rown Company is having difficult paying off their suppliers. Fortunately, one f their suppliers has agreed to convert the amounts owing into a note ayable. The note payable is issued on June 1, 2020 for an amount of 92,000, and is due 12 months from now with an interest rate of 2% per yea Frown Inc. has a December 31 year-end. Do not enter dollar signs or commas in the input boxes. ound your answers to the nearest whole dollar. or transactions with more than one debit, enter the accounts in alphabetica rder. Date Account Title and Explanation Debit Credit Jun 1 To convert accounts payable to a note Dес 31 To record interest accrued May 31 To record the payment of note рayable

rown Company is having difficult paying off their suppliers. Fortunately, one f their suppliers has agreed to convert the amounts owing into a note ayable. The note payable is issued on June 1, 2020 for an amount of 92,000, and is due 12 months from now with an interest rate of 2% per yea Frown Inc. has a December 31 year-end. Do not enter dollar signs or commas in the input boxes. ound your answers to the nearest whole dollar. or transactions with more than one debit, enter the accounts in alphabetica rder. Date Account Title and Explanation Debit Credit Jun 1 To convert accounts payable to a note Dес 31 To record interest accrued May 31 To record the payment of note рayable

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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00 FI 96 R %24 JAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Print Item Falkland, Inc., is considering the purchase of a patent that has a cost of $51,000 and an estimated revenue producing life of 4 years. Falkland has a cost c capital of 12%. The patent is expected to generate the following amounts of annual income and cash flows: Year 1 Year 2 Year 3 Year 4 Net income $5,100 $6,500 $6,300 Operating cash flows 18,400 18,200 (Click here to see present value and future value tables) 006' A. What is the NPV of the investment? Round your present value factor to three decimal places and final answer to the nearest dollar. 24 B. What happens if the required rate of return increases? If the required rate of return increases, Previous Check My Work 3:54 PM 5/3/2022 dy insert prt sc f8 91 backspa & 7. 4. 5.
6. Consider the following excerpts from the balance sheet and income statement of Kane Plc. Kane Plc. reports under IFRS. Amounts in £ Capitalized development costs (net) Research expenses* 2,000 350 Amortisation of capitalised development costs 400 *Amounts spent in researching a new drug, whose technological and commercial feasibility has not yet been established. 2022 ANSWER: B 2,300 420 500 2021 If Kane Plc. had to report under U.S. GAAP instead, its income before taxes for fiscal year 2022 would be: a. Higher by £300 b. Lower by £300 c. Lower by £720 d. Lower by £500 e. None of the above
[LO 11-3] 11-26 Make versus Buy; Continuation of Exercise 9-22 (Chapter 9) Vista Company manufac- tures electronic equipment. In 2021, it purchased from an outside supplier the special switches used in each of its products. The supplier charged Vista $2 per switch. As an alternative, Vista's CEO considered purchasing either machine A or machine B so the company could manufacture its own switches. The CEO decided at the beginning of 2022 to purchase machine A, based on the following data: Annual fixed cost (depreciation) Variable cost per switch Machine A $135,000 0.65 Machine B $204,000 0.30 Required 1. Assume that machine A has not yet been purchased. What is the annual volume (rounded up to nearest whole number) that would make the company indifferent between the two decision alternatives (i.e., purchasing and then using machine A to make the switches versus purchasing the switches from the outside vendor)? 2. Assume that machine A has already been purchased. Is it preferable to use…