Therefore, Labtech entered into a three-year interest rate swap agreement on January 1, 2013, and designated the swap as a fair value hedge. 100,000 and to pay interest based on a floating interest rate tied to LIBOR. What is his gross pay for the week? 3. Bailey’s received its electric bill for December on December 31, but did not pay nor record it in the general journal. Prepare the statement of cash flows of Dux Company for the year ended December 31, 2011. Present cash flows from operating activities by the direct method. 20,000 for the 2012 calendar year. The contract called for cash settlement of the net interest amount on December 31 of each year. Yi Min started an engineering firm called Min Engineering. 98,241 with the additional decline in fair value due to investors’ perceptions that the creditworthiness of Labtech was worsening. 100,000 from First Bank by issuing a three-year, 8% note, payable on December 31, 2015. Labtech wanted to hedge the risk that general interest rates will decline, causing the fair value of its debt to increase.

At risk of sounding repetitive, some work remained to make Grigg’s system truly “bullet proof”, as the tamper resistance and redundancy pillars were not fully resolved as of his 2005 paper. All of the company’s accounting work is completed through the end of April and its ledgers show April 30 balances. Floating (LIBOR) settlement rates were 8% at inception and 9%, 7%, and 7% at the end of 2013, 2014, and 2015, respectively. 3. Prepare the journal entries during 2014 to record interest, net cash interest settlement for the interest rate swap, and necessary adjustments for changes in fair value. 4. Prepare the journal entries during 2015 to record interest, net cash interest settlement for the interest rate swap, necessary adjustments for changes in fair value, and repayment of the debt. 2. Prepare the journal entries during 2013 to record the issuance of the note, interest, and necessary adjustments for changes in fair value. You can think of a value set as a “container” for your values.

If you are in a business with repeat customers making the same order each week/month/year you can benefit from our recurring invoice feature. These products are offered as license copy to customers to get access to the accounting application for trading. The vital inputs from the accounting services Singapore plays an important part in the success of the businesses. Accounts Payable and Accounts Receivable – The bills that need to be paid (to contractors, to vendors, to suppliers) and the payments that are coming in (from clients, from customers, from services) all have to be processed. 15 Post to the customer and creditor accounts. The chart of accounts is a listing of all the accounts in the general ledger, each account accompanied by a reference number. 5. Calculate the carrying values of both the swap account and the note in each of the three years. In rectifying entry the amount shall be transferred to machinery account from machinery repairs account, and it will increase the profits. Once the actual physical inventory as of cut-off date has been established, the Merchandise Inventory beginning entry will be zeroed out while the actual inventory amount becomes the new balance. Enter the start date for the new version.

They would be added to the balance per books. They would be added to the balance of the bank statement. P21-4 The comparative balance sheets for 2013 and 2012 and the statement of income for 2013 are given below for Dux Company. On January 19, Dux issued a 5% stock dividend (1,000 shares). 19 Issued Check No. 3413 to Garcia, Inc., in payment of its May 10 invoice less the discount. 23 Issued Check No. 3414 to Fink Corp. Stewardship of your data is critical to us and a responsibility that we embrace. · If you define business group next step must be to associate business groups with a responsibility and verify the HR: Business Group profile option. Accounting is known as the language of business. Assume it is Monday, May 1, the first business day of the month, and you have just been hired as the accountant for Colo Company, which operates with monthly accounting periods.