Business, 17.04.2020 22:16 maxstmichel3868

American Food Services, Inc., acquired a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2018. In payment for the $4 million machine, American Food Services issued a four-year installment note to be paid in four equal payments at the end of each year. The payments include interest at the rate of 10%.

Required:
a. Prepare the journal entry for American Food Services’ purchase of the machine on January 1, 2011.
b. Prepare an amortization schedule for the four-year term of the installment note.
c. Prepare the journal entry for the first installment payment on December 31, 2011.
d. Prepare the journal entry for the third installment payment on December 31, 2013.

Answers: 1

Show answers

Other questions on the subject: Business

Business, 21.06.2019 22:50, Zagorodniypolina5

Tara incorporates her sole proprietorship, transferring it to newly formed black corporation. the assets transferred have an adjusted basis of $240,000 and a fair market value of $300,000. also transferred was $10,000 in liabilities, $1,000 of which was personal and the balance of $9,000 being business related. in return for these transfers, tara receives all of the stock in black corporation. a. black corporation has a basis of $241,000 in the property. b. black corporation has a basis of $240,000 in the property. c. tara’s basis in the black corporation stock is $241,000. d. tara’s basis in the black corporation stock is $249,000. e. none of the above.

Answers: 1

continue

Business, 22.06.2019 04:40, glenn4572

Select the correct text in the passage. which sentences in the given passage explains the limitations of monetary policies? monetary policies - limitationsmonetary policies are set by the central bank to bring about growth in the economy. de can be achieved these policiesw at anden i sca poit would be fair to say that changes in the economy cannot be brought about instantly by monetary po des. monetary policy can only influence not control, economic growththe monetary policy makers do work on sining the perfect balance between demand and supply of money in the economy

Answers: 3

continue

Business, 22.06.2019 13:30, austinmiller3030

If the economy were in the contracting phase of the business cycle, how might that affect your ability to find work?

Answers: 2

continue

Business, 22.06.2019 16:40, adreyan3479

Job 456 was recently completed. the following data have been recorded on its job cost sheet: direct materials $ 2,418 direct labor-hours 74 labor-hours direct labor wage rate $ 13 per labor-hour machine-hours 137 machine-hours the corporation applies manufacturing overhead on the basis of machine-hours. the predetermined overhead rate is $14 per machine-hour. the total cost that would be recorded on the job cost sheet for job 456 would be: multiple choice $3,380 $5,298 $6,138 $2,622

Answers: 1

continue

You know the right answer?

American Food Services, Inc., acquired a packaging machine from Barton and Barton Corporation. Barto...