On August 1, 2021, JCN Company sold goods to MKN Company in exchange for a 2 year zero-interest bearing note of $2,325,783 (transaction price). The goods, on August 1, 2021, have a fair value of $1,800,000. The goods were delivered on August 12, 2021 thus satisfying the performance obligation with MKN Company. Assume that the cost of the goods sold by JCN is $1,000,000 and JCN uses the perpetual inventory system. Answer/Prepare the following: 1. When should revenue be recorded on this transaction (provide the date) 2. Prepare the journal entries for the recognition of revenue on this sales by JCN ( please us DR and CR to indicate debit and credit) 3. Would there be an adjusting entry needed at the end of the period related to this transaction

Corporations with suppliers, vendors, and customers all over the globe are referred to as : a) global corporations b) international corporations c) multinational corporations d) multicultural corporations

You are chairman of the board of a successful technology firm. there is a nominal federal corporate tax rate of 35 percent, yet the effective tax rate of the typical corporation is about 12.6%. your firm has been clever with use of transfer pricing and keeping money abroad and has barely paid any taxes over the last 5 years; during this same time period, profits were $28 billion. one member of the board feels that it is un-american to use various accounting strategies in order to avoid paying taxes. others feel that these are legal loopholes and corporations have a fiduciary responsibility to minimize taxes. one board member quoted what the ceo of exxon once said: “i’m not a u.s. company and i don’t make decisions based on what’s good for the u.s.” what are the alternatives? what are your recommendations? why do you recommend this course of action?

Slow ride corp. is evaluating a project with the following cash flows: year cash flow 0 –$12,000 1 5,800 2 6,500 3 6,200 4 5,100 5 –4,300 the company uses a 11 percent discount rate and an 8 percent reinvestment rate on all of its projects. calculate the mirr of the project using all three methods using these interest rates.