Comprehensive Problem 1 c) Notes to the Financial Statements: 1. The company uses the straight-line depreciation method. The rental equipment is estimated to have a useful life of eight years. Thus‚ the monthly depreciation of the rental equipment is 240‚000/96‚ or $2‚500 per month. 2. The note payable to Rent-It is good for one year. $100‚000 and the accumulated interest are due on November 30‚ 2012. The account payable for office supplies is due in thirty days‚ or January 2‚ 2012. The account
Premium Accounts receivable Generally Accepted Accounting Principles Balance sheet
balances of P6‚000. During your examination‚ you noted that on December 31‚ the company assigned P300‚000 of customers’ accounts to secure a 17%‚ P240‚000 note payable. A 1% commission based on the accounts assigned was charged and deducted from the cash received. The client recorded this transaction by a debit to cash and a credit to notes payable. Questions 1. How much is the Accounts Receivable (gross) balance at December 31? a. P 759‚000 b. P 789‚000 c. P 1‚101‚000 d. P 1‚131‚000
Premium Accounts receivable Balance sheet Promissory note
The Universal commercial Code ( UCC) has been created to foster the free flow of commercial activity in the United States by making laws that are both reasonable and practical. Article 3 of this code deals with negotiable instruments. These contracts for payment serve as a substitute for actual money and make the flow of commerce move along at a faster rate. There are certain requirements that must be met for an item to be qualified as a negotiable instrument. First the instrument must be in
Premium Promissory note Money
Taking notes during lectures is very beneficial to students in a number of ways. One‚ which is to remember and it will save student time relying on memory later on. You can be an amazing listener‚ but unless you have good note taking skills‚ it will be hard for you to remember what the teacher said in previous lectures. For notes to become useful‚ they should be well structured and you can go through them over and over so that the information remains fresh days prior to the exam. Reviewing and
Premium A Great Way to Care Education Teacher
1 2 [pic] [pic] 3 [pic] 4 [pic] Question 1-Why has Clarkson Lumber borrowed increasing amounts despite its consistent profitability? 2-How has Mr. Clarkson met the financing needs of the company during the period 1993-1995? Has the financial strength of the company improved or deteriorated
Premium Finance Debt Bond
Derivation of “quick and dirty” approximation of bias formula Thomas Noe Balliol College/SBS 21st October‚ 2013 This note relates to the derivation of the “quick and dirty” formula for estimating the bias generated by using the YTM as an approximation of the expected return on debt. The assumptions: 1. Debt is perpetual 2. probability of default is δ in each period. The probability is the same in every period 3. If default occurs‚ bondholders receive ρ fraction of the face (principal) value
Premium Probability theory Loan Money
Poole: Contract Law ANSWERS - SELF TEST – ENFORCEABILITY OF PROMISES– INTENTION TO CREATE LEGAL RELATIONS‚ CONSIDERATION‚ PROMISSORY ESTOPPEL AND DURESS 1. What is the effect of including an "honour clause" in a written agreement? (2) An "honour clause" has the effect of rebutting the normal presumption of an intention to create legal relations in a commercial agreement (1). Its effect is to render the agreement binding in honour only so that it will not be a legally binding contract. (1) 2. What
Premium Contract
Note Taking Note taking skills are important part of being successful in school. Learning various types of note taking and tips can help you study or do homework more efficient. There are five different types of note taking methods. Each method is great for keeping your notes in order‚ Cornell‚ outline‚ mapping‚ charting and sentence method. The Cornell method provides a systematic format for organized notes without always having to recopy. The advantages of this method are they usually are more
Premium Thought Critical thinking Writing
JOURNAL – NOTE TAKING AND UNIVERSITY STUDENTS WITH LEARNING DIFFICULTIES : WHAT SUPPORTS ARE NEEDED? (Ann Maydosz and Sharon A Raver‚ Old Dominion University) Lecture notes play an important role in preparing for examinations‚ as it may ensure the success of students. Many students do not have adequate note-taking skills‚ and this contribute a lot to the creation of incomplete and unrelated notes (Kiewra‚ 2002). Researchers suggest that the act of note-taking can engage students in learning
Free University Student
Note taking and note making is one of the most fundamental and important tasks that students must do. It cannot be doubted that a student that takes notes during lectures is more likely to achieve a higher grade compared to a student that does not. However‚ note taking might not have the positive effect the student wants if it is not done properly. “What to note down‚ how much to note down and how detailed the notes should be‚ takes time to develop” (Open University Malaysia [OUM]‚ 2011‚ p. 92).
Premium Writing