,000,000, five-year, 8% installment note payable with payments o...
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