Journal entries of company at January 1, 2016 and March 31, 2016. Given information Borrowed fund is of $150,000. Rate of interest is 12%. Time period of notes payable is 4-year.

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Chapter 14, Problem 14.6BE

To determine

To prepare: Journal entries of company at January 1, 2016 and March 31, 2016.

Given information

Borrowed fund is of $150,000.

Rate of interest is 12%.

Time period of notes payable is 4-year.

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Scarce resource; discontinued product lines; negative contribution marginThe officers of Bardwell Company are reviewing the profitability of the company’s four products and the potential effects of several proposals for varying the product mix. The following is an excerpt from the income statement and other data. Total Product P Product Q Product R Product S Sales $62,600 $10,000 $18,000 $12,600 $22,000 Cost of goods sold (44,274) (4,750) (7,056) (13,968) (18,500) Gross profit $18,326 $5,250 $10,944 $(1,368) $3,500 Operating expenses (12,004) (1,990) (2,968) (2,826) (4,220) Income before taxes 6,322 $3,260 $7,976 $(4,194) $(720) Units sold 1,000 1,200 1,800 2,000 Sales price per unit $10.00 $15.00 $7.00 $11.00 Variable cost of goods sold 2.50 3.00 6.50 6.00 Variable operating expenses 1.17 1.25 1.00 1.20 Each of the following proposals is to be considered independently of the other proposals. Consider only the product changes stated in each…

Analyzing one company's make or buy and special order proposals OneCo is a retail organization in the Northeast that sells upscale clothing. Each year, store managers (in consultation with their supervisors) establish financial goals; a monthly reporting system captures actual performance. OneCo Inc. produces a single product. Cost per unit, based on the manufacture and sale of 10,000 units per month at full capacity, is shown below. Product costs Direct materials $4.00 Direct labor 1.30 Variable overhead 2.50 Fixed overhead 3.40 Sales commission 0.90 $12.10 The $0.90 sales commission is paid for every unit sold through regular channels. Market demand is such that OneCo is operating at full capacity, and the firm has found it can sell all it can produce at the market price of $16.50. Currently, OneCo is considering two separate proposals: · Gatsby, Inc. has offered to buy 1,000 units at $14.35 each. Sales commission would be $0.35 on this special order. ·…

Answer 2

Question

Chapter 14, Problem 14.6BE

To determine

To prepare: Journal entries of company at January 1, 2016 and March 31, 2016.

Given information

Borrowed fund is of $150,000.

Rate of interest is 12%.

Time period of notes payable is 4-year.

Expert Solution & Answer

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Answer 3

Question

Chapter 14, Problem 14.6BE

To determine

To prepare: Journal entries of company at January 1, 2016 and March 31, 2016.

Given information

Borrowed fund is of $150,000.

Rate of interest is 12%.

Time period of notes payable is 4-year.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 4

Question

Chapter 14, Problem 14.6BE

To determine

To prepare: Journal entries of company at January 1, 2016 and March 31, 2016.

Given information

Borrowed fund is of $150,000.

Rate of interest is 12%.

Time period of notes payable is 4-year.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 14, Problem 14.6BE

To determine

To prepare: Journal entries of company at January 1, 2016 and March 31, 2016.

Given information

Borrowed fund is of $150,000.

Rate of interest is 12%.

Time period of notes payable is 4-year.

Answer 6

Chapter 14, Problem 14.6BE

To determine

To prepare: Journal entries of company at January 1, 2016 and March 31, 2016.

Given information

Borrowed fund is of $150,000.

Rate of interest is 12%.

Time period of notes payable is 4-year.

Answer 7

Chapter 14, Problem 14.6BE

To determine

To prepare: Journal entries of company at January 1, 2016 and March 31, 2016.

Given information

Borrowed fund is of $150,000.

Rate of interest is 12%.

Time period of notes payable is 4-year.

Answer 8

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Answer 9

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Answer 10

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Answer 11

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Journal entries of company at January 1, 2016 and March 31, 2016. Given information Borrowed fund is of $150,000. Rate of interest is 12%. Time period of notes payable is 4-year.

Solution Summary: The author describes journalizing as the process of recording the transactions of an organization in a chronological order.

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To prepare: Journal entries of company at January 1, 2016 and March 31, 2016.

Given information

Borrowed fund is of $150,000.

Rate of interest is 12%.

Time period of notes payable is 4-year.

Want to see the full answer?

Chapter 14 Solutions

Journal entries of company at January 1, 2016 and March 31, 2016. Given information Borrowed fund is of $150,000. Rate of interest is 12%. Time period of notes payable is 4-year.

Solution Summary: The author describes journalizing as the process of recording the transactions of an organization in a chronological order.

Videos

To prepare: Journal entries of company at January 1, 2016 and March 31, 2016. Given information Borrowed fund is of $150,000. Rate of interest is 12%. Time period of notes payable is 4-year.

Want to see the full answer?

Chapter 14 Solutions

To prepare: Journal entries of company at January 1, 2016 and March 31, 2016.

Given information

Borrowed fund is of $150,000.

Rate of interest is 12%.

Time period of notes payable is 4-year.