On July 1, 2016, Alpha Company purchased from Zulu Company, a truck for $24,000. Alpha signed a Note Payable due in one year for $25,440. Alpha uses accrual basis for accounting and its fiscal year ends on December 31. Use this information to prepare the compound General Journal entry (without explanation) for the payment of […]
Acquire, Inc. (client), an S Corp, is seeking to acquire Target, LLC (taxed as a C Corporation). Target has 3 shareholders with two of them holding 20% each and one holding 60% of its total shares (1,000 shares total between all 3 shareholders). Only one of Target’s shareholders is a non US citizen. The market value of each […]
Alpha Company uses aging to estimate uncollectibles. At the end of the fiscal year, December 31, 2016, Accounts Receivable has a balance that consists of: Dollar Value Age of Account Estimated Collectible $115,000 < 30 days old 98% 85,000 30 to 60 days old 80% 50,000 61 to 120 days old 50% 10,000 > 120 days old […]
Larkins, Inc. leases equipment from Bostic for $30,000 per year for three years. The contract is signed on January 1, Year One and the first payment is made immediately. The second payment will be made on January 1, Year Two. Larkins has an incremental borrowing rate of 10 percent and the present value of a […]
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