Entries by mary WAMBUGU

On July 1, 20X3, X Company purchased a machine by paying a $20,000 down payment and signing a noninterest bearing note for $360,000, calling for payments of $6,000 per month for the next 5 years.

August 29, 2019 in /by

Question On July 1, 20X3, X Company purchased a machine by paying a $20,000 down payment and signing a noninterest bearing note for $360,000, calling for payments of $6,000 per month for the next 5 years. X also paid an additional $10,000 for delivery and installation. The equipment could have been purchased for $310,000 on the date […]

 

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During 20X1, X Company manufactured equipment for its own use at a total cost of $2,400,000. The project required the entire year to complete, all costs were incurred uniformly throughout the year

August 29, 2019 in /by

Question 1.     During 20X1, X Company manufactured equipment for its own use at a total cost of $2,400,000. The project required the entire year to complete, all costs were incurred uniformly throughout the year. At the beginning of the period, X was able to borrow $1,500,000 at 6% specifically for the purchase of materials and the manufacture of […]

 

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Bread Co. commenced operations during the year as a large importer and exporter of baked goods. The imports were all from one company in France.

August 29, 2019 in /by

Question 1.     Bread Co. commenced operations during the year as a large importer and exporter of baked goods. The imports were all from one company in France. The export sales were conducted as drop shipments. Bread never took possession of the goods and they were merely transshipped at San Francisco. Bread Co. reported the following data: Purchases […]

 

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