On january 1, 2018, the mason manufacturing company began construction of a building to be used as its office headquarters. the building was completed on september 30, 2019. expenditures on the project were as follows: january 1, 2018 $ 1,000,000 march 1, 2018 600,000 june 30, 2018 800,000 october 1, 2018 600,000 january 31, 2019 270,000 april 30, 2019 585,000 august 31, 2019 900,000 on january 1, 2018, the company obtained a $3 million construction loan with a 10% interest rate. the loan was outstanding all of 2018 and 2019. the company’s other interest-bearing debt included two long-term notes of $4,000,000 and $6,000,000 with interest rates of 6% and 8%, respectively. both notes were outstanding during all of 2018 and 2019. interest is paid annually on all debt. the company’s fiscal year-end is december 31. calculate the amount of interest that mason should capitalize in 2018 and 2019 using the specific interest method.

You and your new australian bride matilda, are applying for a loan and are required to submit a balance sheet with your net worth. you own a 2008 toyota camry that you bought last month for $9,995. the kelly blue book value for this car is $13,995. you owe $8,150 on the car loan for the camry. you pay off your visa credit card every month and have not paid any credit card interest this year. the current visa credit card balance is $3,522, and the next statement is due in 15 days. you have a student loan balance of $6,500. you presently have $425 in your checking account and $1,540 in your savings account. you own 100 shares of ibm stock that you purchased for $85.50 per share. one share of ibm is now selling for $158.42. you own computers and other electronics that you purchased for $4,100 but could probably sell today on e-bay for $1,800. your gross income is $80,000 per year. what is your current net worth? (see wb ch. 2 example 2.3)

Amethod of allocating merchandise cost that assumes the first merchandise bought was the first merchandise sold is called the a. last-in, first-out method. b. first-in, first-out method. c. specific identification method. d. average cost method.

Dan wants to start a supermarket in his hometown, and wants to get into the business only after finding out about the market and how successful his business might be. the best way for dan to gain knowledge is to: